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Chapter

1: 1. Stakeholders The people and groups that supply a company with its productive resources and so have a claim on and stake in the company. (customers, employees, suppliers, and shareholders) 2. Discovering and satisfying consumer needs The first objective in marketing is discovering the needs and wants of consumers who are prospective buyers and customers. This is not an easy task because consumers may not always know or be able to describe what they need and want. A need occurs when a person feels deprived of basic necessities such as food, clothing, and shelter. A want is a need that is shaped by a persons knowledge, culture, and personality. Effective marketing can clearly shape a persons wants and tries to influence what we buy. The second objective in marketing is satisfying the need of targeted consumers. Because an organization obviously cant satisfy al consumer needs, it must concentrate its efforts in certain needs of a specific group of potential consumers or target marketone or more specific groups of potential consumers toward which an organization directs its marketing program. Having selected its target market consumers, the organization then takes action to satisfy their needs by developing a unique marketing program to reach them. 3. When launching a new product learn from past failures. 4. Markets include People with desire and ability to buy a specific offering. 5. Target markets Specific group of potential consumers towards which an organization directs its marketing programs. 6. Four types of Utility: form, place, time, possession a. Form utility The production of the good or service. b. Place utility having the offering available where consumers need it c. Time utility having it available when needed. d. Possession utility The value of making an item easy to purchase through the provision of credit cards or financial arrangements. e. Marketing creates its utilities by bridging space (place utility) and hours (time utility) to provide products (form utility) for consumers to own and use (possession utility). Chapter 2: 1. Competencies are an organizations special capabilitiesthe skills, technologies, and resourcesthat distinguish it from other organizations and provide customer value. 2. Strategic Business Units (SBUs) : Cash cows, Stars, Question marks & Dogs a. Cash cows are SBUs that generate large amounts of cash, far more than they can invest profitably in themselves. They have dominant shares of slow-growth markets and provide cash to cover the organizations overhead and to invest in other SBUs.

PRINCIPLES OF MARKETING STUDY GUIDE CH 1-9

b. Stars are SBUs with a high share of high-growth markets that may need extra cash to finance their own rapid future growth. When their growth slows, they are likely to become cash cows. c. Question marks are SBUs with a low share of high-growth markets. They require large injections of cash just to maintain their market share, much less increase it. The name implies managements dilemma for these SBUs: choosing the right ones to invest in and phasing out the rest. d. Dogs are SBUs with low shares of slow-growth markets. Although they may generate enough cash to sustain themselves, they do not hold the promise of ever becoming real winners for the organization. Dropping SBUs that are dogs may be required, except when relationships with other SBUs, competitive considerations, or potential strategic alliances exist. 3. Situation Analysis taking stock of where a firm or product has been recently, where it is now, and where it is headed. 4. SWOT Analysis Organizations appraisal of its internal strengths and weaknesses and its external opportunities and threats. (Build on a strength, Correct a weakness, Exploit an opportunity, Avoid a disaster-laden threat) - Identify trends in the organizations industry. - Analyze the organizations competitors. - Assess the organization itself. - Research the organizations present and prospective customers. Chapter 3: 1. Demographics Description of a population according to characteristics such as age, gender, ethnicity, income, and occupation. 2. Culture Set of values, ideas, and attitudes that are learned and shared among the members of a group. 3. Disposable income (2nd income component) is the money a consumer has left after paying taxes to use for food, shelter, clothing, and transportation. 4. Two powers that the FTC (Federal Trade Commission) has regarding deceptive or misleading advertising: a. Issue cease and desist orders the FTC orders a company to stop practices it considers unfair. b. Order corrective advertising the FTC can require a company to spend money on advertising to correct previous misleading ads. Chapter 4: 1. Slotting Allowances relating to the right to choose, today many supermarket chains demand slotting allowances from manufacturers, in the form of cash or free goods, to stock new products. 2. Whistle-blowers employees who report unethical or illegal actions of their employers. 3. Utilitarianism Moral philosophy that focuses on the greatest good for the greatest number.

