Midterm 1 MKTG 300 CSULB - Nguyen Exam study guide 2024 latest update already graded A+

Chapter 1 Types of Marketing Management Orientations Product, Sales, Market, and Societal Marketing. Product Orientation focuses on what they can make best, instead of what the customers want. (what can we do) Sales Orientation focuses on what the company can sell. Market Orientation focuses on not only internal factors(production, sales) but on external factors (what the customer is looking for). societal marketing orientation keep society interest at heart. Benefit society as a whole. Difference between relationship and transactional marketing Relationship Marketing: focuses on keeping and improving relationships with current customers. Transactional Marketing: focuses on a single individual sale rather than building a relationship with customers. What factors drive customer value and satisfaction? Whether a product meets the needs and expectations of the customer. Actual performance > Expectation = happy Actual performance = Expectation = satisfied Actual performance < Expectation = dissatisfied What are the factors determining the success of relationship[ marketing? Explain. A)Customer Oriented Personnel: Employee's attitudes and actions must be customer oriented. B)The Role Of Training C)Empowerment: delegation of authority to solve customer problems on the spot D)Teamwork: collaborative efforts of people to accomplish common objective. Chapter 2 What is a SBU (strategic business unit)? Strategic Business Unit: An independent enterprise unit, under a company, that has its own revenue. Ansoff Matrix "A Matrix looking at growth potential of a firms products. It classifies strategies into market penetration, new product development, market development and diversification and measures the degree of risk associated with each strategy." penetration current product, current market New Product Development New Product, current market New Market Development Current product, New Market Diversification new product, new market Boston Consulting Group (BCG) Matrix A portfolio planning approach that examines strategic business units based on their relative market shares and growth rates. Businesses are classified as stars, cash cows, question marks (problem children), or dogs. The Star Large market share, high market growth Cash Cow Large market share, slow market growth Mature SBU Generates more revenue than it needs to expense Question Mark Small market share, high market growth Uncertainty (2 potentials): Become star or dog The Dog small market share, slow market growth Why write a marketing plan? provides clearly stated activities that help employess and managers understand and work toward common goal. Allows you to examine the marketiung environment in conjunction with the inner workings of the business Serves as a reference point for success in future activities Allows marketing manager to enter marketplace aware of possibilities and problems What is a mission statement? Criteria for a good mission statement? Answers the question "What business are we in?" Focus on the market the organization is attempting to serve rather than on the good or service offered. Market Myopia: defines a business in terms of goods and services rather than in terms of the benefits customers seek. Focus on the benefits customers seek. What is a SWOT analysis? strengths, weaknesses, opportunities, threats Examines internal strengths and weaknesses Examines external opportunities and threats What is competitive advantage? A set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition List 4 types of competitive advantage Cost Competitive Advantage Product/Service Differentiation Comp Advantage Niche Competitive Advantage Sustainable Competitive Advantage cost competitve advantage being the low-cost competitor in an industry while maintaining satisfactory profit margins Product/Service Differentiation Competitive Advantage the provision of something that is unique and valueable to buyers beyond simply offering a lower price that the competitors niche competitive advantage seeks to target and effectively serve a single segment of the market sustainable competitive advantage an advantage that cannot be copied by the competition What is a Marketing objective a statement of what is to be accomplished through marketing activities Criteria for a good marketing objective 1) Realistic 2)Measurable 3)Time-Specific 4)Compared to a Benchmark Marketing Mix A unique blend of product, place, promotion, and pricing strategies (4P's) designed to produce mutually satisfying exchanges with a target market. Implementation a time table with specific tasks to be done, who is responsible, and the time frame Evaluation evaluating the finished product Control the company's analysis of all the steps and try to identify all the problems that might come up Chapter 3 What are ethics? Moral principles and values that govern individual behavior 5 types of ethical theories Deontology Utilitarianism (Rule) Casuist Moral Relativists Virtue Ethics Deontology people should adhere to their obligations and duties when analyzing an ethical dilemma