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What branch of social sciences does marketing come from? Economics The provision or transfer of goods, services, or ideas I'm return for something of value Marketing requires 4 things: Customer 3 components of Strategic marketing: The Marketing Mix - Price and Product What the product is goods, services, or ideas and the value that is exchanged for that product.
The Marketing Concept a management philosophy that an organization should try to provide products that satisfy customer needs through a coordinated set of activities that also allows the org to achieve its goals The evolution of the Marketing Concept 3 1 Price Orientation 2 Sales orientation 3 Marketing Orientation Marketing Orientation - evolution of the marketing concept An organization-wide commitment to researching and responding to customer needs Sales Orientation - The evolution of the marketing concept - Business people believed the most important marketing activities were personal selling, advertising and distribution to increase profits as their main goal.
Customer lifetime value CLV May include: Reasons to study marketing: OrganizationalGoals - Mission Statement - Statement of what the organization wants to be. Product Development Sell a NEW product to existing markets - Quaker oats made a new product rice cakes and sold it in the existing market.
SWOT Analysis An analysis of Strengths, Weaknesses, Opportunities, and Threats to determine how well the company's skills and resources match the predicted market opportunities. Environmental Scanning and Analysis 1 Scanning - the process of collecting information about forces in the marketing environment 2 Analysis - Making sense of the information collected in scanning the environment and then applying it.
Competitive Advantage Strengths that are unique to a company and are extremely hard or impossible to copy.
Diet Pepsi Product Competitor Firms that compete in the same product class but market products with different features, benefits, and prices EX: Milk or Tea Generic Competitors Firms that provide very different products that solve the same problem or satisfy the same basic customer need EX: Diet Coke is not bought because there person decides they need to spend the money on something else that is more important Monopoly - Competitive structure - Only one competitor - Product that has no close substitutes - Organization is the only source of supply - Many barriers to enter the market - EX: Water utilities Oligopoly - Competitive structure - Only a few sellers control the supply of a large proportion of a product - Some barriers to enter the market - products are homogeneous or differentiated with real or perceived differences - EX: Wrangler, Levi, Big Star jeans Pure competition - competitive structures - Unlimited number of competitors - no barriers to enter the market - homogeneous products - EX: Agricultural Corn 4 stages of the business cycle: The greater a household's disposable income, the greater is its saving discretionary income disposable income available for spending and saving after an individual has purchased necessities food, clothing, shelter - buy what you want not just what you need wealth the accumulation of past income, natural resources, and financial resources - inheritance Willingness to spend An inclination to buy because of expected satisfaction from a product, influenced by the probability to but and numerous psychological and social forces.
Federal Trade Commission Act Created the FTC - gives the FTC investigatory powers to be used in preventing unfair methods of competition Robinson-Patman Act - Prohibits price discrimination that lessens competition among wholesalers or retailers - Prohibits producers from giving disproportionate services or facilities to large buyers Wheeler-Lea Act Prohibits unfair and deceptive acts and practices regardless of whether competition is injured - places advertising of foods and drugs under jurisdiction of the FTC Lanham Act Provides protections for and regulation of brand names, brand marks, trade names, and trademarks Federal Trade Commission Enforces laws and guidelines regarding business practices - takes action to stop false and deceptive advertising, pricing, and labeling - most heavily influences marketing activities false advertising, misleading pricing, deceptive packaging and labeling - EX: Mazda's "one penny dowWhen travelers are bumped from overbooked flights, they are frequently offered vouchers good for future travel.
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The online examination for the IBPS Exam Common Recruitment Process for (RRBs CWE VII) for recruitment of Group “A”-Officers (Scale-I, II & III) and Group “B” IBPS RRB Office Assistants (Multipurpose) will be conducted online by the Institute of Banking Personnel Selection (IBPS) tentatively in August View Test Prep - MKTG Fall Exam pfmlures.com from MKTG at Texas A&M University, Kingsville.
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