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ASU / Marketing / MKTG 390 / What is weber's law?

What is weber's law?

What is weber's law?

Description

School: Arizona State University
Department: Marketing
Course: Essentials of Marketing
Professor: Scott cowley
Term: Summer 2016
Tags:
Cost: 50
Name: Exam 1 Study Guide MKT390 ASU
Description: exam 1 study guide, mkt390, ASU, professor Scott Cowley
Uploaded: 05/29/2016
13 Pages 63 Views 3 Unlocks
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MKT 390 Exam 1 


What is weber's law?



Study Guide

Modules 1-4

Module 1: 

∙ Marketing- organizational function and collection of processes designed to plan for,  create, communicate and deliver value to customers and to build effective customer  relationships in ways that benefit the organization and its stakeholders.  

∙ Marketing Mix definitions- product, price, promotion, place (distribution)

∙ Concept of Exchange- at least 2 parties, something of value, communication and  delivery, freedom to accept or reject, desire to deal with the other party

∙ Demographics vs. Psychographics- similarities vs. differences, demographics are  necessary but not always sufficient to make connections

∙ Marketing Concept- a consumer-oriented philosophy that suggests that satisfaction of consumer needs provides the focus for product development and marketing strategy  to enable the firm to meet its own goals. Value-> customer relationships-> customer  loyalty


What is focus strategy example?



∙ Marketing Management Philosophies- We also discuss several other topics like What later empires ruled mesopotamia?

∙ Market Orientation- focus on satisfying customer needs and wants  Don't forget about the age old question of How do plants control viral diseases?

Module 2: 

∙ Marketing Environment- Macro environment: Economy, Political, Technology, Social Micro: Consumers, Competitors, and Suppliers

 Social Changes- Values- achievement/success, efficiency/convenience, material comfort,  individualism, freedom, youthfulness, fitness and health


What does selling a standardized product in global markets imply?



We also discuss several other topics like Pick the term consumer culture apart- what does it mean to be a consumer?

Changing trends in households- delayed marriage, cohabitation, dual career, families,  divorce, and smaller families.

Component households- practice of choosing foods and services that meets ones diverse  needs and interests rather than conforming to a single, traditional lifestyle

Changing roles of women-63% women in the work force, female population growing faster,  longer life expectancy

o Competition

o Generic competition- anything that competes for same consumer  disposable dollars We also discuss several other topics like What is ischiopubic ramus?

o Form competition- product that serves the same purpose example:  transportation

o Industry competition- competitors who make the same products or class of  products but at very different price points

o Brand competition- offer similar products to the same customers at similar  prices  We also discuss several other topics like What is the second largest reservoir in the hydrosphere, and where is it located?

o Consumers

∙ Porter’s Five Forces

∙ STP

Segmenting- divides market based on needs/benefits, demographics, lifestyles, and behavioral measures We also discuss several other topics like What is delocalized e?

Demographic segmentation- gender, age, income, family size, family life cycle,  occupation, ethnicity

Psychographic segmentation- values, lifestyle, personality, activities, interests,  opinions… AIO

Behavioral segmentation- amount of product bought or consumed 20% 80% rule Needs segmentation- process of grouping customers into a market according to the  benefits they seek from the product

Targeting- select most appropriate markets

Positioning- placement of a product or service offering in the minds of selected  target market

Unique selling proposition- why should they buy from me? What does the brand stand for? For whom am I trying to serve?

o Bases of Segmentation- markets have a variety of product needs and  preferences, marketers can better define customers needs, decision makers  can define objectives and allocate resources more accurately, one word;  competitive advantage

Targeting Strategies

Undifferentiated- views the market as one big market with no segments and requires a single marketing mix

Differentiated- 2 or more defined segments and develops a distinct marketing mix for each

Niche- 1 segment of a market for targeting marketing efforts

Micro- 1-to-1 marketing, individualized, increased customer loyalties

Positioning

Perceptual Maps- displaying or graphing, in two or more dimensions, the location of  products, brand or groups of products in customers’ minds  

Repositioning- changing consumers’ perceptions of a brand in relation to competing brands

