Marketing Final Mkt 3820
Popular in principles of marketing
Popular in Business
This 0 page Study Guide was uploaded by Anna Notetaker on Monday November 30, 2015. The Study Guide belongs to Mkt 3820 at Middle Tennessee State University taught by Dr. Lucy Matthews in Fall 2015. Since its upload, it has received 19 views. For similar materials see principles of marketing in Business at Middle Tennessee State University.
Reviews for Marketing Final
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: 11/30/15
What is the difference between direct and indirect competition Direct competitors product similar goods to that of your own Indirect provide alternatives ie muf ns instead of bagels What are the primary differences between laws and ethics Hint Who makes them enforces them and consequences of violating them Ethics are to be considered law from above or feeling of the speci c individual whereas laws are manmade and enforced as such What are the barriers to exchange Be able to give an example of each 1 OWUIhUJN Geographic bridges UPSFEDEX internet Time 24 hr stores internet Value Information what does it do cost etc Quantity amount needed by consumer Variety product that ts best 7 Ownership responsible for breaks warranty guarantee What are the 4 P39s What are these called quotMarketing Mixquot 1 2 3 Product type look Place access to consumer Price what is given up in order to get product 4 Promotion information about product Be familiar with the three 3 different con ict types discussed in class 1 2 3 ApproachApproach two equally strong options ApproachAvoidance want to do something but there are bad parts AvoidanceAvoidance What are the steps involved in the consumer decision making process 1 Need Recognition 2 Information Search 3 Evaluate the Alternatives 4 Make Informed Decision 5 PostPurchase Behavior Compensation the nancial and non nancial rewards that organizations give employees in exchange for their work 360degree feedback a performance appraisal process in which feedback is obtained from the boss subordinates peers and coworkers and the employees themselves Job evaluation a process that determines the worth of each job in a company by evaluating the market value of the knowledge skills and requirements needed to perform it Employee separation the voluntary or involuntary loss of an employee Relationship marketing entails seeking and establishing longterm alliances or partnerships with customers A strategic alliance is a cooperative agreement between business rms Producer markets consist of forpro t individuals and organizations that buy products to use in producing other products as components of other products or in facilitating business operations Government markets include federal state county and city government that buy goods and services to support their own operations and serve the needs of citizens The more people involved in the buying process negotiation is more complex and the reciprocity and leasing are more common because of the increase in people Pyramid of Social Responsibility 1 Economicbe pro table 2 Legalobey the law 3 Ethicalbe ethical 4 philanthropicgive back to the community MASLOW39S HIERARCHY OF NEEDS Physiological Needs deal with the basic biological necessities of life food drink rest and shelter Safety Needs pertains to protection and physical well being Love Needs relate to our interactions with others Esteem Needs allow people to satisfy their inner desires SelfActualizatoin occurs when you feel completely satis ed with your life and how you live Many countries block foreign investment in factories land and companies to protect their economies Global marketers face the same environmental factors as they do domestically This includes culture economic and technological development political structure and actions demography and natural resources A country s economic and technological status depends on its stage of industrial development which in turn affects average family incomes Five methods of entering the global marketplace exporting licensing and franchising contract manufacturing joint venture and direct investment A rm39s major consideration is how much it will adjust the four P39s product promotion place and price within each country Product Promotion Place Distribution Price One product one Channel choice Dumping message Product invention Channel structure Countertrade Product adaptation Country infrastructure Exchange rate Message adaptation Purchasing power International carriers such as UPS can help solve logistics problems Language translation software can help an ecommerce business become multilingual Chapter 6 An understanding of consumer behavior reduces marketing managers39 uncertainty when they are de ning a target market and designing a market mix The consumer decisionmaking process begins with need recognition when stimuli trigger awareness of an unful lled want If additional info is required the consumer may engage in an internalexternal info search The consumer will then evaluate the alternatives and nally make a decision Consumer postpurchase evaluation is in uenced by prepurchase expectations the prepurchase information search and the consumer39s general level of self con dence Explain the components of a situation analysis SWOT Strength internal and favorable build on it Weakness internal and unfavorable correct it Opportunity external and favorable exploit it Threat external and unfavorable avoid it Know the three 3 important social changes that occurred over the past 50 years that in uence marketing activities Women in the work place quotHealthquot craze Environmental friendliness craze Five bases are commonly used for segmenting consumer markets Geographic segmentation is based on region size density and climate characteristics Demographic segmentation is based on age gender income level ethnicity and family life cycle characteristics Psychographic segmentation includes personality motives and lifestyle characteristics Businesses may segment markets based on company characteristics such as customers39 geographic location type of company company size and product use as well as based on the buying processes those customers use Marketers select target markets using three different strategies undifferentiated targeting concentrated targeting and multisegment targeting CRM relies on four things to be successful personalization time savings loyalty and technology To establish a unique position many rms use product differentiation emphasizing the real or perceived differences between competing offerings Products may be differentiated on the basis of attribute price and quality sue or application product user product class competitor or emotion Sometimes products or companies are repositioned in order to sustain growth in slow markets or to correct positioning mistakes TOPIC Organizational size and agility TrueorFalse Larger organizations are typically less organic and more bureaucratic True What is a strategic alliance A formal relationship created among independent organizations with the purpose ofjoint pursuit of mutual goals Organizations in strategic alliances share administrative authority form social links and accept joint ownership
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'