Intro to Marketing Final Review

1. Explain the importance of the marketing mix. Product Price Promotion Place 2. Describe and analyze the marketing management functions. Developing marketing strategies and plans Capturing marketing insights Connecting with customers Building strong brands Shaping marketing offerings Delivering value Communicating value Creating long term growth 3. Explain the elements of a marketing plan. Executive Summary Situation Analysis Marketing Summary Target market Market Demographics Geographics DemographicsBehavior factors Market Needs Trends and Growth 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 Expense Forecast Controls Revenue Expenses Customer Satisfaction New Pr oduct Development ImplementationMarketing Organization Organization Chart 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 distribution Lower marketing costs Power & Scope Consistency of Brand Image Ability to leverage good ideas, quality and efficiency Uniformity in marketing process DisadvantagesDifferences in Consumer needs, 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 administration 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 advertising coll aterals 7. Describe the new product development process Idea generation ScreeningIdea evaluation Development Commercialization 8. The adoption curve Innovators Early adopters Early majority Late majority Laggards or nonadopters 9. The consultative selling process Develop an understanding of needs 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 flexible price policies One price: Same price to all customers Flexible price: Offering the same product and quantities to different customers at different prices.