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MKTG 3340 Exam Bundle
MKTG 3340 Exam Bundle
[Show more]MKTG 3340 Exam Bundle
[Show more]what is marketing? - the management process involved in identifying, anticipating, and satisfying customer wants profitably 
 
what are the 2 goals of marketing? - 1. discover (assess) the needs and wants of prospective customers 
2. satisfy these needs & wants through EXCHANGE (each are bette...
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Add to cartwhat is marketing? - the management process involved in identifying, anticipating, and satisfying customer wants profitably 
 
what are the 2 goals of marketing? - 1. discover (assess) the needs and wants of prospective customers 
2. satisfy these needs & wants through EXCHANGE (each are bette...
Alternative Growth Strategies: 
Marketing Penetration - increase of sales of current products in existing markets, focus on advertising, promotion, and price reductions 
 
Alternative Growth Strategies: 
Market Development - sell existing products to new markets (demographic segments or geog...
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Add to cartAlternative Growth Strategies: 
Marketing Penetration - increase of sales of current products in existing markets, focus on advertising, promotion, and price reductions 
 
Alternative Growth Strategies: 
Market Development - sell existing products to new markets (demographic segments or geog...
Role of Marketing - marketing is engaging customers and managing profitable customer relationships. the aim of marketing is to create value for customers in order to capture value from customers in return 
 
goal: attract new customers by promising superior value and to keep and grow current cust...
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Add to cartRole of Marketing - marketing is engaging customers and managing profitable customer relationships. the aim of marketing is to create value for customers in order to capture value from customers in return 
 
goal: attract new customers by promising superior value and to keep and grow current cust...
Formal definition of Marketing - process of planning and executing the conception, pricing, promotion, and distribution of stuff to create exchanges that satisfy people 
 
The goal of marketing is - exchange 
 
exchange - people giving up something to receive something they would rather hav...
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Add to cartFormal definition of Marketing - process of planning and executing the conception, pricing, promotion, and distribution of stuff to create exchanges that satisfy people 
 
The goal of marketing is - exchange 
 
exchange - people giving up something to receive something they would rather hav...
What are Some Errors in Communication? - sources may not adequately transform the abstract idea into an effective set of symbols 
 
a properly encoded message may be first sent through the wrong channel and never make it to the intended receiver 
 
the receiver may not properly transform the set ...
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Add to cartWhat are Some Errors in Communication? - sources may not adequately transform the abstract idea into an effective set of symbols 
 
a properly encoded message may be first sent through the wrong channel and never make it to the intended receiver 
 
the receiver may not properly transform the set ...
Market Segmentation - Aggregating consumers into groups that have similar needs and will be react similarly to a marketing action 
 
Product Differentiation - Involves the firm using different marketing mix actions such as product features and advertising, to help consumers perceive the produc...
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Add to cartMarket Segmentation - Aggregating consumers into groups that have similar needs and will be react similarly to a marketing action 
 
Product Differentiation - Involves the firm using different marketing mix actions such as product features and advertising, to help consumers perceive the produc...
Marketing - Generate demand and make money 
 
Production Concept - - High production efficiency and wide distribution coverage 
- Low consumer cost 
 
 
"Consumers will buy any car so long as it is black and under $500." 
- Henry Ford, Sr. 
 
Product Concept - - Focus on producing superi...
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Add to cartMarketing - Generate demand and make money 
 
Production Concept - - High production efficiency and wide distribution coverage 
- Low consumer cost 
 
 
"Consumers will buy any car so long as it is black and under $500." 
- Henry Ford, Sr. 
 
Product Concept - - Focus on producing superi...
Target Market - one or more specific groups of potential consumers that an organization focuses its marketing efforts on 
 
The Marketing Mix Four P's - used together to develop a marketing plan; controllable factors in marketing (Product, Price, Promotion, Place) 
 
Product - A good servi...
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Add to cartTarget Market - one or more specific groups of potential consumers that an organization focuses its marketing efforts on 
 
The Marketing Mix Four P's - used together to develop a marketing plan; controllable factors in marketing (Product, Price, Promotion, Place) 
 
Product - A good servi...
Market Segmentation - aggregate consumers into groups (segments) that have similar needs and will react similarly to a marketing action 
 
Segmentation Strategies - - 1 product w/ multiple target segments (Johnson shampoo for dogs or babies, tums for calcium or antacid) 
- multiple products/ m...
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Add to cartMarket Segmentation - aggregate consumers into groups (segments) that have similar needs and will react similarly to a marketing action 
 
Segmentation Strategies - - 1 product w/ multiple target segments (Johnson shampoo for dogs or babies, tums for calcium or antacid) 
- multiple products/ m...
Marketing - Delivery of customer satisfaction at a profit 
 
Goals of marketing - Attract new customers with value and keep current customers with satisfaction 
 
Requirements for Marketing - Two or more parties with unsatisfied needs 
Desire and ability to satisfy needs 
A way to communica...
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Add to cartMarketing - Delivery of customer satisfaction at a profit 
 
