Study for Exam 1

Old Dominion University **We aren't endorsed by this school
MKTG 490
May 3, 2023
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Study for Exam 1 Chapter 1- - Understanding of the challenges and opportunities facing marketers today. 1. Power shift to customers (biggest and most important) Power shift from the marketer to customer. Why? Increasing access to info, access to comparative information, control over spending. 2. Massive increase in product selection: Online and physical storefront. Regarding variety and assortment of goods and services 3. Audience and media fragmentation: Many more media sources and businesses can reach a much more smaller specialized market. BIG 3- CBS, NBC, ABC. > cable, online, social and mobile. 4. Changing value propositions due to tough economics, causing consumers to tighten their belts. Example: 2008 mini recession, movement from a travel agent to services like Travelocity. Movement from physical text to tables and eBooks. 5. Shift demand patterns- due to change in technology. 6. Privacy, security and ethical concerns, information collected by Google, Apple, and others. 7. Unclear legal jurisdictions: We are global, companies face many challenges with differing legal systems. - Understanding of how the definition of marketing has changed by the AMA.
Moved from delivery value to delivery offerings that have value. Idea of what a stake holder is more explicit. Long term relationships that benefit organizations and stakeholders. Differentiation is key, urge to resist commoditization. - Be able to explain and distinguish among these terms: o Markets- physical location where buyers and sellers meet. o Marketspace- market could be anywhere, less defined by time and space. o Online Markets- Best example- Amazon. Goods, services, information. All exchanged online. 24/7 purchase o Also understand different aspects of the product. - Understanding of utility and the various types of utility. - Understanding of concepts competitive advantage and marketing strategy. - The difference between transactional and relationship marketing. - Understanding the challenges associated with creating a marketing strategy. - What is commoditization ? A consequence of mature industries, where slow innovation, extensive product assortment, excess supply, and frugal consumers force margins. Chapter 2 - The Strategic Planning process and how it progresses from the situation analysis to mission statement, corporate/business unit strategy, overall goal and objectives, strategies and the functional plan.
- The difference between a mission and vision statement - The 5 elements of a mission statement and how it relates to examples we looked at. Who are we? Who are our customers? What is our operation philosophy? What are our core competencies/ distinctive advantages? What are our responsibilities with respect to being a good steward of our human, financial, and environmental resources? - How is corporate strategy different from business unit strategy? CS- smaller businesses, products are related, planning occurs across the firm. BUS- larger companies, own distinct product groups, separate strategies are developed for each business unit. - The components/structure of a Marketing Plan - Obstacles in Developing a Marketing Plan - How strategic marketing has evolved from production focused to long term customer value added relationships. - The difference between a market-oriented structure and a traditional structure Chapter 3 - Key issues regarding the situation analysis, be sure to note differences among data, analytics, and insight.
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