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MKTG3832 Marketing Management- Part 2 Exam Study Guide

by: Karlie

MKTG3832 Marketing Management- Part 2 Exam Study Guide MKTG3832

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Study guide to Part 2 Exam covering chapters 6-9 referencing: Lamb, C. W., Hair, J. F., & McDaniel, C. (n.d.). MKTG9 (9th ed.). Cengage Learning.
Marketing Management
Study Guide
Marketing, business, Management
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This 9 page Study Guide was uploaded by Karlie on Sunday February 21, 2016. The Study Guide belongs to MKTG3832 at East Carolina University taught by in Spring 2016. Since its upload, it has received 353 views. For similar materials see Marketing Management in Marketing at East Carolina University.


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Date Created: 02/21/16
MKTG 3832: Marketing Management  Part 2 Study Guide  Chapter Six­ Consumer Decision Making Why marketing managers should understand consumer behavior  Consumer behavior explains: o How consumers make purchase decisions o How consumers use and dispose of product  Can help marketing managers adapt the marketing mix to influence consumer  purchasing decisions Analyze the components of the consumer decision­making process  Represents a general five­step process that moves the consumer from recognition  of a need to the evaluation of a purchase decision  Guideline for studying how consumers make decisions  Consumer decisions may not proceed in order through all the processes, and in  fact, may end at any time without a purchase decision Step 1: Need Recognition  Result of an imbalance between actual and desired states  “Need Recognition” is triggered when a consumer is exposed to either an internal  or an external stimulus o Defined as any unit of input affecting one of more of the five senses: sight, smell, taste, touch, hearing  Understanding Needs and Wants o The correct good or service may not be produced if marketers don't  understand the target markets needs o To understand needs it is easy to view them as job statements or outcome  statements o Marketers selling their products in global markets must observe the needs  and wants of consumers in various regions Step2: Information Search  Internal Information Search­ recall information in memory, including prior  experience or prior knowledge about a product  External Information Search­ seek information in outside environment, including  personal and public references, advertisements, and publicity o Non marketing controlled sources include personal experience, personal  sources and public sources o Marketing controlled information is biased towards a specific product  because it originates with marketers promoting that product with sources  including mass­media advertising, sales promotion, salespeople, product  labels and packaging, and the Internet  Step 3: Evaluation of Alternatives  The Information Search should yield a group of brands, or evoked set, which are  the consumer’s preferred alternatives. From this set, consumers will further  evaluate the alternatives and make a choice.   o Evoked set­ group of brands, resulting from an information search, from  which a buyer can choose  Analyze product attributes  Use cutoff criteria  Rank attributes by importance Step 4: Purchase  Ultimately, the consumer has to decide whether to buy or not to buy o Whether to buy o When to buy o What to buy (product type and brand) o When to buy (type of retailer, specific retailer, online or in store) o How to pay Step 5: Post purchase Behavior  When buying products, consumers expect certain outcomes form the purchase  Influences by pre­purchase expectations, the pre­purchase information search, and the consumers’ general level of self­confidence  Identify the types of consumer buying decisions and discuss the significance of  consumer involvement   Routine Response Behavior  Limited Decision Making  Extensive Decision Making Higher involvement decisions  Usually include extensive information search   Thorough evaluation of alternatives Lower involvement decisions  Characterized by brand loyalty and lack of personal identification with the  product  Identify and understand the cultural factors that affect consumer­buying decisions Culture   Essential character of a society that distinguishes it form other cultural groups  Can be divided into subcultures on the basis of demographic characteristics,  geographic regions, national and ethnic background, political beliefs, and  religious beliefs  o Values o Language o Myths o Customs o Rituals o Laws o Artifacts or products  Identify and understand the social factors that affect consumer­buying decisions  Reference groups­ consumers seek out others opinions for guidance on new  products or services   Opinion leaders­ “ “  Family­ children tend to shop in similar patterns as their parents Identify and understand the individual factors that affect consumer­buying  decisions   Gender  Age and family life cycle stage  Personality, self concept and lifestyle  Identify and understand the psychological factors that affect consumer­buying  decisions  Perception  