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Midterm Study Guide

by: Aimee Castillon

Midterm Study Guide MBUS303

Aimee Castillon
GPA 3.61

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About this Document

Study guide for MBUS 303. I copied and pasted the Check Yourself questions in the book and answered the questions to the best of my ability. Don't forget to review the notes and articles we had to ...
Marketing in the Global Economy
Dr. Joiner
Study Guide
business, Marketing
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This 5 page Study Guide was uploaded by Aimee Castillon on Saturday February 27, 2016. The Study Guide belongs to MBUS303 at George Mason University taught by Dr. Joiner in Spring 2016. Since its upload, it has received 45 views. For similar materials see Marketing in the Global Economy in Marketing at George Mason University.


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Date Created: 02/27/16
MBUS 301 Study Guide  Chapter 1  ­ What is the definition of marketingAn organizational function and a set of  processes for creating, capturing, communicating, and delivering value to  customers and for managing customer relationships in ways that benefit the  organization and its stakeholders.   ­ Marketing is about satisfyin​ ustomers needs a ​nd ​ants.   ­ What are the four components of the marketing mix? ​Promotion, product, place, price  ­ Who can perform marketing? ​ Marketing can be performed by both individuals and  organizations  ­ What are the various eras of marketing  ­ production­oriented  ­ sales­oriented   ­ market­oriented  ­ value­based marketing  ­ Does providing a good value mean seling at a low price? ​O! Value reflects the  relationship of benefits to costs, or what you get​ for what you give.  ­ List five functions that illustrate the importance of marketing  ­ marketing expands the firms’ global presence  ­ marketing is pervasive across marketing channel members­­ organizations  and supply chains  ­ marketing enriches society  ­ marketing can be entrepreneurial  ­ A firm doing the right thing emphasizes the importance of marketing tcustomers  Chapter 2  ­ What are the various components of a marketing strategy?  ­ a marketing strategy identifies a firm’s target market(s), a related marketing  mix (4 Ps), and the bases on which the firm plans to build a sustainable  competitive advantage  ­ List the four macro strategies that can help a firm develop a sustainable competitive  advantage  ­ customer excellence­ ​ focuses on retaining loyal customers and excellent  customer service  ­ operational excellence­ ​ achieved through efficient operations and excellent  supply chain and human resource management  ­ location excellence­​ having a good physical location and Internet presence  ­ product excellence​ ­ having products with high perceived value and effective  branding and positioning  ­ What are the five steps in creating a marketing plan?  ­ define mission/vision statement → conduct situation analysis (SWOT) →  identify opportunities (STP method) → implementation and allocating  resources (4 Ps) → evaluate performance using marketing metrics   ­ What tool helps a marketer conduct a situational analysiSWOT (Strengths,  Weaknesses, Opportunities, and Threats) Analysis  ­ What is STP? S​egmentation, Targeting, and Positioning  ­ What do the four quadrants of the portfolio analysis represent?  ­ stars­ high market share products in high­growth markets  ­ cash cows​ ­ high market products in low­growth markets  ­ dogs​­ low market shares in low­growth markets  ­ question marks​ ­ low market shares in high­growth markets  ­ What are the four growth strategies?  ­ market penetration­  employ existing marketing mix and focuses the firm’s  efforts on existing customers  ­ market development­ ​ employ existing marketing offering to reach new market  segments, whether domestic or international  ­ product development​ ­ offer a new product or service to a firm’s current target  market  ­ diversification a firm introduces a new product or service to a market segment  that it does not currently serve  ­ unrelated­​ new business lacks any common elements with the present  business  ­ related­ current target market and/or marketing mix shares something in  common with the new opportunity  ­ What type of strategy is growing the business from existing customers​arket  penetration  ­ Which strategy is the riskies​arket development  Chapter 4  ­ Identify the stages in the ethical decision­making framework.  ­ identify issues → gather information and identify stakeholders →  brainstorm and evaluate alternatives → choose a course of action  ­ How has corporate social responsibility evolved since the turn of the 21st century?  Companies today establish corporate charitable foundations, support and  associate with existing nonprofit groups, support minority activities, and follow  responsible marketing, sales, and production practices  ­ Provide examples of each of the stakeholders that firms should consider in their  corporate social responsibility efforts.  ­ employees  ​= employees and their families  ­ customers = ​ current and potential customers  ­ marketplace​  = partners and competitors   ­ society​ = community and the environment  Chapter 5  ­ What are the components of the immediate environment? C ​ompany capabilities,  competitors, and corporate partners  ­ What are the six key macroenvironmental factors? Culture, demographics, social  issues, technology, economy, and political/regulatory environment  ­ Differentiate between country culture and regional culture  ­ country culture​ ­ easy­to­spot visible nuances that are particular to a country (i.e.  artifacts, behavior, dress, symbols, physical settings, ceremonies, language  differences, colors and tastes, and food preferences)  ­ regional culture​ ­ influence of the area within a country in which people live  ­ Identify the different generational cohorts’  ­ Baby boomers­ ​ People born after WWII (1946 and 1964)  ­ Generation X­​  People born between 1965 and 1976  ­ Generation Y/Millenials​ ­ People born between 1977 and 1995 (biggest cohort  since postwar baby boom)  ­ Generation Z/Digital Natives​ ­ people born into a world that already was full of  electronic gadgets and digital technologies, such as the Internet and social  networks  ­ What are some important some important social trends shaping consumer values and  shopping behavior? ​ Thrift, health and wellness concerns, “greener” consumers,  privacy concerns, and time­poor societies  Chapter 6  ­ Name the five stages in the consumer decision process  ­ need recognition → information search → alternative evaluation →  purchase → post purchase  ­ What is the difference between a need and a want?  ­ Want​ ­ goods or services that are not necessarily needed but are desired  ­ Need​ ­ individual likes to go from his/her actual state to a different, desired state  ­ What are the various types of perceived risk?   ­ Performance­ ​ perceived danger inherent in a poorly performing product or  service  ­ financial­ risk associated with a monetary outlay and includes the initial cost of  the purchase as well as the costs of using the item or service  ­ social­ ​fears that consumers suffer when they worry others might not regard their  purchases positively  ­ physiological/safety­ ​ fear of an actual harm should a product not perform  properly  ­ psychological­ ​ associated with the way people will feel if the product or service  does not convey the right image  ­ What are the differences between compensatory and noncompensatory decision rules?  ­ compensatory decision rule​ ­ set of criteria that consumers use consciously or  subconsciously to quickly and efficiently select from among several alternatives  ­ noncompensatory decision rule­ ​ consumers choose a product or service on  the basis of a subset of its characteristics, regardless of the values of its other  attributes  ­ What are some examples of specific needs suggested by Maslow’s Hierarchy of Needs?  ­ physiological ​ (i.e. food, water, shelter)  ­ safety​ (i.e. security, employment, health)  ­ love ​(i.e. friendship, family)  ­ esteem​  (i.e. confidence, respect)   ­ self­actualization​  (i.e. people engaging in personal growth activities and  attempting to meet their intellectual, aesthetic, creative, and other such needs)  ­ Which social factors likely have the most influence on  ­ the purchase of a new outfit for a job interview = situational (purchase)  ­ the choice of college to attend?  = Social (family)  ­ List some of the tactics stores can use to influence consumers’ decision processes  ­ store atmosphere  ­ salespeople  ­ crowding  ­ in­store demonstrations  ­ promotions  ­ packaging  ­ How do low­ versus high­involvement consumers process the information in an  advertisement?  ­ low­involvement consumers  ​will process an ad in a less thorough manner  ­ high­involvement consumers  ​will scrutinize all the information provided (price,  fabric quality, construction) and process the key elements of the message more  deeply  ­ What is the difference between extended versus limited problem solving?  ­ extended problem solving­  consumer devotes considerable time and effort to  analyze alternatives; often occurs when the consumer perceives that the  purchase decision entails a lot of risk  ­ limited problem solving ​ occurs during a purchase decision that calls for, at  most, moderate amount of effort and time  Chapter 7  ­ What are the various B2B markets?   ­   ­ Identify the stages in the B2B buying process  ­   ­ What factors affect the B2B buying process? ​ The buying situation, organizational  culture, and the buying center  ­ What are the six buying roles?  ­   ­ What is the difference between new buy, rebuy, and modified rebuy?  ­ new buy​ ­ customer purchases good or service for the first time  ­ rebuy­​  buyer simply buys additional units of products previously purchased  ­ modified rebuy­ ​ buyer has purchased similar product in the past but has  decided to change some specifications  Chapter 9  ­ What are the various segmentation methods? ​ Geographic, demographic,  psychographics, benefits, behavioral  ­ What is a perceptual map? ​ Displays, in two or more dimensions, the position of  products or brands in the consumer’s mind  ­ Identify the six positioning steps.  1. Determine consumers’ perceptions and evaluations of the product or  service in relation to competitors’  2. Identify the market’s ideal points and size  3. Identify competitors’ positions  4. Determine consumer preferences  5. Select the position   6. Monitor the positioning strategy 


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