New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here



Exam1StudyGuide.pdf MKT 201

Marketplace > University of Miami > Business > MKT 201 > Exam1StudyGuide pdf
Smita Kulkarni

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

I create this study guide based on the topics of Exam 1.
Smita Kulkarni
Study Guide
50 ?





Popular in Business

This 6 page Study Guide was uploaded by YALIN ZHANG on Sunday February 15, 2015. The Study Guide belongs to MKT 201 at University of Miami taught by Smita Kulkarni in Spring2015. Since its upload, it has received 179 views. For similar materials see FOUNDATIONS OF MARKETING in Business at University of Miami.

Similar to MKT 201 at UM


Reviews for Exam1StudyGuide.pdf


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 02/15/15
MARKETING IMPORTANT CONCEPTS EXAM 1 Chapters 1 2 5 10 8 and 6 It is important to read the chapters from the textbook The power points will help you recall the ow of discussions in the class Please focus on the understanding of the concepts Chapter 1 Overview of Marketing 0 Understanding what is marketing and its definition Marketing is an organizational function and a set of processes for creating capturing communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders 0 Core Aspects of Marketing Marketing helps create value occurs in many settings can be performed by both individuals and organizations requires product price place and promotion decisions entails an exchange is about satisfying customer needs and wants 0 Marketing Mix 4Ps Promotion Products Place Price 0 ProductionOriented Era Sales Oriented Era Marketing Oriented Era and Value Based Marketing Era a Production Era believed a good product would sell itself Salesoriented era People depended on heavy doses of personal selling and advertising c Marketoriented era Manufacturers and retailers focused on what customers wanted and needed before they designed products and services d Valuebased marketing era People have gone beyond a production or selling orientation and attempted to discover and satisfy their customers needs and wants 0 What is Value Based Marketing Understand Value 0 creation Have an example to support Value re ects the relationship of benefits to costs or what your get for what you give Value based marketing approach focuses on the getting the customer to understand the performance of the product and the price tag attached Value Cocreation Value cocreation is when customers act as collaborators to create the product 0 Why is Marketing important It expands the firm s global presence It is entrepreneurial It is pervasive across the marketing channel members It enriches society 909799 Chapter 2 Developing Marketing Strategies and a Marketing Plan 0 What does a marketing strategy identify 1 A firm target market 2 A related marketing mix its four P s 3 The bases on which the firm decides to plans to build a sustainable competitive advantage 0 What is Sustainable Competitive Advantage and why does a company need it It is an advantage that a firm has over the competition that is not easily copied and thus can be maintained over a period of time 0 Four strategies to create and deliver value and develop sustainable competitive advantage Locational Excellence Operational Excellence Product Excellence Consumer Excellence 0 Steps in the marketing plan What are Planning Implementation and Control Phase 1 Planning Phase Design the plan a Mission b SituationSWOT Analysis SWOT strengths weaknessInternal opportunity threats External 2 Implementation Phase Execute the plan a STP Analysis STP Segmentation Targeting Positioning l Segmentation Segmentdivide the market into groups using different criteria age gender ethnicity income Region 2 Targeting Evaluating different segments and selecting profitable segments 3 Positioning Communication to gain a favorable image in the market 4 Financial Revenue Sales Profits 5 Marketing Market share brand perception customer life time value ROI 6 4p s 3 Control Phase reviewing the plan amp its execution a Financial b Marketing 0 You should be able to brie y describe the five different steps in the marketing plan Step 1 Business Mission amp Objectives Step 2 SWOT analysis Step 3 Identify Opportunities Step 4 Implement Marketing Mix Step 5 Evaluate performance using marketing metrics Material with reference to Portfolio Analysis and Growth Strategies is not on the Exam Chapter 5 Analyzing the Marketing Environment 0 Know what is marketing environment microimmediate environment and macro environment 1 Immediate Environment Micro Environment a Company b Corporate partners colloborations c Competition a Know strengths and weaknesses b Proactive rather than reactive strategy d Costumer 2 Macro Environment 99793 d Economic Technology Political legal DemographicsSeniors Baby Boomers Gen X Gen Y and Tweenshave a general understanding about them Income Education 6 f Culture Social Trends health and wellness concerns privacy concerns For both a amp b it is sufficient to study what they mean and the role they play so that you can explain brie y in the exam and also identify which force is relevant in a certain example Chapter 10 Marketing Research and Information Systems 9 a b C d e What is a Marketing Research what does it consist of and what are the advantages a Marketing Research Data collecting Recording Analyzing Interpreting Decision Making Advantages l 2 3 4 5 b Advantages Defining the objectives and research needs To help products to be successful To understand what costumers like Identify opportunities in the marketplace Market research helps you plan ahead Steps in the Marketing Research Process Know the 5 steps Defining the