MGMT 105 Study Guide - Quiz Guide: Swot Analysis, Marketing Mix, Pricing Strategies
Quiz #1 Study Guide
Ch. 1
Conditions for exchange
● Marketing sets up an exchange
○ At least two parties
○ Something of value
○ Communication and delivery
○ Freedom to accept or reject
○ Desire to deal with other party
● Does an exchange automatically happen if conditions of both parties are met?
○ No bc conditions don’t make the final decision
● Has marketing occurred even if exchange does not take place?
○ Yes
● Marketing is setting up the conditions for an exchange
○ Tell the person what their needs are and how we meet them
Ch. 2
Ansoff’s Opportunity Matrix
● To discover a marketing opportunity, one must have strategic alternatives
○ A firm using the market penetration alternative would try to increase market share
among existing customers
○Market development means attracting new customers to existing products
○ A product development strategy entails the creation of new products for present
markets
○Diversification is a strategy of increasing sales by introducing new products into
new markets
Strategic Planning
● Strategic planning is the managerial process of creating and maintaining a fit between
the brand’s objectives and resources and evolving market opportunities
○ Goal of strategic planning is long term revenue and profit growth
SBU
● An SBU has
○ A distinct mission and specific target market
○ Control over its resources
Document Summary
No bc conditions don"t make the final decision. Marketing is setting up the conditions for an exchange. Tell the person what their needs are and how we meet them. To discover a marketing opportunity, one must have strategic alternatives. A firm using the market penetration alternative would try to increase market share among existing customers. Market development means attracting new customers to existing products. A product development strategy entails the creation of new products for present markets. Diversification is a strategy of increasing sales by introducing new products into new markets. Strategic planning is the managerial process of creating and maintaining a fit between the brand"s objectives and resources and evolving market opportunities. Goal of strategic planning is long term revenue and profit growth. A distinct mission and specific target market. 4 ps or 3ps and 1 d of marketing. Informing, educating, persuading, and reminding them of the benefits of an organization or a product.