Study Guide Exam 1
Study Guide Exam 1 MKT 324 - 0003
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Popular in Marketing
This 4 page Study Guide was uploaded by Allegra Wolff on Wednesday September 16, 2015. The Study Guide belongs to MKT 324 - 0003 at University of Missouri - Kansas City taught by Alan Weber in Summer 2015. Since its upload, it has received 103 views. For similar materials see Marketing Concepts in Marketing at University of Missouri - Kansas City.
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Date Created: 09/16/15
Study Guide Exam 1 Marketing Exchange Five Marketing Strategies Product Production Sales Marketing Societal Customer Value Customer Satisfaction Features Benefits Strategic Planning Marketing objectives Competitive Advantage Unique Value Prop Customer Value Requirements Sustainable Competitive Advantage Market Share Customer Share Share of Wallet Market Penetration Niche Targeting SelectionDeselection Segments Segmentation Marketing 324 Wolff promoting a product for the exchange of valuable bartering deal between two or more parties following five definitions we build what we want we build a lot of something spread costs and high market share price deals coupons point of view make stuff that s good through the world economically sound what they get vs what they give up actual satisfaction vs survey response things in a product what buyers want out of a product 4 P s product price place distribution promotion realistic measurable time specific specialized knowledge low cost production skilled workforce why buy from us what are they looking for in a product that relate to it s characteristic qualities reliable durable how good does it look finish being able to outperform competitors at a sustainable rate companies 00 of sales in the market place how much indiv spends vs what they spend in the market place you spend 500 on groceries 300 at price chopper 60 at price chopper how a company gets into the market at the beginning of it s venture Small protected market place protected because it s unattractive to future sellers targeting is dependent on segmentation segmentation is dependent on targeting Study Guide Exam 1 Price Everything buyer give up easiest to change Product Ethical guidelines Ethics vs Morals Influential Factors regarding ethical decisions Corporate Social Responsibility Causerelated Marketing Social Factors Demography Demographics Wealth and lifestyle Ethnic Markets targeting Global Marketing Globalization CAFTA NAFTA EU Risks of Globalization Culture Experiential vs Conceptual Learning BuyerBrokerAgent Product Standardization Marketing 324 Wolff everything the buyer gives up what the buyer receives standards enforced by a company based on ethics to avoid certain ethical problems and if they do come up they know how to address them as a company how long until the consequences corporations making the environment their employees live in forprofit and nonprofit organizations work together to generate funds how a company is effected by the media and other social networking related to buyer behavior people are the basis of any market wealth workplace salary income Lifestyle reputation family values morals opinions targeting a certain ethnicity through a variety of marketing tactics targeting the global ethnicities of the country they are in a company can increase their sales by being courteous to that country s culture and moral values taking risks and increasing productivity through the opportunities of the global market Central Asian Free Trade Agreement North American Free Trade Agreement and European Union were created to remove trading barriers to make trade between the countries smoother risks go both ways doing it not doing it will vary impact what people value acceptnot accept what really happened to us Buyer shows up and buys Broker doesn t have an ongoing relationship Agent represents one of the parties setting uniform characteristics for a product Study Guide Exam 1 Product Adaption Product Invention Message Adaption Expon Licensing Contract Manufacturing Joint Venture Direct Investment Countertrade GetKeepGrow stuffseIfimage Consumer Decisionmaking Process what s the process Need Recognition Postpurchase Behavior Cognitive Dissonance Evoked Set lnvolvement RoutineLimitedExtensive Culture Value as in Cultural Value Marketing 324 Wolff changing a product for the betterment of the company helping promote a new version of said product the creation of a product adapting marketing strategies to benefit the company so it is relevant and up to date with society exporting goods nationally and internationally someone else will build it and sell it for us our product make product the way we want and then we sell it 2 companies form new company build products in another country risking more capital banenng people always want to enhance their selfimage and their reputation they do this by buying products investing saving ect engage info search more involvedlonger search aware of imbalance of current state and desired state this behavior includes customers seeking info that reinforces positive ideas about their purchase avoiding info contradicting the decision and returning the product reversing the original decision inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions awareness of need recognition understand certain products fit their needs those products are the set the buyer will choose from to purchase shopping experiences great deal of infosearch pervasive everywhere functional works a certain way dynamic changes somewhat overtime reflects collective value the moral standards a culture has in a business venture Study Guide Exam 1 Marketing 324 Wolff Subsculture some kind of lifestyle choice not engaged in for whole life Social Class the way we would market certain thinga Reference Groups DirectPrimary DirectSecondary lndirect Aspirational lndirectNonaspirational Opinion Leaders ones we look to for their opinions Family Roles User ConsumerInitiator Specifier lnfluencer Selective ExposureDistortionRetention selective in each concept Maslow s Hierarchy of Needs psych 101 stuff inline with their selfimage selling based on selfesteem