MBA - 706 DARRAT (EXAM 1) STUDY GUIDE

MBA - 706 DARRAT (EXAM 1) STUDY GUIDE
identifying and meeting human and social needs in a way that harmonizes with the
goals of the organization✔✔Marketing
the art and science of choosing target markets and getting, keeping, and growing
customers through creating, delivering, and communicating superior customer
value✔✔Marketing Management
Physical goods constitute the bulk of most countries' production and marketing
efforts✔✔Goods
As economies advance, a growing proportion of their activities focus on the production of services✔✔Services
Marketers promote time-based events, including major trade shows, artistic
performances, and company anniversaries✔✔Events
orchestrating several services and goods, a firm can create, stage, and market
experiences✔✔Experiences
Artists, musicians, CEOs, physicians, high-profile lawyers and financiers, and other
professionals often get help from marketers✔✔Persons
Cities, states, regions, and whole nations compete to attract tourists, residents,
facto- ries, and company headquarters✔✔Places
intangible rights of ownership to either real property (real estate) or financial property
(stocks and bonds)✔✔Properties
Museums, performing-arts organizations, corporations, and nonprofits all use
marketing to boost their public image and compete for audiences and
funds✔✔Organizations
disseminated knowledge✔✔Information
organizations promote causes focused on issues such as poverty, climate change,
civil rights, social justice, racial discrimination, gender inequality, health care
availability, and childhood obesity.✔✔Ideas
Technology: Massive amounts of information and data about almost everything are
now available to both consumers and marketers.
Globalization: Geographic and political barriers have been eroded as advanced
telecommunication technologies and workflow platforms that enable all types of
comput- ers to work together continue to create almost limitless opportunities for
communication, collabora- tion, and data mining.
MBA - 706 DARRAT (EXAM 1) STUDY GUIDE
Physical Environment: Climate change—a term referring to lasting changes in
Earth's global climate as well as changes in regional climates—can have a
significant impact on a company's business activities. Health conditions-range from
short-term illnesses that are confined to a particular geographic area to pandemics
that spread across the globe. Changes in health conditions can influence not only
the operations of pharmaceutical, biotechnology, and health management
companies but also companies that are not✔✔4 Major Market Forces
New Consumer Capabilities:
-online resources as a powerful information and purchasing aid
-mobile connectivity to search, communicate, and purchase on the go
-tap into social media to share opinions and express loyalty
-actively interact with companies
-reject marketing they find inappropriate or annoying
-extract more value from what they already own
New Company Capabilities:
-use the internet as a powerful information and sales channel, including for
individually differentiated goods.
-collect fuller and richer information about markets, customers, prospects, and
competitors.
-reach consumers quickly and efficiently via social media and mobile marketing,
sending targeted ads, coupons, and information.
-improve purchasing, recruiting, training, and internal and external communications.
-improve their cost efficiency.
New Competitive Environment:
-Deregulation
-Privatization
-Retail transformation
-Disintermediati✔✔3 Key Marketing Outcomes
Concept is based on the development, design, and implementation of marketing
programs, processes, and activities that are based on breadth and
interdependencies.
Recognizes that everything matters in marketing and that a broad, integrated
perspective is often necessary.
Four components of holistic marketing are relationship marketing, integrated
marketing, internal marketing, and performance marketing✔✔Holistic Marketing
aims to build mutually satisfying long-term relation- ships with key constituents in
order to earn and retain their business✔✔Relationship Marketing
which consists of the company and its supporting stakeholders (customers,
employees, suppliers, distributors, retailers, and others) with whom it has built
mutually profitable business relationships.✔✔Marketing Network

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