Management Study Guide 1
Management Study Guide 1 MGT 304
Popular in Management: Organizational Behavior
verified elite notetaker
Popular in Business
Test Prep (MCAT, SAT...)
verified elite notetaker
One Day of Notes
verified elite notetaker
verified elite notetaker
One Day of Notes
verified elite notetaker
verified elite notetaker
verified elite notetaker
This 20 page Bundle was uploaded by Josh Manley on Saturday January 31, 2015. The Bundle belongs to MGT 304 at University of Miami taught by Cecily Cooper in Spring2015. Since its upload, it has received 116 views. For similar materials see Management: Organizational Behavior in Business at University of Miami.
Reviews for Management Study Guide 1
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 01/31/15
Marketing 301 Notes 2 Chapter 12 Marketing Mix 0 Product 0 Anything of value to a consumer that can be offered through a voluntary marketing exchange Physical goods Services Places Disneyland Ideas Organizations People 0 Consumer Product Classi cations o BZC Specialty Customer behavior strong brand preference and loyalty special purchase effort little comparison of brands low price sensitivity 0 Price high Distributionexcusive Promotion more carefully targeted promotion by both producer and resellers Shopping 0 Customer behavior less frequent purchase more planning more comparisons before making purchase decision based on brans price quality and style 0 Price higher Distributionselective Promotion advertising and personal selling Convenience Customer behavior frequent purchase little planning little comparison or shopping effort 0 Price low price 0 Promotion mass promotion by the producer Unsought Customer behavior little product awareness knowledge or if aware little or even negative interest P ceva es Distribution varies Promotion aggressive advertising and personal selling Examples any new technology when it rst comes into the market 0 GPS digital photography o 823 Parts and materials 0 Products that form part of the purchasing business39s products Equipment 0 Capital equipment and accessory equipment used for manufacturing needs Supplies and services 0 Essential to business operations but not directly form part of the production process 0 Product mix De nition set of all product lines and items that a particular seller offers for sale 0 Product line 0 group of products related in the mind of the consumer Product category 0 products customers view as reasonable substitutes for each other Product mix can be described as heaving breadth depth and c o n s I ste n cy I E I E l T 1amp5 Abbreviated List ef elleg39s Freduet Mist Pendust limes B L dt h 39 I eedrteaEat Eerierel Teester Pastries arid Eeekies and Natural rganie Whanelxeseme P39erltahlle Erasiters arid Friesen reelsfasl Ena s39lss HEIIEEE tern lakes 39lielutrisigrmn Lheeult liggge AlliEfren tspUr Mil l erssliler TuItsril39ismlnr hm I Vlfl jri Ferns g aglle Irii Ls I39L39le ll fltllli ELM De Lancea Finspies Pepulerts Eiji llj i fties p PraterEleni ltllili lt 4llgisf39lri mi ljm Hmr INJHL EJUI FglHe l wE7Ie M u I i a l a a J squot l i 39 my lellegg39e lE Jrssin Emit Free ilkIP Mil1hr Spent ml 1 His isquot Fir l rljllLE39H Inr wll 1 39 a f ir 1a ll Emil IT I l39Ta39 I Vl lg I39M39339quot i39l ja39i 39 3 lnll 1 Ta I hr Viquot a lfl39mwquot l39ri w n39 llll lll 17lr rl39quot39quotli viii 2 Depth 0 Number of versions offered in the same product category 0 How to increase depth for products Bandaid Bandaid for blisters Used to target more speci c segments 0 How to decrease depth Reducing the number of products offered Products with low pro t margin are eliminated Breadth 0 Number of different product lines o How to increase breadth Provide a new product category or product line for a different consumer market 0 How to decrease breadth Selling clothes and yogurt Stop selling clothes 0 Ex Unilever Product lines personal care and food and drinks 0 Consistency o How closely the various product lines are in end use production requirements and distribution channels Chapter 12 Developing New Products 0 New Product Introductions 0 Very risky 0 About 3 succeed 0 New product anything from a redesign to a newtotheworld offering New to the word N39ITW offerings represent 10 of introduction N39ITW offerings are more risky Innovation and Value 0 New products introduced for 4 different reasons Diversi cation of portfolio 0 Used to manage risk Market saturation Every potential customer has already purchased the product or its substitute Combated by offering new features Changing customer needs Fashion cycles 0 Experience short product life cycles 0 Book fashion movies Durable vs Nondurable goods 0 Durable goods last longer than three years Furniture jewelry etc o Nondurable goods have a shelflife of less than three years Consumables Food medicine clothing small electronic devices 0 New Product Introductions 0 Pioneer company Continuously provide newtomarket offerings Apple