Marketing Final Exam Study Guide
[FREE] Marketing Final Exam Study Guide
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Non-respectful behavior will be grounds upon which the student may be asked to leave to room. Defining marketing for the 21st century chapter 1 of Marketing Management by Philip Kotler. The field of marketing chapter 1 of Marketing by Stanton 3. A hypothetical marketing plan will be discussed in the class. Strategic marketing planning chapter 20 of Marketing by Stanton Week 4: Development of marketing plan Key readings 1. Strategic marketing planning chapter 20 of Marketing by Stanton 3. Week 5: Sales force management Key readings 1. Managing personal communications chapter 19 of Marketing Management by Philip Kotler. Personal selling and sales management chapter 20 of Marketing by Stanton 3. Assignment: study the sales management system of a business organization and make a write up, this is basically term report for half of the class.
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Conducting marketing research and Forecasting demand chapter 4 of Marketing Management by Philip Kotler. Marketing research and market information chapter 7 of Marketing by Stanton Week 7: Marketing research process Key readings 1. Marketing research and market information chapter 7 of Marketing by Stanton 3. Case Study: A case study on Spanish cuisine marketing research will be discussed in the class.
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Article: What are your customers saying? By Eric L. Lesser and Michael A. By Lewis P. Case Study: Classic Watch Co. Dealing with competition chapter 9 of Marketing Management by Philip Kotler 4. The formulation of strategy: generic strategy fpr leaders, followers, challengers and nicheres Strategic Marketing Management, 2nd edition, Wison and Gilligan Week Competitive strategies of market leader, challenger and follower Key readings 1.
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Dealing with competition chapter 9 of Marketing Management by Philip Kotler 2. The formulation of strategy: generic strategy fpr leaders, followers, challengers and nicheres Strategic Marketing Management, 2nd edition, Wison and Gilligan Week Presentation of project report Week Pricing methods and pricing strategies Key readings 1. Developing pricing strategies and programs chapter 14 of Marketing Management by Philip Kotler. Price determination chapter 12 of Marketing by Stanton 4. Pricing strategies chapter 13 of Marketing by Stanton 5. Integrated marketing communication chapter 17 of Marketing by Stanton Week Brand equity and brand positioning Key readings 1.
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Creating brand equity chapter 10 of Marketing Management by Philip Kotler. Crafting brand positioning chapter 11 of Marketing Management by Philip Kotler. Brands, packaging and other product features chapter 10 of Marketing by Stanton 5.
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Idea Generation -The systematic search for new product ideas -Company must usually generate many ideas to find a good one -Good product ideas usually come out from watching and listening to customers 2. Idea Screening - Sorting through new product ideas to identify good ideas, and separate them from the not-so-good ideas 3. Concept Development and Testing - Developing the new product idea into various alternative forms and testing the concepts with a group of potential customers 4. Marketing Strategy Development -Designing an initial marketing strategy for a new product based on the product concept Product Concept - a detailed version of the new product idea that can be shown to potential customers Fall MCS Notes 5.
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Product Development and Testing -Developing the product concept into a real working version of the product and subjecting it to a variety of tests -All new products must pass through the product development and testing phase 7. Test Marketing - Testing the product and marketing program in real, but limited market conditions 8. Commercialization - The full-scale introduction of the new product into the market www. Fall MCS Notes Department Store — a retail organization that carries a wide variety of product lines — typically clothing, home furnishings, and household goods; each line is operated as a separate department managed by specialist buyers or merchandisers. Supermarket — large, low-cost, low-margin, high-volume, self-service store that carries a wide variety of food, laundry, and household products.
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Convenience Stores — a small store located near a residential area that is open long hours seven days a week and carries a limited line of high-turnover convenience goods. Superstores — a store much larger than a regular supermarket that carries a large assortment of routinely purchased food and nonfood items and offers services such as dry cleaning, post offices, photo finishing, cheque cashing, bill paying, lunch counters, car care, and pet care. Category Killer — giant specialty store that carries a very deep assortment of a particular line and is staffed by knowledgeable employees.
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Service Retailers — retailers that sell services rather than goods. Ex hotels and universities. Relative Prices Discount Store — a retail institution that sells standard merchandise at lower prices by accepting lower margins and selling at a higher volume. Ex Walmart. Off-Price Retailers — retailer that buys at below wholesale prices and sells at less than retail. Ex factory outlets, independents, warehouse clubs. Independent Off-Price Retailers — off-price retailer that is either owned and run by entrepreneurs or is a division of a larger retail corporation. Ex Winners. Warehouse Clubs — off-price retailer that sells a limited selection of brand-name grocery items, appliances, clothing, and a hodgepodge of other goods at deep discounts to members who pay annual membership fees.
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Ex Costco. Ex LCBO Voluntary Chain — a wholesale-sponsored group of independent retailers that engages in group buying and common merchandising. Ex Ace Hardware Merchandising Conglomerate — a free-form corporation that combines several diversified retailers under central ownership. Franchise — a contractual association between a manufacturer, wholesaler, or service organization a franchiser and independent businesspeople franchisees who buy the right to own and operate one or more units in the franchise system. Ex Canadian Tire www. One channel member owns the other, has contracts with them, or has so much power that they all cooperate ie. Horizontal Conflict — conflict among firms at the same level of the channel.
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Marketing Communications Mix Marketing Communications Mix — the specific blend of advertising, sales promotion, public relations, personal selling, and direct marketing tools a company uses to pursue its advertising and marketing objectives. The paid placement of a promotional message in mass media. Sales Promotion — short-term incentives usually presented at the point of purchase, designed to encourage the immediate purchase of a product or service.
