MKT 3343 Final Exam (Taylor)

Define and explain the importance of a firm having a competitive advantage.

An advantage that a firm has over its competitors, allowing it to generate sales or margins and/or retain more customers than its competition. There can be many types of competitive advantages including the firms cost structure, product offerings, distribution network and customer support.

What is concept of ethics? What is a firms ethic policy? What is codes of ethics? Personal Moral vs. Societal Moral

Concept of ethics: moral principles and values that govern the actions and decisions of individuals or groups. -this distinction of ethicality vs legality can sometimes lead to rationalization that if a behavior is within reasonable ethical and legal limits, then it is not really illegal or unethical. Ethic Policy: -Ethics of Exchange: exchange process between sellers and buyers should result in both parties being better of after a transaction. -Ethics of Competition: Business culture also affects ethical behavior in competition. Two unethical behaviors are (1) economic espionage, which is collection of trade secrets or information about a company's competitors, and (2) bribery. Codes of ethics: formal statement of ethical principles and rules of conduct. Personal Morals: -Moral Idealism: personal moral philosophy that considers certain individuals rights or duties as universal, regardless of the outcome. -Utilitarianism: personal or moral philosophy that focuses on "the greatest good for the greatest number."

What is SWOT analysis?

SWOT: -S: Strengths -W: Weaknesses -O: Opportunities -T: Threats Based on exhaustive study of four areas that form the foundation upon which the firm builds its marketing program: -identify trends in the org's industry -analyze the org's competitors -assess the organizations itself -research the organization's present and prospective customers.

What is a service marketing? Four unique I's of service marketing?

Service Marketing: promotion of economic activities offered by a business to its clients using the 4 I's of marketing. Service marketing might include the process of selling telecommunications, health treatment, financial, hospitality, car rental, air travel, and professional services. 1. Intangibility: This tells us that once the service is provided, there is nothing to take home. Rely's on the testimony and judgement of others. 2. Inconsistency: This characteristic shows us how each time the product or service is provided that is might not always be the same. 3. Inseparability: How the action cannot be separated from who is providing it. For example you can't change how a hairstylist cuts, colors, and blow drys someones hair. 4. Inventory: Service providers can't store product. You have to monitor the amount of service provided.

What is mean by social responsibility as differentiated from societal responsibility? What is meant by the concept of green marketing? What is meant by sustainable development?

Social Responsibility: theory in which individuals are accountable for fulfilling their civic duty. Societal Responsibility: Actions of individual must benefit the whole society. There must be a balance between economic growth and welfare of society. Green Marketing: promotional activities aimed at taking advantage of the changing consumers attitudes toward a brand. These changes are made by the way they affect the the environment and the concern for the community. Sustainable Development: conducting business in a way that protects the natural environment while making economic progress.

What is a market? What is market segmentation What is a target market? Market segmentation process?

-Market: People with both the desire and ability to buy a specific offering. -Market segmentation: involves aggregating prospective buyers into groups, or segments, that have (1) have common needs and (2) will respond similarly to a market action -Target Market: one or more specific groups of potential consumers toward which an organization directs its marketing program.

What is meant by product positioning? Repositioning? Think of some examples of product positioning and repositioning?

-Product Positioning: place a product occupies in consumers' minds based on important attributes relative to competitive products. Ex: Head to head positioning: competing directly with competitive brand for the same target consumers. Ex: Differentiation positioning: trying to attract new customers by presenting different products distinctive from competitors. -Product Re-positioning: "changing" the place a product occupies, relative to competitive products.

What is the difference between a long-range marketing plan and an annual marketing plan?

-long range marketing: when companies plan for the next three to five years -annual marketing plan: annual marketing plan focuses on the short term plan.

What is consumer behavior? What is the consumer decision process and what are the steps and order of these steps in this process? What is meant by brand loyalty (adoption) in the consumer decision consumer decision process and why is brand loyalty of consumers important to marketers?