objectives and research needs Designing the research Type of data Type of research Data collection Process Analyzing data and developing Converting data into information to explain predict andor evaluate a particular situation Action Plan and implementation Executive Summary Body Conclusions Limitations Supplements including tables figures appendices What are secondary data and primary data SECONDARY DATA Pieces of info already collected from other sources and usually readily available 1 Inexpensive External Secondary Data 2 Syndicated External Secondary Data 3 Internal Secondary Data Data Warehouses Data Mining PRIMARY DATA Data collected to address speci c research needs Qualitative Research Quantitative Research Observation Social Media Indepth Interviews Focus Groups 3 Survey Panel based researchgroups of consumer surveys or sales receipts Scanner based research Experiments 0 Advantages and Disadvantages of Seenndarv and Primarv Research Ji t U l ir i iirtiil it iii an El Census data El Saves time in collecting El Mfay not be precisely relevant to 39 in rm ti n n El sales mVO39CeS databecause they are El lnfcdrmzticdn meaey ot be timely El Internet information readily available El Sources may not be original and 39 39 th f f 39 39 1 Books 539 Free or 39 expen 39ve a Mil o fi ii f2iii39f2tln39 a ia E Journa articles except for syndicated may not be appropriate D S t d d t data El Data sources may be biased yn Ica e a a Primary Cl 0 ti 39 El 8 ecific to the 05 y Research 3 Observed consumer ir mediate El Time consuming behaViOr El Re uires more El data needs and to IC at 039 El ocus group mtervnews hand p sophisticated El urve s 39 39 D E El Offers behavroral D quot3mm and Xper39ments insights experience to desrgn El generally not available D tUtdy and Cone from a a El secondary research 0 Sources of Secondary Data 1 Government sources such as the US Census Bureau 2 Corporate filings such as annual reports to the US Securities and Exchange Commission SEC 3 Trade business and professional associations 4 Media including broadcast print and Internet 0 Know the terms Syndicated Data Scanner Data Panel Data Data Warehouses and Data Mining 1 Syndicated Data This is the data that is available for a fee from commercial research firms 2 Scanner Data Quantitative research that uses data obtained from scanned reading of UPC codes at checkout counters 3 Panel Data Panel Data is information from a group of consumers Records of purchase and questions create Panel data 4 Data Warehouses Large computer files of data 5 Data Mining Use of a variety of statistical tools to uncover previously unknown patterns in the data 0 What is Qualitative Research and Quantitative Research Qualitative get the better understanding about the topic and interest 1 Observation indepth interviews focus groups social media Quantitative validate your findingsevidences 1 Experiments customers who worked with you for a period survey scanner bar code many times product be purchased panelsprovide free food free service to collect the data from them 0 Qualitative and Quantitative Research ToolsTechniques available for data collection observation focus groups indepth interviews social media experiments survey scanner and panel 1 Qualitative Research i Observation Personal video ii Social Media Twitter Facebook Blogs iii Indepth interview One on one interaction iv Focus group Group discussion with 812 customers 2 Quantitative Research a Survey Use of questionnaire Panel or Work with groups of consumers regularly Experimental Research Design experiments to determine effects of variables Scanner Research Track consumer purchase records and analyze for patterns mumps Have some examples that explain how marketing research helped decision making in companies Chapter 8 Global Marketing 0 Definition of Globalization Globalization refers to the processes by which goods services capital people information and ideas flow across national borders 0 Choosing a Global Entry Strategy Exporting Franchising Strategic Alliance Joint Venture and Direct Investment a Exporting It means producing goods in one country and selling them in another b Franchising It is a contractual agreement between a firm the franchisor and another firm or individual the franchisee c Strategic Alliance It refers to collaborative relationships between independent firms though the partnering firms do not create an equity partnership no investment in one another d J 0th Venture It is formed when a firm entering a new market pools its resources with those of a local firm to form a new company in which ownership control and profits are shared e Direct Investment It requires a firm to maintain 100 percent ownership of its plants operations facilities and offices in a foreign country often through the formation of wholly owned subsidiaries Page numbers 233245 and 249 257 from the hard copy of the book are not on the exam Chapter 6 Consumer Behavior 0 Study the consumer decision process We will determine the depth of this topic on Friday a Need recognition 1 Functional needs 2 Psychological Needs b Information search 1 Internal search for information 2 External search for information c Alternative Evaluation 1 Evaluative criteria 2 Determinant Attributes d Purchase 1 Purchase 2 Consumption e Post purchase customer satisfaction


Buy Material

Are you sure you want to buy this material for

50 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Kyle Maynard Purdue

"When you're taking detailed notes and trying to help everyone else out in the class, it really helps you learn and understand the I made $280 on my first study guide!"

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.