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by: Naomi Sterling


Marketplace > University of Miami > Marketing > MKT 201 > MARKETING STUDY GUIDE CH 4 6 11 12
Naomi Sterling
Foundations of Marketing
Smita Kulkarni

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About this Document

Study guide for chapters 4, 6, 11 and 12. All definitions and concepts included
Foundations of Marketing
Smita Kulkarni
Study Guide
marketing foundations study guide notes
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This 0 page Study Guide was uploaded by Naomi Sterling on Monday March 21, 2016. The Study Guide belongs to MKT 201 at University of Miami taught by Smita Kulkarni in Fall 2015. Since its upload, it has received 13 views. For similar materials see Foundations of Marketing in Marketing at University of Miami.


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Date Created: 03/21/16
MARKETING EXAM 2 CHAPTER 6 0 Consumer decision process 0 Need recognition Unsatis ed need Functional needs pertain to performance of a product or service Psychological needs pertain to personal grati cation consumers associate with a product or service 0 Search for information Customers search for information about the options to satisfy their needs Internal search for information buyer examines his or her own memory and knowledge about the product or service gathered through past experience External search for information buyer seeks information outside his or her personal knowledge Factors affecting search process Perceived bene ts vs perceived costs of search 0 Internal vs external locus of control 0 Actual or perceived risk 0 Performance 0 Financial 0 Social 0 Physiological o Psychological 0 Evaluation of alternatives Attribute sets 0 Universal all possible choices 0 Retrieval brands from memory Evoked most likely considers Evaluative criteria important attributes of a speci c product Determinant attributes features that are important to the buyer on which competitors differ Consumer decision rule Compensatory decision rule customer trades off one characteristic against another Noncompensatory decision rule choosing a product based on one subset of a characteristic regardless of the other attributes 0 Purchase and Consumption Use various tactics such as the conversion rate to convert the customer s positive evaluations To increase conversion rate 0 Plan promotional events 0 Hold merchandise in stock 0 Reduce wait time o Postpurchase customer satisfactionpost purchase dissonancecustomer loyalty Cognitive dissonance internal con ict that arises from an inconsistency between two beliefs or between beliefs and behavior questions purchase Negative word of mouth 0 Consumer buying process 0 High involvement very awarestrong attitudes 0 Low involvement peripheralweak attitudes CHAPTER 11 0 Product anything of value to a consumer and can be offered through a voluntary marketing exchange 0 Product complexity 0 Core customer value what are customers looking for 0 Actual product 0 Associated services 0 Types of consumer products 0 Specialty products customers express strong preference for 0 Shopping customers spend time comparing alternatives 0 Convenience no extra effort to buy soap bread beverages o Unsought customers don t normally buy or do not know about 0 Branding 0 Brand awareness o Differentiates product offerings from competitors 0 Brand nameurlslogoscharactersslogansjingles 0 Value of branding Facilitates purchases Establishes loyalty Protect from competition and price competition Assets trademarks and copyright Affect market value 0 Brand equity the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service Brand awareness measures how many consumers in a market are familiar with the brand and what it stands for Perceived value relationship between a product bene t and its cost Brand associations re ect the mental and emotional links that consumers make between a brand and its key product attributes such as logo color or slogan Brand loyalty when a consumer buys the same brand s product or service repeatedly over time rather than buy from multiple suppliers within the same category Requires substantially better quality or a distinctive promise 0 Manufacturer brandsnational brands owned and managed by a manufacturer More control over marketing strategy Retailer brandsprivate label brands 0 Brand extension use of same brand in a different product line 0 Line extension the use of the same brand name within the same product line 0 Brand dilution when brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold 0 Cobranding marketing two or more brands together on the same package promotion or store 0 Brand licensing contractual agreement between rms whereby one rm allows another to use its brand name logo symbols or other characters in exchange for negotiated fee 0 Brand repositioning strategy where marketers change a brand s focus to target new markets or realign the brand s core emphasis with changing market preferences Primary packaging packaging consumer uses Secondary packaging wrapper or carton or box 0 Labels provide information about the product 0 00 CHAPTER 12 Why do rms create new product Innovation the process by which ideas are transformed into new offerings including products services processes and branding concepts that will help rms grow Changing concepts Market saturation the longer it exists the more likely it becomes saturated Managing risk through diversity Fashion cycles Improving business relationships Diffusion of innovation the process by which the use of innovation spreads throughout a market group over time and across categories of adopters o Helps marketers understand the rate at which consumes are likely to adopt new products or services Innovators Early adopters Early majority Late majority Laggards Using this theory rms can predict which types of customers will buy their product Product Development Process 0 Idea generation development of new product ideas 0 Concept testing concept statement is presented to potential buyers to obtain their reactions 0 Product Development balancing various engineering manufacturing marketing and economic considerations to develop a product s form4 and features Prototype testing Alpha testing employees Beta testing consumers 0 Market testing tests the product in the market Premarket tests customers exposed and surveyed Test marketing mini product launch 0 Product launch product introduced into market Most critical step Requires nancial resources and the marketing mix four P s 0 Evaluation of results evaluate reaction Product Life Cycle 0 Introduction 0 Growth 0 Maturity OOOOOO o Decline CHAPTER 4 Business ethics refers to the moral or ethical dilemmas that might arise in a business setting Marketing ethics examines those ethical problems that are speci c to the domain of marketing Ethical climate set of values that guides decision making and behavior in the workplace Corporate social responsibility voluntary actions taken by a company to address the ethical social and environmental impacts of its business operations and the concerns of its stakeholders Ethical decision making Identify issues 0 Gather information and identify stakeholders o Brainstorm alternatives 0 Choose a course of action 0


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