BA 355 EXAM 1 STUDY GUIDE
Marketing definition. - Answers - The art and science of
Choosing target markets and
getting , keeping, and growing customers
Through creating, delivering, and communicating
Superior customer value
For customers, clients, partners, and society at large
Customer Perceived Value - Answers - Value: worth more that it costs
High value: more benefits than price
The essence of marketing is to provide value that is superior to your competitors
To create value: improve benefits or reduce price
Product improvements
New distribution channels
Better communications
Cut monetary and non-monetary costs and prices
Value = benefits / Price
Imagine a scale where value outweighs the cost of the purchase
Consumer needs vs. wants - Answers - Needs - basic necessities
Wants - shaped by knowledge, personality, culture
What is strategy? - Answers - Long-term course of actions
Designed to deliver the organization goals and achieve a unique customer experience
Strategy and organizational structure. - Answers - Considered limited resources
Focuses on the organization's efforts
"Not all things for all people"
Marketing helps set a direction and moves the organization there
3 kinds of organizations - Answers - For profit organizations
Nonprofit organizations
Government agencies
Organization structure: 3 levels - Answers - Corporate
Strategic Business Unit
Functional level
Visionary organization: 3 key elements - Answers - Why [Foundation]
Core values
Mission
Organizational culture
What [Direction]
Business
Goals
, How [Develop and market]
Level [Corporate, SBU, functional]
Product [Good, Service, Idea]
4Ps (exact words) - Answers - Product: A good, service, or idea to satisfy the consumer
needs
Price: What is exchanged for the product
Promotion: A means of communication between the seller and buyer
Place: A means of getting the product to the consumer
Referred to as the marketing mix
Target Market - Answers - One or more specific groups of potential customers toward
which an organization directs its marketing program
Marketing concentrates efforts on certain needs of a specific group of potential
consumers
Setting strategic direction. 2 key questions - Answers - Where are we now?
Competencies
competitive advantage
Customer preference
Customer performance
Where do we want to go?
Market penetration
Market development?
Product development
Diversification?
Strategic marketing process: 3 phases - Answers - Planning
SWOT
Develop a market- product focus, customer value proposition, and goals.
Segment, Value proposition, points of differentiation
4p's
Implementation
Elements [Resources, action plan, Gantt Chart]
strategy
Tactics
Evaluation
Compare results will plans
Act on deviations
SWOT - Answers - A SWOT analysis is an acronym describing an organization's
appraisal of its internal Strengths and Weaknesses and its external Opportunities and
Threats.
Environmental forces and their effects (especially chart) - CREST—definitions for all
five. - Answers - Social
Marketing definition. - Answers - The art and science of
Choosing target markets and
getting , keeping, and growing customers
Through creating, delivering, and communicating
Superior customer value
For customers, clients, partners, and society at large
Customer Perceived Value - Answers - Value: worth more that it costs
High value: more benefits than price
The essence of marketing is to provide value that is superior to your competitors
To create value: improve benefits or reduce price
Product improvements
New distribution channels
Better communications
Cut monetary and non-monetary costs and prices
Value = benefits / Price
Imagine a scale where value outweighs the cost of the purchase
Consumer needs vs. wants - Answers - Needs - basic necessities
Wants - shaped by knowledge, personality, culture
What is strategy? - Answers - Long-term course of actions
Designed to deliver the organization goals and achieve a unique customer experience
Strategy and organizational structure. - Answers - Considered limited resources
Focuses on the organization's efforts
"Not all things for all people"
Marketing helps set a direction and moves the organization there
3 kinds of organizations - Answers - For profit organizations
Nonprofit organizations
Government agencies
Organization structure: 3 levels - Answers - Corporate
Strategic Business Unit
Functional level
Visionary organization: 3 key elements - Answers - Why [Foundation]
Core values
Mission
Organizational culture
What [Direction]
Business
Goals
, How [Develop and market]
Level [Corporate, SBU, functional]
Product [Good, Service, Idea]
4Ps (exact words) - Answers - Product: A good, service, or idea to satisfy the consumer
needs
Price: What is exchanged for the product
Promotion: A means of communication between the seller and buyer
Place: A means of getting the product to the consumer
Referred to as the marketing mix
Target Market - Answers - One or more specific groups of potential customers toward
which an organization directs its marketing program
Marketing concentrates efforts on certain needs of a specific group of potential
consumers
Setting strategic direction. 2 key questions - Answers - Where are we now?
Competencies
competitive advantage
Customer preference
Customer performance
Where do we want to go?
Market penetration
Market development?
Product development
Diversification?
Strategic marketing process: 3 phases - Answers - Planning
SWOT
Develop a market- product focus, customer value proposition, and goals.
Segment, Value proposition, points of differentiation
4p's
Implementation
Elements [Resources, action plan, Gantt Chart]
strategy
Tactics
Evaluation
Compare results will plans
Act on deviations
SWOT - Answers - A SWOT analysis is an acronym describing an organization's
appraisal of its internal Strengths and Weaknesses and its external Opportunities and
Threats.
Environmental forces and their effects (especially chart) - CREST—definitions for all
five. - Answers - Social
