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Exam 1 Study Guide

by: Taylor Gaunt

Exam 1 Study Guide 3832

Marketplace > East Carolina University > Marketing > 3832 > Exam 1 Study Guide
Taylor Gaunt

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Study Guide for Exam 1
Marketing Management
Susan DelVecchio
Study Guide
marketing management
50 ?




Popular in Marketing Management

Popular in Marketing

This 4 page Study Guide was uploaded by Taylor Gaunt on Sunday February 7, 2016. The Study Guide belongs to 3832 at East Carolina University taught by Susan DelVecchio in Winter 2016. Since its upload, it has received 73 views. For similar materials see Marketing Management in Marketing at East Carolina University.


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Date Created: 02/07/16
Marketing Study Guide Exam 1 Chapter 1 1. Marketing definition a. Activity/set of institutions Processes for creating/communicating/delivering/exchanging offerings that contain value for customers/clients/partners/society b. Adaptive process in society/organization of collaborating to communication/create/provide/sustain value for customers through exchange relationships 2. Production orientation/sales orientation – what are they/how do they differ from marketing definition a. Production – make the best/technological/superior product = consumers will come to you i. What can we make? ii. Field of dream orientation 1. If you build it, they will come 2. Doesn’t consider if what is produced meets market needs iii. Internal capabilities of the firm iv. Cost per product = low v. Sell at affordable price vi. Make a lot for low price b. Selling – persuade consumers of superiority of product and then they will buy i. How can we persuade consumer/buyers ii. Big quantity DOES NOT mean big profit iii. Aggressive sales techniques and belief that high sales = high profit iv. Marketing = selling things/collecting v. Disregards market needs/consumer demand c. MARKETING IS THE MOST POPULAR STRATEGY d. Production/selling era is not marketing oriented Chapter 7 1. Marketing to business a. Marketing of goods/services to individuals/organizations for purposes other than personal consumption 2. Major categories of business customers a. Producers i. OEMs b. Resellers i. Wholesalers ii. retailers c. Governments i. Federal/state d. Institutions i. Schools ii. Churches 3. What are the different types of buying situations (different from chapter 6) a. New buy i. Requires the purchase of a product for the first time b. Modified rebuy i. The purchaser wants some change in the original good/service c. Straight rebuy i. The purchaser reorders the same goods/services w/o looking for new info/investigating other suppliers 4. Buying center a. People in an organization who become involved in purchase decision b. # of people involved varies with each purchase decision c. Do not appear on formal organization charts Chapter 9 1. What determines the method you choose a. Which research questions must be answered? b. How/when will data be gathered? c. How will data be analyzed? 2. Steps of marketing research process a. Define problem b. Plan/design primary data c. Specify sampling procedure d. Collect data e. Analyze data f. Prepare/present report g. Follow up 3. Marketing research a. Process of planning/collecting/analyzing data relevant to a marketing decision 4. Primary/secondary – disadvantages/advantages a. Primary i. Info collected for first time ii. Used for solving particular problem under investigation 1. Advantages a. Answers specific research question b. Current data c. Source of data = known d. Confidentiality maintained 2. Disadvantages a. Expensive b. Time consuming c. Requires knowledge of design/planning b. Secondary i. Advantages 1. Saves time/money 2. Determines direction for primary 3. Pinpoints kinds of people to approach 4. Basis of comparison for other data ii. Disadvantages 1. May not give adequate detailed info 2. May not target research problem 3. Quality/accuracy of data may pose a problem 5. Types of questions – structure – disadvantages/advantages a. Questionnaire design – clear/concise, no ambiguous language, avoid leading questions/two questions in one i. Open ended 1. Encourages an answer phrased in respondent’s own words ii. Closed ended 1. Asks the responded to make a selection from limited list of responses iii. Scaled response 1. Measure intensity of respondent’s answer (closed) 6. How do you gather data? – disadvantages/advantages a. Survey i. Most popular technique (primary data) ii. Interacts w/ people to obtain facts/opinions/attitudes b. Observation research i. Relies on 1. People watching people 2. People watching activity 3. Machines watching people 4. Machines watching an activity c. Virtual shopping i. Advantages 1. Creates environment w/ realistic level of complexity/variety 2. Allows quick set up/altering of tests 3. Cheap 4. Flexible d. Experiments – used by researchers to gather primary data e. Focus groups i. Personal interviewing ii. 7-10 people gathered in a meeting place iii. Provides group dynamics w/ responses = richer info than individual interviews iv. Online advantages 1. Better participation rates 2. Cost effective 3. Broad geographic scope 4. Accessibility f. Internet surveys i. Advantages 1. Rapid development 2. Real time reporting 3. Reduced costs 4. Personalized questions/data 5. Improved respondent participation 6. Contact with the hard to reach g. 7. Random vs non random sampling which one is more expensive – disadvantage/advantages a. Probability i. Every element in population has a known statistical likelihood of being selected ii. Statistical rules can be used to ensure that the sample represents population iii. Random 1. Every element of the population has an = chance of being selected b. Non probability samples i. Little or no attempt is made to get a representative cross- section of population ii. Convenience sample 1. Using respondent who are convenient or readily accessible to researcher


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