Principles of Marketing (MRKT 310) Study Guide Essay Essay Example

Principles of Marketing (MRKT 310) Study Guide Essay Essay Overview Welcome to the Student Study Guide for Spring 2010. This papers will help you analyze throughout the semester and as you prepare for the common concluding test required for all subdivisions of MRKT 310. Your module member has been instrumental in the design of this trial. Continue to seek his or her aid understanding the stuff as the semester progresses. Many of the text constructs are non included in the concluding test and your module member through written assignments. instance surveies. conferences. or other methods will measure your apprehension of them. We will write a custom essay sample on Principles of Marketing (MRKT 310) Study Guide Essay specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Principles of Marketing (MRKT 310) Study Guide Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Principles of Marketing (MRKT 310) Study Guide Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer UMUC requires all proctored concluding test in the School of Undergraduate Studies be closed book. Therefore. no notes or other survey AIDSs will be allowed in the testing centre. This is a comprehensive concluding test covering the full class. All policies and processs required by UMUC and the testing centre apply. For those of you taking the paper and pencil version of the concluding test. there are two versions ( Version A and Version B ) each dwelling of an eight-page Test Instrument and a six-page Answer Sheet ( pages 9 through 14 ) . You may happen it utile to detach the Answer Sheet from the Test Instrument to let you easier entree to both paperss. Write your name and subdivision figure ( e. g. . 6980. 6981. 6982. etc. ) on the Answer Sheet. You may compose on the trial instrument. but lone responses on the Answer Sheet will be graded. For those of you taking the on-line version of the concluding test. all instructions will be noted on your computing machine screen. The on-line concluding test is indistinguishable to the paper-and-pencil version except for the inquiry order. We strongly promote you to subscribe up for the on-line version if it is available at your proving site. Please be warned that this is non an easy trial and you should be prepared to pass the full three-hour clip allocation at your proctored testing centre. Most of your clip should be spent on the short and long essays. Do non brood on the definitions and the multiple-choice subdivisions. You will either cognize them or you won’t. depending on your readying. and you will blow valuable clip you will necessitate for the essays. You should be having this common pupil survey usher at the beginning of the semester. Print it out and maintain it near at manus. Be certain to reexamine it carefully and inquire your module member any clear uping inquiries on either trial format or content prior to the first twenty-four hours of finals hebdomad. Once finals hebdomad has begun. your module member will non be able to reply any inquiries sing the concluding test. When you finish your test. return BOTH the Test Instrument and your completed Answer Sheet to your monitor. Answer Sheets returned without the Test Instrument will non be graded. Part I – Definitions ( 25 per centum ) You will necessitate to cognize the definitions for 25 selling footings. You will read the definition and choose the right reply from the Word Bank. Then. publish the figure of the right term on your reply sheet. Following is the exact Word Bank as it will look on your concluding test. WORD BANKAll correct footings for the above 25 statements can be found on this list. 1. Brand 2. value proposition 3. gross revenues publicity 4. adulthood 5. motivation 6. economic environment 7. microenvironment 8. direct selling 9. consumer perceived value 10. life style 11. selling mix 12. market cleavage 13. consumer market 14. Marketing information system 15. merchandise mix 16. value bringing web 17. SWOT analysis 18. intensive distribution 19. monetary value snap 20. placement 21. commercialisation 22. Product life rhythm 23. merchandise 24. mark market 25. civilization 1. Brand – is a name. mark. symbol. motto or anything that is used to place and separate a specific merchandise. service. or concern. 2. Value proposition – is an analysis and quantified reappraisal of the benefits. costs and value that an organisation can present to clients and other component groups within and outside of the organisation. 3. Gross saless publicity is one of the four facets of promotional mix. ( The other three parts of the promotional mix are advertisement. personal merchandising. and publicity/public relations. ) Media and non-media selling communicating are employed for a pre-determined. limited clip to increase consumer demand. stimulate market demand or better merchandise handiness. 4. Adulthood 5. Motive – An emotion. desire. physiological demand. or similar urge that acts as an incitation to action. 6. Economic environment – Economics is the societal scientific discipline that surveies the production. distribution. and ingestion of goods and services. 7. The micro-environment consists of stakeholder groups that a house has regular traffics with. The manner these relationships develop can impact the costs. quality and overall success of a concern. Suppliers. distributers. clients and competition. 8. Direct selling – is a signifier of advertisement that reaches its audience without utilizing traditional formal channels of advertisement. such as Television. newspapers or wireless. Businesss communicate straight to the consumer with advertisement techniques such as flyers. catalogue distribution. promotional letters. and street advertisement. 9. Consumer perceived value – The value of a merchandise is the mental appraisal a consumer makes of it. Formally it may be conceptualized as the relationship between the consumer’s perceived benefits in relation to the sensed costs of having these benefits. It is frequently expressed as the equation: Value = Benefits / Cost 10. Lifestyle – A mode of life that reflects the person’s values and attitudes. 11. Marketing mix – Product. monetary value. topographic point and publicity. Packaging. Peoples. Public Voice. Pamper. Politicss and Physical Evidence. 