Marketing 101 Midterm Exam
Marketing 101 Midterm Exam MKT 301
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Popular in Marketing
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One Day of Notes
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One Day of Notes
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This 11 page Study Guide was uploaded by Natalie Land on Saturday February 6, 2016. The Study Guide belongs to MKT 301 at University of Miami taught by Howard Marmostein in Summer 2015. Since its upload, it has received 313 views. For similar materials see Marketing in Marketing at University of Miami.
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Date Created: 02/06/16
Studyguide for Exam 1: Marketing 301 Discussion topics • Dollar Shave Club Video: the video is a guy talking about subscription with dollar shave club, and he goes into different examples of how you can use the shaver, he says even a toddler can use it or roger Federer etc o Good marketing strategy because it uses examples specific ones that relate to the people • Four Step Process in making good ethical decisions o Identify the issue: § The way data is collected for example, are the respondents told about the real purpose of the study § Another issue could be whether the results will be used in a way that might mislead or even harm the public like selling info to a firm to use to solicited respondents o Gather information and identify stakeholders § Gathering facts that are important to the ethical issue such as relevant legal information § Must identify all individual and groups that have a stake in how the issue is resolved § Stakeholders are the firm’s employees, retired employees, suppliers o Brainstorm alternatives § Alternative course of action § For example, in the example you could make the responses to the study anonymous o Choose a course of action § Weigh the alternatives and choose a course that generates the best solution for the stakeholders using ethical practices § Investigate potential legal issues with each alternative • Marketing Ethics vs Social Responsibility of Business o Marketing ethics is: employees should act in ethically responsible manner in general o Socially responsible: means going above and beyond the norms of corporate ethical behavior § Firm’s employees may conduct activities in ethical manner but the firm may not be socially responsible because its activities have little or no impact on anyone other than its stake holders • Customers, employees, and stockholders o Ethical and socially responsible: both ethical and socially responsible o Unethical but socially responsible: questionable firm practices but donates a lot to the community o Ethical and socially irresponsible: ethical firm not involved with larger community o Unethical and socially irresponsible: neither ethical nor socially responsible • Red Mango Case o Co creation: in yogurt places where you serve yourself: why is this a good idea? Because it makes it more fun, consumer has control § Going quickly however is risky • Not right location or maybe the personnel • Ie: starbucks has three hundred stores but how can you control so many stores § What went wrong at red mango? • Who was the target market: younger people from 12 to 32 and it was all promotion through social media, maybe it had to be other ways • There target market was wrong because older people are the ones who care more about nutrition and health not the younger kids • Outback Steakhouse Case o Outback didn’t succeed because of the cute Australian advertising but because they focused on one type of dining only dinner so it was more premium and unique o Exclusive, high quality, more concentration, dinner only which meant greater perceived value, what you give is what you get, the experience is good, the food is fresher so higher quality • Integrated Marketing Mix o Represents the promotion p of the four Ps. It encompasses a variety of communication disciplines: advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing o Marketers use this to communicate a value proposition: the unique value that a product or service provides and how it is better than and different from those of competitors o Product: attempt to develop products and services that customers perceive as valuable enough to buy o Place: make product or service readily accessible when and where the customer wants it o Price: charge a price that customers perceive as giving them a good value for the product they receive o Promotion: advertising, personal selling, sales promotion, public relations etc to provide clarity consistency and maximum communicative impact • Concept of Interaction of Marketing Values o Negative and Positive Marketing Values • Strategy vs Tactics o Strategy: more than one element at a time, premium product and place and price, it’s the integratated marketing mix, its multi faceted, § Ie: chess it’s the all over long term aspect o Tactic: short term and small, firms respond to tactics, tactis are quick such as changing the price, and they are easier to change • Achieving the Growth Objective o Market penetration strategy: employs the existing marketing mix and focuses the firm’s efforts on existing customers § Attracting new customers to the firm’s current target market § Increased advertising § How much of existing category sales: higher share of marketing § Ie: starbucks puts more store locations o Market development § The existing marketing offering to reach new market segments whether domestic or international § Focus on your target audience and bring it to secluded area o Product Development § New product or service to a firm’s current target market § New product into existing market o Diversification § New product or service to market segment currently not served § Related diversification: the current target market shares something in common with new opportunity § Unrelated: new business lacks common elements with present business • Avon in the Amazon Video o Why did they go into the Amazon? § Growth objective: marketing task company needs to grow § Marketing strategy: look ahead five years if we don’t do anything differently where will we be? • One way is to rake existing products and find new customers § Why did avon let this video be created? • Underlying premise: see the good like many products the people have • Not all about publicity is good publicity, but it makes people hear about avon • Avon had high loyalty expectations: Renew, if you used it once you had to keep using it? • Ford Fiesta Video o The video was about what would you do with 1,000 ford fiesta cars? § They did a pre launch campaign with 100 drivers and 100 cars where the drivers had to take pictures doing missions with the cars § The target audience was young people, and social media is the best way to meet them § Social reciprocity: reciprocate for invitation so agents were invited