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Marketing Exam 1 Study Guide

by: Rachael Sharp

Marketing Exam 1 Study Guide 3104

Rachael Sharp
Virginia Tech

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About this Document

This is exactly what will be on the next exam.
Marketing Management For New Ventures
Dr. Wertalik
Study Guide
Marketing, business, Management
50 ?




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This 4 page Study Guide was uploaded by Rachael Sharp on Friday March 18, 2016. The Study Guide belongs to 3104 at Virginia Polytechnic Institute and State University taught by Dr. Wertalik in Winter 2016. Since its upload, it has received 70 views. For similar materials see Marketing Management For New Ventures in Marketing at Virginia Polytechnic Institute and State University.

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Date Created: 03/18/16
Marketing 3104 EXAM 1 STUDY GUIDE Ethical Decision Making 1. Identify Issues o Using results to mislead or even harm the public, data collection methods 2. Gather Information and Identify stakeholders o Identify all ethical issues and relevant legal information and all relevant stakeholders; get their input 3. Brainstorm and Evaluate Alternatives o Halt the market research project? Make results anonymous? Institution training on the AMA code of ethics of all researchers 4. Choose a course of Action o Weigh alternatives, take a course of action Decision Making Indicator- Attribute sets, evaluate criteria, process purchase and consumption Key Performance Indicator- (KPI’s) FOUR GOALS  Awareness (KPI: Website traffic)  Acquisition (KPI: Average time spent per page/article downloads)  Influence (KPI: Shares, Retweets)  Outcomes: (KPI: Total number of website followers, Klout Source) Target Strategies- “How is it marketed to you?” Evaluate Segmentation Attractiveness  Sustainable: too small and insignificant OR too big and needs its own store  Identifiable: age, gender, income, location  Reachable: knows the product exists understands what it can do  recognize how to buy it  Responsive: Customer MUST react positively to a firm’s offerings, move towards the firm’s products/services and accept the firm’s position.  Profitable: based on the segment! Looks at the purchase behavior, profit margin, fixed costs, etc. Select Target Markets:  Mass marketing: undifferentiated  Selective: differentiated  Concentrated: niche Retailers- those whom hold/carry the product, this happens through multiple channels of distribution. Marketing Research- The process or set of processes that links the producers, consumers, and end users to the marketers through information. Types of Needs – physiological, safety, love, esteem, self-actualization RFP- request for proposal is a solicitation often made through a bidding process, by an agency or company interested in procurement of a commodity, service or valuable asset. Sustainable Competitive Advantage- is an advantage over the competition that is not easily copied and thus can be maintained over a long period of time. The Lipstick Effect- The theory that when facing an economic crisis consumers will be more willing to buy less costly luxury goods Segments of Social Networking- 4E Framework- 1. Excitement 2. Education 3. Experience 4. Engagement Categories of Social Media-  Social Media Sites (creators, bonders, professionals, sharers)  Media (sharing cites that encourage customers to engage and highlight how customers can experience)  Thought (sharing cites such as blog/Twitter) Maslow’s hierarchy of needs- A paradigm for classifying people’s motives. It argues that when lower-level more basic needs are fulfilled, people turn to satisfying their higher-level human needs. (their social and personal needs) Stakeholders- can affect or be affected by the organization’s actions, objectives, and polices. Strategic Planning Process-  Gather facts  SWOT analysis  Review Inputs (all stakeholders, review SWOT)  Strategic Matrix(Opportunities VS strengths, weaknesses)  Define Strategies (Objectives, Short or Long Term Goals)  Final Review B2C- Buyer to consumer process Marketing Mix- product, place, promotion (THINK APPLIED vs definitions) Behavioral Economics- doesn’t make any assumptions. To put people in the situation and see how they behave  by doing this they are able to see that people don’t always behave in rational ways. B2B types of Rebuys- Business to Business. This would be purchasing lemons to make lemonade for your lemonade stand.  Straight Rebuy= very simple, go off something in the past  Modified Rebuy= research, contact the representative  OR a New Task THE B2B Buying Process: Identification of needs, establish specifications, identify vendors, evaluate vendors, select vendors, purchase negations, post purchase evaluation Research Methods- Quantitative (data collection, mathematical) VS Qualitative (participant observation, in depth interviews, focus groups) Need Recognition- What information is needed to answer specific research questions? How should that information be obtained? – This is how we predict the needs and wants from the customers! Brand Management- is the analysis and planning on how that brand is perceived in the market. Developing a good relationship with the target market is crucial. Conversion Rates- to measure how well they have converted purchase intentions into purchases. Locus of Control- a particular position, point, or place  External Locus of control= fate, outside influence, looks at everything around them as part of the success or failure; do not accept the responsibility, first to complain.  Internal Locus of control=more search activities, take more responsibilities for their actions, they are the team players. Ethics- or moral philosophy is the branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong conduct. Lovemarks- the future beyond brands! A concept created by Sachi and Sachi Humans are powered by emotions, heart over mind  Brands- Information, Recognized by customer, generic, presents a narrative  Lovemarks- Relationships, loved by people, personal, creates a story Dishonesty the movie:  Behavior economics: doesn’t make any assumptions  Fudge Factor: ability to miss behave and think of yourself as a good person. i.e. speeding 5mph over or rationalizing by saying “everyone is doing it”  The Matrix Experiments: problems that everyone could solve if they had enough time—this is when they would not give people enough time and pay them $ for how many they got right, then shred it. On average people would solve 4 problems but say they solved 6.  Dishonesty and creativity oftentimes come together  The Tucker Max Story (“I hope they serve Beer In Hell”) – by creating/lying, his brand, the movie, and the book were strengthened. They did this by luign and offending people…. This lead to their goal of more media attention. It was hard for them to define what was “right”, “wrong”, and or “too far”  ALL creatures have deception. The bigger the brain, the more chances to lie.” o Birds can camouflage, chimpanzees hide their foods, humans.  We grow up in a social world and learn that a little bit of lying is “okay.”  Insider trader information- not hurting anyone else directly, so it doesn’t feel wrong at first. Having a conversation about it is illegal and crossing the line.  There are NO gender differences between lying/cheating.  Matrix Variances: SOCIAL NORMS—your own morality, possibly that people wont catch you and that it is okay to do.  Cheating is more of the question of what is socially acceptable in your circle vs being smart.  Ashley Madison is the website for married people or people in relationships that want to have an affair. With this, you are hidden behind a computer screen and even though you know it’s wrong, the immediate gratification masks what you know IS right.  Conflicts of Interest: DOT experiment= just determine what side has more dots… one side earns money and the other does not. People are actually crossing the line by choosing the side with money instead of the side with more dots.  Once we lie, we are more likely to lie again. The tenth time you lie, the response of your brain goes down. They predict the reason that this happens is because your brain adapts to the lie. All the VIDEOS SHOWN


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