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USC / Marketing / MKT 350 / marketing 350 exam 1

marketing 350 exam 1

marketing 350 exam 1

Description

School: University of South Carolina
Department: Marketing
Course: Principles of Marketing
Professor: Courtney worsham
Term: Fall 2016
Tags: Marketing
Cost: 50
Name: MKTG 350 Exam 2 Study Guide
Description: marketing 350 exam 2 study guide worsham
Uploaded: 10/03/2016
5 Pages 9 Views 8 Unlocks
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MKTG 350 Test 2 Study Guide 


What is B2B marketing?



60 multiple choice questions – Thursday, October,6 2016

Remember to bring your ID

No phones, bookbags, translators  

Chapter 7 

B2B marketing: process of buying and selling goods or services to be used in the production of other goods  and services for consumption by the buying organization and/or resale by wholesalers and retailers. Characteristics of B2B buying: involves manufacturers, selling to wholesalers, who sell products to retailers. Tend to be more complex than B2C and involve multiple members or the buying and selling organization.  Derived demand: the linkage between consumers’ demand for a company’s output and its purchase of  necessary inputs to manufacture or assemble that particular output. We also discuss several other topics like utd ap

Manufacturers, resellers, institutional, government buyers

Manufacturers: buy raw materials, components or parts and manufacture own goods Resellers: marketing intermediaries that resell manufactured products without alterations Can be wholesalers, distributors, and retailers


What is the Characteristics of B2B buying?



Institutional: hospitals, schools, educational/religious organizations purchase goods as well Government: government purchases

NAICS – and how to use it: North American Industry Classification System: a 6 digit code used to identify types  of businesses

Stages in B2B buying:  Don't forget about the age old question of mus 125 unlv

1) Need recognition: recognize unfulfilled need

a. Sources can be internal or external

b. Suppliers, competitors, and salespeople can contribute to needs

2) Product specification: considering solutions, start to develop proposal If you want to learn more check out biol 3130 textbook notes

3) RFP: Request for Proposals: invite vendors or suppliers to bid

4) Proposal Analysis, Vendor Negotiation, and Selection: evaluate all proposals, negotiate, choose  best offer

5) Order Specification: places order with supplier  

6) Vendor Performance Assessment Using Metrics: analyze vendor performance to make decision  about future purchase


What is NAICS?



Exhibit: different roles in buying center Don't forget about the age old question of arth 72 sjsu

6 roles in buying center:

Initiator: person who first suggests buying product

Influencer: person whose views influence other members in final decision

Decider: person who ultimately decides

Buyer: person who handles paperwork of purchase Don't forget about the age old question of postcanine megadontia

User: person who uses product

Gatekeeper: person who controls information or access to decision makers and influencers

Exhibit: types of organizational culture We also discuss several other topics like rpi math

4 types

Democratic: majority rules after vote

Consultative: one person makes decision but receives input from others

Consensus: everyone has to agree

Autocratic: one person makes decision

Exhibit: 3 type of organizational buying-new buy, modified rebuy, straight rebuy

New buy: customer purchases good for first time, so buying decision is very involved Modified rebuy: buyer has purchased similar product in the past but wants to change some  specifications

Straight rebuy: buyer simply buys additional units of product that has been previously purchased

Chapter 8 

Globalization aka. Off-shoring – know different types of off-shoring

Globalization: the process by which goods, services, capital, people, information, and ideas flow across  national borders

Off-shoring: manufacturing items in other countries

Production offshoring

IT-enabled services offshoring

Innovation offshoring

WTO – major function

World Trade Organization: regulates international trade and sets rules, helps negotiate trade  agreements

Exhibit: components of a country market assessment

Economic analysis using metrics: general economic environment, market size and population growth,  real income

Infrastructure and technology: transportation, channels, communication, commerce Sociocultural analysis: power distance, uncertainty avoidance, individualism, masculinity, time  orientation

Government action: tariff, quota, exchange control (regulation of currency exchange rate), trade  agreement

GDP: Gross Domestic Product, market value of goods and services produced within a year GNI: Gross National Income, GDP + net income from investment abroad

HDI: Human Development Index, measure of life expectancy, education, per capita income, used to rank  countries

Marketing size and population growth – where, quickly/slowly, increase/decrease Developing nations are experiencing more growth while developed countries are experiencing slow or  zero growth. Countries with the highest purchasing power today may become less attractive in the future for products and services due to slow growth. BRIC countries show more potential. BRIC: Brazil, Russia, India,  China

Long supply chains are necessary to reach rural populations in less developed countries and add to  product cost. Population is moving towards more urban areas in developing countries to meet demands of  industry. This is accompanied by growth in middle class.  

