MCS 1000 Final: MCS_1000-Final-Exam-Review

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000

Document Summary

Marketing": marketing:!the!activity!for!creating,!communicating,!delivering,!and!exchanging! offerings!that!benefit!its!customers,!the!organization,!its!stakeholders!and! society!at!large, discover!needs!and!wants!of!prospective!customers, satisfy!needs!&!wants, exchange:!trade!of!things!of!value!between!buyer!and!seller!so!that!each!is!better! off!after!the!trade, things!needed!for!marketing!to!occur:! Learn!from!the!past: market:!people!with!both!the!desire!and!ability!to!buy!a!specific, target!market:!one!or!more!specific!groups!of!potential!consumers!toward! which!an!organization!directs!its!marketing!program, marketing!mix:!four!controllable!factors!that!can!be!used!by!a!marketing! manager!to!solve!a!marketing!problem! (the!four!p"s):, product:!a!good,!service!or!idea!to!satisfy!customer!needs, price:!what!is!exchanged!for!the!product, promotion:!a!means!of!communication!between!seller!and!buyer, place:!a!means!of!getting!the!product, effective!marketing!mix!=!clear!customer!value!proposition, customer!value!proposition:!cluster!of!benefits!that!an!organization!promises! customers!to!satisfy!their!needs!(ex. !walmmart:! everyday!low!prices!for!a!broad! range!of!products!that!are!always!in!stock!at!convenient!locations ): environmental!forces:!social,!economic,!technological,!competitive!and! regulatory!forces! (markets!becoming!more!competitive), customer!value:!unique!combination!of!benefits!received!by!targeted!buyers!that! include:!quality,!convenience,!onmtime!delivery!&!both!before/aftermsale!price, success!=!long!term!customer!relationships!(e. g. !kleenex), relationship!marketing:!links!organization!to!its!individual!customers,! employees,!suppliers!for!mutual!longmterm!benefits, marketing!program:!plan!that!integrates!the!marketing!mix!to!provide!a!good,! service!or!idea!to!prospective!buyers, marketing!concept:!idea!that!an!organization!should!strive!to!satisfy!needs!of! customers!and!achieve!the!organization"s!goals, marketing!orientation:!focuses!efforts!on:, continuously!collecting!information!about!customers!needs, sharing!this!information!across!departments, using!it!to!create!customer!value, customer!relationship!management! (crm):!the!process!of!identifying! prospective!buyers,!understanding!them!intimately,!developing!favourable!longm term!perceptions!of!the!organization!and!its!offerings!so!that!buyers!will!choose! them!in!the!marketplace, customer!experience:!the!internal!response!that!customers!have!to!all!aspects!of! an!organization!and!its!offering!(ex. Strategies: organizations:!legal!entities!consisting!of!people!who!share!a!common!mission, offerings:!products!services!or!ideas, business!firms:!privately!owned!organizations! (target,!nike,!volkswagen)m! serves!customers!to!earn!a!profit, profit:!money!left!after!a!business!firm"s!total!expenses!are!subtracted!from!it, nonmprofit!organization:!ngo!that!serves!its!customers!but!does!not!profit!as! organizational!goal, strategy:!an!organization"s!long!term!course!of!action!designed!to!deliver!a! unique!customer!experience!while!achieving!its!goals, corporate!level:!top!management!directs!overall!strategy!for!the!entire! organization!(ceo,!cmo,!etc, strategic!business!unit! (sbu):!subsidiary,!division!or!unit!of!an!organization!that! markets!a!set!of!related!offerings!to!a!clearly!defined!group!of!customers!(ex. General!electric!and!johnson!&!johnson): functional!level:!groups!of!specialists!create!value!for!the!organization!(ex. marketing!