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This 52 page Bundle was uploaded by A. Alaza on Friday March 6, 2015. The Bundle belongs to MKTG 431 at San Francisco State University taught by Bruce Robertson in Spring2015. Since its upload, it has received 106 views. For similar materials see Principles of marketing in Marketing at San Francisco State University.
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Chapter 2 Strategic Market Planning Business Planning Compose the Big Picture 0 Ongoing process of making decisions that guides the firm both in the short term and for the long term Senior Management 0 Identifiesbuilds on firm s strengths 0 Helps managers make informed decisions 0 Develops objectives before action is taken Ethics is Up Front in Marketing Planning 0 Business Ethics 0 Basic value that guide a firm s behavior Make without being Evil 0 Code of Ethics 0 Written standards of behavior to which everyone in the organization must subscribe Three Levels of Business Planning All Business Planning is an Integrated Activity 0 Strategic functional and operational plans must work together to benefit the whole firm 0 Plan are guided by firm s mission 0 Planners at all levels must keep the big picture in mind when planning Strategic Planning Frame the Picture 0 Very large multi product firms may have divisions called strategic business units SBUs 0 Strategic planning is done at both the corporate and SBU level Steps in Strategic Planning Define the Missions Evaluate the Internal amp External Environment Set Organizational or SBU Objectives Establish the Business Portfolio 5 Develop Growth Strategies P9P Strategic Planning Step 1 De ne the Mission 0 Key questions in determining the mission 0 What business are we in 0 What customers should we serve 0 How do we develop firm s capabilities and focus its efforts 0 Mission statement 0 A formal document that describes the firm s overall purpose and what it hopes to achieve in terms of its customers products and resources Step 1 De ne the Mission 0 We are here to do Strategic Planning Step 2 Evaluate the Internal and External Environments 0 Situational analysis 0 An assessment of a firm s internal and external environments I Internal environment assessment identifies the firm s strengths and weaknesses I External environment assessment identifies opportunities and threats Internal Environment 0 Controllable elements inside a firm that in uence how well the firm operates 0 Products employee s company resources money External Environment 0 Elements outside the firm that may affect it either positively or negatively 0 The external environment is global and requires consideration of 0 Legalpoliticalethical trends Pharma Financial industry Economic trends Housing Banking Investment Competitive trends Technological trends High tech Software obsolete in 612 months Sociocultural trends Fast food Fashion Trend watching com Gives trends in different countries OOOOO Trends Present Opportunities 0 Recent sociocultural trends in uencing food marketing stem from an obesity epidemic in the US and consumer desires for low fat and organic foods SWOT Analysis 0 An analysis of an organization s strengths S and weaknesses W and the opportunities 0 and threats T in the external environment 0 SWOT enables the firm to develop strategies that maximize strengths and capitalize upon opportunities Strategic Planning Step 3 Set Organizational or SBU Objectives 0 OrganizationalSBU Objectives 0 What the firm hopes to accomplish with longrange business plan about performance 0 Need to be specific measurable attainable and sustainable I May be financially focused or focused on other factors such as satisfaction Strategic Planning Step 4 Establish the Business Portfolio 0 Business portfolio 0 The group of different products or brands owned by a firm and having different income generating and growth capabilities 0 Portfolio Analysis 0 Assesses the potential of a firm s SBUs 0 BCG growthmarket share matrix Boston Consulting Group BCG Matrix Cash Cows Low growth but product dominates the market Stars SBUs whose products have a dominant market share in highgrowth markets Question Marks SBUs whose products have a low market share in high growth markets Vanilla Coke SBUs nobody wants Strategic Planning Step 5 Develop Growth Strategies 0 Productmarket growth matrix 0 Characterizes different growth strategies according to type of market and type of product 0 Only 4 ways to grow a company ProductMarket Growth Matrix 0 Market Penetration Strategy Existing Products 0 Seeks to increases sales of existing products to existing markets 0 Market Development Strategy 0 Introduce existing products to new markets 0 Product Development Strategy New Products 0 Create growth by selling new products in existing markets 0 Diversification Strategy 0 Emphasize both new products and new markets to achieve growth Marketing Planning 1 Perform situation analysis a Builds on SWOT identifies how environment trends affect the marketing plan 2 Set Marketing Objectives a Specific to the firm s brands and other marketing mixrelated elements b States What the marketing function must accomplish if firm is to achieve its overall business objectives 3 Develop Marketing strategies to achieve marketing objectives a Select target markets Where the firm s offerings are best suited b Develop marketing mix strategies 4 Implement and Control the Marketing Plan a Control i Measuring actual performance comparing performance to the objectives making adjustments b Marketing Metrics i Return on marketing investment ROMI Customer acquisition Customer Satisfaction Customer retention etc c Action Plans i Support plans that guide the execution and controls of marketing strategies at the operational level Marketing Mix Strategies 0 Product Strategies 0 Include product design packaging branding support services and product variations and features 0 Pricing Strategies 0 Include setting prices for final consumers Wholesalers and retailers based on costs demand or competitors prices Marketing Mix Strategies 0 Promotion strategies 0 Advertising sales promotion public relations direct marketing personal selling 0 Distribution place strategies 0 How when and Where the product is available to targeted customers Chapter 1 Welcome to the World of Marketing Create and Deliver Value What it Marketing Get Deliver Value Find Need gt Market gt Value Creating Wants Relationship with customer Representing Product Brands Persuading Target Audience Differentiating a Product Brainwashing Consumers Users Creating Convenience Building a Brand Perception Advertising the Brand The Marketing Mix Four P s Product Price Place Promotion Welcome to Brand You Position yourself means what is the single line in your mind that differs you from everyone else For example Mercedes Benz thoughts that come up are luxury comfort tradition That is their position How do they remember you The Who and Where of Marketing Marketing is for people who enjoy working with people Earn around 68k 89k depending on position in the company The Value of Marketing Definition of Marketing Marketing is the activity set of institutions and processes for creating communicating delivering and exchanging offerings that have value for customers clients partners and society at large Bring insights from consumer feedback wants they need and then bring it to the team to create the value then promote the value and communicate the value that was created Sales is one function of marketing It is one piece which is communicating the value to consumers Marketing Meets Needs If you are in the game for the