Marketing 2800: Final Exam || Most Recent Exam Actual
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Marketing*
Is the activity for creating, communicating, delivering, and exchanging
offerings that benefit the organization, its stakeholders, and society at large
Value*
Value equals the increase in benefits divided by the decrease in cost
Marketing has 2 concerns*
1. What consumers needs and wants are
2. Satisfying consumer needs
Requirements for exchange to occur*
1. 2 parties with unsatisfied needs
2. A desire and ability to be satisfied
3. a way for a party to communicate
4. Something to exchange
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Marketing mix (4 p's)
Product, place, price, promotion
4 types of utility
1. Form: production or alteration of product
2. Place: distribution, available where needed
3. Time: delivery, available when needed
4. Possession: transactions, easy to purchase
Market*
Potential consumers make up a market which is
1. People
2. with the desire
3. and with the ability
4. to buy a specific product
Strategy
An organizations long term course of action designed to deliver a unique
customer experience while achieving its goal
Tactics*
Detailed day to day operational decisions essential to the overall success of
marketing strategies
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Core Competency
An organization's special capabilities, including skills, technologies, and
resources that distinguish it from other organizations
Competitive advantage*
a unique strength relative to competitors, often based on quality, time, cost or
innovation.
Porters generic strategies
BCG Model*
Ansoff's Market Product Matrix
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