New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Marketing Exam 1 Study Guide

by: Lee Koppel

Marketing Exam 1 Study Guide BDAM 3401

Marketplace > George Washington University > Business > BDAM 3401 > Marketing Exam 1 Study Guide
Lee Koppel
GPA 3.29
Basic Marketing Management
Alexander Krasnikov

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Study Guide for chapters 1-6
Basic Marketing Management
Alexander Krasnikov
Study Guide
Marketing, Study Guide, Lee, gnu
50 ?




Popular in Basic Marketing Management

Popular in Business

This 6 page Study Guide was uploaded by Lee Koppel on Friday February 6, 2015. The Study Guide belongs to BDAM 3401 at George Washington University taught by Alexander Krasnikov in Winter2015. Since its upload, it has received 309 views. For similar materials see Basic Marketing Management in Business at George Washington University.


Reviews for Marketing Exam 1 Study Guide


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: 02/06/15
Marketing Management Exam 1 Study guide Marketing is a process by which companies create value for customers and build strong consumer relations with customers 0 Identifying the wants and needs of customers and providing products to meet theses wants and needs Market offerings Some combination of products services information or experiences offered to market to satisfy wants and needs 0 Can create value in either 0 Functional 0 Monetary o Psychological Marketing management Chooses the target market and builds relationships with customers 0 Who are the customers and what do they want Market segmentation dividing the market into smaller groups of consumers 0 Target market The segment a rm is trying to satisfy Strategic planning Analyzing the company s opportunities and organizational abilities Blue Ocean Situation when rm can act independently Red Ocean Situation when a rm has to constantly adjust to competitors Business Portfolio analysis Analyzing the businesses and products within a company High Low High STAR QUESTION MARK Low Cash Cow DOG SWOT analysis Positive Negative Internal Strength Weaknesses External Opportunities Threats Customer relationship groups Short term Long term High pro tability Butter ies True Friends Low pro tability Strangers Barnacles Existing product New product Existing market Market penetration Product development New markets Market development Diversi cation Marketing Myopia Paying more attention to products themselves than what the prodxucts o er Production concept 0 Consumers will want cheap products that our easily available 0 Can lead to marketing Myopia Product concept 0 Consumers want the best products 0 Can also lead to marketing myopia Selling concept 0 Company must push sales hard in order to make them 0 Only true for markets where consumers aren t actively searching Marketing concept Achieving goals depends on knowing customers and what they want and need 0 Find the product for your market not the market for your product Social marketing concept 0 Calls for sustainable marketing and social an environmental responsibilities Microenvironment Consists of the actors close to the company that affect its ability to serve its customers the company suppliers publics marketing intermediaries and competitors Intermediaries can include Resellers 0 Distribution rms 0 Marketing service companies PubHcs Anyone who is affected by the companies Microenvironment Larger environments that affect the outcomes of a company 0 Demographic Economic Technological 0 Natural Politicallegal Cultural 4 P5 of marketing Marketing MixMarketing Stimuli 0 Product 0 Price 0 Place 0 Promotion Environment Buyer s black box Buyers response Environment 0 Marketing stimuli 4 Ps External feature economy tech social Buyers black box 0 Buyers characteristics 0 Buyers decision process 0 Some products don t require a lot of thought by the buyer Soda detergent 0 While some require much more property car Buyers response 0 Buyers attitude and preferences 0 Purchase behavior 0 What the buyer buys how much when where Factors in uencing consumer behavior 0 Cultural o Learned values perceptions wants behaviors from family and surroundings Subcultures exist within a culture 0 Social classes are a relatively permanent determinant Social 0 Membership groups Direct in uence and person is a part of o Aspirational group Where person wishes to be 0 Reference group Group that for a comparison or reference for forming attitude or behavior Help make very important decisions 0 Opinion leader In uential or leading adopters 0 People within a reference group that exert social in uence over others 0 Personal Lifestyle pattern of living expressed by his or her psychographics 0 Activities interests opinions AIO Personality and self concepts 0 Unique psychological characteristics that lead to consistent and lasting responses to the consumers enviorment Lifestyle products are products that help consumer express individuality 0 Psychology Motivation Motive a need that presses to direct the person to seek satisfaction Maslow s Hierarchy of Needs can be used Perception Process by which individual select organize and interpret information o Selective attention 0 Selective distortion 0 Selective retention Learning 0 How an individual changes behavior from expedences Bene ts and attitudes Belief a descriptive thought a person has about something based on 0 Knowledge 0 Opinion 0 Faith Attitudes describe a persons relative consistent evaluations and feelings Types of buying decision behavior High Low High brand difference Complex Varity seeking Low brand difference Dissonance reducing Habitual Straight rebuy Reordering without modi cation Modi ed rebuy Modifying pervious order Price Amount etc New task The rst purchase of a product or service Eprocurement Buying online Buyer decision process Need recognition Information search Evaluation of alternatives Purchase decision Post purchase decision U39lbUUNH Business buying process Supplier search Problem recognition General need description Product speci cation Proposal solicitation WFP P FP N Supplier selection Order routine speci cation Performance review


Buy Material

Are you sure you want to buy this material for

50 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


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'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Allison Fischer University of Alabama

"I signed up to be an Elite Notetaker with 2 of my sorority sisters this semester. We just posted our notes weekly and were each making over $600 per month. I LOVE StudySoup!"

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.