long haul for sustainability Review slide for key words Needs Wants and Bene ts Need is a gap between what you physical need and want Benefits satisfy a need or want and motivates buying behavior Want desire to satisfy needs in a specific way Demand customers desires for products coupled with the resources needed to obtain them Marketing Creates Utility 0 The sum of benefits we receive from using a productservice 0 Form Utility the form of the product gives you utility ex Knife gas station cell phone 0 Product portion of marketing mix 0 Place Utility ex Nordstrom grocery store online website s of items you re looking for SFSU 0 Distributionplace portion of marketing mix 0 Time Utility SFSU airplane decreases travel time 0 Distributionplace portion of marketing mix 0 Possession Utility ex An old vintage car Brand SFSU knowledge 0 Promotion portion of marketing mix Marketing and Exchange 0 An exchange occurs when something is obtained for something else in return like cash for goods or services This probably involves some sort of marketing The Evolution of Marketing 0 The Production era Production orientation Ford Historic Model T 0 Supplier Dominated the Market place 0 The Sales era Selling orientation importance towards customer needswants 0 Supply was a lot and Demand was lowered hence the need for salesmen 0 The Relationship era Consumer orientation Total quality management 0 Pretend know you We know what you need era Databases advertise to you based on cookies 0 The Triple Bottom Line Era 0 Companies are not only looking to make money but also to serve the customer and fulfill their needs and wants and also to do good to the customer and society social responsibility The Triple Bottom Line Era Make Money and a Contribution 0 Marketing uses customer relationship management CRM 0 Involves systematically tracking consumers needs in ways that also benefit society and delivers profit to firm 0 Social Marketing Concept Management philosophy that marketers must satisfy customers needs in ways that also benefit society and deliver value to the firm grocery shops selling local produce 0 Sustainability Creating products that meet present needs and ensuring that future generations can have their needs met 0 Green marketing is one type of sustainable business practice 0 R01 measures value a way to measure is by looking at stock value and PR news twitter or FB Green Marketing in Action 0 A practice by many forwardthinking firms today Helps a company be sustainable What Can Be Marketed 0 Goods Foods amp Services ex Medical Devices Video Games Washing Machines 0 BusinesstoBusiness goodservices ex Security Software and Banks 0 NotforProfit marketing ex Zoos churches O Idea place and people marketing ex The Square SF Lady Gaga The Marketing of Value 0 Value The benefits a customer receives from buying a good or service 0 Marketing communicates the value proposition 0 A marketplace offering that fairly and accurately sums up the value that the customer will realize if he purchases product service Values from the Customer Perspective Active values driving a care Reactive value a feeling received Extrinsic value external value Intrinsic value value felt inside Excellence value qualityre ection of value Efficiency value qualityfastest software of value Play value experience from playing the game ex Beetle the car gives off a funplay value Aesthetics value beautiful value and a pleasing sight Status value re ectshow value externally what people see you as Esteem value feel better value about having a product Ethics value ex Refuse to shop at Walmart Spirituality value ex Yoga exercise club to be connected with nature spiritual cause with religion Value from the Seller s Perspective 0 Value for the seller takes many forms 0 Seller s should build value by marketing with customers not to them 0 Partnering with customers via brand fests and brand communities 0 Customers have value it is more expensive to attract new customers than to retain current ones 0 Lifetime value of a customer 0 Creating a competitive advantage ConsumerGenerated Value From Audience to Community 0 Everyday people are generating value instead of just buying it 0 Social networking continues to grow and leverages Web 20 O Wordof Mouth has added brand value 0 Open source business models are on the rise Value from Society s Perspective 0 Marketing transactions add or subtract value from society 0 O O Stressing socially responsible and ethical decisions is good business Marketing is often criticized Marketing s dark side Marketing is a Process 0 Marketing planning is major portion of the process and involves O O O 0 Analyzing the marketing environment Developing a marketing plan Deciding on a market segment Choosing the marketing mix product price place promotion Chapter 3 Thrive in the Marketing Environment Marketing on the Global Stage 0 The Global marketplace inventory the stuff you have on you where is it manufactured 0 World trade 0 The ow of goods and services among different countriesthe value of all the expports and imports of the world s nations 0 Countertrade 2025 of world trade 0 A type of trade in which goods are paid for with other items instead of with cash I Barter is common form of countertrade I My food for your jewels type of trade Steps in the Decision Process for Entering Global 1 Whether to Go Global 2 Which Markets to Enter 3 Level of Commitment 4 How to Adapt Marketing Mix Strategies a Localize b Standardize Deciding to Go Global 0 Must consider market conditions and competitive advantage when making decisions 0 Chinese firms such as Chery are now exporting their brands to other countries including the US Understand International Regional and Country Regulations 0 Initiatives in international regulation and cooperation help trade 0 General Agreement on Tariffs and Trade GATT which converted to WTO 0 World Trade Organization WTO 159 Members 0 Protectionism restricts trade 0 Quotas embargoes and tariffs 0 Economic communities help to promote trade Regional Country Collaborations I NAFTA 0 EU 26 Countries Involved 0 ASEAN Brunei Cambodia Indonesia Laos Malaysia Myanmar Philippines Singapore Thailand and Vietnam 0 MERCOSUR Brazil Argentina Paraguay and Uruguay Elements of the External Environment 0 Economic Environment 0 Technological Environment 0 PoliticalLegal Environment 0 Sociocultural Environment 0 Competitive Environment 0 wwwtheworldfactbookcom Useful for SWOT analysis The Economic Environment Indicators of Economic Health 0 Key Economic Indicators 0 Gross Domestic Product GDP I Total dollar value of goodsservices a country produces Within its borders in a year 0 Gross National Product GNP I Value of all goods and services produced by a country s citizens or organizations 0 PPP Purchasing Power Parity I How much stuff can you get for a dollar 0 Economic Infrastructure I Quality of country s distribution financial and communications systems concern especially for perishable goods The Economic Environment Level of Economic Development 0 Least developed country LD 0 Economic base is often agricultural 0 Developing countries 0 Economy shifts emphasis from agriculture to industry 0 Developed countries 0 Offer Wide range of opportunities for international marketers The Economic Environment The Business Cycle 0 All economies go through periods of 0 Prosperity 0 Recession 0 Recovery 0 Depression 0 In ation 0 wwweconomvcom The Competitive Environment Analyzing the Market and Competition 0 Competitive Intelligence 0 Gathering and Analyzing publicly available information about rivals to develop superior marketing strategies 0 Collected from