12. Market cleavage – Market cleavage is a scheme that involves spliting a larger market into subsets of consumers who have common demands and applications for the goods and services offered in the market. These subgroups of consumers can be identified by a figure of different demographics. depending on the intents behind placing the groups. Selling runs are frequently designed and implemented based on this type of client cleavage. 13. Consumer market – A defined group of consumers. Buyers and possible purchasers of goods and services for personal and family usage 14. Marketing information system – Set of processs and patterns employed in analysing and measuring selling information. gathered continuously from beginnings inside and outside of a house. Seasonably marketing information provides footing for determinations such as merchandise development or betterment. pricing. packaging. distribution. media choice. and publicity. See besides market information system. 15. Product mix – Range of associated merchandises which yield larger gross revenues gross when marketed together than if they are marketed separately or in isolation of others. 16. Value bringing web – A Value Delivery is a company’s supply concatenation and how it spouses with specific providers and distributers in the procedure of bring forthing goods and presenting them to market. It involves utilizing competitory advantages external to the house ( providers. distributers. clients ) . 17. SWOT analysis – A scan of the internal and external environment is an of import portion of the strategic planning procedure. Environmental factors internal to the house normally can be classified as strengths ( S ) or failings ( W ) . and those external to the house can be classified as chances ( O ) or menaces ( T ) . Such an analysis of the strategic environment is referred to as a SWOT analysis. 18. Intensive distribution – Marketing scheme under which a house sells through as many mercantile establishments as possible. so that the consumers encounter the merchandise virtually everyplace they go: supermarkets. drug shops. gas Stationss. etc. Soft drinks are by and large made available through intensive distribution. 19. Price snap – Is an snap used in economic sciences to demo the reactivity of the measure demanded of a good or service to a alteration in its monetary value. 20. Positioning – In selling. placement has come to intend the procedure by which sellers try to make an image or individuality in the heads of theirmark market for its merchandise. trade name. or organisation. 21. Commercialization – is the procedure or rhythm of presenting a new merchandise into the market. 22. Product life rhythm – A new merchandise progresses through a sequence of phases from debut to growing. adulthood. and diminution. This sequence is known as the merchandise life rhythm and is associated with alterations in the selling state of affairs. therefore impacting the selling scheme and the selling mix. 23. Product – An point that ideally satisfies a market’s privation or demand. 24. Target market – Involves interrupting a market into sections and so concentrating your selling attempts on one or a few cardinal sections. 25. Culture – Represents the behaviour. beliefs and. in many instances. the manner we act learned by interacting or detecting other members of society. In this manner. much of what we do is shared behavior. passed along from one member of society to another. Part II – Multiple Choice ( 20 per centum ) There are 20 multiple-choice inquiries from which you can choose a. b. c. or vitamin D responses. Be careful as most multiple-choice inquiries will hold at least two picks that look executable. Choose the 1 that is the most on point. The multiple-choice inquiries are both definitional and application types. Choose the right missive of your pick and compose it on the Answer Sheet in the suitably numbered box. The undermentioned list comprises those constructs from the text. which you can anticipate to be assessed via the concluding test. They are presented in order of the class aims. Course Objective 1 – understand how selling scheme creates a positiverelationship between a house and its clients. ( Chapter 1 ) 1. Relationships between demands. wants. demands – is the procedure by which companies determine what merchandises or services may be of involvement to clients. and the scheme to utilize in gross revenues. communications and concern development. [ 1 ] It is an incorporate procedure through which companies create value for clients and construct strong client relationships in order to capture value from clients in return. Selling is used to place the client. to maintain the client. and to fulfill the client. With the client as the focal point of its activities. it can be concluded that marketing direction is one of the major constituents of concern direction. The development of selling was caused due to mature markets and overcapacities in the last 2-3 centuries. Companies so shifted the focal point from production to the client in order to remain profitable. The term selling construct holds that accomplishing organisational ends depends on cognizing the demands and wants of mark markets and presenting the coveted satisfactions. [ 2 ] It proposes that in order to fulfill its organisational aims. an organisation should expect the demands and wants of consumers and fulfill these more efficaciously than rivals. 2. Marketing direction orientations – An organisation with a market orientation focuses its attempts on 1 ) continuously roll uping information about customers’ demands and competitors’ capablenesss. 2 ) sharing this information across sections. and 3 ) utilizing the information to make client value. 