Goals of marketing - Attract new customers with value and keep current customers with satisfaction 
 
Requirements for Marketing - Two or more parties with unsatisfied needs 
Desire and ability to satisfy needs 
A way to communica...
discover, satisfy - goals of marketing - _______ needs and wants of customers and _______ them 
 
market - people with both the desire and the ability to buy a specific offering 
 
value proposition - a promise to your target customer of the value that your product/service will deliver 
 
p...
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Add to cartdiscover, satisfy - goals of marketing - _______ needs and wants of customers and _______ them 
 
market - people with both the desire and the ability to buy a specific offering 
 
value proposition - a promise to your target customer of the value that your product/service will deliver 
 
p...
Role of Marketing 
Generate profitable revenue 
 
 
When a marketer can describe something it is called a 
product concept 
 
 
After buying an item we experience what? 
cognitive dissonance 
 
 
Ways to engage consumers, directly or indirectly 
-Directly: physically, email newsletters, one to one b...
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Add to cartRole of Marketing 
Generate profitable revenue 
 
 
When a marketer can describe something it is called a 
product concept 
 
 
After buying an item we experience what? 
cognitive dissonance 
 
 
Ways to engage consumers, directly or indirectly 
-Directly: physically, email newsletters, one to one b...
Role of Marketing 
Generate profitable revenue 
 
 
When a marketer can describe something it is called a 
product concept 
 
 
After buying an item we experience what? 
cognitive dissonance 
 
 
Ways to engage consumers, directly or indirectly 
-Directly: physically, email newsletters, one to one b...
Preview 2 out of 6 pages
Add to cartRole of Marketing 
Generate profitable revenue 
 
 
When a marketer can describe something it is called a 
product concept 
 
 
After buying an item we experience what? 
cognitive dissonance 
 
 
Ways to engage consumers, directly or indirectly 
-Directly: physically, email newsletters, one to one b...
Elements necessary in order for marketing to occur - -2+ parties w/ unsatisfied needs (in order to have a marketing exchange) 
-DESIRE & ABILITY to satisfy those needs ("whats your budget?" 
- A way for the parties to COMMUNICATE 
- Something to exchange (that both parties agree is valuable) 
 ...
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Add to cartElements necessary in order for marketing to occur - -2+ parties w/ unsatisfied needs (in order to have a marketing exchange) 
-DESIRE & ABILITY to satisfy those needs ("whats your budget?" 
- A way for the parties to COMMUNICATE 
- Something to exchange (that both parties agree is valuable) 
 ...
common mistakes in pricing 
price is too cost oriented 
price is not revised often enough 
price doesn't take into account the rest of the marketing mix 
prices are not varied enough throughout the product line, market segments, distribution channels 
marketers perspective vs consumers perspective ...
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Add to cartcommon mistakes in pricing 
price is too cost oriented 
price is not revised often enough 
price doesn't take into account the rest of the marketing mix 
prices are not varied enough throughout the product line, market segments, distribution channels 
marketers perspective vs consumers perspective ...
how does idea generation play a role in the new product development process? - new product development process: strong new product planning, systematic and customer driven for finding and growing new products 
 
STEPS: 
1. idea generation 
2. idea screening 
3. concept development and testing 
4....
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Add to carthow does idea generation play a role in the new product development process? - new product development process: strong new product planning, systematic and customer driven for finding and growing new products 
 
STEPS: 
1. idea generation 
2. idea screening 
3. concept development and testing 
4....
How do intermediaries create value? - Transactional Function: buying/selling/risk taking 
Logistical Function: storing/assorting (mix of products)/sorting(lots of a single product)/bulk breaking(one large item broken down)/transporting 
Facilitating: financing/grading/marketing info and research ...
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Add to cartHow do intermediaries create value? - Transactional Function: buying/selling/risk taking 
Logistical Function: storing/assorting (mix of products)/sorting(lots of a single product)/bulk breaking(one large item broken down)/transporting 
Facilitating: financing/grading/marketing info and research ...
definition of marketing - two definitions: 
1. process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others (Philip Kotler) 
2. Marketing is so basic that it cannot be considered a separate function. It is the who...
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Add to cartdefinition of marketing - two definitions: 
1. process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others (Philip Kotler) 
2. Marketing is so basic that it cannot be considered a separate function. It is the who...
4 basic business management practices - 1) strategy 
2) execution 
3) culture 
4) structure 
 
sales response function - relates the expense of the marketing effort to the marketing results obtained. 
 
share points - percentage points of market share, as the common basis of comparison to a...
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Add to cart4 basic business management practices - 1) strategy 
2) execution 
3) culture 
4) structure 
 
sales response function - relates the expense of the marketing effort to the marketing results obtained. 
 
share points - percentage points of market share, as the common basis of comparison to a...
Marketing - A process by which companies create value for customers and build strong relationships in order to capture value from customers 
 
Needs - states of felt deprivation 
 
Wants - The form human needs take as shaped by culture and personality 
 
Demands - Human wants backed by b...
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Add to cartMarketing - A process by which companies create value for customers and build strong relationships in order to capture value from customers 
 
