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MKTG 3310 Exam 3 Study Guide

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by: Melissa Cooey

MKTG 3310 Exam 3 Study Guide MKTG 3310-001

Marketplace > Auburn University > Business > MKTG 3310-001 > MKTG 3310 Exam 3 Study Guide
Melissa Cooey

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Study guide for Exam 3 that's on Feb. 25. Keep in mind that we haven't been over chapter 5 in class, so I used the book and the powerpoint to answer the questions as best I could.
Jeremy Wolter
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This 8 page Study Guide was uploaded by Melissa Cooey on Monday February 22, 2016. The Study Guide belongs to MKTG 3310-001 at Auburn University taught by Jeremy Wolter in Spring 2016. Since its upload, it has received 699 views. For similar materials see PRINCIPLES OF MARKETING in Business at Auburn University.


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Date Created: 02/22/16
Tuesday, February 23, y MKTG 3310 Exam 3 Study Guide Chapter 4 - Segmentation ­ Segmentation ­ separating prospective customers into smaller groups based on  common needs and/or response to marketing actions. ­ The Long Tail ­ the firms that specifically sell products to small markets. ­ The long tail is enabled by: ­ breaking free of the constraints of physical space. ­ finding ways to talk to market segments economically.  ­ new distribution systems ­ Majority of the potential revenue comes from the tail, because there are so many companies that market in the long tail. ­ Natural Monopoly ­ if you’re working in the long tail, you’re most likely sharing   customers with the head of the market, because your customers are probably  heavy buyers that buy out of all areas of the market. ­ Double Jeopardy ­ because the long tail sells less known and used materials, the  customers are comparing the products to the products sold by the head, and they  are usually less satisfied. ­ Product Market ­ a market with very similar needs and sellers offering various close  substitute ways of satisfying those needs. ­ Generic approaches for segmenting product markets: ­ 1. Single target market ­ segmenting the market and picking one of the  homogenous segments as the firm’s target market. ­ 2. Multiple target markets ­ segmenting the market and choosing two or more  segments, and then treating each as a separate target market needing a  different marketing mix. 1 Tuesday, February 23, y ­ 3. Combiner ­ combining two or more submarkets into one larger target market s  a basis for one strategy. ­ Criteria in creating segments: ­ 1. Homogenous (similar) within the segment ­ the customers in the same segment  should be as similar as possible with respect to their likely responses to marketing  mix variables and their segmenting dimensions. ­ 2. Heterogenous (different) within the segment ­ the customers in different  segments should be as different as possible with respect to their likely responses  to marketing mix variables and their segmenting dimensions. ­ 3. Substantial (profitable) ­ the segment should be big enough to be profitable. ­ 4. Operational ( segmenting variables should be useful) ­ the segmenting  dimensions should be useful for identifying customers and deciding on marketing  mix variables. ­ Segmentation Variables: ­ Geographic ­ region, city size, statistical area ­ companies use this one the most. ­ Demographic­ gender, age, marital status ­  ­ Psychographic ­ personality, needs, values ­ companies use the least. ­ Behavioral ­ usage rate ­ generally, the best variable for predicting future behavior, is Behavioral, because  the easiest way to predict future behavior, is to look at past behavior. ­ Pareto Principle ­ 80% of your results come from 20% of your inputs. 80% of  your revenue comes from 20% of your customers. ­ Share of Wallet ­ Percentage of customer’s category/industry spending that they spend with a company. ­ Qualifying Dimensions ­ those relevant to including a customer type in a  product­market.  