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MKTG 350 Exam 2 Study Guide

by: Tulsi

MKTG 350 Exam 2 Study Guide MKTG 350 - 001

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marketing 350 exam 2 study guide worsham
Principles of Marketing
Courtney R Worsham (P)
Study Guide
50 ?




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This 5 page Study Guide was uploaded by Tulsi on Sunday October 2, 2016. The Study Guide belongs to MKTG 350 - 001 at University of South Carolina taught by Courtney R Worsham (P) in Fall 2016. Since its upload, it has received 123 views. For similar materials see Principles of Marketing in Marketing at University of South Carolina.


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Date Created: 10/02/16
MKTG350 Test2 Study Guide 60 multiple choice questions – Thursday, October,6 2016 Rememberto bringyourID No phones, bookbags, translators Chapter 7 B2Bmarketing:processof buyingand sellinggoodsorservicesto be used in the production ofothergoods and servicesforconsumption by the buyingorganization and/orresale by wholesalersand retailers. Characteristics of B2Bbuying: involvesmanufacturers, sellingto wholesalers, who sell productsto retailers. Tend to be more complexthan B2C and involve multiple membersorthe buyingand sellingorganization. Derived demand: the linkage between consumers’ demand fora company’soutput and itspurchase of necessary inputsto manufacture orassemble that particularoutput. Manufacturers, resellers, institutional,government buyers Manufacturers: buy raw materials, componentsorpartsand manufacture own goods Resellers: marketing intermediaries that resell manufactured productswithout alterations Can be wholesalers, distributors, and retailers Institutional: hospitals, schools, educational/religiousorganizationspurchase goodsaswell Government: government purchases NAICS– and how to use it: North American Industry Classification System:a 6 digit code used to identifytypes ofbusinesses Stages in B2B buying: 1) Need recognition: recognize unfulfilled need a. Sourcescan be internal orexternal b. Suppliers, competitors, and salespeople can contribute to needs 2) Productspecification: consideringsolutions, start to develop proposal 3) RFP: Requestfor Proposals: invite vendorsorsuppliersto bid 4) Proposal Analysis,Vendor Negotiation,and Selection: evaluate all proposals, negotiate, choose best offer 5) Order Specification: placesorderwith supplier 6) Vendor Performance AssessmentUsingMetrics: analyze vendor performance to make decision about future purchase Exhibit: differentroles in buyingcenter 6 roles in buyingcenter: Initiator: person who first suggests buyingproduct Influencer: person whose viewsinfluence othermembersin final decision Decider: person who ultimately decides Buyer: person who handlespaperwork ofpurchase User: person who usesproduct Gatekeeper: person who controlsinformation oraccessto decision makersand influencers Exhibit: types of organizational culture 4 types Democratic: majority rulesaftervote Consultative: one person makesdecision but receivesinput from others Consensus: everyone hasto agree Autocratic: one person makesdecision Exhibit: 3 type of organizational buying-new buy, modified rebuy,straightrebuy New buy: customerpurchasesgood for first time, so buyingdecision isvery involved Modified rebuy: buyerhaspurchased similarproduct in the past but wantsto change some specifications Straightrebuy: buyersimply buysadditional unitsofproduct that hasbeen previously purchased Chapter 8 Globalization aka.Off-shoring– know different types of off-shoring Globalization: the processby which goods, services, capital, people, information, and ideasflow across national borders Off-shoring: manufacturingitemsin othercountries Production offshoring IT-enabled servicesoffshoring Innovation offshoring WTO – major function World Trade Organization: regulatesinternational tradeand setsrules, helpsnegotiate trade agreements Exhibit: components of a countrymarketassessment Economic analysis usingmetrics: general economic environment, market size and population growth, real income Infrastructure and technology: transportation, channels, communication, commerce Sociocultural analysis: powerdistance, uncertainty avoidance, individualism, masculinity, time orientation Government action: tariff, quota, exchange control (regulation ofcurrency exchange rate), trade agreement GDP: Gross Domestic Product, market value ofgoodsand servicesproduced within a year GNI: Gross National Income, GDP+ net income from investment abroad HDI: Human Development Index, measure oflife expectancy, education, percapita income, used to rank countries Marketingsize and population growth – where,quickly/slowly,increase/decrease Developing nationsare experiencingmore growth while developed countriesare experiencingslow or zero growth. Countrieswith the highest purchasingpowertoday may become lessattractive in the future for productsand servicesdue to slow growth. BRIC countriesshow more potential. BRIC:Brazil, Russia, India, China Longsupply chainsare necessary to reach rural populationsin lessdeveloped countriesand add to product cost. Population ismovingtowardsmore urban areasin developingcountriesto meet demandsof industry. Thisisaccompanied by growth in middle class. 4 keyelements of infrastructure & technological capabilities Transportation: trains, roads, refrigeration Distribution channels: need to deliverproductsin time with reasonable cost Communications: mediaaccessneedsto be developed enough forconsumersto find information about the products Commerce: commercialinfrastructure such aslegal, banking, and regulatory systems Tariffs: taxlevied on a good imported into the country;intended to make foreign goodsmore expensive Quotas: minimum ormaximum quantity ofa good that can be imported duringa specific time period Dumping: when manufacturersexport a product to another country at a price below the price in home market orbelow the cost ofproduction Countertrade: tradinggoodsand servicesforother goodsand servicesinstead ofexchangingcurrency Tradingbloc: intergovernmental agreement designed to manage and promote trade activitiesfora specific region anda tradingbloc consistsofthe countriesthat have signed theagreement (EU, NAFTA, CAFTA) Cultural dimensions (Hofstede’s cultural dimensions concept) Power Distance: willingnessto accept social inequality asnatural Uncertainty Avoidance: extent to which society relieson orderliness, structure to address situations Individualism: perceived obligation to and dependence on groups Masculinity: extent to which dominant valuesare male oriented Time Orientation: short term versuslongterm time orientation Indulgence: extent to which society allowsforgratification offun and enjoyment Global entry strategies – understand risk and level of control in each Export: producinggoodsin one country and sellingthem in another, least financial risk, only allowsfor limited return forthe firm Franchising: contractual agreement between firm (franchisor)and anotherfirm (franchisee). Limited control overoperationsin foreign country, potential profit reduced due to split with franchisee, threat that franchisee will break away and operate underanothername Strategic Alliance: collaborative relationshipsbetween firms, do not invest in each other. Rely on each otherforskillsortrainingetc. Still develop own market infrastructure. JointVenture: firm enteringa market poolsitsresourceswith a local firm. Ownership, control, and profit are also shared. DirectInvestment: a firm maintains100% ownership or itsplants, operation facilities, and officesin a foreign country. Highest level of investment and risk. No profits have to be shared and have complete control ofoperationsin foreign country. Global communication strategies Varying literacy levels Media availability varies Different advertisingregulations Cultural and religious differences Language barrier Chapter 9 Exhibit: Undifferentiated,differentiated,concentrated,and micromarketingstrategies Undifferentiated: massmarketing, focuseson similaritiesofcustomerneeds, used forbasic commodities Differentiated: target several market segmentswith a different offeringforeach. Can obtain bigger share ofthe market and increase market forproductsoverall. Concentrated: select single primary target market, focusesall energy on providinga product to fit the market’sneeds. Ie: entrepreneurial start ups Micromarketing: one to one marketing, product made to exact specificationsofcustomer Methods for describingsegments (be able to recognize and apply all of the bases of segmentation) Geographic: grouped based on where consumerslive (region, zip code, city) Demographic: age, gender, income, education grouping Psychographic: how consumersdescribe themselves. Psychographicsstudieshow people understand self-values (goalsforlife), self-concept (image people have ideally ofthemselves), and lifestyles (way we live) Widely used tool forpsychographic analysisisVALS framework Benefits: groupsconsumersbased on the benefitsthey derive from products Behavioral: dividesconsumersinto groupsbased on how they use the product Occasion:based on when a product ispurchased orconsumer Loyalty:investingin loyalty and retention initiativesto retain profitable customers Geodemographic: combination of2 methods Exhibit: Evaluatingsegmentattractiveness Identifiable: firmsneed to identify who within the market can design the product to meet needs, are the segmentsunique Substantial: measure sizesof markets Reachable: market needs to be accessed, consumer needs to know about product Responsive: customersneed to react positively to product Profitable: will the segment be profitable now and in the future Selecting targetmarkets: use a SWOT analysis, decide on targetingstrategy (undifferentiated, micro marketing, concentrated, differentiated) STP: segmentation, targeting, positioning Positioning strategy: Value:relationship ofprice to quality Salient attributes:focuson attributesmost important to target market Symbol:well-known symbol forthe product Competition:position product against a competitor Repositioning: change the positioningstrategy orcome at the target market in a different way Chapter 10 Systematic nature of research: marketingresearch isa set oftechniquesand principlesforsystematically collecting, recording, analyzing, and interpretingdata that can aid decision makersin marketinggoods, services, orideas 1. Defining the objectives and research needs 2. Designingthe research 3. Collectingthe data 4. AnalyzingData and DevelopingInsights 5. Developingand implementingaction plan Data warehouse & internal secondarydata: a data warehouse storesmillionsofpiecesofindividual data in large computerfiles. Internal secondary data such as purchase history and customerinformationare internal secondary data Data mining: usingstatistical analysistoolsto uncoverunknown patternsin the data orrelationshipsamong variables Primaryvs.secondarydata – advantages and disadvantages of each Primary:data collected to addressspecific 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) orexternal (Syndicated, scanner, panel). Exhibit– all 8 types of exploratoryand conclusive research Qualitative: Observation In-depth interviews Focusgroups 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 choicesorspecific answersto choose from The questionscannot be misleading, open to misinterpretation, oraddressmore than one issue, should have vocabulary appropriate forsurvey audience. Questionsshould start out more general then lead to more specific. Avoid questionsthat cannot be answered accurately, avoid sensitive subjects, avoid leading questions, avoid double-barreled questions(referringto more than 1 issue), avoid questionsthat present only one side ofthe argument Errors in international research (lecture only) Companiesmay select a domestic agency forinternational research Rigidly standardizingmethodsacrosscountries Interviewingin English around the world Inappropriate samplingtechniques Failingto communicate with local researchers Lack ofconsideration oflanguage Misinterpretingdata acrosscountries Failingto understand international researcherpreferences Experimental research: quantitative research that manipulates one or more variables to determine which variableshave a causal effect on othervariables Panel research: a group ofrespondents who take part in a numberofmarket research sessionsorprojects overa period of time


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