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Explain the importance of the marketing mix The four Ps are used as tactics used to achieve the marketing and business plan. The marketing mix is a critical component in the development of marketing plans and strategies. The marketing mix encompasses all of the elements that impact an organization's ability to successfully take its products and services to market Product - you must consider the features, advantages and benefits of the product, along with defining all the characteristics of your product. Price figuring product life-cycle stages, low cost high volume, etc. Pricing decisions are based on the costs of producing and delivering the products and services, but also on considerations related to desired brand image and how a specific target audience might respond to various price points Promotion how will you advertise your product?
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Using tactics such as advertising, public relations or special events, in order to target consumers. Place what distribution channel will you use? The place component of the marketing mix refers not only to location, but also to access to the product or service; in other words, availability. Describe and analyze the marketing management functions Developing marketing strategies and plans Capturing marketing insights Connecting with customers Building strong brands Shaping marketing offerings Delivering value Communicating value Creating long term growth 3. Explain the elements of a marketing plan. Executive Summary - provides a great a way to give your readers a quick, short, and concise synopsis of your marketing plans and goals. Often times, this may be the most interesting section in the marketing plan because it serves as an overview of your income producing ideas and concepts.
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Things that are included are market, competitive, and product overviews. Goals and objectives, strategies, action plan and implementation schedule, and evaluation methods. Situation Analysis it is important to do before developing a marketing strategy. The elements worth considering are product situation, competitive situation, distribution situation, environmental factors, and opportunity and issue analysis.
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Marketing Summary - The summary of the marketing plan should define the basics of the business. It should disclose who the customers are, where business is conducted, and the products and services that will be sold. They represent people who may use a product or service, have the financial capability to buy it and can be reached through one or more media. By breaking it down to demographic, socioeconomically, and behavioral data, it allows businesses to understand what messages will generate the best response among their target markets Market Demographics Geographics Demographics Behavior factors Market Needs Trends and Growth S. Analysis a strategic planning tool used to evaluate the strengths, weaknesses, opportunities, and threats involved in a business project or venture. Strengths is an internal asset to the organization.
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Weaknesses an internal factor that can include such things as, debt, lack of capital, and high staff turnover. Opportunities is an external factor Threats is an external factor Competition affects the number and types of competitors the marketing manager must face and how they may behave. Describe the stages of the product life cycle - The product life cycle means every product has a capability such that it can be used for a certain period of time Introduction - The first stage in the product life cycle is product making or development Growth Maturity Decline 5. Explain and analyze the advantages and disadvantages of entering international markets. Explain the impact of e-commerce on the marketing functions. Information more rapidly available Direct customer relationship easier to develop Economies of scale by leveraging advertising collaterals 7.
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Describe the new product development process Idea generation new ideas can come from a companys own sales and production staff, wholesalers and retailers, competitors, consumer surveys, or other sources such as trade associations, advertising agencies, or government agencies. Screening involves evaluating the new ideas with the SWOT analysis and the product market screening criteria. Things like a thorough understanding of the companys objectives, a long-run trends analysis, a rough ROI return on investment estimate, and a life-cycle stage. Development Research and development, developing model or service prototype, test marketing mix, revise plans as needed, and ROI estimate.
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Commercialization 8. The adoption curve shows when different groups accept ideas. It emphasizes the relations among groups and shows that individuals in some groups act as leaders in accepting a new idea. Innovators are the first to adopt and dont mind taking some risks. Often young and well educated, with likely being mobile and having many contacts outside their local social group and community. Early adopters are well respected by their peers and often are opinion leaders. Unlike innovators, they have fewer contacts outside their own social group or community. Early majority avoid risk and wait to consider a new idea after mnay eraly adopters have tried it and liked it. They have a great deal of contact with mass media, salespeople, and early adopter opinion leaders. Late majority are cautious about new ideas. Often they are older and more set in their ways, so they are less likely to follow adopters.
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They make little use of marketing sources of information, mass media, or salespeople. Laggards or nonadopters prefer to do things the way they have been done in the past and are very suspicious of new ideas. Tend to be older and less well educated. It may not pay to bother with this group for marketers, because their main source of information is often other laggards. The consultative selling process it builds on the marketing concept, involves developing a good understanding of the individual consumers needs before trying to close the sale. Develop an understanding of needs does not explain much in the text? Provide general benefit statement Ask questions Listen carefully Agree on needs Discuss how to meet needs Close sale Sometimes called the need-satisfaction approach One price and flexible price policies means offering the same price to all customers who purchase products under essentially the same conditions and in the same quantities.
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One price: Same price to all customers Flexible price: Offering the same product and quantities to different customers at different prices. Page 4 of 4.
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Marketing the products to employees B. This chapter will try to answer these questions as we explore the fundamentals of customer service in the context of a competitive global tourism environment. Marketing Management chapter 2 practice test Set. I Case4 81, , Chapter 16 — Breakeven Point — Worksheet. If you are looking for a reviewer in Communications Engineering this will definitely help. Learn chapter 2 quiz marketing management with free interactive flashcards. But no question is too simple because it can be challenging to catch up. There chapter wise Practice Questions with complete solutions are available for download in myCBSEguide website and mobile app. The marketing mix is often known as the 3Ps.
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Anatomy-Chapter Nervous System. We pay for marketing quiz chapter 1 and numerous ebook collections from fictions to scientific research in any way. Quiz Four Answers. Read Free Marketing Quiz Chapter 1 could believe even more just about this life, re the world. Berkowitz Book. The cash cows tend to generate cash but require little future investment. ShInstructor Manualp Test Bank. See the answer. Questions 21 Publications 5, Questions related to Sports Marketing.
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