news media the Internet and publicly available government documents The Competitive Environment Competition in the Microenvironment 0 Competition in the microenvironment 0 Competition for consumer s discretionary income moviesthemes parksdining out video games anything 0 Product competition can be indirect VOIPLandlineCell Phone 0 Brand competition The Competitive Environment Competition in the Macroenvironment 0 Competition in the macroenvironment overall structure of industry 0 Monopoly utility companies 0 Oligopoly airlines 0 Monopolistic competition Smart phones 0 Perfect competition produce The Technological Environment Technology 0 Provides firms with important competitive advantages 0 Profoundly affects marketing activities music industry 0 Can transform industries Patent 0 Legal document giving inventors exclusive rights to produce sell a particular invention in that country The Political and Legal Environment Legal In uences on Business Local state national and global laws and regulations affect businesses Purpose of American Law 0 To make sure businesses compete fairly with each other Sherman Act wants to keep competition alive 0 To make sure businesses don t take advantage of consumers Robinson Patman Clayton prevents tie in sales FD act Food and Drug Retaliatory actions against American businesses sometimes occur as a result of political activity or war Political constraints on trade are commonly imposed 0 Economic sanctions 0 Nationalizations 0 Expropriation rampant during major wars Regulatory constraints on trade often restrict the marketing of goods 0 Local content rules Comfyballs Underwear Alexander Wang Jeans 0 Human rights issues may limit foreign countries business opportunities I US Generalized System of Preferences GSP The Sociocultural Environment 0 Key sociocultural considerations 0 Demographics 0 Cultural values 0 Social norms and customs 0 Language 0 Ethnocentrism When is a Bribe Not a Bribe Ethical Issues in Global Business 0 What is considered to be ethical business behavior varies by country 0 Bribery 0 When someone voluntarily offers payment to get an illegal advantage 0 Extortion 0 When someone in authority extracts payment under duress 0 Ranks countries based on how much bribes are given 0 Transparency International com Market Entry Strategies 0 Exporting Strategy rely on export merchant low investment low risk and control 0 Contractual Agreement medium risk medium control licensing avoid barrier to entry 0 Direct Investment Low risk and control FDI Local franchise avoids barrier to entry 0 Strategic Alliances Medium risk and control joint venture Where firm and local partner pool their resource How Global Should a Global Marketing Strategy Be Productlevel decisions the marketingmix strategy 0 Standardization vs localization 0 Standardization Offer the same mix 4Ps in all markets iPhone 0 Localization Offer a customized marketing mix for each country Tweaking the marketing mix 0 Product Decisions 0 Straight extension strategy 0 Product adaptation strategy 0 Product invention strategy 0 Backward invention 0 Promotion decisions 0 Whether or not to modify 0 Price Decisions 0 Products are often more expensive to produce for foreign markets I Free Trade zones I Gray market goods I Dumping AIDS medication in Africa 0 Low price and lower cost products reengineered 0 Products that don t pass FDA manufacturing regulations get dumped to said country I Distribution decisions 0 Getting the product to remote locations is often difficult Chapter Four Marketing Research Gather Analyze and Use Information Knowledge is Power I Marketing research provides accurate uptodate relevant information I Marketing research should be conducted in an ethical manner Facebook Google mobile phone companies tracking and storing information on the cloud Is that ethical I Marketing information systems 0 Determine What information marketing managers need then gathers sorts analyzes stores and distributes information to system users The Marketing Information System I Internal Company Marketing Intelligence Market Research Acquired Databases 0 gt Computer Hardware and Software I gt Information for Marketing Decisions Marketing Research I Understanding how your Market Research affected your market I How well your tactics performed based on market research Market Research I Market Research 0 Collecting analyzing and interpreting data about customers competitors and the business environment to improve marketing effectiveness I Syndicated research I Custom research I Nielsen Reports and Downloads Acquired Databases 0 External databases can be used to collect a variety of information from different sources 0 Noncompeting businesses 0 Government databases 0 Misuse of databases can be problematic and has led to donot call lists and antispam laws Searching for Gold Data Mining 0 Data mining Sophisticated analysis techniques to take advantage of the massive amount of transaction information now available Uses of Data Mining 0 Market Basket Analysis What else can go with What you bought the basket of those items 0 Customer Acquisition 0 Customer Retention and Loyalty rewarding customers ex For safe driving 0 Customer Abandonment Firing customers Steps in the Marketing Research Process Define the Research Problem 0 Specify research objectives 0 Identify consumer population of interest 0 Determine the Research Design 0 Determine Whether secondary data are available 0 Determine Whether primary data are required exploratory descript casual research 0 Choose the Method to Collect Primary Data 0 Determine which survey method to use 0 Design the Sample 0 Collect the Data 0 Analyze and Interpret the Data 0 Prepare the Research Report Marketing Research Designs 0 Secondary Research when you use information from research someone else has done 1 Internal Sources I Company reports I Previous Company Research I Salesperson feedback I Customer feedback 2 External Sources I Published Research I Trade organizations I Syndicated research I Government sources 0 Primary Research when you collect data and do it yourself 1 Exploratory Research I Customer interviews I Focus Groups I Projective techniques I Case studies I Ethnography s 2 Descriptive Research I Crosssectional research conducted at one time period I Longitudinal research conducted in multiple periods of time 3 Casual Research I Laboratory Research I Field Studies Exploratory Qualitative Research 0 Exploratory research techniques generate insights for future more rigorous studies 0 Typically involve indepth consumer probing 0 Take many forms I Focus groups 59 individuals I Case Studies I Ethnography Observational Research with some engagement 0 Specific type of population While studying their habits 0 Disconnect from What people say they do and What they really do 0 Con interviews are costly and time consuming impossible to get substantial sample size and hawthorne effect observation alters behavior hard to filter that out in an ethnography I Observational Research Fridge Porn no engagement Descriptive Quantitative Research 0 Descriptive research studies example method surveys data from smartphones cookies from computers 0 Probe systematically into the problem Base conclusions on large numbers of observations Typically expresses results in quantitative terms Often use crosssectional design 0000 Sometimes a longitudinal design is used instead Casual Research 0 Casual Research 0 Technique that attempts to understand causeandeffect relationships I Experiments test predicted relationships among variables in a controlled environment 0 Independent variables are factors that might cause