MARKETING 3023 UCF EXAM 1 RATED A+

MARKETING 3023 UCF EXAM 1 RATED A+ Marketing the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing Plan A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro forma income (and other financial) statements. exchange The trade of things of value between the buyer and the seller so that each is better off as a result. Goods Items that can be physically touched. Services Any intangible offering that involves a deed, performance, or effort that cannot be physically possessed; intangible customer benefits that are produced by people or machines and cannot be separated from the producer. Ideas Intellectual concepts—thoughts, opinions, and philosophies. marketing channel management Also called supply chain management; refers to a set of approaches and techniques firms employ to efficiently and effectively integrate their suppliers. Core Aspects of Marketing -marketing helps create value -marketing is about satisfying customer NEEDS and WANTS -marketing entails an exchange -marketing requires product, price, place and promotion decisions -marketing can be performed by both individuals and organizations -marketing affects various stakeholders Production Sales Marketing 1990-turn of the 21st century Value-Based Marketing ROTTEN Relationships Over Transactions, Ten times out of TEN A marketing strategy identifies: (1) a firm's target market(s) (2) a related marketing mix - its 4 P's (3) the bases on which the firm plans to build a sustainable competitive advantage. macro strategies for developing customer value customer excellence, operational excellence, product excellence, locational excellence Three phases of marketing plan planning phase, implementation phase, control phase SWOT INTERNAL strengths, INTERNAL weaknesses, EXTERNAL opportunities, EXTERNAL threats STP Segmentation, Targeting, Positioning