Weber’s Law- stronger the initial stimulus, the greater the added intensity needed to  perceive a difference

∙ Strategic Market Plan- managerial process of creating and maintaining a fit between  the organization’s objectives and resources and evolving market opportunities Provides basic direction, determines general product and market scope, long range  and broad in scope

o SWOT analysis- or situational analysis, an element of the strategic market  plan  

o BCG Matrix

o Market Strategy Focus

∙ Competitive Advantage- set of unique features of a company and its products that  are perceived by the target market as significant and superior to the competition o Types- cost, product/service differentiation, niche

o Positional Strategies- market leader, market challenger, market follower,  market nicher

∙ Strategic Opportunity Matrix

∙ Consolidation Strategies- retrenchment: Coca-Cola severely reduces the advertising  budget and distribution for vanilla coke

pruning: home depot discontinues its EXPO stores  

divesting: eBay sells off Skype

∙ Balanced Scorecard

∙ Sections of a Marketing Plan- Executive summary- written with senior leadership as  primary audience… goals, recommendations

Company description, purpose, goals- historical info on business and products and  the company’s core competencies and reason for existence

Marketing situation- customers, competitors, product portfolio, distribution channels,  marketing environment

Forecasting- anticipated outcome if marketing objectives are met

Marketing strategy- target market, positioning, marketing mix

Measurement and control- how to monitor progress toward meeting objectives… financial factors, non-financial factors

Consumer Culture- sum total of learned beliefs, values, and customs that serve to  direct the consumer behavior of members of a particular society

o Environmental consumers

lohas- 19%- lifestyles of heal and sustainability- dedicated to the health of  themselves and the plan… ultra environmentalist

 Naturalists- 19%- buy natural and organic products but to not go to the same  extreme as LOHAS

drifters- 25%- mean well but are price sensitive and trendy with regard too the products they buy

Conventionalists- 19% practical and do not have an active “green” lifestyle.  They recycle and conserve energy though.  

Unconcerned- 17% do not make protecting the environment or improving  society a priority  

o Acculturation/enculturation/reverse acculturation

o Regulatory bodies

CPSC- consumer product safety commission- product safety

FCC- federal communications commission- broadcast advertising

Icc- interstate commerce commission- distribution channels

Epa- environmental protection agency- product manufacturing

FDA- food and drug administration= product safety

o Corporate social responsibility- concern for how a company’s actions  might affect the interest of others

o Sustainability- idea that socially responsible companies will outperform their  peers by focusing on the worlds social problems and viewing them as  opportunities to build profits and help the world at the same time

o Ethical Development levels

More childlike preconventional morality

Conventional morality

More Mature postconventional morality

∙ Business-to-business Marketing

o Types of business demand

Derived

Inelastic

Joint

Fluctuating

o Business vs. Consumer markets

o Buying situations

Straight rebuy- original product is reordered (less involvement)

Modified rebuy- changes are desired in the original product

New task- product is purchased for the first time (more involvement)

∙ Global market standardization

∙ Entering the global marketplace – export, licensing, contract manufacturing, joint  venture, direct investment  

Module 3: 

∙ 5-Step Decision-Making Process

1) Need recognition

2) Information search

3) Evaluation of alternatives

4) Purchase

5) Post purchase behavior

o Consumer decision strategies – make sure you can tell me which choice is  made with each of the three different decision models, given a chart similar to our Four Vacation Choice chart

o Cognitive Dissonance- discomfort caused by a purchase decision- low  satisfaction, product returns

∙ Factors Influencing Purchase

o Social- family, culture, gender roles, social class, group, global, subculture o Reference groups- direct- primary (fam, friends, co-workers), secondary (clubs, professional and religious groups)

Indirect- aspirational and non-aspirational

o Personal influences –  

o Lifestyle- external characteristics- activities, interests, opinions

o Personality- internal characteristics; dogmatism? Self-monitoring? Need for  cognition?

o Innovativeness? Materialism? Compulsive consumption?

o Psychological – motivation, attitudes/beliefs, perception, learning o Situational- context, digital environment, time, purchase environment  