a change 0 Ex Chapstick texture and avor 0 Dependent variables are those which measure a change in outcome 0 Ex Whether the person likes the lip balm or not or have that person kiss someone and see if they like it Data Quality Garbage In Garbage Out GIGO Step 4 Step 5 How much faith should marketing managers place in research Three key considerations include 0 Validity experiments are the results valid or not 0 Reliability experiment can it be repeated and get same result 0 Representativeness sample used has to re ect the population that uses it I Ex Old people and Spotify don t coincide Design the Sample Probability sampling 0 Each member of the population has some known chance of being included 0 Sample is representative of population and inferences about population are justified Types of probability sampling expensive along with time and effort 0 Simple random sampling ex randomly pick some people from select population 0 Systematic random sampling ex line up and every third person gets picked 0 Stratified sampling ex 40 men 60 women need 10 so 4 men and 6 women Nonprobability sample 0 Personal judgement is used in selecting respondents 0 Some members of population have no chance of being included so sample is not representative of population Types of nonprobability sampling 0 Convenience sampling less effort immediate access to population in area 0 Quota sampling Collect the Data Garbage collector in garbage out Data gathering in foreign countries 0 A number of key challenges exist Step 6 Analyze and Interpret the Data 0 Data must be analyzed and interpreted to be meaningful 0 Tabulation 0 Arranging data in a table or other summary form to get a broad picture of overall responses 0 Crosstabulation 0 Examining the data by subgroups to see how results vary between categories 0 Breaking down data based on a couple for variables gives you more insight into the data you collected Chapter 8 Layers of Product 0 Augmented Product ex Car39s warranty 0 Warranty Repairmaintenance service after the sale installation customer support services delivery credit productuse instruction 0 Actual Product 0 Features package brand quality appearance 0 Core Product 0 The product it39s basic bene ts How Marketers Classify Products How long does the Product Last 0 Durable goods provide bene ts over a period of months years decades 0 Ex Furniture appliances car 0 Nondurable goods are consumed in the short term 0 Ex Newspapers beverages printer cartridges 0 What actions should marketers take to satisfy the needs of each group The Classi cation of Products Consumer 0 Convenience Products Chewing gum easily reachable easy for access 0 Shopping Products Cars 0 Speciality Products Expensive products luxury goods ex Rolex watches 0 Unsought Products Insurance Pharmaceuticals 0 Business 0 Equipment ex Foresters who need tree cutters 0 Maintenance repairs and operating MRO ex oil and supplies 0 Raw Materials ex wood from tress 0 Process Materials and Special Services Plywood ikea cheap wood 0 Component Parts New and Improved The process of innovation 0 Innovation A product that customers perceive to be new and different form existing products Types of Innovation Chandy and Tellis Model 1998 0 Newness of technology ranges from Low to High 0 Customer need Ful llment per dollar Low to High 0 Incremental innovation Low Low 0 Market Breakthrough Low High 0 Technological Breakthrough High Low 0 Radical Innovation High High Phases of New Product Development 0 Phase 1 Idea Generation 0 Phase 2 Product Concept Development and Screening 0 Phase 3 Marketing Strategy Development 0 Phase 4 Business Analysis 0 Phase 5 Technical Development 0 Phase 6 Test Marketing 0 Phase 7 Commercialization Adoption and Diffusion of New Products 0 Product Adoption 0 Process by which a consumer or business customer begins to buy and use new goods service or idea Segway for example Diffusion 0 Process by which the use of a product spreads throughout a population Categories of Adopters Innovators 25 0 Early Adopters 135 0 Early Majority 34 0 Late Majority 34 Laggards 16 Product Factors that affect the Rate of Adoption 0 Each characteristic affects the speed of innovation diffusion 0 Relative Advantage Comparability 0 Complexity 0 Trial ability 0 Observability Chapter 9 What are the steps in managing products 0 Development Product Objectives 0 For individual products 0 For product lines and mixes 0 Design Product Strategies 0 Make Tactical Product Decisions 0 Product Branding 0 Packaging and labeling design Standards of quality know a few of them and what they mean 0 ISO 9000 0 Standards for quality management ISO 14000 0 Environmental management 0 Six Sigma Methodology 0 Process allowing no more than 34 defects per million getting it right 999997 of time Quality as a Product Objective The Science of TQM 0 Product quality is often an objective 0 A philosophy of total quality management TQM can help achieve quality objectives Product Quality 0 The overall ability of the product to satisfy customer expectations 0 Durable Reliable Versatile Satis es Needs 0 Ease of Use Precision 0 Product Safety Degree of Pleasures The Product Life Cycle 0 Introduction Stage 0 No pro ts because the company is recovering from RampD and advertising costs 0 focuses on informing consumers about product how to use it and its promised bene ts 0 Growth Stage 0 Pro ts increase and peak 0 Encourage Brand Loyalty Intro of product variations Advertising through promotion price competition may develop 0 Maturity Stage 0 Sales Peak 0 Firms try to sell product through many outlets as possible because availability is crucial in competitive market 0 Decline Stage 0 Market shrinks sales fall 0 Firms decide to keep or drop a product based on pro tability Marketing Mix Strategies 0 Product Goals 0 Sales Pro ts 0 Pricing Marketing Communication What is a brand 0 Brand 0 A name term symbol or any other unique element that identi es one rm39s product and sets it apart from the competition 0 What is a good brand name 0 Is easy to say spell read and remember Maintains relationships with customer Positions products by 0 Describing how the product works What is a trademark The legal term for a brand name brand mark or trade characteristic 0 Trademarks legally registered by a government obtain protection for exclusive use in that country 0 is the trademark symbol used in the US What is Brand equity 0 A brand39s value to its organization over and above the value of the generic version of the product 0 Brand equity provides competitive advantage 0 Brand equity results in brand loyal consumers and attachment Difference between store brand national and generic brands Find What are functions of packaging 0 Effective packaging 0 Choice of packaging materials and image it projects 0 Environmental impact of packaging 0 Shape and color in uences on image 0 Graphic information to be portrayed Labeling Regulations 0 Federal Fair Packaging and Labeling Act of 1966 0 Aims at making Labels more helpful to consumers by providing useful information 0 Nutrition Labeling and Education Act of 1990 0 Require food labels to state how much fat saturated fat cholesterol calories carbohydrates protein and vitamins are in each product serving Chapter 10 What is a Service 0 Services Are acts efforts or performances exchanged from producer to user without ownership rights 0 Services account for 75 of US employment in 2010 0 Services may target consumers andor businesses What are Goods Characteristics of Services 0 Intangibility Perishability Versatility Inseparability Measuring Service Quality 0 Several methods of measuring service quality