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Final Exam GUIDE

Final Exam GUIDE

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Published by free testbank
MKTG 3310 - Final Exam GUIDE - (Marketing)
MKTG 3310 - Final Exam GUIDE - (Marketing)

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Published by: free testbank on Dec 05, 2010
Copyright:Attribution Non-commercial


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Chapter One
a social process that directs an economy’s flow of goods andservices from producers to consumers in a way that matches supply and demandand accomplishes the objectives of society; how marketing effects society
Economies of Scale:
when a company produces larger numbers of a certainproduct, the cost of each of the products goes down
Macro-Micro Dilemma:
when a firm focuses on satisfying some customers, theremay be negative effects on society; what is “good” for some firms and consumersmay be bad for society as a whole 
Marketing Functions-
looking for and evaluating goods and services
promoting the product; personal selling, advertising, and mass selling
movement of goods from one place to another
holds goods until customers need them
Standardization and Grading:
sorting products according to size and quality;makes buying and selling easier because it cuts out the need for inspecting
provides necessary cash and credit to produce, transport, store,promote, sell and buy products
Risk Taking:
bearing the uncertainties; can’t be sure the customers will want tobuy; products can be damaged, stolen, or outdated
Market Information Function:
involves collection, analysis, and distribution of information needed to plan, carry out, and control marketing activities 
Marketing Role Development (Firm Orientations)-Production:
making whatever products are easy to produce and then trying to sellthem
focusing on producing a few certain products
when a company emphasizes selling because of increased competition
trying to carry out the marketing concept- an organization aims all itsefforts at satisfying its customers at a profit; 1. Customer satisfaction, 2. Totalcompany effort, 3. Profit 
Social Marketing:
putting up “fences” to get members to work together 
Market-Directed Economy:
individual decisions of the producers and consumers;they make the macro-level decisions for the whole economy; they decide what willbe produced and by whom
Price is a measure of value
Greatest freedom of choice-
don’t have to buy products except for what is good forsociety; school, fire, police, national defense, highway systems, public-health service
The role of government-
controls TV and radio, interest rates and supply of money; make sure property is protected, contracts are enforced, no groupmonopolizes markets, and producers deliver quality goods  
Chapter Two
 Target Marketing:
a fairly homogeneous (similar) group of customers to whom acompany wishes to appeal; says a marketing mix is tailored to fit some specifictarget customers 
the controllable variables the company puts together to satisfy thistarget group
The components of the marketing mix-
it includes some product, offered at aprice, with some promotion to tell potential customers about the product, and a wayto reach the customer’s place
Sub areas-
telling the target market or others in the channel of distributionabout the “right” product  
Personal Selling:
involves direct spoken communication between sellersand potential customers 
any UNPAID form of non-personal presentation of ideas, goods, orservices 
and PAID form of non-personal presentation of ideas, goods, orservices by an identified sponsor 
Sales Promotion:
refers to promotion activities, other than advertising,publicity, and personal selling, that stimulate interest, trial, or purchase byfinal customers; signs, samples, contests, catalogs, or events 
Four Common Growth Opportunities-
Market Penetration:
trying to increase sales of a firm’s present products in itspresent markets- through a more aggressive marketing mix; firm may try tostrengthen its relationship with customers to increase their rate of use or repeat purchases
Market Development:
trying to increase sales by selling present products in thenew markets; may involve searching for new uses for a product; advertising in adifferent media may help reach a new target customer
Product Development:
offering new or improved products for present markets; afirm may see new ways to satisfy customers
moving into totally different lines of business- perhaps unfamiliarproducts, markets, or level in the production- marketing system 
Chapter Three Market Segmentation Types and Subtypes-Market Segmentation:
naming broad product-markets and segmenting them inorder to select target markets and develop suitable marketing mixes
an aggregating process; clustering people with similar needs into a“market segment”
Market Segment:
a homogeneous group of customers who will respond to amarketing mix in a similar way
try to aim at one or more homogeneous segments and develop adifferent marketing mix for each segment; trying to satisfy customers very wellinstead of fairly wellCost considerations encourage more aggregating to obtain economies of scaleDemand considerations encourage less aggregating to satisfy needs moreefficiently
 Consumer SegmentationBehavioral
1. Needs- economic, physiological, psychological, social2. Benefits sought- to satisfy general or specific needs3. Thoughts- favorable or unfavorable attitudes, interests, opinions, beliefs4. Rate of use- heavy, medium, light, nonusers5. Purchase relationship- positive and ongoing, intermittent, no relationship, badrelationship6. Brand familiarity- insistence, preference, recognition, no recognition, rejection7. Kind of shopping- convenience, comparison shopping, specialty, none8. Type of problem-solving- routinized response, limited, extensive9. Information required- low, medium, high
1. Region of world, country- North America, Europe, etc.2. Region in country- Pacific, Mountain, West North Central, etc.3. Size of city- population under 5,000 or 1,000,000-3,999,999
1. Income- under $5,000 or $60,000 and over2. Sex- male, female3. Age- infant; under 6; 65 and over4. Family Size- 1,2,3,4,5 or more5. Family Life Cycle- young, single; young, married, no kids; young, married,youngest child under 6; young, married, youngest child over 6; older,married, kids; older, married, no kids under 18; older, single; other variationsfor single parents, divorced, etc.6. Occupation- professional and technical; managers, officials, and proprietors;clerical sales; craftspeople; foremen; operatives; farmers; retired; students;housewives; unemployed7. Education- grade school or less; high school; high school graduate; college; collegegraduate8. Ethnicity-asian, black, Hispanic, native American, white, multiracial9. Social class- lower-lower, upper-lower, lower-middle, upper-middle, lower-upper,upper-upper
  Choosing Segments (determining dimensions and usefulness)-

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