Marketing 310 Exam 2
• 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
o Mobile payment
• Decision making sequence
1. Identify need
2. Collect info
3. Weigh value
4. Choice set
5. Make decision
o System 1 – automatic, nonconscious
o System 2 – effortful, slow, controlled thinking
▪ Consumption subculture – belonging to a group of shared use of products and services
o Individual – personality, lifestyle
o Psychological – perception, attitudes, selective distortion, selective retention o Situational
• Types of buying
o New buy
o Straight rebuy If you want to learn more check out What are the two examples of natural selection known to occur in nature?
o Modified rebuy
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 If you want to learn more check out How many characteristics of science are there?
• 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
• 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
5. Present results
6. Take action
• Research types If you want to learn more check out What is the function of critical thinking?
o Exploratory – new info, qualitative, internal
o Causal – relationships, quantitative, external
o Descriptive – what, where, where, how; quantitative, external and qualitative, internal
o Probability – everyone in target population has a chance to be chosen o Simple random
o Quota – chooses participants based on selection criteria
o Snowball – selection based on referral
o Eye tracking
o Facial coding
• Greenwashing – telling public the company is greener than it really is • Psych influences
o Beliefs and attitudes
• Crowdsourcing – using consumers to develop and market a product
Ch. 6 – product development
• Today’s products are better because…
o Mass production
o Electronic communication
• Types of new products
o New to the market If you want to learn more check out What are byproducts?
▪ 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 If you want to learn more check out Intentionalism is the idea that a literary work should be what?
We also discuss several other topics like What are the amide bonds?
2. Idea generation – external and internal
3. Idea screening
4. Business analysis
6. Test marketing
• 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
5. Adoption (diffusion)
b. Early adopters
c. Early majority
d. Late majority
• Product characteristics
o Competitive advantage
• PLC Curve
o High learning
o Low learning
• Creating consistency
• 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
• Social media purpose
o Brand visibility
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
• Brand – name, term, symbol that identifies and differentiates a firms products o Loyalty
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
1. Free association – what comes to mind when you think of google?
2. Projective techniques – what kind of car would Microsoft be?
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
• 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 Revitalize (rebrand)
o Extension (avoid cannibalization)
- 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?