exist 0 Mystery shopper Paid people to shop in store and measure customer service 0 Lost customers 0 SERVQUAL scale 0 Gap analysis 0 Critical incident technique SERVQUAL scale measures customers perceptions of ve key dimensions 0 Reliability Assurance Tangibles Empathy Responsiveness Chapter 11 What is price 0 The assignment of value or the amount the consumer must exchange to receive the offering 0 Includes money goods services favors votes or anything else that has value to the other party 0 Opportunity costs must also be considered Elements of Price Planning 0 Step 1 Set Pricing Objectives 0 Pro t Sales 0 Market share competitive effect 0 customer satisfaction image enhancement 0 Step 2 Estimate Demand 0 shifts in demand 0 price elasticity of demand 0 Step 3 Determine Costs 0 variable costs xed costs 0 Breakeven analysis 0 marginal analysis markups and amrgins Step 4 Examine the Pricing Environment 0 the economy the competition 0 government regulations customer trends 0 Step 5 Chose a Pricing Strategy 0 Based on cost and demand 0 based of the competition based on the customer needs 0 new product pricing 0 Step 6 Develop Placing Tactics 0 For individual and multiple products 0 distributionbased tactics discounting for channel members Pricing Objectives 0 Sales of Market Share 0 Develop bundle pricing offers in order to increase market share 0 Image Enhancement 0 Alter pricing policies to re ect the increase emphasis on the product39s quality image 0 Customer Satisfaction Alter price levels to match customer expectations 0 Pro t 0 Set prices to allow for an 8 percent pro t margin on all goods sold 0 Competitive Effect 0 Alter pricing strategy during rst quarter of the year to increase sales during competitor39s introduction of a new product Estimating Demand for Pizza 0 Number of Families in Market 180000 0 Average of pizzas per family per year 6 0 Total annual market demand 180000 6 1080000 0 Company39s predicted share of total market 3 0 Estimated annual company demand 1080000 03 32400 pizzas 0 Estimated monthly company demand 32400 12 2700 pizzas 0 Estimated weekly company demand 2700 4 675 pizzas What is the price elasticity of demand 0 Find What is a breakeven point 0 The breakeven point is the sales volume at which a business earns exactly no money What are mark ups 0 An amount added to the cost of the products to create a price at which the channel member will sell the product 0 Gross Margin Retailers margins 30 Wholesaler 20 0 List price 10 Different Types of Price Strategies 0 New Product Pricing Skimming high price during new product release 0 Penetration 0 Trial low price at the start of product release What are the psychological issues in pricing 0 Psychological Issues in pricing 0 Buyer39s expectations 0 internal reference prices 0 PriceQuality inferences Psychological Pricing Strategies 0 OddEven Pricing 0 Price lining Prestige Pricing 0 Legal and Ethical Issues in B2C Pricing Baitand Switch unethical LossLeader Pricing 0 Legal and Ethical Issues in B2B Pricing 0 Price Discrimination Robinson Patman not allowed to offer exact same deal for two products 0 PriceFixing 0 Ex Airlines xed pricing 0 Predatory Pricing Chapter 12 What is promotion 0 The coordination of marketing communication efforts to in uence attitudes or behavior What is the promotionmix 0 Advertising 0 Sales promotion 0 Public relationships 0 Personal selling 0 Direct marketing What is the purpose of marketing communication 0 Inform Remind Persuade Build Relationships What is IMC 0 Integrated marketing communication 0 A strategic business process that marketers use to plan develop execute and evaluate coordinated measurable persuasive brand communication programs over time to targeted audiences What are the advantages and disadvantages of different elements of the promotion mix 0 Advertising 0 Procontrol over what message will say 0 Con high cost to produce and distribute may not be an ef cient means of comm 0 Sales Promotion 0 Pro incentives to retailer to support one39s product 0 Con shortterm emphasis on immediate sales rather than a focus on building brand loyalty 0 Public Relations 0 Pro Relatively low cost high credibility 0 Con Lack of control over the message that is transmitted and no guarantee that the message will reach the target audience 0 Personal Selling 0 Pro High cost per contact with customer 0 Dif cult to ensure consistency of message when it is delivered by many different company reps 0 Direct marketing 0 Pro targets speci c groups of potential customers with different offers 0 Con Consumers may have a negative opinion of some types of direct marketing What is buzz Wordofmouth communication thats customers view as authentic 0 Buzz activities have many names technology has magni ed the importance of buzz Buzz Marketing 0 Viral marketing 0 Marketing activities that aim to increase brand awareness or sales by consumers passing a message along to other consumers New Social Media 0 Social networking sites connect people with similar people based on pro les 0 Key social networking sites 0 Facebook instagram pinterest 0 twitter 0 professional linkedin 0 Product review sites Social media sites that enable people to post stories about their experiences with products and services 0 Marketers seek to create a connection between consumers and the brand 0 Both positive information is available 0 Mobile apps and geospatial platforms Digital applications that integrate sophisticated GPS technology to enable users to alert friends of their exact whereabouts via their mobile phones Chapter 13 What are the types of advertising 0 Product advertising 0 Institutional advertising 0 corporate advocacy 0 public service announcements What are the step to develop an advertising campaign 0 Step 1 Understand Target Advertising 0 Step 2 Establish message a bridge objectives 0 Step 3 Create the Ads 0 Step 4 Process what the AD will say 0 Step 5 Chose the Media types and media schedule 0 Step 6 Evaluate the Advertising Creative Elements of Advertising 0 Appeals 0 Rational emotional reminder advertising teaser ads 0 Execution formats 0 comparison demonstration testimonial slice of life lifestyle 0 tonality straightforward humor dramatic romantic apprehensionfear 0 Create tactics and techniques 0 animation and art celebrities music jungles and slogans Pro39s and Con39s of Different types of media 0 Television 0 Pro tv is extremely creative and exible 0 Con The message is quickly forgotten unless it is repeated often 0 Radio 0 Pro Good for selectively targeting an audience 0 Con Listeners often don39t pay full attention to what they hear 0 Newspapers 0 Pro Wide exposure provides extensive market coverage 0 Con Most people don39t spend much time reading the newspaper 0 Magazine 0 ProAudiences can be narrowly target by specialized magazines 0 Con With the exception of direct mail it is the most expensive form of advertising 0 Directories 0 Pro Customers actively seek exposure to advertisements 0 Con Limited creative option What is a media scheduleGANTT chart 0 The planner shows how often they send the message What time of day And what overall pattern will the advertising follow What is a GRP How is it calculated 0 A measure used for comparing the effectiveness of different media vehicles 0 Calculation is Average reach x frequency What is PR 0 Communication function that seeks to build good relationships with an organization39s publics including consumers stockholders and legislators Chapter 14 Characteristics of different sales promotions approach 0 Allowances Discounts and deals 0 slotting allowances pay for product placement real estate