Radically change competition and consumer preferences 0 Bass model inlow39aztoirs Early Early Late taggard s 15 adopters majority39 maiority 19H 115 3456 34 Time of ado ption all the innovation Diffusion of innovation Innovation spreads through society the same way diseases do Know how to categorize customers Innovator vs early majority vs late majority vs lagers Factors affecting product diffusion Observability Trialability Compatibility 0 Relative advantage 0 How rms develop new products 0 Idea generation Source of ideas 0 Internal research and design 0 High product and development costs 0 Often the source of tech products 0 Source of breakthrough products Ex coas going down people are more health conscious Research and design consortia 0 Lower costs and risks rms join together 0 Bene ts spread to all rms 0 Ex pharmaceutical industry research 0 Licensing 0 Firms purchase rights to tech ideas from other rms Brainstorming 0 Groups work together to generate ideas 0 Tips Suspend judgement No bad ideas Embrace wild ideas Build upon each other One conversation at a time Boss speaks last Competitor39s products 0 Reverse engineering 0 Customer input 0 85 of new B2B products come from customers 0 Lead users modify products according to their own speci c needs 0 Concept testing Concept is a brief written description of the product Customer reaction determines whether or not it goes forward Triggers research 0 Product development Prototype Alpha testing Improves quality of product Beta testing Improves quality of product integrates customer input on the complete product 0 Market testing Premarket Exposure Surveys Firm makes decision Test marketing 0 Mini product launch More expensive than premarket tests 0 Market demand estimated 0 Product launch Timing is everything Demands new product marketing mix 0 Promotion price place 0 Evaluation of results Look for Satisfaction of technical requirements 0 Customer acceptance Satisfaction of the rm39s nancial requirements Product Life Cycle PIrquct ILife Cycle Introduction Elmthm Maturity landline olllars 5 ITTime EIHiIIE T Introduction Growth Sale5 tow Rising Profits Negative or low Rapid ly rising Typical consumers Imamtors unanimity Competitors n umber of Cinc or few rms and products Chapter 13 Services The Intangible Product 0 Services Early adopters and early but increasing V39EhEII39EEIElr39lI Etlllf a l i ii femnrt Stagesrci he Product Life mie39 Maturity Peal Peak to declining Late rria jirii I High number of com petiiors and competitive products Decline DE lllnzing Declining Laggards Low number of mm peti ters and prod Lids 0 Any intangible offering involves a deed performance or effort that cannot be physically possessed Service good continuum 0 Most offerings are neither pure goods or pure services 0 Lie somewhere in the middle 0 Four differences between service marketing and product marketing 0 Intangible Conveying bene ts and values Require using cues to aid customers 0 Atmosphere Imagery Certi cates 0 User ratings o Inseparable production and consumption Production and consumption occur simultaneously Little opportunity to test service before use 0 Companies lower risk by offering a satisfaction guaranteed disclaimer 0 Variable Consumers don39t like inconsistent services Ways to overcome Train employees more Automations 0 Automated phone service 0 Checkin kiosk Technology 0 Services based technology Online banking o Perishable Services don39t last forever Companies calculate demand for periods of low sales 0 The GAPS Model G PS MODEL I39Enuwledlge 51am cud 39Ep EqulII 1 Providing great service Knowledge gap 0 Customer expectation differs from the rms perceptions of customer expectations Expectations 0 Based on knowledge and experience 0 Vary according to type of service 0 Vary depending on situation Standard Gap Gap between rms perceptions of customers39 expectations and the rm39s service standards 0 Reduce standard gap by 0 Setting standards for quality 0 Developing a system to ensure a highquality service Delivery gap Gap between specifying service to be delivered and the actual services delivered 0 Reduce delivery gap by 0 Empowering employees 0 Use of technology 0 Provide support and incentives Communications gap Gap between actual services delivered and retailer communications about service quality 0 Ex 0 Dominoes promised 30 min or less delivery 0 Couldn t deliver 0 Reduce Communications gap by 0 Managing customer expectations 0 Promise only what you can deliver 0 Communicate service expectations 0 Evaluating Service Quality 0 Tangibles Appearance of physical facilities equipment personnel and communication material 0 Reliability Ability to perform promised services 0 Responsiveness Willingness to help customers and provide prompt service 0 Assurance Knowledge and courtesy of employees and their ability to inspire trust and con dence 0 Empathy Caring individualized attention the rm provides to its customers 0 Nature