Intro to Marketing Final Review

1. Explain the importance of the marketing mix. Product wrong Promotion shoot for 2. Describe and analyze the marketing management functions. Developing marketing strategies and plans Capturing marketing insights Connecting with guests Building strong brands defining marketing offerings Delivering value Communicating value Creating long term growth 3. Explain the elements of a marketing plan. Executive Summary Situation Analysis merchandising Summary Target market Market Demographics geography DemographicsBehavior factors Market Needs Trends and product S. W. O. T. Analysis Strengths Weaknesses Opportunities Threats Competition Product Offering Keys to Success Critical Issues Marketing Strategy Mission Marketing Objectives Financial Objectives Target Markets Positioning Strategies Marketing Mix Distribution Price Advertising and Promotion Customer Service Marketing Research Financials Breakeven Analysis Sales Forecast write down Forecast Controls Revenue Expenses Customer Sat isfaction New Product Development ImplementationMarketing Organization Organization map Contingency Planning Difficulty and Risks Worst Case Scenario 4. Describe the stages of the product life cycle. Introduction Growth Maturity Decline 5. Explain and analyze the advantages and disadvantages of entering international markets. Advantages Economies of scale in production and dispersal Lower marketing costs Power & Scope Consistency of Brand Image Ability to leverage good ideas, quality and efficiency Uniformity in marketing process DisadvantagesDifferences in Consumer needfully, wants and use patterns for products Differences in response to marketing elements Differences in trends and products Differences in the legal environment Differences in marketing institutions Differences in formation procedures 6. Explain the impact of e-commerce on the marketing functions. Information more rapidly available Direct customer relationship easier to develop Economies of scale by leveraging ad vertising collaterals 7. Describe the new product using process Idea generation ScreeningIdea evaluation Development Commercialization 8. The adoption curve Innovators archean adopters Early majority Late majority Laggards or nonadopters 9. The consultative selling process Develop an understanding of inevitably Provide general benefit statement Ask questions Listen carefully Agree on needs Discuss how to meet needs Close sale Sometimes called the need-satisfaction approach 10. One price and waxy price policies One price Same price to all customers Flexible price Offering the alike(p) product and quantities to different customers at different prices.