bottom shelf top shelf Coop advertising 0 team up with store advertise their brand in local region 0 Trade shows 0 Deal through trade shows 0 Promotional products 0 a company builds awareness and reinforces its image by giving out premiums with its name on them 0 Point of purchase POP displays 0 Distinct shelf that is different from other shelves which inturn helps to sell product 0 incentive programs 0 a prize is offered to employees who meet a prespecifled sales goal or who are top performers during a given period 0 push money 0 a particular type of incentive program in which salespeople are given a bonus for selling a speci c manufacturer39s product What is direct marketing 0 Any direct communication to a consumer or business recipient designed to generate a response in the form of an order a request for further information and or a visit to a store or other place of business for purchase of a productus What is Personal Selling 0 Occurs when a company representative interacts directly with a prospect or customer to communicate about a good or service 0 Not appropriate in all situations Transactional vs Relationship selling 0 Transactional selling 0 A form of personal selling that focuses on making an immediate sale with little or no concern for developing longterm customer relationships 0 Relationship Selling 0 Process of building longterm customers by developing mutually satisfying winwin relationships with customers Types of Sales Jobs 0 Order taker 0 technical specialist missionary salesperson 0 new business salesperson 0 order getter team selling Sales Management process 0 Set sales force objectives 0 Creates a Sales force strategy 0 Recruit train and reward sales force 0 Base salary commission bonus 0 Evaluate the sales force Selling Process 0 Prospect and qualify preapproach approach 0 sales presentation 0 handle objections 0 close 0 followup Chapter 15 What is the supply chain and supply chain management 0 All of the activities necessary to turn raw materials into good or service and put it in the hands of the consumer 0 Supply chain management 0 The management of ows among rms in a supply chain to maximize total pro tability includes physical movement of a sharing of information about goods Insourcing 0 Firms contract with a specialist that handles all or parts of the company39s supply chain What are channel intermediaries 0 Firms or individuals such as wholesalers agents brokers and retailers that help move the product form the producer to the consumer or business user Types of Intermediaries 0 Independent intermediaries 0 Merchant wholesalers cashandcarry wholesaler truck jobbers drop shippers mailorder wholesaler rack jobbers What are channel captain 0 A rm at one level of distribution that takes a leadership role establishing operating norms and processes based on its power relative to other channel members How do intermediaries make distribution more ef cient How has ecommerce in uenced distribution 0 Ecommerce has created radical changes in distribution strategies 0 Disintermediation Eliminating traditional intermediaries Reduces manufacturer costs 0 Knowledge Management Sharing knowledge with other supply chain members Online distribution piracy can be problematic In transportation what are the advantages and disadvantages of the different modes of transportation Railroads 0 cost average 0 speed moderate 0 Water 0 cost low 0 speed slow 0 Trucks 0 cost high for long distances low for short distances 0 speed fast 0 Air 0 cost high 0 speed very fast Pipeline 0 cost low 0 speed slow 0 Internet 0 cost low 0 speed very fast Chapter 5 Consumer Behavior How and Why We Buy The Consumer DecisionMaking Process Consumer behavior 0 The process we use to select purchase use and dispose of goods services ideas or experiences to satisfy needsdesires Internal situational and social factors in uence consumer behavior 1 Problem recognition 2 Information search 3 Evaluation of alternatives 4 Product choice 5 Postpurchase evaluation Not All Decisions are the Same Step 1 Step 2 Step 3 Step 4 The amount of effort expended in decisionmaking varies according to the nature of the task 0 Extended problemsolving carhome buying 0 Limited problem solving textbook buying 0 Habitual decisionmaking buying box of cereal Problem Recognition Occurs whenever the consumer sees a significant difference between hisher current state and the desiredideal state Marketers can develop ads that stimulate problem recognition Geico Information Search Consumers need adequate information to make a decision 0 Consumers search memory and the environment for information 0 Internet searchengines apps etailers portals and shopbots are being increasingly relied upon google amazon shopzilla Behavioral targeting 0 Marketers deliver ads for products consumers look for by watching what they do online I Online Behavioral Targeting search relative ads Evaluation of Alternatives Identifying a small number of products for further consideration Evaluating alternatives using evaluative criteria Product Choice 0 Consumers often rely on heuristics to make decisions 0 Heuristics I A mental rule of thumb used for a speedy decision such as 0 Price equals quality more better quality not always true 0 Brand Loyalty trust in the brand 0 Country of Origin ex Made in China Step 5 Postpurchase Evaluation 0 Consumer satisfactiondissatisfaction after purchase of product is critical 0 Degree of satisfaction is in uenced by Whether or not expectations of product quality are metexceeded 0 Marketing communications must create accurate expectations for the product 0 Cognitive dissonance is common Regret from purchasing In uences on Consumer Decision Making 0 Internal In uences lt Decision Process gt External In uences Situational In uences Social In u 0 Internal In uences 0 Perception Motivation 0 Learning Attitudes 0 Personality Age Groups 0 Lifestyle 0 Situation In uences 0 Physical environment amp Time 0 Social In uences 0 Culture Subculture 0 Social Class Group memberships 0 Opinion leaders Gender Roles What motivates you to buy Maslow s Hierarchy and your perception of products in relation to these needs 0 SelfActualization selfOfulfillment enriching experiences 0 Ego Needs prestige status accomplishment O Belongingness love friendship acceptance by others 0 Safety security shelter protection 0 Physiological water sleep food Learning 0 A relatively permanent change in behavior caused by information or experience 0 Learning Theories 0 Behavioral classical and operant conditioning 0 Cognitive Personality 0 Personality 0 The set of unique psychological characteristics that consistently in uences the way a person responds to situations in the environment 0 Selfconcept Age 0 Age 0 Goodsservices often appeal to a specific age group 0 Purchases are often associated with a particular stage in the family life cycle Lifestyle 0 Lifestyles re ect a pattern of living 0 Marketers seek to describe people according to activities interests and opinions O Psychographics 0 Group of consumers according to psychological and behavioral similarities Culture 0 Culture The values beliefs customs and tastes produced or practiced by a group of people 0 Includes key rituals like wedding and funerals 0 Marketers tailor products to cultural values 0 Subculture 0 A group within a society who share a distinctive set of beliefs characteristics or common experience Social Class 0 The overall rank or social standing of groups of people within a society according to factors such as family background education occupation and income 0 Status symbols such as luxury products allow people to aunt their