Midterm Study Guide
Midterm Study Guide MBUS303
Popular in Marketing in the Global Economy
Popular in Marketing
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.
Reviews for Midterm Study Guide
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
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? Segmentation, 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 customersarket penetration Which strategy is the riskiesarket 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
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'