of service expectations 0 Zone of tolerance Disparity between the level customers believe can and should be delivered and the minimum level customers are willing to accept Anywhere in the zone of tolerance maintains customers Sources ReHabHRy Respon veness Tang es En1pathy assurance 0 Relative importance of service dimensions Lowest zone of tolerance most important factor reliability Lateunreliable airplane ights discourage customers Highest zone of tolerance tangibles Customer evaluation of service quality 0 Scale measuring zones of tolerance o Cheaper services are lower with wider zone of tolerance 0 Luxury services are higher on the scale and have a narrower zone of tolerance Service recovery 0 Listen to customer 0 Resolve problems quickly 0 Provide a fair solution Perception of fairness is most important Brand loyalty o More important in service industry 0 Costs 5 times more to get a new customer Repeat purchases Positive word of mouth Word of Mouth 0 Easy to spread especially online 0 Introducing social consumer Many customers participate in social media 0 Negativity bias Customer will spread negative WOM more quickly frequently and extensively Negative WOM weighed more heavily that positive comments Sample exam questions 0 Describe 4 ways service goods differ from goods Intangible inseparable variable perishable know how to classify examples 0 Understaffed restaurant Owner is trying to ensure her services don39t fall below customers39 Zone of tolerance o Monique is dissatis ed with wedding venue because of poor landscaping Intangible Chapter 18 Integrated Marketing Communications Integrated Marketing Communications 0 Customer focused 0 Communication channel 0 results Communication Process 0 Firm sends info Message put into media 0 Consumer perceives message 0 Feedback and environmental factors present during the whole process Receivers decode messages differently Senders adjust messages according to the medium and receivers traits The AIDA model 0 Awareness Think Alert consumers of the products Senders rst must gain the attention of the consumers Multifunctional approach increases the likelihood the message I will be received 0 Interest Feel Advertise attributes that attract potential customers Speci c attributes move customers towards desire Provokes customer to investigate product or service 0 Desire Feel I like it to I want it 0 Action Purchase product Tell others Spread word 0 Some newer models incorporate S satisfaction Way to classify consumer lifetime value Lagged effect 0 Advertising does not always have an immediate impact 0 Multiple exposures are often necessary 0 It is dif cult to determine which advertisement will facilitate purchasing Integrated Marketing Communication Elements of an Integrated Communication Strategy Interactive aligning Offline Passive o 0 Of ine vs online 0 Passive vs interactive 0 Traditional channels of marketing are easier to ignore Advertising 0 Most visual element of marketing 0 Used to be extremely effective at creating awareness and generating interest Not as effective now Branded entertainment Branded content entertainment 0 Gives a brand the opportunity to communicate its image to its target audience 0 Ex BMW producing 8 minimovies o Often result of a content partnership Personal Selling 0 Some products require the help of a salesperson o More expensive than other forms of promotion 0 Salespeople can add signi cant value which makes it expensive Sales promotions 0 Used in conjunction with other forms of IMC 0 Can be used for both shortterm and long term objectives 0 Result sites like retailmenotcom Direct Marketing 0 Onetoone 0 Growing element of IMC 0 Includes email and incommerce 0 Good for muticutura groups 0 Database technology improves Public Relations 0 quotfreequot media attention 0 Consumers become more skeptical of marketing making PR more important 0 Can be effective but also manipulative Online marketing 0 Texts onine media bogs websites 0 Social media Fb twitter insta pinterest 0 Companies should be careful about which social media campaigns to get behind Electronic media 0 websites 0 Social shopping 0 Word of mouth Planning and measuring IMC success 0 Budget should re ect campaign goals Setting budget as a re ection of your market share Equal to current market share Limits growth opportunities Maintains doesn39t grow market share Percentage of sales 0 Same problem maintains rather than grows market share Available budget Forecasts sales 0 Cost and pro t Measuring success 0 Set goals and a budget 0 Rule of thumb mehods Competitive parity share of communication share of market Percentageof sales xed percentage of forecasted sales 0 Available budget forecasted sales cost and pro t 0 Frequency How often audience is exposed 0 Reach Percentage of target population exposed at least once 0 Gross rating points 0 Web tracking Online is easier to track Online Measurements 0 Web tracking software 0 Online couponing 