3. The market orientation merely defines an organisation that understands the importance of client demands. makes an attempt to supply merchandises of high value to its clients. and markets its merchandises and services in a co-ordinated holistic plan across all sections. In what we call the â€Å"Marketing Concept. † the company embraces a doctrine that the â€Å"Customer is King. † The Marketing Concept is an attitude. It’s a doctrine that is driven down throughout the organisation from the really top of the direction construction. The Marketing Concept communicates that â€Å"the client is king. † Everything that the company does focal points on the client. Via the Marketing Concept. a company makes every attempt to outdo understand the wants and demands of its mark market and to make want-satisfying goods that best carry through the demands of that mark market and to make this better than the competition. The term selling construct holds that accomplishing organisational ends depends on cognizing the demands and wants of mark markets and presenting the coveted satisfactions. [ 2 ] It proposes that in order to fulfill its organisational aims. an organisation should expect the demands and wants of consumers and fulfill these more efficaciously than rivals. 4. Partner relationship direction – is a concern scheme for bettering communicating between companies and their channel spouses. 5. Importance and procedure of Customer Relationship Management ( CRM ) – is a company-wide concern scheme designed to cut down costs and increase profitableness by solidifying client satisfaction. trueness. and protagonism. True CRM brings together information from all informations beginnings within an organisation ( and where appropriate. from outside the organisation ) to give one. holistic position of each client in existent clip. This allows client confronting employees in such countries as gross revenues. client support. and selling to do speedy yet informed determinations on everything from cross-selling and upselling chances to aim selling schemes to competitory placement tactics. Course Objective 2 – Appreciate the importance of moralss and societal duty in selling. ( Chapter 20 ) Differences between consumerism and environmentalism – is a societal and economic order that is based on the systematic creative activity and fosterage of a desire to buy goods or services in of all time greater sums. environmentalism – is a wide doctrine and societal motion sing concerns for environmental preservation and betterment of the province of the environment. 1. Sustainable selling rules2. Role of moralss and corporate duty Course Objective 3 – Understand the function of marketing within an organisation and how selling relates to and drive customer-focused company scheme.( Chapter 2 ) 1. Marketing’s function in company broad strategic planning2. Difference between value concatenation and value bringing web 3. Contentss of a selling program and general thought of what is included in each subdivision 4. Consumer ( or customer-driven ) oriented selling scheme Course Objective 4 – Describe the impact of external and internal environments on selling scheme. ( Chapters 3. 18 ) 1. Major histrions in a company’s microenvironment2. Major forces in a company’s macroenvironment3. Competitive places Course Objective 5 – Demonstrate ability to analyse. synthesise and incorporate cardinal selling construct of market research. consumer behaviour. cleavage. aiming and positioning on practical state of affairss. ( Chapters 4. 5. 7 ) 1. Difference between a selling information system and selling intelligence 2. Psychological factors impacting a person’s purchasing picks 3. Marketing aiming schemes Course Objective 6 – Define and use the selling processes implicit in merchandise. monetary value. topographic point. and publicity determinations. ( Chapters 8. 9. 10. 12. 14 ) 1. Merchandise and service categorizations2. Three degrees of merchandises3. Branding schemes4. Customer equity5. Features of servicesmerchandise life rhythm schemes6. Role of net incomes in presenting client value7. Puting monetary values based on client perceptual experiences of value8. Differences between direct and indirect selling channels Part III – Short Essay Responses ( 25 per centum ) There are six short essay response inquiries ; but you need to finish ONLY FIVE. All of the short essay inquiries are looking for something specific and may affect a listing of stairss or phases in a selling procedure. It will be hard for you to reply these inquiries unless you know the stuff. You do non hold to utilize the exact nomenclature. but you do hold to show you know the stairss or phases for maximal recognition. Your essay responses need to be recorded on the Answer Sheet in the infinite provided ( about l/3 page ) . but if you need extra room you may utilize the rear of the Answer Sheet. Be certain to tag the continued inquiry figure clearly. Leave the essay inquiry you are jumping space. Each short essay response is deserving 5 points. Chapter( one inquiry per chapter )Marketing construct to be tested2Elementss in a company’s microenvironment and why each group is of import to make value 20Be prepared to call a company you believe patterns enlightened selling and support your choice 8Importance and choice of the four trade name scheme determinations. 8Features of services9Selling schemes for each phase of the merchandise life rhythm 11Pricing schemes for new merchandises There are three long essay inquiries that will necessitate you to unify multiple selling constructs and use them to a specific scenario. You ONLY Necessitate TO ADDRESS TWO OF THE THREE LONG ESSAYS. The more particulars you can show the more recognition you can gain. You may desire to sketch your response on the rear of the Test Instrumentprior to composing your response on the Answer Sheet so you can form your ideas and in the sequence you want them presented to your module member for rating. Each long essay inquiry is deserving 15 points. The long essay inquiries will cover the undermentioned selling subjects: 1. Integrated Marketing Communications – Be prepared to urge an IMC scheme including a selling communications mix and principle for a new consumer merchandise 2. Customer Relationship Management – Be prepared to sketch a CRM scheme for a little concern. including recommendations for specific CRM tools to capture client value for that company’s most valued clients. 3. Cleavage. aiming and positioning – Be prepared to sketch the features of at least three distinguishable market sections for a national concatenation mentioning to the standards for effectual sections. Be prepared to support your picks. From all your selling module members — good fortune on this test and the balance of your academic calling.