×
Log in to StudySoup
Get Full Access to Syracuse - Study Guide - Midterm
Join StudySoup for FREE
Get Full Access to Syracuse - Study Guide - Midterm

Already have an account? Login here
×
Reset your password

SYRACUSE / Marketing / MAR 255 / The product adoption process is made up of what?

The product adoption process is made up of what?

The product adoption process is made up of what?

Description

School: Syracuse University
Department: Marketing
Course: Principles of Marketing
Professor: Professor lathrop
Term: Fall 2019
Tags: Marketing, targetmarket, demographics, segmentation, marketsegmentation, and Advertising
Cost: 50
Name: Study Guide for MAR 255 EXAM 1
Description: These notes outline chapter 1-3 and 5-8 which will be the content we will be tested on. Main concepts and lists are included in the study guide.
Uploaded: 09/26/2019
6 Pages 54 Views 2 Unlocks
Reviews


MARKETING STUDY GUIDE


The product adoption process is made up of what?



EXAM DATE: Oct. 1st, 2019

CHAPTER 1

“Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return” (pg. 33). 

The marketing process:  

1. Understand the marketplace and customer needs and wants.  

2. Design a customer-driven marketing strategy with the goal of getting, engaging,  and growing target customers.  

3. Construct a marketing program that actually delivers superior value. 4. Engage customers, building profitable customer relationships, and creating  customer delight.  


The differentiation and positioning task involves what three steps?



Don't forget about the age old question of What are the four levels of protein structures?

The first four steps create value for customers.  

5. Capture value from customers. 

The main marketplace concepts are: 

• needs, wants, and demands 

• market offerings (products, services, and experiences) 

• value and satisfaction 

• exchange and relationships  

• markets 

(Done in this sequential order, with one leading to the next)

 Companies decide WHO they will serve by:  


Define product line.



o Dividing the market into segments of customers (market segmentation)  o Selecting which segments it will integrate oneself with (target marketing).  

 Company must decide HOW it will serve targeted customers by: o Differentiation If you want to learn more check out Why is it important for communicators to be media literate?
Don't forget about the age old question of It is a learning that establishing an association between 2 stimuli/events that occur one after another. what is it?

o Position 

 Marketing management can adopt 1 of 5 competing market CONCEPTS: 1. Production concept 

2. Product concept 

3. Selling concept We also discuss several other topics like Name the types of signal detection.

4. Marketing concept If you want to learn more check out What is the treatment for mood disorders?

5. Societal marketing concept 

Companies strive to build lasting relationships through: We also discuss several other topics like What is the treatment of phobia?

- superior customer value & satisfaction.  

o By creating value for targeted customers, the company captures  value from customers in the form of profits and customer equity.

MARKETING STUDY GUIDE

EXAM DATE: Oct. 1st, 2019

CHAPTERS 2 & 3

CHAPTER 2:

Strategic Planning 4 Steps: 

1. Define the company’s mission 

2. Setting objectives and goals 

3. Designing a business portfolio 

4. Develop functional plans.  

The company’s mission: 

o Should be market oriented, realistic, specific, motivating, and consistent with the market environment.  Mission ­­­ detailed supporting goals and objectives ­­guide decisions about the business portfolio ­­­ develop  detailed marketing plans  

CHAPTER 3:  

Microenvironment: attributes close to the company that form its value delivery  network or affect its ability to serve customers.  

- Internal environment—its several departments and management levels - Marketing channel firms—suppliers, marketing intermediaries, physical  distribution firms,  

marketing services agencies, and financial intermediaries-- create customer  value.

- Competitors 

- Publics have an actual or potential interest in or impact on the company’s ability  to meet its  

objectives.  

5 types of customer markets exist: consumer, business, reseller, government, and  international  

Macroenvironment: larger forces that affect the entire microenvironment. Shape  opportunities and pose threats to the company.

o demographic, economic, natural, technological, political/social, and cultural forces.

MARKETING STUDY GUIDE

EXAM DATE: Oct. 1st, 2019

CHAPTERS 5 & 6

CHAPTER 5:

 Consumer market consists of all the individuals & households that buy/acquire goods  & services for personal consumption. 

 Two parts of the black box: buyer characteristics and the buyer’s decision process.  Consumer buyer behavior is influenced by buyer characteristics:  cultural, social, personal, and psychological 

 Consumer decision process consists of  

1. need recognition 

2. Information search 

3. Evaluation of alternatives 

4. Purchase decision 

5. Post purchase behavior. 

 Business buyer decision process:  

1. Problem recognition 

2. General need description 

3. Product specification 

4. Supplier search 

5. Proposal solicitation 

6. Supplier selection 

7. Order-routine specification 

8. Performance review 

The product adoption process is made up of: 

1. Awareness 

2. Interest 

3. Evaluation 

4. Trial 

5. Adoption 

 Consumers may be innovators, early adopters, early mainstream, late mainstream, or  lagging adopters.  

 Marketers try to bring their new products to the attention of early adopters. 

CHAPTER 6:

A. Customer value-driven marketing strategy seeks to build the right  relationships with the right customers through: 

1. Market segmentation 

2. Market targeting 

3. Differentiation 

4. Positioning 

The differentiation and positioning task involve 3 steps:  

1. Identify a set of possible differentiations that create competitive advantage 2. Choose advantages on which to build a position, 

3. Selecting an overall positioning strategy.

MARKETING STUDY GUIDE

EXAM DATE: Oct. 1st, 2019

CHAPTERS 7 & 8

CHAPTER 7:

A. A product is something offered to a market for attention, acquisition,  use, or consumption that satisfies a want or need.  

B. A service is characterized by four key aspects: they are intangible,  inseparable, variable, and perishable. 

C. A product line is a group of products that are related in: FUNCTION,  CUSTOMER-PRUCHASE NEEDS, or DISTRIBUTION CHANNELS. a. All product lines and items offered make up the product mix.  b. Characterized by 4 dimensions: width, length, depth, and  consistency 

D. The most powerful brand positioning builds around strong consumer  beliefs and values. 

E. Brand name selection involves finding the best brand name based on a careful review of product benefits, the target market, and proposed  marketing strategies.  

a. A manufacturer has four brand sponsorship options:  

i. launch a national brand (or manufacturer’s brand) 

ii. sell to resellers that use a private brand 

iii. market licensed brands 

iv. join forces with another company to co-brand a product.  b. A company has 4 choices when developing brands: 

i. line extensions 

ii. brand extensions 

iii. multi-brands 

iv. new brands. 

CHAPTER 8:

A. The most important sources of new product ideas are customers themselves B. NEW PRODUCT DEVELOPMENT: 

1. idea generation 

2. idea screening 

3. product concept development 

i. concept testing, 

4. marketing strategy development 

5. business-analysis 

6. product development 

7. test marketing 

8. commercialization!! 

C. PRODUCT LIFE CYCLE­­ S-shaped curve made up of five stages.  

1. product development 

2. introduction stage 

3. growth stage 

4. maturity stage

5. decline stage

Page Expired
5off
It looks like your free minutes have expired! Lucky for you we have all the content you need, just sign up here