Exam (elaborations)
MKT 301 - Marketing Management Exam 1, 2, 3 all in one (Pomirleanu) UNLV
- Course
- MKT 301
- Institution
- University Of Nevada-Las Vegas
MKT 301 - Marketing Management Exam 1, 2, 3 all in one (Pomirleanu) UNLV
[Show more]
Content preview
MKT 301 - Marketing Management Exam 1, 2, 3 all in one(Pomirleanu) UNLV
Marketing - --exchange
Exchange - --trade of things of value between a buyer and a seller so
that each is better off after the trade
Misconceptions about Marketing - --is not advertising, sales, not
mathematical, or retail
Department Stores - --1850-Late 1800's: mail order, franchising
Academic Studies - --1900 taught by agricultural economist. Marketing
steals/borrows from all other fields
Supermarkets - --1930 cars and refrigerator, air conditioning
Television,Malls - --1950 mass media to reach mass markets
Services - --1980 supercuts
,Internet,Relationships - --2000 keep current customers and build
relationships to make profit.
Production Era - --business was focused on producing, industrial era,
goods were scarce and buyer were willing to accept virtually any goods
that were available
Sales Era - --Post WWI, how do we sell, manufacturers found they could
produce more goods than buyers could consume, competition grew
and companies started to hire salespeople
Marketing Concept Era - --ask customers than make product to sell, find
what customer wants, strive to satisfy the needs of consumers while
also trying to achieve the organization's goals
Market(Relationship Era) - --combines with market orientation.
Collecting information about customers and using it to create value.
Firms seek to satisfy the high expectations of customers
Marketing Mix - --1. Product
2.Price
3.Promotion
,4.Place
elements can be used by marketing manager to solve a marketing
problem
Relationship Marketing - --developing and maintaining effective
customer relationships that link the organization to its individual
customers, employees, suppliers, and other partners for their benefit.
Marketing Myopia - --lose focus of what you do and who your
customers are
Example of MM - --hotels in LV
Causes of MM - --1. belief that growth is assured by an expanding
population
2. belief that your industry has no competitive substitute
3.too much faith in production improvement and cost savings
4. a focus on products and not markets
Market Penetration - --current products /current markets
marketing stretegy to increase sales of current products in current
markets
, ex: selling B&J in US
(no change)
Product Development - --new products /current markets
marketing strategy of selling new products to current markets
ex: B&J selling clothing in US
(risky)
Market Development - --new markets /current products
marketing strategy to sell current products to new markets
ex: selling B&J in Brazil
(bad and good news)
Diversification - --new markets /new products
marketing strategy of developing new products and selling them in new
markets
ex: B&J selling clothes in Brazil
(high risk)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller smartzone. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76799 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now