Motivation  Learning  Values  Beliefs  Attitudes Chapter Seven Describe business marketing  Provides goods and services that are bought for use in business rather than for  personal consumption  Intended use, not physical characteristics, distinguishes a business product from a  consumer product  Describe the role of the Internet in business marketing  The Internet has made business markets more competitive than ever  Businesses are integrating content marketing into their B­to­B marketing  campaigns   Marketers use social media to create awareness and build relationships and  community  Web­based tools help B­to­B marketers generate more valuable leads and pull  customers into their Web sites o Awareness o Engagement o Conversion Discuss the role of relationship marketing and strategic alliances in business  marketing Relationship marketing  Entails seeking and establishing long­term alliances or partnerships with  customers Strategic alliance­ cooperative agreement between business firms  Used to leverage what firms do well by partnering with others that have  complementary skills Identify the four major categories of business market customers  Producer markets­ consist of for­profit individuals and organizations that buy  products to use in producing other products, as components of other products, or  in facilitating business operations  Reseller markets­ consist of wholesalers and retailers that buy finished products to resell for profit   Government markets­ include federal, state, county, and city government that buy  goods and services to support their own operations and serve the needs and  citizens  Institutional markets­ consist of very diverse nonbusiness institutions whose main goals do not include profit  Explain the North American Industry Classification System  Provides a way to identify, analyze, segment, and target business and government  markets  Organizations can be identified and compared by a numeric code indicating  business sector, subsector, industry group, industry, and industry subdivision  Valuable tool for analyzing, segmenting, and targeting business markets Explain the major differences between business and consumer markets Business Markets Consumer markets  Demand is derived, inelastic, joint,   Purchase volume is much slower and fluctuating   Customers are more and less   Purchase volume is much larger  geographically concentrated  Customers are fewer and more   Distribution channels are less direct geographically concentrated   Buying is approached more   Distribution channels are more  casually direct  Less people are involved in the   Buying is approached more  buying process  formally using professional   Negotiation is less complex purchasing agents   Reciprocity and leasing are less   More people are involved in the  complex buying process  Selling strategy in business markets  Negotiation is more complex normally focus on advertising   Reciprocity and leasing are more  common  Selling strategy in business markets normally focus on personal contact Describe the seven types of business goods and services 1. Major equipment­ capital goods such as heavy machinery  2. Accessory equipment­ typically less expensive and shorter lived than major  equipment  3. Raw materials­ extractive or agricultural products that have not been processed 4. Component parts­ finished or near finished items to be used as parts of other  products 5. Processed materials­ used to manufacture other products 6. Supplies­ consumable and not used as part of a final product 7. Business services­ intangible products that many companies use in their  operations Discuss the unique aspects of business buying behavior  Buying is normally undertaken by a buying center consisting of many people who range widely in authority level  Business buyers typically evaluate alternative products and suppliers based on  quality, service, and price­in that order  Business buying falls into the three general categories: o New buys o Modified rebuys o Straight rebuys  Ethics of business buyers and sellers are often scrutinized  Customer service before, during, and after the sale plays a big role in business  purchase decisions Chapter Eight Describe the characteristics of markets and market segments  Market  Individuals or organizations with the ability and willingness to make purchases to  fulfill their needs or wants Market Segment  Group of individuals or organizations with similar product needs as a result of one or more common characteristics Explain the importance of market segmentation  Segmentation is a crucial marketing strategy for nearly all successful  organizations  Enables marketers to tailor marketing mixes to meet the needs of particular  population segments  Helps marketers identify consumer needs and preferences, areas of declining  demand, and new marketing opportunities  Discuss the criteria for successful market segmentation  A market segment must be substantial and have enough potential customers to be  viable  A market segment must be identifiable and measurable   Members of a market segment must be accessible to marketing efforts  A market segment must respond to particular marketing efforts in a