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

MKT 465 Chapter 1 exam notes

by: Hannah Hicks

MKT 465 Chapter 1 exam notes MKT 465

Marketplace > Marshall University > Marketing > MKT 465 > MKT 465 Chapter 1 exam notes
Hannah Hicks

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

study guide for exam
Marketing Management
Erik Bushey
Study Guide
50 ?




Popular in Marketing Management

Popular in Marketing

This 3 page Study Guide was uploaded by Hannah Hicks on Thursday September 22, 2016. The Study Guide belongs to MKT 465 at Marshall University taught by Erik Bushey in Fall 2016. Since its upload, it has received 16 views. For similar materials see Marketing Management in Marketing at Marshall University.


Reviews for MKT 465 Chapter 1 exam notes


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: 09/22/16
MKT 465- Exam 1 Study Guide Chapter 1  Peter Drucker- not a business, but business. o “Valid definition of business purpose: to create a customer…” o Profit and success are outcomes of creating customers  Developing Marketing Strategy to Create Customers o Understanding the markets (customers and competitors), organization establish objectives. These are the outcomes they hope to achieve through the application of resources and typically include market outcomes (sales), financial metrics (ROI) and measure knowledge/ awareness.  Marketing analysis <-> objectives and assumptions -> Strategic decisions -> strategy implementation -> outcomes (which goes back to marketing analysis through Organizational learning and buyer learning) o Marketing Analysis  The foundation of a successful competitive strategy is a deep and holistic understanding of buyers, their motivation, what they value, and how they choose.  Buyers do not always know what they want. Knowing requires: data, time, expertise and experience. o Buyer Goals (hopes and dreams)  Buyers seek value on at least 3 dimensions: emotional, functional, and economic.  Emotional goals are higher order goals such as self image, power, control, and affiliation. Pursued over time. Can change over time.  Functional and economical- lower hierarchy, do not exist independently, less complex, shorter time. o Creating Value, Focusing Resources, and Competitive Positioning  Focal goal= loosing weight  Competitive marketing strategies propose solutions to buyer problems – they propose means for buyers to achieve their goals.  Successful strategies create unique solutions for the most important problems buyers confront.  Although all buyers have goals, different buyers seek solutions to different problems.  These differences create market segments, which create a fundamental challenge for competitive strategy.  Once a firm has decided where it will focus its resources to solve a consumer problem, the next key decision is selecting the competitive positioning (unique value offered to customer).  From the buyers’ perspective, the competitive positioning is a value proposition, an articulation of the unique solution the firm will offer to solve the target buyers’ problems.  Crafting a value proposition requires identifying the various alternatives that buyers consider as solutions to their problems.  Each of these solutions shares aspects in common, called points of parity, and they offer unique aspects of value, called points of difference. o Implementation  By focusing resources, firms multiply the impact of those resources.  The value proposition acts like a score for a symphony, focusing the efforts of the firm to the selected markets, target segments, and a unique competitive position. o Consumer Learning and Competition  Buyers in the target segment are confronted with a range of value propositions, each proposing a solution to a certain problem. o The Evolution of Buyer Learning  Extensive problem solving- actively seek and process such information  Buyer behavior in such a situation= limited problem solving  Routine Problem Solving= buying becomes more practiced o Market Stability: Type of buyer Knowledge  Categories  Number of alternatives = 3-5  Perceptions  Thoughts, feeling, and images  Preferences  Form judgements based on experience  Choice  Based on goals, preference, alternatives from perception  Strategies for Decision Making (Table 1.2)  Compensatory, Lexiographic, Satisficing, Elimination by aspect, Phased decision rules. o The Market Paradigm: The Rules of the Competitive Game  The knowledge that consumers acquire, and the social consensus that emerges from it, defines market paradigm.  ^This is a well developed understanding on the part of buyers about how to achieve their goals and includes the set of brands buyers consider, the dimensions on which they are judged, the value they attach to perceived similarities and differences, and the logistics they develop for choosing among them given their goals.  Understanding Competitive Dynamics o Technological Innovation  Incremental innovations= refinement of existing technologies in an establishment direction of improvement.  Architectural innovations= subsystem or some mechanism linking. Alter the way in which subsystems relate to one another creating change.  Discontinuous change= fundamental change in a crucial subsystem of technology. Create opportunity to redefine the competitive game through the creation of NEW solutions to existing buyer problems. o Strategic Innovation


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!"

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."


"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.