MKT315 Spring 2019 Midterm Study Guide
The following are marketing concepts that students are expected to know for the MKT315 Midterm Exam:
1.
... [Show More] Marketing
a. The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging
offerings that have value for customers, client’s partners, and society at large.
2. B2C and B2B markets
a. ????????????
3. Marketing mix / the 4-P’s
a. Product, price, place, promotion
4. Exchange and transaction
a. Process by in which an individual or an organization decides to satisfy a need or a want by offering money,
goods, or services
5. Environmental Forces / environmental scan
a. Includes overall expected demand of the product or service from the market in which they are involved,
material shortages, and outside technology impacts
b. A scan that involves analyzing the external information that could impact the opportunities or threats that a
company might encounter. It includes technology, regulatory, social, economic, and competitive factors
6. Evolution of Marketing / eras / Marketing Concept
a. Production Era: (Colonial period-1920s)—This era was defined by scarce goods and production-focused
businesses. The main approach during this era was to produce as many products as cheaply and efficiently as
possible.
Ex. Henry Ford's assembly line
b. Sales Era: (1920s-1960s)—This era was defined by having more goods than there were customers.
Companies hired sales people to actively promote products and find buyers.
Ex. Door to door salesman
c. Marketing Concept Era: (1960s-present)—It was in this era that the modern concept of marketing developed.
During this era, companies have strived to seek out the needs of the consumer, while still meeting the need of
being profitable as a business.
d. Marketing Concept: The business orientation that involves creating value and satisfying customer needs
7. Organizational buyers vs [Show Less]