Chapter 5: 1. Internal search After recognizing a problem, a consumer begins to search for information, the next stage in the purchase decision process. First , you may scan your memory for previous experiences with products or brads. (shampoo) 2. Three types of consumer purchase decisions : a. Extended Problem Solving: Each of the 5 stages of the consumer purchase decision process is used, including considerable time and effort on external information search and in identifying and evaluating alternatives. Several brands are in the consideration set, and these are evaluated on many attributes. Extended problem solving exists in high- involvement purchase situations for items such as cars and elaborate audio systems. b. Limited Problem Solving: Consumers seek some information or rely on a friend to help them evaluate alternatives. In general, several brands might be evaluated using a moderate number of different attributes. You might use limited problem solving in choosing a toaster, a restaurant for launch, and other purchase situations in which you have little time or effort to spend. c. Routine Problem Solving: Consumers recognize a problem, make a decision, and spend little effort seeking external information and evaluating alternatives. The purchase process for such items is virtually a habit and typifies low-involvement decision making. Routine problem solving is typically the case for low-priced, frequently purchased products like table salt and milk. 3. Response is the action taken by consumer to satisfy the drive (drive- a need that moves an individual to action). 4. Two types of family decision-making: a. Spouse-dominant decision-making spouse-dominant decision are those for which either the husband or the wife is mostly responsible. Research indicates that wives tend to have more say when purchasing groceries, childrens toys, clothing, and medicines. Husbands tend to be more influential in home and car maintenance purchases. b. Joint decision-making most decisions are made by both husband and wife. Joint decision-making is common for cars, vacations, houses, home appliances and electronics, and medical care. Chapter 6: 1. Industrial markets (12million firms in the industrial, or business, market) These industrial firms in some way reprocess a product or service they buy before selling it again to the next buyer. 2. Resellers Wholesales and retailers that buy physical products and resell them again without any reprocessing are resellers.

4. Green Marketing Marketing efforts to produce, promote, and reclaim environmentally sensitive products.

Chapter 7: 1. Protectionism practice of shielding one or more industries of a countrys economy from foreign competition through the use of tariffs or quotas. 2. NAFTA (North American Free Trade Agreement) the NAFTA lifted many trade barriers between Canada, Mexico, and the United States and created a marketplace with more than 450 million consumers. NAFTA has stimulated trade flows among member nations as well as cross-border retailing, manufacturing, and investment. 3. Three types of global companies: international, multinational, transnational firms. a. International firm engages in trade and marketing in different countries as an extension of the marketing strategy in its home country. Generally speaking, these firms market their existing products and services in other countries the same way they do in their home country. b. Multinational firm views the world as consisting of unique parts and markets to each part differently. Multinationals use a multidomestic marketing strategy, which means that they have as many different product variations, brand names, and advertising programs as countries in which they do business. c. Transnational firm views the world as one market and emphasizes universal consumer needs and wants more than differences among cultures. Transnational marketers employ a global marketing strategy the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ. 4. Values socially preferable modes of conducts or states of existence that tend to persist over time. 5. Economic Infrastructure a countrys communications, transportation, financial, and distribution systemsis a critical consideration in determining whether to try to market to a countrys consumers and organizations. 6. Dumping Occurs when a firm sells a product in a foreign country below its domestic price or below its actual cost. Chapter 8: 1. Data facts and figures related to a problem. - secondary data: facts and figures that have already been recorded before the project at hand - primary data: facts and figures that are newly collected for a project. 2. Survey of Buyers Intentions involves asking prospective customers if they are likely to buy the product during some future time period. For industrial products with few prospective buyers, this can be effective. Chapter 9:

3. Derived demand Demand for industrial products and services driven by demand for consumer products and services. 4. Reciprocity is an industrial buying practice in which two organizations agree to purchase each others products and services.

1. Market Segmentation combining potential buyers into groups that have (1) common needs and (2) will respond similarly to a marketing action. 2. Mass Customization tailoring goods or services to the tastes of individual customers on a high-volume scale. 3. Psychographic Segmentation lifestyle. (people of similar lifestyles tend to live near one another, have similar interests, and buy similar offerings, which is of great value to marketers.)