∙ Theory of Reasoned Action

o Beliefs- represent the knowledge a consumer has about objects, their  attributes and their benefits provided

Attitudes- consistent response toward an object, amount of affect or feeling  for or against stimulus

Cognitive- guide our thoughts

Affective- influence our feelings

Conative- affects our actions

o Central-route- high motivation

Peripheral-route processing- low motivation

o Internal/external components

o Formulation of TORA (BI = Aact + SN)

Act= attitude toward the act

Sn- influence of others opinions (subjective norms)

B= behavior

BI= intentions to behave

∙ Consumer Insight- consumer insight is perceived meanings of data collected from the study of consumer behavior  

Marketing research- the acquisition and analysis of information used to identify and  define marketing opportunities that connect consumers to marketers

∙ Marketing research process

1. Define the problem

2. Design the research

3. Conduct the research

4. Analyze the data

5. Address the problem

o Secondary vs. Primary data

Secondary- info previously collected… census data, Internet sources Primary- info collected first hand specific to your purpose… surveys,  interviews, and experiments

o Exploratory- why do consumers purchase brand x?

o Descriptive- how often do consumers shop for groceries and where? o Explanatory- what happens if we increase price?

o Measurement scales

o Closed-ended questions- dichotomous- t/f or yes/no, multiple choice, scaled  response- likert scale, semantic differential scale, importance and rating  scales

o Sampling plans

o Reliability/validity/representativeness

o Marketing information systems

o BDI and CDI – here are sample problems that will be similar to those on the  exam (remember, no calculators as this isn’t a math test):

o Q1. Let's say that there are 50 finance majors in my class of 250 students. I've found that my class drinks 100 bottles of Fiji water a week and that 40 of  those bottles are consumed by finance majors. What's the BDI for Fiji and  finance majors?

o Q2. There are 60,000 undergrads at ASU, of these 15,000 are seniors. These  60,000 students purchased 100,000 boxes of cereal last month and 25,000  boxes of cereal were purchased by seniors. What's the CDI (same thing as  BDI, just for a product category instead of a brand) for cereal purchased by  seniors?

o The answers are on the last page – don’t look until you’ve completed the  problems!

Module 4: 

∙ Branding, brand elements

o Elements of Brands- brand names, slogans, websites, characters, logos,  color scheme

Choice criteria- memorable, likability, meaningful, transferable, adaptable,  protectable

o Role of brands- identify the maker, create barriers to entry, serve as  competitive advantage, signify quality  

∙ Brand equity

o Brand equity benefits (consumers)- search cost reducer, signal of quality,  risk reducer, symbolic device  

o Brand equity benefits (companies)- source of competitive advantage,  predictability and security of demand, barriers to entry, financial returns o Intangible value- name vs. assets

o Brand equity models (especially BAV and Interbrand models) brand  asset valuator: differentiation, relevance, esteem, knowledge

∙ Brand personality

o Branding strategies

o Functions of packaging- contain and protect, promote, facilitate storage, use  and convenience, facilitate recycling

o Labeling- persuasive: focuses on promo theme, consumer info is secondary o Informational labeling- helps make proper selections, lowers cognitive  dissonance, includes use/care

BDI/CDI Answers:

Q1. BDI = (percent this group consumes/percent of the population that this group is)  x 100. Numerator is the percent consumes, denominator is the percent the group  represents of the entire population.

50 Finance majors out of 250 students puts finance majors at 20% of the students. They consume 40/100, so they consume 40% of the Fiji water in my class. (40% of all consumption/20% of the population) x 100 = 200. The BDI for finance majors at Fiji

water is 200, which is quite high. This means finance majors drink twice the amount  of Fiji water that they are expected to drink.

Q2. 15,000 Seniors out of 60,000 students, puts seniors at 25% of the undergrads. They consume 25,000 out of 100,000 total consumed boxes of cereal which is also  25%. (25% actual consumption / 25% of the population) x 100 puts the CDI of  Seniors and Cereal boxes at exactly 100. This means that seniors consume exactly  the expected amount of cereal boxes.

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