0 Online referring 0 Search engine marketing SEM Relevance Impressions Clicks Click through rate Return on investment ROI 0 sales revenue marketing expenditures marketing expenditures 0 Generic words are cheaper Legal and ethical issues in Integrated Marketing Communications IMC 0 Commercial speech Message with an economic motivation Must be fact based Examples advertising and direct marketing 0 Noncommercial speech Message with no economic motivation Protected under rst amendment Chapter 19 Advertising Public Relations and Sales Promotions 0 Steps in planning an ad campaign 0 Identify target audience 0 Set advertising objectives Pull strategy Promotional campaigns Push strategy Instore promotion and sales force pushes product Sameday purchases Types of objectives 0 Inform Persuade remind 0 Determine budget 0 Convey message Focus of advertisement 0 Product focused advertisement 0 Adv one product Institutionaladvertisement 0 Adv a company Primary vs selective demand 0 Primary advertising generates interest in general product Selective advertising depicts brands as the best match for needs of target market Social marketing PSA Adcouncil o Creates advertising for nonpro ts 0 Evaluate and select media Media planning Media mix Media buy 0 Buying necessary supplies for ads Mass and Niche media Niche media reaches a smaller more targeted audience 0 Mass media reaches a larger more anonymous audience 0 Shouldn t invest in mass media if product is speci c 0 Create advertisements The appeal Informational appeal Emotional appeal Symbols are used to convey appeal 0 Mr Clean Choosing the right medium Choosing the Right Medium Medium ndeantages lisadwntages Echoween Haremcased E Hashigh Incorporates ardehico i letefcharireland plagueoptom i Emircrease commasreprede Eadie I 1H i39f39iu39l l u l neurosise I Notaries limits preeni39itori I Can be selectwely targeted I lientumors ENE less focused I Has mite reach attentlamiian W I Exposure peneds are short l39s lagaein i rewrytargeted ii mevmh39lstaely in lleaible i Subscail39berspasa alangtee39t hera ii Tatesserneilrne In the magaairiE Ec biEI39l39ni39 llJlDtE Hensspacers I i39trr Flacul r I I2 an lar Icelander in ionic markts I am timely I aetsertree cents 53quot steel ins spam I Can loralee internet I an tellnkeclto detaitecl cora i ent I it becomirgciluttered I H hlgh39h eslbeeand interactive I Thaicl may software I MEIJess Ema speci c quottargeting Eli39i lil39rt computer lialdecals I 17 s relalcefy lreIpenswe i ls rIotecsllgli targeted i Q39Frl39ers op artunrttes39iel repejrt i Huselacen39en39 pl hlc le 1 some 2 pesure mall tets i is ease to change i Exposure tune ls errsilent Elliott Had I is aimstargeted II latenterclyestpensiee I or personaliseliars rl lso eurromweped juat road Focus increasingly online 0 Viral campaigns 0 Determine Advertising schedule ConUnuous Pusing Flighitng o Create advertisements Creativity important for execution Execution should match medium and objectives 0 Assess Impact Pretesting Tracking Posttesting Regulatory and ethical issues in advertising 0 a at H I a ll 1 184 Fetflreijall39nigjerisiles liifratRegulatewateredpg Federal Agency General Purpose Specific Jurisdiction Federall Trade Commission lEntorces federal consumer protection laws lEntorctes trutlh in advertising laws de nes deceptive FTC iesta bilsl ued igiei a nd unfair advertising practices Federal Corn mu nications Regullates interstate and internationai cornmunica E ntorces restrictions on broadcasting materiai that Co rn in is sion FEC 1934 tions by rad i o television wi re satelliite a nd ca lz39nie promotes iotteries with some eace pt ions cigarettes little c igars or smokeless tobacco products or that perpetuates a tra ud Also enforces laws tlhat prohibit or limit obscene indecent or prota ne ianguage Food and Drug Regulates food dietary supplements drugs cosmetics Reguiates package labeling and inserts definition of administration 1930 medical devices including radiationemitting devices terms such as quotlightquot and quotorganicquot and required dis such as cell phones bioiogics biological issue 5 and closure statements we rni ng la bels dosage reqiui re llslloocl prod ucts rne nts etc 0 Agencies that regulate advertising FTC Enforces federal consumer protection laws Enforces truth Puffery 0 Term frequently used to denote the exaggerations reasonably to be expected of a seller as to the degree of quality of his product truth or falsity of which cannot be precisely determined 0 quotWorld39s best coffeequot FCC Regulates interstate and international communications Enforces laws prohibiting obscene or profane language FDA 0 Food and drugs 0 Sales Promotion Targeted at either end user or channel members Used in either push or pull strategies 0 Coupons deals premiums rebates etc Crosspromoting McDonald39s toy Chapter 3 Social and Mobile Marketing 0 Critical distinction in marketing 0 Company to customer Typical traditional marketing