MKT 300
Review Sheet - Exam 1
Key Concepts and Terms
Chapter 1 - Introduction to Marketing
marketing
exchange
marketing functions
utility (form, place, time, possession, information, service)
the marketing concept
marketing management
the marketing mix (4 Ps)
product
place (distribution)
promotion
price
the customer
stakeholders
integrated marketing
internal marketing
relationship marketing
transactional marketing
value package
the marketing process
target market
positioning
Chapter 2 - Strategic Planning
business definition (mission statement)
situation analysis (internal factors, external factors)
SWOT analysis
core competencies
strategic window of opportunity
marketing objectives
marketing strategy
marketing strategy tools:
- market growth-market share matrix
- cash cows, dogs, stars, question marks (problem children)
- market attractiveness-business strengths matrix
marketing tactics
marketing control
marketing audit
cross-functional teams
goals/objectives
market share
marketing plan
mission/mission statement
organizational culture
strategic alliances
value chain
Chapter 3 - Environmental Analysis
uncontrollable variables
marketing environment
- internal environment
- external environment: social-cultural environment
- demographic factors (e.g., shifts in the workforce, increased levels of education, changing makeup of families)
- cultural factors (e.g., changing gender roles, cultural diversity, changing values)
economic environment
- inflation, productivity, unemployment
competitive environment
- competitors, nature of competition, competitor strategies
legal-political environment
- rules/regulations, legislation
technological environment
- technological innovation
ecological environment
- recycle/reuse/reduce, "green marketing"
environmental scanning/environmental analysis/environmental diagnosis
social responsibility
code of ethics
Chapter 4 - International Marketing
global marketing/international marketing
domestic marketing
import, export
economic communities
trade agreements (GATT, EC, NAFTA, others)
domestic firms, international firms, multinational corporations, global corporations
developed (industrialized) nations, developing nations, less-developed nations
reasons for going international
entry stages:
- exporting
- licensing, franchising
- joint ventures
- direct ownership/direct investment
international environmental conditions:
- economic factors
- financial factors
- cultural factors
- political factors
international marketing strategy:
- customized marketing strategy/localized approach
- global marketing strategy/standardized approach
trade protectionism:
- tariff, quota, embargo
barter
exchange rate