Marketing 3010 Study Guide
Marketing 3010 Study Guide Mkt 3010-001
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This 5 page Study Guide was uploaded by Hannah Stephens on Wednesday February 3, 2016. The Study Guide belongs to Mkt 3010-001 at Clemson University taught by Carter Willis McElveen in Spring 2016. Since its upload, it has received 404 views. For similar materials see Principles of Marketing in Marketing at Clemson University.
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Date Created: 02/03/16
Marketing Study Guide Exam 1 Chapter 1 Know the 4 Ps—What they are, what they represent o Product—Creating the offerings, this is often an intangible thing, the entire experience is part of the product o Price—Capturing the value of the product o Place—Delivering, getting the goods to the customer o Promotion—Communicating the value Defn. of Marketing—“Marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large” –American Marketing Association o Marketing is selling Evolution of Marketing o Production Oriented Era—you ban buy the model T-Ford but only in black o Sales Oriented Era—put sales force behind any product, aggressive sales tactics o Market Oriented Era—Customer is king and always right o Value Based Marketing Era—Creating value Defn. Co-creation—Creative way to provide value to customers o i.e. Allowing customers to “create their own” o Great way to derive value! Which of the 4 Ps captures value and delivering value—Price Product Placement—Catalyst for it CEO of Apple—Tim Cook Generation Like video questions—there will be 4 on the test from the worksheet Value—Benefits Received – (Cost + Hassle) Components of Creating, capturing, and delivering Customer Value—The 6 Components What marketing is not o Just buyers and sellers exchanging money o Simply about making a profit o A random activity—There is a marketing plan!!! Chapter 2 Defn. Marketing Strategy—What’s the organization’s main activity at a particular time, How will it reach its goals? 1. Identifies a Firm’s Target Methods 2. A related Marketing Mix—their 4 P’s 3. The bases upon which the firm plans to build a sustainable competitive advantage. Sustainable Competitive Advantage o Is NOT lowering price o Customer value at center!! o Locational Excellence—Prime location to attract customers. i.e. Cracker Barrel o Customer Excellence—Sets business apart by great customer service o Operational Excellence—Idea that you are efficient with business operations i.e. Wal-Mart, Amazon o Product Excellence—Set product apart by its superiority i.e. BMW, Rolex Marketing Myopia—Defining a business in terms of goods and services rather in terms of the benefits that customer seek. Process for making a Marketing Plan: 1. Business Mission and Objectives a. What business are we in b. Focus on the market or markets the organization is trying to serve rather than a good or service offered c. Don’t want to be too broad either d. Also may include sustainable competitive advantage 2. SWOT Analysis a. S—strengths, things the company does well b. W—weaknesses, things the company does not do well c. O—opportunities, conditions in the external environment that favor strengths d. T—threats, conditions in the external environment that don’t relate to existing strengths or favor areas of current weaknesses What’s internal and what’s external in SWOT o Strengths and weaknesses internal; opportunities and threats are external What is environmental scanning—helps identify opportunities and threats. Guidelines for Designing Marketing Strategy based on 6 macroeconomic forces 1. Social 2. Demographic 3. Economic 4. Technological 5. Political/Legal 6. Competitive 3. Identifying and Evaluating Opportunities Using STP a. Segmentation—which segments of customers can you satisfy b. Targeting—evaluation of each segments of attractiveness c. Positioning—How you are positioning the product within the target segment 4. Implement Marketing Mix (4 Ps) & Allocate Resources a. Product Value Creation b. Price Value Capture c. Place Value Delivery d. Promotion Value Communication 5. Evaluate Performance & Make Adjustments a. Who is responsible for performance? b. Performance objectives and measures c. Financial performance metrics d. Portfolio analysis From book—P. 39 questions about Boston Portfolio Matix From book—P. 43 Copy chart on test!! Chapter 5 Consumer is at the center of the market environment Competition, Corporate partners, Company in Immediate environment 6 Forces in Microenvironment 1. Culture 2. Demographics 3. Social 4. Technology 5. Economic 6. Political/Legal Generational Cohorts—Why we care? o Similar buying habits o Same with cultures Millennials/Gen Y o Born between 1977-2000 o $733 billion in purchasing power o Ethnically diverse o Fluent with digital technology o Personalization and product customization are key to marketing success o Raised by “soccer moms” o Always known danger—i.e. 9/11, gun shootings Defn. Multiculturalism—Occurs when all major ethnic groups in an area (city, country, or census tract) are roughly equally represented o US trend is toward greater multiculturalism o America’s racial and ethnic patterns have taken on distinctly regional dimensions o In America, minorities will soon be the majority o Social trends on exam will be asked in an example sense Chapter 6 Consumer Decision Process 1. Need recognition 2. Information search 3. Alternative evaluation 4. Purchase 5. Post purchase Rule of thumb for making decision—Decision Heuristic o Mental Shortcuts: Price—Brand—Product Presentation Risk Questions o Factors Affecting Consumers’ Search Process Change between evaluative criteria and determinant attributes o Evaluative Criteria—Everything that a customer could evaluate o Determinant Attributes—What a specific customer cares about o Will be an application question on test!! Factors Influencing the Consumer Decision Process o Psychological Factors: Motives o Psychological Factors: Attitudes Affective (feel)—Way a consumer feels about object Behavioral (do)—Involves the person’s intentions to do something with regard to an object Cognitive (think)—Beliefs a consumer has about an object o Psychological Factors: Perception*** Perception of reality is the consumer’s actual reality about a product! o Learning and Lifestyle Learning affects both attitudes and personality Lifestyle involves decisions in spending time and money o Social Factors: Reference Groups associated with the product Family Friends Coworkers Famous people o Social Factors: Culture impacts the way people buy
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