Exam (elaborations)
MKT 301 - Marketing Management Exam 1, 2, 3 all in one (Pomirleanu) UNLV
- Course
- MKT 301
- Institution
- University Of Nevada-Las Vegas
MKT 301 - Marketing Management Exam 1, 2, 3 all in one (Pomirleanu) UNLV
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MKT 301 - Marketing Management Exam 1, 2, 3 all in one(Pomirleanu) UNLV
Marketing - --exchange
Exchange - --trade of things of value between a buyer and a seller so
that each is better off after the trade
Misconceptions about Marketing - --is not advertising, sales, not
mathematical, or retail
Department Stores - --1850-Late 1800's: mail order, franchising
Academic Studies - --1900 taught by agricultural economist. Marketing
steals/borrows from all other fields
Supermarkets - --1930 cars and refrigerator, air conditioning
Television,Malls - --1950 mass media to reach mass markets
Services - --1980 supercuts
,Internet,Relationships - --2000 keep current customers and build
relationships to make profit.
Production Era - --business was focused on producing, industrial era,
goods were scarce and buyer were willing to accept virtually any goods
that were available
Sales Era - --Post WWI, how do we sell, manufacturers found they could
produce more goods than buyers could consume, competition grew
and companies started to hire salespeople
Marketing Concept Era - --ask customers than make product to sell, find
what customer wants, strive to satisfy the needs of consumers while
also trying to achieve the organization's goals
Market(Relationship Era) - --combines with market orientation.
Collecting information about customers and using it to create value.
Firms seek to satisfy the high expectations of customers
Marketing Mix - --1. Product
2.Price
3.Promotion
,4.Place
elements can be used by marketing manager to solve a marketing
problem
Relationship Marketing - --developing and maintaining effective
customer relationships that link the organization to its individual
customers, employees, suppliers, and other partners for their benefit.
Marketing Myopia - --lose focus of what you do and who your
customers are
Example of MM - --hotels in LV
Causes of MM - --1. belief that growth is assured by an expanding
population
2. belief that your industry has no competitive substitute
3.too much faith in production improvement and cost savings
4. a focus on products and not markets
Market Penetration - --current products /current markets
marketing stretegy to increase sales of current products in current
markets
, ex: selling B&J in US
(no change)
Product Development - --new products /current markets
marketing strategy of selling new products to current markets
ex: B&J selling clothing in US
(risky)
Market Development - --new markets /current products
marketing strategy to sell current products to new markets
ex: selling B&J in Brazil
(bad and good news)
Diversification - --new markets /new products
marketing strategy of developing new products and selling them in new
markets
ex: B&J selling clothes in Brazil
(high risk)
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