social classes 0 Massclass consumers are targeted by many marketers Opinion Leaders 0 Are frequently able to in uence others attitudes or behaviors 0 Have high interest in product category 0 Update knowledge by reading talking with salespeople etc 0 Impart both positive and negative product information 0 Are among the first to buy goods Gender Roles 0 Gender roles 0 Society s expectations regarding appropriate attitudes behaviors and appearance for men and women I Consumers often associate sextyped products with one gender or other 39 Sex roles are constantly evolving little girls observations about toys Chapter 7 Sharpen the Focus Target Marketing Strategies and Customer Relationship Management Target Marketing Strategy Selecting and Entering a Market 0 Market fragmentation 0 The creation of many consumer groups due to the diversity of their needs and wants Steps in the Target Marketing Process 1 Segmentation a Identify and describe market segments 2 Targeting a Evaluate segments and decide which to go after 3 Positioning a Develop a marketing mix that will create competitive advantage in the minds of the selected target market b Cheap luxury average brand Segmenting Consumers Markets identify groups that are very homogeneous 1 Segmenting Consumer Markets a Demographics i Age Gender ii Family life cycle income and social class iii Ethnicity iv Place of residence b Psychographics c Behavior Segmenting by Demographics Age and Generational Marketing 0 Children 0 Teens 0 Tweens 814 0 Generation y born between 1979 and 1994 0 Generation X born between 1965 and 1976 0 Baby boomerszborn between 1946 and 1964 0 Older consumers amp Millennials Segmenting by Demographics Gender 0 Many products appeal to one sex or the other 0 Metrosexual A straight urban male who is keenly interested in fashion home design gourmet cooking and personal care Segmenting by Demographics Race and Ethnicity 0 Race and Ethnicity 0 White African Americans 0 Asian Americans Hispanic Americans 0 Cultural diversity is increasing Segmenting by Psychographics 0 Psychographics use psychological sociological and anthropological factors to segment a market 0 Attitudes towards life a personality activities interests and opinions are shared in group VALS Framework A psychographic system that divides the entire US population into 8 segments 0 Innovators 0 High Resources Innovations 0 Survivors 0 Low Resources Innovation 0 Ideals 0 Thinkers Believers 0 Achievement 0 Achievers Strivers 0 SelfExpression 0 Experiencers Makers Segmenting by Behavior 0 Behavioral segmentation 0 Segments consumers based on how they ac toward feel about or use a product 0 User status 0 8020 rule and segmentation by usage status Pareto Principle 0 20 of purchasers account for 80 of a product s sales 0 Long tail concept Amazon keeps few items of old titles 0 Companies can make money by selling small amounts of items that only a few people want 0 Usage occasions Holidays 4th of July and fireworks Phases of Targeting 0 Evaluate Markets Segments 0 Develop Segment Profiles 0 Choose a Targeting Strategy Evaluation of Market Segments 0 A visible target segment should 0 Have members with similar products needswants who are different from members of other segments Be measurable in size and purchasing power Be large enough to be profitable Be reachable by marketing communications 0000 Have needs the marketer can adequately serve Developing Segment Pro les 0 After segments are identified profiles or descriptions of the typical customer in a segment are developed 0 Segment profiles might include demographics location lifestyle and productusage characteristics Steps in the Target Marketing Process Step 3 Positioning 0 Positioning 0 Developing a marketing strategy to in uence how a particular market segment perceives a goodservice in comparison to the competition Stages in a Positioning Decision 0 Step 1 Analyze competitors positions 0 Step 2 Offer a good or service with a competitive advantage 0 Step 3 Finalize the marketing mix 0 Step 4 Evaluate responses and modify as needed Choose a Target Marketing Strategy 0 Undifferentiated Marketing Appeals to broad spectrum of people 0 Concentrated Marketing Focusing a firm 0 Differentiated Marketing One or more products for each of several distinct customer groups 0 Customized Marketing Nike ID Modifying Positioning Strategies 0 Repositioning is commonly used to change the brand image 0 Requires redoing a product s position in response to marketplace changes 0 Repositioning may breathe life into Retro brands 0 A oncepopular brand that has been revived to experience a popularity com a wave of nostalgia The Brand Personality 0 A distinctive image that captures the brand s character and benefits 0 Personality dimensions 0 Sincerity gt Corolla 0 Excitement gt Ferrari 0 Competence gt Toyota Camry 0 Sophistication gt Bentley 0 Ruggedness gt Hummer Customer Relationship Management CRM Toward a Segment of One 0 Customer relationship management 0 A systematic tracking of consumers preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual s unique wants and needs CRM A New Perspective on an Old Problem 0 CRM Systems capture information coupons or cameras in hotels to face recognition 0 Touchpoint s interface customers and businesses 0 Any point of direct interface between customers and a company online by phone 0 CRM systems include 0 Order and delivery tracking websites 0 Call centers 0 Automatic reminder systems 0 Sales contact management software I Allows to store data about the customer Characteristics of CRM 0 Lifetime value of a customer 0 Potential profit a single customer s purchase of a firm s products generates over the customer s lifetime 0 Customer equity 0 Financial value of a customer relationship throughout the lifetime of the relationship 0 Customer prioritization 0 Share of customer 0 Percentage of an individual customer s purchase of a product that is a single brand Chapter 6 BusinesstoBusiness Markets How and Why Organizations Buy Business Markets Buying and Selling When the Customer is Another Firm 0 BusinesstoBusiness marketing 0 The marketing of goods and services that businesses and other organizations buy for purposes other than personal consumption Key Differences in Business Versus Consumers Markets 0 Size of Purchases Multiple Buyers 0 Geographic Concentration Number of Customers Derived Demand 1 Demand for Education 2 Derived Demand for Textbooks 3 Derived Demand for Paper 4 Derived Demand for Pulp 5 Derived Demand for Forestry Products BusinesstoBusiness Demand 0 Businesstobusiness demand differs from consumer product demand 0 Demand is 0 Derived o Inelastic 0 Fluctuating 0 Joint 0 Inelastic demand 0 Changes in price have little or no effect on the amount demanded 0 Fluctuating demand 0 Small changes in consumer demand create large increases or decreases in business demand 0 Life expectancy of the product can cause uctuating demand 0 Joint demand 0 Demand occurs for two or more goods that are used together to create a product The Business Marketplace 0 Total Business Market 0 Producers I Fishing agricultural and lumber industries I Manufacturers of consumer goods and component parts I Service including financial transportation restaurants hotels health care recreation and entertainment 0 Resellers I Wholesalers and distributions I Retailers 0 Organizational I Government including federal state county and local units I Notforprofit institutions including organizations with education charity community and other public serVice goals Elements of the Buy Class Framework 0 Straight Rebuy 0 Once you buy it it s easy to rebuy it