Consumer behavior: actions a person takes in purchasing and using products and services, including the mental and social processes that come in that come before and after these actions. This chapter shows how the behavior sciences help answer questions such as why people choose one product or brand over another, how they make these choices, and how companies use this knowledge to provide value. Consumer Purchase Decision: -Problem Recognition: perceiving a need -Information Search: seeking value -Alternative Evaluation: assessing value -Purchase Decision: buying value -Post purchase Behavior: Realizing Value Brand loyalty: favorable attitude toward and consistent purchase of a single brand over time. -reduces risk for consumer and saves time

Concept of Culture? Sub-Culture? An analysis? Symbols? What is the field of study for symbols called?

Culture: incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group. Sub-Culture: separate social group within a larger culture. Part of sector in society identifiable by factors such as lifestyle, religion, and race. Cross-Cultural Analysis: study of similarities and differences among consumers in two or more nations or societies. Cultural Symbols: things that represent ideas and concepts. The study of symbols is called semiotics. It corresponds between symbols and their role in the assignment of meaning for people.

Market product matrix and market product strategies

Current/Current: -Market penetration: marketing strategy to increase sales of current products in current markets. New/Current: -Market development: is a marketing strategy to sell current products to new markets. Current/New: -Product development: is a marketing strategy of selling new products to current markets. New/New: -Diversification: Marketing strategy of developing new products and selling them in new markets.

Why should a firm conduct a situational analysis prior to attempting to develop a marketing plan?

Is taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it. Affective summary would be SWOT analysis. SWOT analysis- organization's appraisal of its internal strengths, weaknesses, and its external opportunities and threats.

What is marketing mix? What is the 4 controllable elements? How do they relate?

Marketing Mix: different kind of choices an organization must make when bringing a whole product or service to the market. Consists of 4 P's. 1. Product: What does the consumer want from the product and what does it need to satisfy them. 2. Place: Where will consumers by the product/where is it suitable to be sold at customers convenience. 3. Price: What is a reasonable price to sell product/how does it compare to competitors. 4. Promotion: How can you get your message out to consumers and what kind of advertisement will you offer.

What is meant by multicultural marketing? How do companies go about developing multicultural marketing programs?

Multicultural Marketing: programs which are combinations of the marketing mix that reflect the unique attitudes, ancestry, communication, preferences, and lifestyles of different races. -Now that businesses must market their products to a consumer base with many racial and ethnic identities, in-depth-marketing research that allows an accurate understanding of each cultural essential. -Some racial and ethnic groups tend to be concentrated in geographic regions, which allows companies to combine their multicultural efforts into regional marketing activities.

What is meant by an ultimate consumer? An organizational buyer? A prospective customer?

Ultimate Consumer: a person, or family who uses the product regularly instead of just a one time buyer. *companies try to aim their promotional efforts at them. Organizational Buyer: make buying decisions and purchase the products for their company making professional decisions. Prospective Customer: have the ability to buy your product but don't because of competitors/beliefs on product.

What is the purpose of strategic marketing process?

Where an organization allocates its marketing mix resources to reach its target markets. This is divided into 3 phases: planning, implementation, and evaluation. Phase 1: Planning -Situation (SWOT) analysis: four areas that form the foundation upon which the firm builds its marketing program. -Market-product focus and goal setting: determining which products will be directed toward which customers is essential for developing an effective marketing program. -Marketing program: Product strategy, price strategy, promotion strategy, place strategy. Phase 2: Implementation -Obtaining resources: finding adequate human and financial resources to execute the marketing program successfully. Small business owners often obtain funds from savings, family, friends, and bank loans. -Designing : shows the organization chart of a typical manufacturing firm, giving some more details of the marketing departments structure. The entire marketing organization is responsible for converting marketing plans into realistic marketing actions. -Defining Tasks and Deadlines: implementing a marketing plan consisting of four columns: 1) the task, 2) the person responsible for completing that task, 3) the date to finish the task, and 4) what is to be delivered Phase 3: Evaluation -Comparing results with plans to identify deviations -acting on deviations