way that  distinguishes it from other segments Describe the bases commonly used to segment consumer markets  Geographic segmentation­ based on region, size, density, and climate  characteristics   Demographic segmentation­ based on age, gender, income level, ethnicity, and  family life cycle characteristics   Psychographic segmentation­ includes personality, motives, and lifestyle  characteristics  Benefits sought­ type of segmentation that identifies customers according to the  benefits they seek in a product  Usage segmentation­ divides the market by the amount of product purchased or  consumed  Describe the bases for segmenting business markets  Based on company characteristics o Customers’ geographic location o Type of company o Company size o Product use  Based on the buying processes those customers use List the steps involved in segmenting markets 1. Selecting a market or product category for study 2. Choosing a basis or bases for segmenting the market 3. Selecting segmentation descriptors  4. Profiling and evaluating segments 5. Selecting target markets  6. Designing, implementing, and maintaining appropriate marketing mixes Discuss alternative strategies for selecting target markets   Undifferentiated targeting­ assumes all members of a market have similar needs  that can be met with a single marketing mix   Concentrated targeting­ focuses all marketing efforts on a single market segment  Multi­segment targeting­ strategy that uses two or more marketing mixes to target two or more market segments Explain how CRM can be used as a targeting tool CRM relies on four things to be successful 1. Personalization 2. Time savings 3. Loyalty 4. Technology Explain how and why firms implement positioning strategies and how product  differentiation plays a role  Positioning   Used to influence consumer perceptions of a particular brand, product line, or  organization in relation to competitors  Product differentiation  Used to establish a unique position, emphasizing the real or perceived differences  between competing offerings  Products may be differentiated on the basis of attribute, price, and quality, use or  application, product user, product class, competitor, or emotion Chapter Nine Define marketing research and explain its importance to marketing decision­ making Market research­ a process of collecting and analyzing fata for the purpose of solving  specific marketing problems, used to:  Improve the decision­making process  Trace problems  Serve customers  Gauge the value of goods and services  Measure customer service efforts  Describe the steps involved in conducting a marketing research project 1. The researcher and the decision maker must agree on a problem statement or set  of research objectives 2. Researcher creates an overall research design to specify how primary data will be  gathered and analyzed  3. Before collecting the data, the researcher decides whether the group to be  interviewed will be a probability or nonprobability sample 4. The researcher analyzes the data collected using statistical analysis 5. The researcher than prepares and presents oral and written reports, with  conclusions and recommendations, to management 6. The researcher determines whether the recommendations were implemented and  what could have been done to make the project more successful Discuss the profound impact of the Internet on marketing research  Internet has simplified the secondary data search process  Internet surveys are surging in popularity, can be created rapidly, are reported in  real time, are relatively inexpensive, and are easily personalized   Researchers use the Internet to contact respondents who are difficult to reach by  other means  Used to conduct focus groups,   Used to distribute research proposals and reports  Facilitates collaboration between the client and the research supplier Describe the growing importance of mobile research  Mobile surveys are designed to fit into the brief cracks of time that open up when  a person waits for a plane, is early for an appointment, commutes to work on a  train, or stands in a line   Mobile research provides immediate feedback when a consumer makes a decision to purchase, consumes a product, or experiences some form of promotion Discuss the growing importance of scanner­based research  Enables marketers to monitor a market panel’s exposure and reaction to such  variables as advertising, coupons, store displays, packaging, and price  Marketers gain useful insight into sales and marketing strategies  Explain when marketing research should be conducted   Depends on managers perceptions of marketing information’s quality, price and  timing  Research should be undertaken only when the expected value of the information  is greater than the cost of obtaining it Explain the concept of competitive intelligence   By helping managers assess their competition and vendors, leads to fewer  surprises  CI is part of a sound marketing strategy  Helps companies respond to competitive threats  Helps reduce unnecessary costs Citations Lamb, C. W., Hair, J. F., & McDaniel, C. (n.d.). MKTG9 (9th ed.). Cengage Learning.


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