&!finance), crossmfunctional!teams:!small!number!of!people!from!different!departments!who! are!mutually!accountable!to!accomplish!a!task!or!a!common!set!of!performance! goals, organizational!foundation:! Social!responsibility:!balance!conflicting!goals!of!stakeholders!to! promote!overall!welfare: variation!by!level:!specific,!detailed,!strategies!and!plans! (everyone!has!a! different!jobs), variation!by!offering:!marketing!product,!service!or!idea, marketing!dashboard:!visual!computer!display!of!the!essential!information! related!to!achieving!a!marketing!objective, marketing!metric:!measure!of!the!quantitative!value!or!trend!of!a!marketing! activity!or!result, data!visualization:, spot!derivation!from!plans! Take!corrective!actions!(e. g. !website!traffic!sources,!sales! performance!by!sbu,!monthly!website!views!by!state): marketing!plan:!a!road!map!for!the!marketing!activities!of!an!organization!for!a! specified!future!time!period, competitive!advantage:!a!unique!strength!relative!to!competitors!that!provides! superior!returns!often!based!to!quality,!time,!cost!&!innovation, with!customers:!genuine!value,!satisfying!experience, with!competitors:!catalogue,!websites,!etc,, business!portfolio:!technique!used!to!quantify!performance!measures!and! growth!targets!to!analyze!their!firms"!strategic!business!units, cash!cows:!sbus!that!generate!large!amounts!of!cash;!cover!overhead!and! invest!in!sbus, stars:!sbus!with!high!share!of!high!growth!markets,!rapid!future!growth, question!marks:!sbus!with!low!stare!of!highmgrpth!markets;!choose!right! ones!to!invest!in, dogs:!sbus!have!a!low!share!of!slowmgrowth, diversification!analysis:!technique!that!helps!a!firm!search!for!growth! opportunities!from!among!current!and!new!markets!as!well!as!current!and!new! products, market!penetration:!increase!sales!of!current!products!in!current!markets! (ex. Brazil): strategic!marketing!process:!organization!allocate!marketing!mix!resources!to! reach!its!target!market, swot!analysis:!situation!analysis:!taking!stock!of!where!the!firm!or! product!has!been!recently,!where!it!is!now,!where!it!is!headed!in! terms!of!the!organization"s!marketing!plans!and!external!forces!&! trends!affecting!it! " marketing!tactics:!detailed!day!to!day!operational!decisions!essential!to!the! overall!success!of!marketing!strategy: evaluation!phase!of!the!strategic!marketing!process, comparing!results!with!plans!to!identify!deviation, acting!on!deviations! (exploiting!a!positive!deviation/correcting!a! negative!deviation)! Chapter"3"(p. "45<66):"scanning"the"marketing"environment": environmental!scanning:!process!of!continually!acquiring!information!on!events! occurring!outside!the!organization!to!identify!and!interpret!potential!trends, social:!demographic!shifts,!cultural!changes, economic:!macroeconomic!conditions,!consumer!income, technological:!changing!technology,!technological!impact!on! customer!value,!electronic!business!technologies, competitive:!alternative!forms!of!competition,!small!business, regulatory:!laws!protecting!competition,!laws!affecting!marketing!mix! selfmregulation! !!!!!!!social:: social!forces:!of!the!environment!include!the!demographic!characteristics!of!the! population!and!its!values, demographics:!describing!a!population!according!to!selected!characteristics! such!as!age,!gender,!ethnicity!and!income!and!occupation, baby!boomers:!generation!of!children!born!between!1946m1964, generation!x:!people!born!between!1965! !1976, generation!y:!72!million!americans!born!between!1977!and!1994! (also!known! as!echomboom/baby!boomlet)!m>!communication,!networking,!passionate, blended!family:!one!formed!by!merging!two!previously!separated!units!into!a! single!household, multicultural!marketing:!combinations!of!the!marketing!mix!that!reflect!the! unique!attitudes,!ancestry,!communications,!preferences!&!lifestyles!of!different! races, culture:!incorporates!the!set!of!values,!ideas,!&!attitudes!that!are!learned!and! shared!among!the!members!of!a!group! Economic:: value!consciousness:!concern!for!obtaining!the!best!quality!features!and! performance!of!a!product!or!service!for!a!given!price, economy:!income,!expenditures,!and!resources!that!affect!the!cost!of!running!a! business!and!household, gross!income:!total!amount!of!money!made!in!one!year!by!a!person,!household! or!family!