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Marketing > STUDY GUIDE > Study Guide Exam 1 MAR 3023 Spring 2021 (All)

Study Guide Exam 1 MAR 3023 Spring 2021

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Study Guide Exam 1 MAR 3023 Spring 2021 Chapter 1 ● Marketing (Dr. Case’s definition) ○ Finding out what people want and getting it to them ● Exchange ○ The trade of things of value b ... etween buyer and seller ● Value ○ Combination of benefits received by buyers ● Societal influences in marketing ○ Other organizations, suppliers, shareholders, customers ● Environmental forces in marketing ○ Social, economic, technological, competitive, regulatory ● Overview of marketing organizations and various departments (hint: check out Figure 1- 1 in your text) ○ R&D, HR, IT, Manufacturing, Finance, Marketing ● Requirements for marketing to take place ○ Two or more parties with unsatisfied needs ○ Desire and ability to have their needs satisfied ○ A way for parties to communicate ○ Something to exchange ● Why marketing cannot make people buy stuff they don’t want or need ○ There needs to be an exchange of something that has value and satisfies a need ● How marketing research helps marketers meet needs in the market place ○ Research helps discover consumer needs ● The marketing mix (i.e., the Four P’s) ○ Product - good, service, or idea to satisfy customer needs ○ Promotion - means of communication between buyer and seller ○ Price - what is exchanged for the product ○ Place - getting the product to the consumer ● Consumer value proposition ○ The cluster of benefits that an organization promises customers ● Customer value strategies (best price, best service, and best product) ○ Best price - superior pricing ○ Best product- superior quality ○ Best service - superior service, experience ● Making a better mousetrap – who defines what’s better? ○ The consumers Chapter 2 ● Large organizations; SBU (example; Procter & Gamble) ○ Strategic business units - markets a set of offerings to a clearly defined market [Show More]

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