2 Tuesday, February 23, y ­ Determining Dimensions ­ those that actually affect the customer’s purchase of a specific product or brand in a product­market. Chapter 6 - Marketing information/Research ­ The goal of most marketing research is to uncover unique (and actionable) customer  (and market) insight. ­ 4 Step Approach to Marketing Research: ­ 1. Define the Problem ­ 2. Develop the Plan ­ 3. Collect and Analyze the Data ­ 4. Interpret and Report ­ 3 Types of Marketing Research: ­ 1. Exploratory Research ­ exploring and trying to find the problem. ­ 2. Descriptive Research ­ describing the problem and how to tackle it. ­ 3. Causal Research ­ figuring out why this is happening, and what is causing it. ­ The difference in Correlation and Causation is that causation is what causes  something, however, correlation is how things co­vary over time. Correlating things  don't cause each other, but they can be used to predict the other. ­ The problem with correlation, is that sometimes the things that co­vary could have  absolutely nothing to do with each other, it’s just a coincidence. So if you’re using  them to predict each other, it might not be beneficial at all. ­ However, correlation might be great for helping predict something. If the things are  connected with each other, correlation could predict future activity. 3 Tuesday, February 23, y ­ Primary Data and Secondary Data: ­ Primary ­ data you recently collect yourself for the specific purpose at hand. ­ Secondary ­ data that has already been collected at an earlier time for another  purpose, and is being stored. ­ Primary data typically provides more accurate data. ­ Secondary data can usually be obtained quicker, and at a lower cost than primary  data. It is also the data a company starts with. ­ Primary Data research approaches and contact methods: ­ Research approaches:  ­ observational ­ involves getting primary data by observing relevant people,  actions, and situations. ­ survey ­ the most widely used method for primary data collection, gathers  data by asking people direct questions about their knowledge, attitudes,  preferences, and buying behavior. ­ panels and experiments ­ best suited for gathering causal information.  Involve selecting matched groups of subjects, giving them different treatments, controlling unrelated factors, and checking for all differences in group  responses. ­ IT and data mining ­ Contact methods: ­ mail ­ telephone ­ personal ­ online 4 Tuesday, February 23, y ­ Sampling ­ taking a few people randomly out of the population for marketing  research to represent the population as a whole. ­ 2 problems with sampling: ­ 1. Bias ­ this can be overcome by doing random sampling. ­ 2. Margin of Error (MOE) ­ can be overcome by taking a larger sample. The  bigger sample size = smaller MOE. Chapter 5 - Buyer Behavior ­ 2 frameworks that can be used to understand how consumers’ decision processes  are influenced:   1. Purchase Decisions Process   ­ Need recognition ­ recognize a problem or need ­ Information search ­ external vs internal ­ Alternative evaluation ­ look at different options from different brands and decide  on one. ­ Purchase  decision ­ from  whom and when? ­ Post purchase ­  satisfaction and  buyer’s remorse   2. Goal Formation   ­ the stages for  goal setting are: 5 Tuesday, February 23, y ­ Goal intention ­ what do I strive for? ­ Action planning ­ how can I achieve my goal? ­ Action and control ­ am I making progress? ­ Goal success ­ The goal hierarchy: ­ Factors that affect consumer behavior: ­ Cultural ­ culture ­ subculture ­ social class ­ Social ­ groups and social networks ­ family 6 Tuesday, February 23, y ­ roles and status ­ Psychological ­ age and life­cycle stage ­ economic situation ­ lifestyle ­ personality and self­concept ­ Personal  ­ motivation ­ perception ­ the process by which a person filters information (selective). ­ learning ­ beliefs and attitudes ­ Maslow’s Hierarchy ­ self­concept ­ how a consumer sees and feels about him/herself. ­ actual self­concept ­ how the buyer actually is. ­ ideal self­concept ­ the customer’s preceptor of who they’d really like to be. ­ Generally, actual self­concept is used the most in marketing. 7 Tuesday, February 23, y ­ attitude ­ a person’s relatively consistent evaluations, feelings, and tendencies  toward an object or idea. ­ Attitudes are difficult to change. ­ using something that a consumer likes a lot to convince them to change their  attitude is an option. ­ Organization purchasing is more prevalent with GEP, and consumer purchasing is  more prevalent with GDP. ­ Organizational purchases are similar, but different to consumer purchases.  Organizational purchases are typically larger, more formalized, involve more people,  are more relational, emphasize service more than consumer purchases, and are  more complex overall. ­ Is organizational purchasing purely rational? No, because people are involved. ­ 3 types of buying situations for an organization: ­ 1. Straight re­buy ­ the buyer re­orders something without any modifications.  Routine basis.  ­ 2. Modified re­buy ­ the buyer wants to modify product specifications, prices,  terms, or suppliers. ­ 3. New task ­ a company buying a product or service for the first time. 8


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