Needs - states of felt deprivation 
 
Wants - The form human needs take as shaped by culture and personality 
 
Demands - Human wants backed by b...
Marketing - Delivery of customer satisfaction at a profit 
 
Goals of marketing - Attract new customers with value and keep current customers with satisfaction 
 
Requirements for Marketing - Two or more parties with unsatisfied needs 
Desire and ability to satisfy needs 
A way to communica...
Preview 2 out of 13 pages
Add to cartMarketing - Delivery of customer satisfaction at a profit 
 
Goals of marketing - Attract new customers with value and keep current customers with satisfaction 
 
Requirements for Marketing - Two or more parties with unsatisfied needs 
Desire and ability to satisfy needs 
A way to communica...
The Customer is... - everyone's responsibility. 
 
Goals of Marketing - (1) Discover (assess) the needs and wants of prospective customers. 
 
(2) Satisfy these needs and wants through EXCHANGES 
 
Requirements for Marketing to Occur - -Two + Parties with Unsatisfied Needs 
-A Desire and A...
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Add to cartThe Customer is... - everyone's responsibility. 
 
Goals of Marketing - (1) Discover (assess) the needs and wants of prospective customers. 
 
(2) Satisfy these needs and wants through EXCHANGES 
 
Requirements for Marketing to Occur - -Two + Parties with Unsatisfied Needs 
-A Desire and A...
possession utility - getting a product or service to consumers so they can own or use it 
 
depth of product line - -stores that carry a considerable assortment of a related line of items are limited-line stores 
-ex: Sports Authority carries a considerable amount of sports equipment from wei...
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Add to cartpossession utility - getting a product or service to consumers so they can own or use it 
 
depth of product line - -stores that carry a considerable assortment of a related line of items are limited-line stores 
-ex: Sports Authority carries a considerable amount of sports equipment from wei...
generate profitable Revenue - The purpose of marketing is to... 
 
B - Which statement is most likely true about idea generation in the new product development process? 
A. A company can either develop ideas through internal or external sources but not through both. 
B. Idea generation is usua...
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Add to cartgenerate profitable Revenue - The purpose of marketing is to... 
 
B - Which statement is most likely true about idea generation in the new product development process? 
A. A company can either develop ideas through internal or external sources but not through both. 
B. Idea generation is usua...
services vs products - The differences of products and services are based on tangibility, perishability, heterogeneity, and variability. Products are often tangible but can be intangible and are put on the market for acquisition, attention and consumption. Services are only intangible and are act...
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Add to cartservices vs products - The differences of products and services are based on tangibility, perishability, heterogeneity, and variability. Products are often tangible but can be intangible and are put on the market for acquisition, attention and consumption. Services are only intangible and are act...
what is the role of marketing 
generate profitable revenue 
 
 
what are the five steps in the marketing process model 
1. Understand the marketplace and customer needs and wants 
2. Design a customer value driven marketing strategy 
3. Construct an integrated marketing program 
4. Engage customers,...
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Add to cartwhat is the role of marketing 
generate profitable revenue 
 
 
what are the five steps in the marketing process model 
1. Understand the marketplace and customer needs and wants 
2. Design a customer value driven marketing strategy 
3. Construct an integrated marketing program 
4. Engage customers,...
Fixed Costs - The sum of the expenses in a firm that are STABLE and DO NOT CHANGE WITH THE QUANTITY OF PRODUCT THAT IS PRODUCED AND SOLD 
 
Direct Channels - - producer and consumer deal directly with eachother 
- ex) Schwans Food Company 
- employed when buyers are large and well defined 
-p...
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Add to cartFixed Costs - The sum of the expenses in a firm that are STABLE and DO NOT CHANGE WITH THE QUANTITY OF PRODUCT THAT IS PRODUCED AND SOLD 
 
Direct Channels - - producer and consumer deal directly with eachother 
- ex) Schwans Food Company 
- employed when buyers are large and well defined 
-p...
Six Steps in Setting Price 
 
 
 
Skimming Price Strategy 
strategy in which a new product is priced high to make optimum profit while there's little competition 
 
 
Penetration Price Strategy 
uses low pricing to help capture a large market share early 
 
 
Prestige Price Strategy 
setting a hig...
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Add to cartSix Steps in Setting Price 
 
 
 
Skimming Price Strategy 
strategy in which a new product is priced high to make optimum profit while there's little competition 
 
 
Penetration Price Strategy 
uses low pricing to help capture a large market share early 
 
 
Prestige Price Strategy 
setting a hig...
Possession Utility - The value of making an item easy to purchase through the provision of credit cards or financial arrangements 
 
Make the purchases easier 
 
The benefit customers get from a company's product once they have purchased 
 
Possession Utility - CarMax provides financing or ...
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Add to cartPossession Utility - The value of making an item easy to purchase through the provision of credit cards or financial arrangements 
 
Make the purchases easier 
 
The benefit customers get from a company's product once they have purchased 
 
Possession Utility - CarMax provides financing or ...
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