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by: Morgan Christensen


Morgan Christensen

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Study Guide for Midterm 1 Covers Ch 1-7
Marketing Management
Michael J Swenson
Study Guide
50 ?




Popular in Marketing Management

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This 6 page Study Guide was uploaded by Morgan Christensen on Friday September 30, 2016. The Study Guide belongs to BUS M 241 at Brigham Young University taught by Michael J Swenson in Fall 2016. Since its upload, it has received 9 views. For similar materials see Marketing Management in Business Management at Brigham Young University.


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Date Created: 09/30/16
BUS M 241 WEEK 5: 09/30/16 EXAM 1 REVIEW (CH 1-7)  Take exam Mon-Wed, Thurs for a late fee  Know all the Quiz questions, slides, memorize frameworks (flow charts)  50 multiple choice — class slides and readings TOPIC 1 — MARKETING STRATEGY  Brand Champions — somebody who has an emotional connection to the company. “love group”; For example, they buy all things apple and yell at android people, hate Bill Gates, try to convince others to buy apple. Helps generate sales because they tell everyone about it.  Strategy o Corporate Strategy — what business? Specialization is better than generalization o Business Strategy — competition? Strengths for competing o Marketing Strategy — marketing mix?  BCG Growth Matrix Where do we put our money? ? who knows how it will do, apple watch Dog, IMAC, no one really wants a desktop anymore Cow, IPODs, not really a growing market Star, IPHONE, high growth  Marketing Philosophies o Product Orientation — all about the product. No focus on market or competitors. IKEA o Sales Orientation — aggressive sales o Market Orientation — understand and satisfy customers, company, customers, Profit o Societal Orientation — concern for environment  Know the Path to Profitability Framework CHART ***  Marketing Mix (4Ps) o Product, Price, Promotion, Place  CLV (Customer Lifetime Value) o How much will we make on the customer in their lifetime? How much do we spend on them? Worth keeping? More customers or keep the more loyal ones? o High/Low profitability vs short/long term customers CHART ** BUS M 241 WEEK 5: 09/30/16 TOPIC 2 — MARKETING ENVIRONMENT  Responding to the External Environment o Controlled Variables  Price, Product, Promotion, Place (Controlled Variables) o Uncontrollable Variables  Social — culture, demographics, generational cohorts, growing ethnic markets, changing role of family/women  Economic  Gross income — total amt that you make in one year  Disposable income — money left over after taxes for necessary things like food, housing, clothes, transportation.  Discretionary income — money left over after taxes and necessities, used for extra things like jewelry or movie tickets  Technological — new technology  Competitive  Porter’s Five Forces Model o Competitive Rivalry o Power of suppliers o Power of buyers o Threat of new entrants o Threat of substitutes (priced substitute products)  Regulatory — govt regulation (state and federal)  SWOT Analysis — (how to assess how a company will do regarding external forces) o Managerial Implications KNOW THIS CHART ***  Play to strengths (favorable and internal) — loyalty program  Moderate weaknesses (unfavorable and internal) — government bailout  Exploit opportunities (favorable and external) — global retail expansion  Minimize threats (unfavorable and external) — competition from specialty donuts and coffee TOPIC 3 — GLOBAL MARKETING  How to determine which foreign markets are most attractive? o Customer needs o Customer purchasing power o Market size o Market growth rate o Market access  Risks o Competitive o Economic o Legal o Political  Global Market-Entry Strategies BUS M 241 WEEK 5: 09/30/16 o Exporting (low risk, low return) o Licensing o Joint venture o Direct investment  Standardization vs Customization  Marketing Across Borders o Product  Global — Standardized, product efficiency  Glocal — standard platform adapted to local requirements  Multinational — customized, market suitability o Price  Dumping is bad  Selling goods at a super low cost to get another company out of business. Killing the local companies. That is illegal. Selling below the costs. TOPIC 4 — ETHICS AND SOCIAL RESPONSIBILITY  Ethics — moral principles and values governing