4 key elements of infrastructure & technological capabilities

Transportation: trains, roads, refrigeration

Distribution channels: need to deliver products in time with reasonable cost

Communications: media access needs to be developed enough for consumers to find information  about the products  

Commerce: commercial infrastructure such as legal, banking, and regulatory systems

Tariffs: tax levied on a good imported into the country; intended to make foreign goods more expensive Quotas: minimum or maximum quantity of a good that can be imported during a specific time period  Dumping: when manufacturers export a product to another country at a price below the price in home market  or below the cost of production

Countertrade: trading goods and services for other goods and services instead of exchanging currency  Trading bloc: intergovernmental agreement designed to manage and promote trade activities for a specific  region and a trading bloc consists of the countries that have signed the agreement (EU, NAFTA, CAFTA)

Cultural dimensions (Hofstede’s cultural dimensions concept)

Power Distance: willingness to accept social inequality as natural

Uncertainty Avoidance: extent to which society relies on orderliness, structure to address situations Individualism: perceived obligation to and dependence on groups

Masculinity: extent to which dominant values are male oriented  

Time Orientation: short term versus long term time orientation

Indulgence: extent to which society allows for gratification of fun and enjoyment

Global entry strategies – understand risk and level of control in each

Export: producing goods in one country and selling them in another, least financial risk, only allows for  limited return for the firm

Franchising: contractual agreement between firm (franchisor) and another firm (franchisee). Limited  control over operations in foreign country, potential profit reduced due to split with franchisee, threat that  franchisee will break away and operate under another name

Strategic Alliance: collaborative relationships between firms, do not invest in each other. Rely on each other for skills or training etc. Still develop own market infrastructure.  

Joint Venture: firm entering a market pools its resources with a local firm. Ownership, control, and  profit are also shared.  

Direct Investment: a firm maintains 100% ownership or its plants, operation facilities, and offices in a foreign country. Highest level of investment and risk. No profits have to be shared and have complete control  of operations in foreign country.  

Global communication strategies

Varying literacy levels

Media availability varies

Different advertising regulations

Cultural and religious differences

Language barrier

Chapter 9 

Exhibit: Undifferentiated, differentiated, concentrated, and micromarketing strategies Undifferentiated: mass marketing, focuses on similarities of customer needs, used for basic  commodities

Differentiated: target several market segments with a different offering for each. Can obtain bigger  share of the market and increase market for products overall.  

Concentrated: select single primary target market, focuses all energy on providing a product to fit the  market’s needs. Ie: entrepreneurial start ups

Micromarketing: one to one marketing, product made to exact specifications of customer

Methods for describing segments (be able to recognize and apply all of the bases of segmentation) Geographic: grouped based on where consumers live (region, zip code, city)

Demographic: age, gender, income, education grouping  

Psychographic: how consumers describe themselves. Psychographicsstudies how people understand  self-values (goals for life), self-concept (image people have ideally of themselves), and lifestyles (way we live) Widely used tool for psychographic analysis is VALS framework

Benefits: groups consumers based on the benefits they derive from products

Behavioral: divides consumers into groups based on how they use the product

Occasion: based on when a product is purchased or consumer

Loyalty: investing in loyalty and retention initiatives to retain profitable customers

Geodemographic: combination of 2 methods

Exhibit: Evaluating segment attractiveness  

Identifiable: firms need to identify who within the market can design the product to meet needs, are the segments unique

Substantial: measure sizes of markets

Reachable: market needs to be accessed, consumer needs to know about product

Responsive: customers need to react positively to product  

Profitable: will the segment be profitable now and in the future

Selecting target markets: use a SWOT analysis, decide on targeting strategy (undifferentiated, micro  marketing, concentrated, differentiated)  

STP: segmentation, targeting, positioning

Positioning strategy:

Value: relationship of price to quality

Salient attributes: focus on attributes most important to target market

Symbol: well-known symbol for the product

Competition: position product against a competitor  

Repositioning: change the positioning strategy or come at the target market in a different way

Chapter 10 

Systematic nature of research: marketing research is a set of techniques and principles for systematically  collecting, recording, analyzing, and interpreting data that can aid decision makers in marketing goods,  services, or ideas

1. Defining the objectives and research needs

2. Designing the research

3. Collecting the data

4. Analyzing Data and Developing Insights

5. Developing and implementing action plan

Data warehouse & internal secondary data: a data warehouse stores millions of pieces of individual data in  large computer files. Internal secondary data such as purchase history and customer information are internal  secondary data

Data mining: using statistical analysis tools to uncover unknown patterns in the data or relationships among  variables  

Primary vs. secondary data – advantages and disadvantages of each

Primary: data collected to address specific research needs. Can be costly but are tailored specifically to  the research. ie: focus groups, in-depth interviews, surveys

Secondary: data that already exists. Inexpensive to use but may not be useful because not customized to the research. Can be internal (data warehouse) or external (Syndicated, scanner, panel).  

Exhibit– all 8 types of exploratory and conclusive research

Qualitative:

Observation

In-depth interviews

Focus groups

Social media

Quantitative:

Experiments

Scanner

Survey

Panel

Questionnaire design and issues associated with it

Unstructured question: open ended and can respond in own words

Structured question: closed ended and provide choices or specific answers to choose from The questions cannot be misleading, open to misinterpretation, or address more than one issue,  should have vocabulary appropriate for survey audience. Questions should start out more general then lead to  more specific. Avoid questions that cannot be answered accurately, avoid sensitive subjects, avoid leading  questions, avoid double-barreled questions (referring to more than 1 issue), avoid questions that present only  one side of the argument

Errors in international research (lecture only)

Companies may select a domestic agency for international research

Rigidly standardizing methods across countries

Interviewing in English around the world

Inappropriate sampling techniques

Failing to communicate with local researchers

Lack of consideration of language

Misinterpreting data across countries

Failing to understand international researcher preferences

Experimental research: quantitative research that manipulates one or more variables to determine which  variables have a causal effect on other variables

Panel research: a group of respondents who take part in a number of market research sessions or projects  over a period of time

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