CSU MKT 300 Exam 1 Study Notes, Study Guides, Projects, Research of Marketing

CSU MKT 300 Exam 1 Study Notes

Typology: Study Guides, Projects, Research

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CSU MKT 300 Exam 1 Study Notes
1.
Marketing Defined:
the process of creating, pricing, distributing, and promoting goods, services, and ideas
to
facilitate satisfying exchange relationships with customers in a dynamic environment
2.
AMA
2004
definition:
Marketing is an organizational function and a set of processes for creating, com-
municating, and delivering value to customers and for managing customer relationships in ways that benefit the organization
and its stakeholders
3.
4
P's:
Product
- Goods, services,
or ideas
that satisfy customer
needs
Pricing
-
Decisions
and
actions
that
establish
pricing
objectives
and
policies
and
set
product
prices Distribution
-
The
ready,
convenient,
and
timely
availability
of
products
Promotion
-
Activities
that
inform
customers
about
the
organization
and
its
products
4.
Exchange:
The
provision
or
transfer
of
goods,
services,
or
ideas
in
return
for
something
of
value
5.
Exchange
Conditions:
Two or more participants have something of value that the other party desires.
Exchange
provides mutual benefit/satisfaction.
Each
party
has
confidence
in
the
exchange
value
of
the
other
party's
ottering.
Each
party
must
meet
the
expectations
of
the
exchange
to
become
trusted
by
the
other
parties.
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CSU MKT 300 Exam 1 Study Notes

  1. Marketing Defined: the process of creating, pricing, distributing, and promoting goods, services, and ideas to facilitate satisfying exchange relationships with customers in a dynamic environment
  2. AMA 2004 definition: Marketing is an organizational function and a set of processes for creating, com- municating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
  3. 4 P's: Product - Goods, services, or ideas that satisfy customer needs Pricing - Decisions and actions that establish pricing objectives and policies and set product prices Distribution - The ready, convenient, and timely availability of products Promotion - Activities that inform customers about the organization and its products
  4. Exchange: The provision or transfer of goods, services, or ideas in return for something of value
  5. Exchange Conditions: Two or more participants have something of value that the other party desires. Exchange provides mutual benefit/satisfaction. Each party has confidence in the exchange value of the other party's ottering. Each party must meet the expectations of the exchange to become trusted by the other parties.

2 /

  1. Stakeholder: Someone who has influence on company or the company on them
  2. Myopia: nearsightedness, not seeing full picture of possible imagination Ex. A railroad company only transferring goods instead of people too.
  3. Contact Points: Successful marketing requires managing and coordinating marketing messages at every contact point (i.e. Market to the right demographic for your product)
  4. Unplanned messages: Ex. Dirty parking lot looks bad on company as a whole. Both planned and unplanned messages are critical and influence customers
  5. Core Competencies: Things a firm does extremely well, which sometimes give it an advantage over its competition
  6. Market opportunity: A combination of circumstances and timing that permits an organization to reach a target market
  7. Competitive advantage: The result of a company's matching a core competency to opportunities in the market place
  8. SWOT analysis:

4 /

  1. creating the market mix: Analyze customer needs, preferences, and behavior. Have the skills and resources required for product design, pricing, distribution, and promotion. Maintain strategic consistency and flexibility in marketing mix decisions.
  2. Market planning: The process of assessing opportunities and resources, determining objectives, defining strategies, and establishing guidelines for implementation and control of the marketing program
  3. Total Quality Management (TQM): A philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customers' perceptions of quality
  4. Benchmarking: Comparing the quality of the firm's goods, services, or processes with that of the best-per- forming competitors
  5. Empowerment: Giving customer-contact employees authority and responsibility to make marketing deci- sions on their own
  6. Machiavelli: Use of intimidation and punishment of employees
  7. Fredrick taylor: Piece rate system: paid for every item you product. Quality of product goes down with this method
  8. Bilbreaths: Doing more than you can handle
  9. Deming: Cease dependence / Reliance mass inspection. End Practice of rewarding business on price tag alone.

5 /

  1. Monopoly: Single source: Good for businesses like utilities, bad for production (no new innovation)
  2. Oligopoly: A few sources, still a lot of power in the few High barriers to entry Homogenous products (airlines)
  3. monopolistic competition: Many firms, sources, firms Ditterentiated products
  4. Pure Competition: Competitors producing the exact same product(farmers)
  5. Buying Power: resources, such as money, goods, and services, that can be traded in exchange
  6. Other External forces: Technological Sociocultural -demographic characteristics -cultural values
  7. Social Responsibility: Businesses don't have an obligation to social responsibility, but an indirect corre- lation
  8. Social Responsibility issues: The natural environment Consumerism Community relations: companies doing philanthropic, positive things for the community

7 / "Free Otters" ex. Product is free but shipping is $ Puttery Bold statements without substantiation Misleading Demonstrations / Deceptive Advertising

  1. Miscomprehension: the meaning conveyed to the hearer is ditterent from the literal content of the message
  2. Deceptiveness: Conveyed meaning is inconsistent with the facts about the product, regardless of what the ad states
  3. Consumer deceived: Only deception if the customer believes the deception
  4. Miscomprehended w/o being deceived: False but you know its not true ex. Our cookings are made by elves in a tree ex. Red bull gives you wings
  5. True-But-Deceptive Ads(Induced Miscomprehension): Potentially the most damaging. Its literally true but miscomprehended

8 / Ex. Sunshine mouthwash fights germs. (some people think it kills all germs in body)

  1. Elliptical Comparatives: No value in comparison ex. Bud light gives you more. (what does it give you more of?!?) ex. Crabapple juice has more vitamin C. (compared to what!?)
  2. Implied Causation: People assume something caused something Correlation vs. Causation ex. Ice cream causes you to buy a bikini. There is a third party factor of summer time. ex. Help you child succeed in school. Buy an apple computer.
  3. Implied Slur on Competition: Implying something to assume other brands don't do that. ex. Well refund your checks if you lose them. Acting of other companies don't do that
  4. Pseudoscience: ex. 3 out of 4 doctors recommend sunshine aspirin(what kind of doctors, did they ask only 4 doctors?) ex. 2000 dentists recommend using this fluoride (out of how many dentists?)
  5. Regulation of Direct Marketing and E-Commerce: Privacy 23&me DNA example Contest and Sweepstakes No purchase necessary