a group/individual  AMA 3 Ethical Norms o Do no harm o Foster truth in the marketing system o Embrace ethical values  As Consumers — Dave Carroll’s broken guitar by United Airlines example  The Fraud Triangle *** o Opportunity, pressure, rationalization  Framework for Ethics o Personal Ethical Understanding o Application of Ethics to Business o Ethical Courage o Ethical Leaderships Understanding  Ethical Leadership — will swing the middle group to be honest or dishonest employees  Social Responsibility — accountable to society for your actions  Sustainability — the world’s social problems can be used as opportunities to build profits and help the world  Green Marketing — create products to minimize negative effects on the environment TOPIC 5 — MARKET RESEARCH  Market research — to support marketing decisions o often costly  causality — A causes B  correlation — A and B occur simultaneously o does not imply causality  Market Research Process BUS M 241 WEEK 5: 09/30/16 o Define Problem o Design Research Project o Collect Data  Types of Error  Sampling Error — small samples from large populations; simply increase the sampling size  Measurement Error — asking questions that have nothing to do with what you want to measure; simply ask appropriate questions  Coverage Error — when the sample population doesn’t represent the population of interest; simply screen your sample  Non-response error — obtained sample is different from the original selected sample; simply understand the differences between those who respond and those who don’t o Analyze data  Methods to Know (what is it and what does it provide for us) (8)  Cross tabs o Frequency counts o i.e. number of people prefer chocolate over vanilla frosty  Analysis of variance o Average in variability o i.e. average sales in units of cereal boxes of width and placement on shelf  Regression analysis o relationship b/w dependent and independent variables o i.e. weekend ticket sales at a ski resort or sale of hamburger buns (take into consideration weather, day of month, close to holiday, etc)  Factor analysis o Group highly correlated variables into factors, reduce data o i.e. customer attitude about store (1-up to date quality products; 2-fast and exciting for customers; 3- friendliness in store; 4-satisfaction with shopping experience)  Cluster analysis o Groups based on similarities, dividing the market  Discriminant analysis o Discriminate in categories, perceptual maps depicting brands  MaxDiff analysis o Measure the most/least important or most/least appealing to determine choice preferences  Conjoint analysis o Develop new products and identify alternate pricings o Take action  Common Research Mistakes o Blindly listening to research BUS M 241 WEEK 5: 09/30/16 o Blindly ignoring research o Bias from collecting data errors (4) TOPIC 6 — MARKETING ANALYTICS  Marketing Analytics — turning data into actionable consumer insights  Managerial Decision o Frame the research problem  Consumer Insight — gaining an accurate and deep understanding of a consumer  Big Data o Volume — large amounts of data o Velocity — fast and continuous o Variety — structured/ unstructured  Marketing Analytics Process o Data wrangling — preparation and cleansing (most time consuming part) o Data exploration — understanding the relevant parts o Data modeling — transforming it so you can get insights o Deployment and socialization — communicating the data  Effective storytelling  Know your audience  Begin with the end in mind  Recognize the core of your story CH 7: CONSUMER BEHAVIOR  Consumer behavior — consumer process to make purchase decisions and what to do with purchased goods  Consumer Behavior Model o Stimuli/ the Environment  Marketing — Product, Price, Place, promotion  Other — Economic, Technological, social, cultural, regulatory o Person / Buyer’s black box  Buyer’s characteristics  Buyer’s decision process o Response  Buying attitudes  Buying preferences  The purchase  Product/service  When  Where  How much  Consumer Behavior Process o Problem recognition o Information search BUS M 241 WEEK 5: 09/30/16 o Evaluation of alternatives o Purchase o Post-purchase evaluation  Influences of Consumer Behavior o Social — family, reference groups o Cultural — values, sub-cultures, social class o Individual — gender, age o Psychological — perception, motivation, lifestyle GOOD LUCK!!


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