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MKT 301 - Marketing Management Exam 1, 2, 3 all in one (Pomirleanu) UNLV $15.99   Add to cart

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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

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  • November 6, 2024
  • 56
  • 2024/2025
  • Exam (elaborations)
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  • mkt 301
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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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