and in return filmed more videos • Gatorade Ad o Baseball moments: ninja baseball player the girl climbing the wall to catch the ball, there is Gatorade bottle next to her feet, basically saying if you drink Gatorade youll have amazing athletic performance § The problem is that the video isn’t real, its ambiguous, people like authenticity, its unethical and in company to company its unprofitable • Calibration of Knowledge Excersize o We did an exercise on what we think we know and basically it is to show that if we are overconfident in calibration people who are 90% confident tend to be 80% correct • Decision to undertake Research o If it is something we are super aware of then marketing research isn’t always a good idea o If the expected benefit is greater than the cost to do research, then we should do the research? o Look at notes • Expected Monetary Value of Perfect Information • Demographics: the characteristics of human population and segments, especially those used to identify consumer markets o Gender, race, age, income • Psychographics: delves into how consumers describe themselves: allows people to describe themselves using characteristics that help them choose how they occupy their time o Behavior of shopping for example • Psychophysics: domain that considers how people use external environment to integrate it to their internal environment o Ie: Baker’s Law with the weights situation • Myth’s about Marketing Research • Growth Share Matrix o M • Superbowl Advertising o A lot of advertisings in one commercial of brands put together o It was good way to save money but you remember the less important brands barely at all, you just remember if you even remember the most important brands o Some were smaller companies so couldn’t pay for a commercial on their own, and getting a lot of publicity and exposure because its super bowl • Nationwide commercial o Commercial was sad, did pourly because it ruined environment of the superbowl o They could have done a happier approach • Surveys vs Experiments o Surveys: consumers say things we don’t know about, its difficult to do good survey research, but it has faulty problems too, o Exploratory research: goes before a survey is done: its qualititaive in nature Chapter 1 • •B2C (business-‐to-‐consumer), o process in which business sells to consumer • • B2B (business-‐to-‐business), o the process of buying and selling goods or services to be used in the production of other goods and services, for consumption by the buying organization • • C2C (consumer-‐to consumer), o consumers sell to other consumers • • customer relationship management (CRM), o a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among other firm’s most valued customers • • entrepreneur o a person who organizes operates and assumes the risk of a new business venture • • exchange, o the trade of things of value between the buyer and the seller so that each is better off as a result • • goods, o items that can be physically touched • • ideas, o intellectual concepts thoughs opinions and philosophies • • marketing, o an organizational function and a set of processes for creating capturing communicating and delivering value to customers and for managing customer relationships in a way that benefits the organization and its stakeholders • • marketing channel, o the set of institutions that transfer the ownership of and move goods from the point of production to the point of purchase • • marketing mix (four Ps), o produce, price, place, promotion-‐ the controllable set of activities that a firm uses to respond the wants of its target markets • • marketing plan, o a written document composed of analysis of the current marketing situation • • relational orientation, o a method of building a relationship with customers based on the philosophy that buyers and sellers should develop long term relationship • • services, o any intangible offering • • supply chain, o the group of firms that make and deliver a given set of goods and services • • value, o relationship of benefits to costs what consumer gets for what he she gives • • value co-‐creation, o customers act as collaborators with a manufacturer or retailer to create product or service Chapter 2 • control phase o the part of the strategic marketing plan process when managers evaluate the performance of the marketing strategy and take any necessary corrective actions • customer excellence, o involves a focus on retaining loyal customers and excellent customer service • diversification strategy, o A growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve • implementation phase, o the part of the strategic marketing planning process when marketing managers 1. Identify and evaluate different opportunities by engaging in segmentation, targeting, and positioning and 2. Implement the marketing mix using the four ps • location o • market development strategy, o a growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or international • market growth rate, o the annual rate of growth of the specific market in which the product competes • market penetration strategy, o A growth strategy that employs the existing marketing mix and focuses the firms efforts on existing customers • market positioning, o involves the process of defining the marketing mix variables so that target customers have a clear understanding of what the product does or represents in comparison with competing products • market segment o a group of consumers who respond similarly to a firm’s marketing efforts • market segmentation, o the process of dividing the market into groups of customers with different needs, wants, or characteristics • market share, o percentage of a market accounted for by a specific entity • marketing plan, o • marketing strategy, o a firm’s target market, marketing mix, and method of obtaining a sustainable competitive advantage • metric, o a measuring system that quantifies a trend, dynamic or characteristic • mission statement, o a broad description of a firm’s objectives and the scope of activities it plans to undertake • operational excellence, o involves a firms focus on efficient operations and excellent supply chain management • planning phase, o the part of the strategic marketing planning process when marketing executives in conjunction with other top managers define the mission or vision of the business • product development strategy, o a growth strategy that offers a new product or service to a firm’s current target market • product excellence, o involves a focus on achieving high quality products, effective branding • product line, o groups of associated items, such as those that consumers use together or think of as a a part of a group or similar products • products, o anything that is of value to a consumer and can be offered through a voluntary marketing exchange • related diversification, o a growth strategy whereby the current target