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NIU / Engineering / MKTG 310 / What are the types of buying power?

What are the types of buying power?

What are the types of buying power?

Description

Marketing 310 Exam 2


In marketing, what are the types of buying?



Ch. 4

• Decision making

o Habitual – no thinking involved

o Extended – deliberation into decision

• Process – marketers have an impact on all of these

1. Process recognition

2. Info search

3. Alternative evaluation

a. Attribute based choice – system 2, effort

b. Affective choice – immediate emotional response

c. Attitude based choice – general attitudes toward product

4. Outlet selection and purchase

5. Post purchase process

• Purchases

o Reminder

o Impulse


Marketers have an impact on what?



o Unplanned

o Mobile payment

o Stockouts

• Decision making sequence  

1. Identify need

2. Collect info

3. Weigh value

4. Choice set If you want to learn more check out Why is the fossil record incomplete?

5. Make decision

6. Compare

• Thinking

o System 1 – automatic, nonconscious

o System 2 – effortful, slow, controlled thinking

• Influences

o Cultural

▪ Consumption subculture – belonging to a group of shared use of products  and services

o Individual – personality, lifestyle


What are the types of new products?



o Psychological – perception, attitudes, selective distortion, selective retention o Situational We also discuss several other topics like How many characteristics of science are there?

• Types of buying

o New buy

o Straight rebuy

o Modified rebuy

• Vocab

o Cognitive dissonance – post purchase tension

o Consumer behavior – social science, study of individuals or group and the ways  they select, secure, use, and dispose of products  

o Stimulus - any unit of input affecting one of the senses

o Derived demand – demand for product due to demand for another o Original equipment manufacturer – producer whose products are used as  components in another firm’s products

Ch. 5

• Marketing research – organizational activity that links the consumer, customer, and  public to the marketer, through information

• Four P’s

1. Product - crowdsourcing

2. Price – demand analysis

3. Place – sales forecasting

4. Promotion – advertising effectiveness sales tracking

• Needs ???? data ???? analysis

• Marketing information system – people aimed at supplying marketing needs • Decision support system – software allowing timely use of info that the company  collects Don't forget about the age old question of What is the function of critical thinking?
Don't forget about the age old question of What are byproducts?

• Predictive modeling – past behavior to predict future

• Machine learning – making predictions based on data

• Marketing research

1. Define problem

2. Develop plan

3. Collect data (Panel – group collection)

4. Analyze data - Determines what market means, not what it says We also discuss several other topics like Intentionalism is the idea that a literary work should be what?
Don't forget about the age old question of What is the function of nucleic acids?

5. Present results

6. Take action

• Research types

o Exploratory – new info, qualitative, internal

o Causal – relationships, quantitative, external

o Descriptive – what, where, where, how; quantitative, external and qualitative,  internal

• Sampling  

o Probability – everyone in target population has a chance to be chosen o Simple random

o Nonprobability

o Quota – chooses participants based on selection criteria

o Snowball – selection based on referral

• Neuromarketing  

o Eye tracking

o Facial coding

• Greenwashing – telling public the company is greener than it really is • Psych influences

o Perception

o Motivation

o Learning

o Beliefs and attitudes

• Crowdsourcing – using consumers to develop and market a product

Ch. 6 – product development

• Today’s products are better because…

o Transportation

o Mass production

o Electronic communication

• Types of new products

o New to the market

▪ Disruptive technologies

▪ Never before seen

▪ High risk

o New category

▪ New to company, not market

▪ Less risky

▪ Need to differentiate self

o Product line extension

▪ Brand known

o Revamped product

• Issues today

o Product proliferation

o Burden of choice – too many choices

o Crowdsourcing – too many opinions

o Need speed

• New product stages

1. Strategy development

2. Idea generation – external and internal

3. Idea screening

4. Business analysis

5. Development

6. Test marketing

7. Launch

• Sequential new product development – product has to move in stages and clear  hurdles to move onto next stage

• Concurrent new product development – teams work on different parts at the time,  overlapping production and cutting time & costs

• Planned obsolescence – when companies frequently launch new models of prodcuts  that makes their existing models obsolete

• Product adoption stages

1. Awareness

2. Interest

3. Evaluation

4. Trial

5. Adoption (diffusion)

a. Innovators

b. Early adopters

c. Early majority

d. Late majority

e. Laggards  

• Product characteristics

o Competitive advantage

o Compatibility

o Observability

o Complexity

o Trialability

• PLC Curve

o High learning

o Low learning

o Fad

o Fashion

Ch. 13

• Creating consistency

o Accessible

o Visible

o Useful

• Zero moment of truth (ZMOT) – first step of action to learning about a product (google) • First MOT – first seeing moment (shelf)

• Second MOT – first time experiencing

• Search engine marketing – paid attention

• Search engine optimization – organic attention

• Content marketing – is valuable, relevant, consistent

• Types of media

o Owned - company wrote  

o Earned – reviews  

o Paid – bought ads

• Wireframing – where you put things on the website page; visual framework • Digital marketing – websites, email, search engines, social media

• Mobile computing – allows transmission of data, voice, and video through device • Website usability

o Learnability

o Efficiency

o Memorability

o Errors

o Satisfaction

• Social media purpose

o Brand visibility

o Engagement

o Conversation

o Advocacy

o Locations of consumers

• Call To Action

1. Replace generic wording

2. Add visual cues

3. Write in first person (“Sign me up for my trial” instead of “Sign up for your trial”) • Content marketing – expert, user, brand

• Streisand effect – everything stays somewhere on the web

• Geofencing – using sensors to send messages to phones nearby

• Sentiment analysis – opinion mining

Ch. 15

• Brand – name, term, symbol that identifies and differentiates a firms products o Loyalty

o Recognition

o Image – where brand stands in consumers’ minds

o Equity – value the firm derives from consumers’ positive perception of its products ▪ Increases ability to succeed in competition

▪ Expansion to new markets

▪ Positive perceptions

• Measuring equity

o Qualitative  

1. Free association – what comes to mind when you think of google?

2. Projective techniques – what kind of car would Microsoft be?

o Quantitative

1. Brand recognition – have you seen this before?

2. Recall – what do you think of when you hear pizza?

• Successful brand

o Provides value

o Consistent image

o Consistent message

o Gets feedback

• Brand asset valuator

1. Differentiation

2. Relevance

3. Esteem

4. Knowledge

• Customer lifetime value (CLV) – amount a customer spends on a brand o Avg. value of sale x # of repeats x avg. retention time

• Branding strategies

o Cobrand

o Revitalize (rebrand)

o Extension (avoid cannibalization)

Extra Questions  

- Different reference groups

- Consumer decision making process.

- What is search-engine marketing?

- What is the difference between internal and external searches? - What is a decision support system?

- Big Data  

- Marketing Information System?

- Have a very solid understanding of the marketing research process. - Primary and secondary data pros and cons

- And mobile marketing research?

- B2B vs B2C

- What Panel Data?

- What is PLC?

- What are Website Wireframes used for?

- What is mobile computing?

- What is the relationship between search engines and marketing? - What is crowdsourcing? And kickstarter?

- Is there a difference between brand equity and co-branding? - Have a solid understanding of “Engagement”

- Be familiar with lifestyle marketing.

- Understand the different kinds of “new” products

- Product line extension vs new-to-the-world product

- Stages of the Product Life Cycle

- What is an undifferentiated firm left to compete on?

- What senses could be used as a consumer purchase stimulus?

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