Marketing 300-Exam 1 Complete Solutions
Marketing: ️the marketer has to make decisions about the 4 P's of marketing: product, place,
promotion and price
4 P's of Marketing: ️Product, Place, Promotion and Price
Product- ️the most important P; physical products or services, ideas (ex: d...
Marketing 300-Exam 1 Complete Solutions
Marketing: ✔️the marketer has to make decisions about the 4 P's of marketing: product, place,
promotion and price
4 P's of Marketing: ✔️Product, Place, Promotion and Price
Product- ✔️the most important P; physical products or services, ideas (ex: don't drink and drive)
Exchange: ✔️the basic function of marketing, there is no marketing without exchange. It is the
cornerstone of marketing, getting something in value with cash. (donating money/time is still exchange)
Production Era (1800's-early 1900's): ✔️limited marking/choice, demand exceeds supply, don't really
have to care about customers
Sales Era (1920's-early 1950's): ✔️supply exceeds demand, very aggressive; do whatever you can to sell
Marketing Concept Era (late 1950's-more intense competition): ✔️a. find out what your customers
want first, and give it to them if you can (most important)
b. make a profit (long term)
c. everyone in the company from the top/down should recognize the importance of marketing to the
firm
Customer Relationship Era: ✔️extension of the marketing concept era, long term (cradle to the grave),
grow up with certain products
Micro-Macro Dilemma: ✔️what happens if what customers want is bad for them and bad for society as
well? Ex: McDonalds, Tobacco products
, Marketing Myopia- ✔️defining your company by the products that you make rather than by the
customers you serve; not much to change-nothing new, "don't sell the steak, sell the sizzle" (become
more innovative defining your company by customers)
Marketing Mix: ✔️the 4's of marketing: target market, positioning=image (target vs. walmart)
Marketing Strategy: ✔️target market + positioning + the 4 p's
The melting pot term shouldn't be used anymore-use the term "salad bowl"
Competitive (companies most important environment)- ✔️1. Direct Competitor-pretty much selling the
same products, pursuing the same target markets (ex: McDonalds and Burger King)
2. Indirect Competitor- can evolve into a direct competitor, consumers see it as substitutable
3. General or Generic-everyone is competing with everyone else
Monopoly- ✔️one supplier of a company
Oligopoly- ✔️3-5 businesses that control sales (75-80% of the total market); high barriers to entry, high
start up costs, hard to compete, difficult access to raw materials
Monopolistic Competition- ✔️many competitors within a market place (ex: fast food industry)
Pure Competition- ✔️almost impossible to differentiate a product or brand from another; hard to
determine price (Ex: agriculture)
Regulatory (Political Environment)- ✔️Role of the Federal Trade Commission (FTC): most power over
companies, watch dog over deceptive labeling/packaging (in commercials)
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