like office supplies 0 Modified Rebuy 0 Buying new cell phones for ex A process of going through new rates cell prices 0 NewTask Buy 0 Total new buy I EX New ride for kids at theme park contractor prices etc mer Roles in the Buying Center 0 Initiator 0 Recognizes that a purchase needs to be made 0 User 0 Individual who will ultimately use the product 0 Gatekeeper 0 Buyerpurchasing agent 0 Controls the ow of information to others in the organization 0 In uencer 0 Engineers quality control experts technical specialists outside consultants 0 Affects decision by giving adVice and sharing expertise 0 Decider 0 Purchasing agent managers CEO 0 Makes the final purchase decision 0 Buyer 0 Purchasing agent 0 Executes the purchase decision p x p x 9 MKTG 431 Test 2 Studv Guide Chapter 8 Layers of the product Classification of products What is innovation a Different types of innovation Different stages of product development Categories of adopters innovators early adopters etc Factors that affect the adoption of new products Chapter 9 What are the steps in managing products Standards of quality know a few of them and what thy mean ISO 9001 six sigma etc What does product quality mean and what are its elements Different stages of the life cycle and what are its characteristics What marketing mix strategies are recommended at each stage What is a brand a What is a good brand name b What is a trademark c What is brand equity 1 Differences between a store brand national and generic brands What are functions of packaging a How is effective packaging achieved b What are some of the labeling regulations that the US government enforces U PP Pi 99 89 PP N 091 Chapter 10 1 Differences between Services and goods 2 Service quality including SERVQUAL Cha ter 11 What is price Elements of price planning Types of pricing objectives Profit competitive effect customer satisfaction etc See the example of estimating the demand for pizza from the slides and the text What is the price elasticity of demand You may have a math question on this subject What is a breakeven point What are mark ups You may be asked to calculate mark ups Different types of pricing strategies Skimming penetration etc What are the psychological issues in pricing Chapter 12 What is promotion a What is the promotion mix b What is the purpose of marketing communication Inform remind etc What is IMC What are the advantages and disadvantages of different elements of the promotion mix important question What is buzz How is social media affecting promotion Chapter 13 What are the types of advertising Steps to develop an advertising campaign What are the creative elements of advertising appeals format etc What are the pros and cons of the different type of media compare television radio etc What is a media scheduleGANTT chart What is a GRP How is it calculated What is PR Cha ter 14 Characteristics of different Sales promotions approaches WNQP PP P Pl 9958 PP P 091 What is direct marketing What is personal selling Transactional vs relationship selling Different types of sales jobs The personal selling process The sales management process Different ways to compensate salespeople and their applications Chapter 15 What is the supply chain and supply chain management Who are channel intermediaries a What are the different types of intermediaries Who is a channel captain as discussed in class How do intermediaries make distribution more efficient How has ecommerce in uenced distribution In transportation What are the advantages and disadvantages of the different modes of transportation air land trucks etc Cha ter 16 What is retailing What types of utilities do retailers create in the supply chain What is the Wheel of retailing and the retail life cycle What are the factors that drive retailing innovation changing economy demographics etc What is shrinkage How are retailers classified and What are the different types of retailers What is automatic vending and What are the benefits of drawbacks of e commerce PPP U 9 p x 3 MKTG 431 Test 1 Studv Guide Chapter 1 What is marketing a good understanding of the definition Differences among needs benefits wants and demand Different forms of utility Evolution of marketing The different eras Production sales etc a Please give special attention to the triple bottomline era Different types of values What is the marketing Mix 4Ps Chapter 2 What is business and code ethics Why should this be one of the first thing a business should consider Levels of planning and the individuals involved in those levels of planning a Differences between organizational planning SBU planning marketing planning and operational planning What is a mission statement Why is it important What is a portfolio analysis a The BCG matrix b The growth matrix The types of issuesactivities involved in marketing mix strategies Chapter 3 What is world trade The key decisions to make in order to take the decision of whether to go global or not a International agreements GATT WTO and implications to whether to global or not b What is are the elements of the external environment Economic technological political socio cultural etc factors that needs to be taken into consideration i GDP GNP PPP ii Periods of a business cycle iii Competitive intelligence iv Types of competition Monopoly oligopoly etc v Important act Sherman Clayton etc and their implications to marketers vi Five dimensions of culture from Hofstede Advantages and disadvantages of market entry strategies p x 99 89 N 99089 P 90809 Chapter 4 What is market research MIS Versus MDSS a Sources of knowledgeinformation about the market b Market intelligence c Data Mining and its applications in marketing Steps in the marketing research process Difference between Primary and secondary research Types of primary research Ethnography Causal research Difference between reliability and validity What is representativeness i Difference between probability and non probability sampling Components of a research report Chapter 5 What is consumer behavior Types of consumer decision making DM and the differences among them Extended problemSolving Limited Problem Solving and Habitual DM What are heuristics Internal and external in uences in DM What is perception Factors necessary for perception Maslow s hierarchy of needs and the types of products that appeal to them What is attitude The components of attitude Psychographic in uences in DM Subcultures How social class can in uence DM Chapter 5 What is consumer behavior Types of consumer decision making DM and the differences among them Extended problemSolving Limited Problem Solving and Habitual DM What are heuristics Internal and external in uences in DM What is perception Factors necessary for perception Maslow s hierarchy of needs and the types of products that appeal to them What is attitude The components of attitude Psychographic in uences in DM 9 Subcultures 10 How social class can in uence DM Chapter 6 What is Business to Business Marketing Differences between BtoB markets and consumer markets What is derived demand What is price ine1asticity NAICS classification and its uses Different types of buying situations Roles in buying center Steps in the BtoB buying process WNQMPP P Chapter 7 p x Steps in the target marketing process 2 Differences ways of segmenting consumer markets Demographic psychographic and behavior 3 Demographic factors a Different age groups Gen X Gen Y b Family life cycle c gender 4 What is PRIZM Psychographics a VALS Segmenting and targeting Positioning Stages in positioning Brand personality CRM a LVC U 99 89
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