Marketing Management Final Exam Study Guide
Chapter 1 (Overview)
Marketing Concept: satisfy customer needs and achieve organizational goals * Your biggest competitor is the way people already do things- find ways to integrate your products into target market’s everyday life
Marketing: the activity for creating, delivering, communicating, and exchanging offerings that benefit the organization, it’s stakeholders, and society at large * Benefits stakeholders (customers, shareholders, employees, suppliers, channel members * Affects society * Focuses on customers * Everything can be marketed * Marketing decisions are complex
Chapter 2 (Strategy)
Growth strategies-diversification analysis for Starbucks * Existing Products New Products * Existing markets Market Penetration Product Development more coffee CDs, wireless * New Products Market Development Diversification
Corporate coffee setups ice cream, tea
Market Penetration- increasing sales of present products in existing markets, General Mills may increase sales of Cheerios to current customers by stressing cereal’s cholesterol-lowering benefit on package
Market Development-selling existing products such as cereals to new markets * Example: Europe potential good market through joint venture of Nestle, but has lack of experience in area compared to Nestle
Product Development- selling new products to existing markets * Example: General Mills can leverage its joint venture with Curves fitness to introduce granola bar, extra product dev costs but knows market well
Diversification- developing new products and selling them in new markets, high risk * Example: strategy for General Mills, no previous experience ex. Milk substitute market overcome product dev costs & gaining distribution
**The TA didn’t say anything about SWOT, SBU’s, or the Product Matrix but they are all in this chapter so I would review it
Mission Statements * How companies form a Mission Statement * Mission:
Marketing Concept: satisfy customer needs and achieve organizational goals * Your biggest competitor is the way people already do things- find ways to integrate your products into target market’s everyday life
Marketing: the activity for creating, delivering, communicating, and exchanging offerings that benefit the organization, it’s stakeholders, and society at large * Benefits stakeholders (customers, shareholders, employees, suppliers, channel members * Affects society * Focuses on customers * Everything can be marketed * Marketing decisions are complex
Chapter 2 (Strategy)
Growth strategies-diversification analysis for Starbucks * Existing Products New Products * Existing markets Market Penetration Product Development more coffee CDs, wireless * New Products Market Development Diversification
Corporate coffee setups ice cream, tea
Market Penetration- increasing sales of present products in existing markets, General Mills may increase sales of Cheerios to current customers by stressing cereal’s cholesterol-lowering benefit on package
Market Development-selling existing products such as cereals to new markets * Example: Europe potential good market through joint venture of Nestle, but has lack of experience in area compared to Nestle
Product Development- selling new products to existing markets * Example: General Mills can leverage its joint venture with Curves fitness to introduce granola bar, extra product dev costs but knows market well
Diversification- developing new products and selling them in new markets, high risk * Example: strategy for General Mills, no previous experience ex. Milk substitute market overcome product dev costs & gaining distribution
**The TA didn’t say anything about SWOT, SBU’s, or the Product Matrix but they are all in this chapter so I would review it
Mission Statements * How companies form a Mission Statement * Mission: