Mngt150 - Principles of Maketing Study Guide Ch.1-9

Published: 2021-06-29 06:34:56
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PRINCIPLES OF MARKETING
STUDY GUIDE CH 1-9

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 person's knowledge, culture, and personality. Effective marketing can clearly shape a person's wants and tries to influence what we buy. The second objective in marketing is satisfying the need of targeted consumers. Because an organization obviously can't satisfy al consumer needs, it must concentrate its efforts in certain needs of a specific group of potential consumers or target market--one 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 organization's special capabilities--the skills, technologies, and resources--that 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 organization's overhead and to invest in other SBUs.
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.

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