Marketing Midterm Essay Study Guide
Norm Govoni
Possible Essay Topic #1: Marketing Strategy 1. Marketing Mix a. 4 P’s (Product, Price, Place, Promotion) b. 4 C’s (Choice, Cost, Conveyance, Communication) 2. Target Market c. “Those whom a business chooses to serve” (i.e. the “heavy user”) d. Very different than the overall market (set of all actual and potential customers of a given product/service)
Possible Essay Topic #2: The Core Concepts of Marketing “The consumer has needs, wants, and demands and goes to the marketplace to obtain products and services through exchange, relationships, and transactions to gain quality, value, and satisfaction.” 1. Needs, Wants, and Demands a. A need is a state of felt deprivation, a condition requiring relief. b. A want is the form a need takes as shaped by culture and individual personality (i.e. a preference) c. A demand is a want backed by buying power 2. Products and Services d. A product is anything that can be offered to a market for attention, acquisition, use, consumption, or experience and that might satisfy and need or want (can be an individual, organization, place, idea, or thing) e. A service is an activity or benefit offered for sale that is essentially intangible and does not result in the ownership of anything 3. Value and Satisfaction f. Customer value is the difference between benefits and costs g. Customers typically do not judge product values and costs accurately and act on perceived value h. Customer satisfaction depends on a product’s perceived performance in delivering value relative to a buyer’s expectations 4. Exchanges, Relationships, and Transactions i. Marketing happens when people decide to satisfy needs and wants through exchange. Exchange is the act of obtaining a desired product