marketing 1 exam

Marketing

The activity for communicating and exchanging offerings that benefit the organization, stakeholders, and society

What is needed for marketing to occur?

Two or more parties with unsatisfied needs/wants, desire and ability to satisfy, party communication, something to exchange

Market

Controllable marketing mix factors

Uncontrollable environmental factors

Market segment

Evolution of market orientation

Production era, Sales era, Marketing concept era, then Customer relationship era

Difference between good, services, and ideas

Ultimate consumers

Organizational buyers

Different kinds of organizations

For profit, non-profit, government agency

Strategy

The organizations long-term course of action designed to deliver a unique customer experience while achieving its goals

Organizational foundation (values, mission & vision, culture)

Organizational direction (business, goals)

Business- clear and broad underlying industry or market sector of an organization

Goals- SMART: specific, measurable, attainable, relevant, and time-based

What are the 2 important questions when setting strategic direction?

Stars

Question marks

Cash cows

Dogs

Market penetration

Existing market, existing product

Market development

New market, existing product

Product development

Existing market, new product

Diversification

New market, new product

SWOT analysis

Situation analysis: Strengths, weaknesses, opportunities, threats

Marketing research

Process of defining a market problem and opportunity, collecting and analyzing information/recommendations

What are the steps of marketing research?

Define the problem, develop the research plan, collect relevant information, develop findings, take marketing actions

Exploratory research

Descriptive research

Casual research

Key constraints

Primary data

Secondary data

Strengths and weaknesses of primary data

Strengths and weaknesses of secondary data

Types of primary data

Different types of survey questions

Strengths and weaknesses of survey question types

Common mistakes in formulating survey questions

Environmental scanning

Environmental forces

Social forces

Economic forces

Technological forces

Competitive forces

Regulatory forces

Demographic trends worldwide and in the U.S.

Electronic commerce

Generational cohorts

Components of competition

Alternative forms of competition