perspective 0 Customer to company Social marketing perspective lnvolves sharing information regarding the product 0 Social Sharing 0 Ability to share information through new outlets Organizations on social media 0 Social commerce Pinterest Facebook 0 B C B conversation Twitter and Facebook Customers form dialogue with businesses online 0 4E framework for social media 0 Excite customer Provide relevant information Relevancy is achieved through personalized messaging Algorithms to provide information on products related to search history 0 Educate customer Golden opportunity Product39s value proposition 0 experience customer simulate real experiences provide info on goods and services 0 Engagement Refers to any kind of user behavior related to social sharing promoting content giving feedback or interacting with a brand Facebook twitter Pinterest blogs forums and news threads Components Involvement 0 Passive engagement 0 Interaction 0 Active what consumers do with brands 0 Likes comments etc 0 In uence 0 Active what consumers do with each other 0 Most effective means for getting consumers to make purchase decisions Try to encourage action loyalty and commitment Can back re Social Media users 0 Creators Use sm to create information Most involved 0 Bonders Use sm to bond with others 0 Professionals Use sm to enhance career 0 Sharers Least involved 0 Social media engagement is something marketers can encourage 0 Particularly in uence engagement sharing 0 Buttons make it easy for consumers to share 0 Going mobile and social 0 Apps for marketing on the go 0 Price checks fashion apps location apps 0 Listening Social media is great for market research 0 Sentiment analysis 0 How to do a social media marketing campaign 0 Make goal 0 Decide target audience 0 Set budget 0 Run campaign 0 Track progress 0 Managing your individual brand value in a social media world 0 Social something I can t read you should check the notes online 0 Sorry future josh for not wearing glasses my b 0 But also you39re lazy as shit just fucking shut up and type idiot 0 U need a b don39t fuck this up 0 Your brand your image 0 Over 50 of employers surveyed say they look 0 Personal brands re ect company brands Linking to marketing performance outcomes 0 80 of social media purchases linked to Facebook Exam 2 Review Chapter 11121318193 and the ford esta case 39 Multiple choice 2 short answer 0 Ch 11 0 Product mix 0 Product depth of products in each line 0 Product breadth 0 Ch 12 o of product lines New product introduction Can be risky New product offering 4 reasons for introducing a new product Changing needs Fashion cycles Market saturation Managing risk through diversity Pioneers Radically change competition and consumer preferences 0 Normally has a stronger base Diffusion of innovation Bass model 0 Time of adoption of the innovation 0 Know de nitions and how to identify Diffusion of innovation theory Factors affecting product diffusion Observability Trialability Relative advantage Compatibility How rms develop new products Know steps ldea generation Source of ideas 0 Licensing brainstorming customer input etc Product development Prototype Alpha testing Beta testing Market testing Premarket tests Market tests Product life cycle Know stages 0 Sales pro ts customers and competitors 0 Chapter 13 O O 0 Service Intangible offering 4 factors differentiate from product marketing lntangibility Conveying bene ts and value Requires cues to aid customers Know pitfalls GAPS model know factors and how gap is approached Knowledge Standard Delivery Communication 0 Evaluating service quality 5 dimensions for rating quality 0 Zone of tolerance Know term based on de nition Customer quotwas willing toquot 0 Chapter 18 o Communicating with customers Noise from environment vs feedback 0 How consumers perceive communication 0 The AIDA Model think feel do Awareness Interest Desire Action 0 Lagged effect Advertising does not always have an immediate effect 0 Direct marketing 0 Chapter 19 0 Steps in planning an ad campaign 0 Set advertising objectives Pull vs push Be able to de ne based on case example nook 0 Focus of advertisements 0 Primary vs selective demand 0 Social marketing PSAs o Informational appeal vs emotional appeal 0 Basic objectives lnform Persuade Remind 0 Determine advertising schedule continuous Toothpaste should advertise daily Pulsing GAP during christma Fleeting Advertised only when needed 0 Valentine s day candy Be able to name schedule based on description 0 Chapter 3 0 Critical distinction in marketing Customers can interact with company 0 Know what social media tries to convey Engagement components Involvement Interaction In uence How to run a social media campaign Focus on analysis 0 Hits 0 Page views Bounce rate 0 Click paths 0 Conversion rates Know how to describe users Creators users etc Managing individual brand Social reach In uence Extended network
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'