market and marketing mix shares something in common with the new opportunity • relative market share, o a measure of the products strength in a particular market • situation analysis, o second step in marketing plan, uses a swot analysis that asses both the internal and external environment • STP, o Segmentatation, targeting, and positioning • strategic business unit (SBU), o a division of the firm itself that can be managed and operated somewhat independently from other divisions • sustainable competitive o something firm can do better than its competitors • target marketing/targeting, o the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market • unrelated diversification, o a growth strategy whereby a new business lacks any common elements with the present business • Chapter 3 • blog o A webpage that contains periodic posts: new form of marketing communication • Bonders o • bounce rate o the percentage of times a visitor leaves the website almost immediately, such as after viewing only one page • click paths o shows how users proceed through the information on a website • conversion rates o percentage of consumers who buy a product after viewing it • corporate blogs o a website created by a company and often used to educate customers • creators o • extended network, o • gamification o application of typical elements of game playing, to other areas of activity such as marketing • hits o a request for a file made by web browsers and search engines • influence, o the buying center participant whose views influence other members of the buying center • keyword analysis o an evaluation of what keywords people use to search on the internet for their products • microblog, o differs in size, consists of short sentences and short videos • page views, o number of times an internet page gets viewed by any visitor • personal blogs, o website written by a person who receives no products or remuneration for his or her efforts • professional blogs o website written by a person who reviews and gives recommendations on products and services , • professionals, o • sentiment analysis, o a technique that allows marketers to analyze data from social media sites to collect consumer comments about companies and their products • sharers o • social media o media content that is used for social interactions such as youtube and facebook • social reach, o a metric used to determine how many people a person influences Chapter 4 • • business ethics o branch of ethical study that examines the ethical rules and principles within commercial context • • corporate social responsibility, o voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business • • ethical climate, o the set of values within a marketing firm or in the marketing division of any firm • • locational privacy, o a person’s ability to move normally in public spaces with the expectation that his or her location will not be recorded • • marketing ethics, o those ethical problems that are specific to the domain of marketing Chapter 5 • Baby Boomers, o Generational cohort of people born after world war II • • country culture, o entails easy to spot visible nuances that are particular to a country, such as dress, and symbols • • culture, o the set of values, guiding beliefs, understandings, and ways of doing things shared by members of a society • • demographics, o information about the characteristics of himan populations and segments, especially those used to identify consumer markets • • Digital Natives, o generation Z • • foreign currency fluctuations, o changes in the value of a country’s currency relative to the currency of another country • • Generation X, o people born between 1965 and 1976 • • Generation Y, o between 1977 and 2000: millenials • • Generation Z, o 2001 and 2014, digital natives because people were born into a world of already full of electronic gadgets • • generational cohort, o • • green marketing, o strategic effort by firms to supply customers with environmentally friendly merchandise • • greenwashing, o exploiting a consumer by disingenuously marketing products or services as environmentally friendly merchandise • • inflation, o refers to the persistent increase in the prices of goods and services • • interest rates, o the cost of borrowing money • • macroenvironmental factors, o aspects of the external environment that affect company’s business • • Millennials, o generation y • • political/regulatory o political parties’ government organizations, and legislation and laws • environment, Chapter 10 • • biometric data, o digital scanning of the physiological or behavioral characteristics of individuals as a means of identification • • churn, o number of consumers who stop using a product or service, divided by the average number of consumers of that product or service • • data, o raw numbers or facts • • data mining, o use of a variety of statistical analysis tools to uncover previously unknown patterns in the data stored in data bases or relationships among variables • • data warehouses, o large computer files that store millions and even billions of pieces of individual data • • experiment, o type of conclusive and quantitative data research that manipulates one or more variables to determine which variables have a casual effect on another variable • • focus group interview, o small group of persons come together for an intensive discussion about a particular topic • • in-‐depth interview, o exploratory research technique in which trained researchers ask questions, listen to and record the answers and then pose additional questions • • information, o 0rganized, analyzed, interpreted data that offer value to marketers • • marketing research, o set of techniques and principles for systematically collecting, researching and analyzing data that can aid decision makers involved in marketing goods, services or ideas • • observation, o exploratory research method that entails examining purchase and consumption behaviors through personal or video camera scrutiny • • panel data, o information collected from a group of consumers • • primary data, o data collected to address specific research needs • • qualitative research, o informal research methods including observation • • quantitative research, o structured responses that can be statistically tested • • questionnaire, o a form that features a set of questions designed to gather information from respondents • • sample, o group of customers who represent the customer of interest in research study • • sentiment mining, o data gathered by evaluating customer comments posted through social media sites • • scanner data, o type of syndicated external secondary data • • secondary data, o pieces of information that have already been collected from other sources and usually are readily available • • structured questions, o close ended questions
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