Exam 2 Study Guide
Exam 2 Study Guide MBUS303
Popular in Marketing in the Global Economy
Popular in Marketing
This 10 page Study Guide was uploaded by Aimee Castillon on Saturday April 2, 2016. The Study Guide belongs to MBUS303 at George Mason University taught by Dr. Joiner in Spring 2016. Since its upload, it has received 45 views. For similar materials see Marketing in the Global Economy in Marketing at George Mason University.
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Date Created: 04/02/16
Chapter 8 What metrics can help analyze the economic environment of a country? the general economic environment; market size and population growth rate; real income What types of government actions should we be concerned about as we evaluate a country? Tarif tax government imposes on imports Artificially raises prices Lowers demand Quota sets maximum limit on imports Reduces availability of imported goods Exchange control r egulation of a country’s currency exchange rate Role of central banks Exchange rate Often a source of conflict in trade relations around the world Has a significant impact on marketers Trade agreement (i.e. European Union) intergovernmental agreements designed to manage and promote trade activities for specific regions What are five important cultural dimensions? Power distance willingness to accept social inequality as natural Uncertainty avoidance extent to which the society relies on orderliness, consistency, structure, and formalized procedures to address situations that arise in daily life Individualism perceived obligation to and dependence on groups Masculinity extent to which dominant values are male oriented Time orientation short versus longterm orientation Which entry strategy has the least risk and why? Exporting because it has no investment in people, capital equipment, buildings, or infrastructure Which entry strategy has the most risk and why? Direct investment because of dramatic economic downturns caused by natural disasters, wars, political instability, or changes in country’s laws What are the components of a global marketing strategy? D etermine target markets to pursue and developing a marketing mix that will a sustain a competitive advantage over time What are the three global product strategies? Sell the same product or service in both the home country market and the host country Sell a product or service similar to that sold in home country but include minor adaptations Sell totally new products or services Chapter 10 What are the steps in the marketing research process? 1. Defining the objectives and research needs What specific research question(s) need to be answered? What information is needed to answer specific research questions? 2. Designing the research Type of data needed and type of research to collect it Secondary data data that already exists (i.e. census data) primary data new data collected for a specific research question (i.e. survey) 3. Data collection process Data are factual information that, on their own, have limited value to marketers It is the foundation of the process, however 4. Analyzing data and developing insights Converting data into information to explain, predict and/or evaluate a particular situation 5. Action plan and implementation Formal report containing executive summary, body, conclusions, limitations, and supplements including tables, figures, and appendices Describe the various secondary data sources Syndicated data data available for a fee from commercial research firms such as Information Resources Inc. (IRI), National Purchase Diary Panel, and ACNielsen Internal secondary data company’s own secondary data (i.e. customer information, purchase histories, etc…) Data mining/marketing analytics What is the difference between data and information? Data raw numbers or facts Information organized, analyzed, interpreted data that offer value to marketers What is the difference between internal and external secondary research? Internal secondary data is information within the company (i.e. customer information, purchase history) External secondary is information received from outside the company (i.e. census data, information from trade associations, reports published in magazines) Describe the various primary data collection techniques Observation Social media Indepth interviews Focus group interviews Surveys Panel and scannerbased research Experimental research Summarize the differences between secondary data and primary data Secondary data data that already exists (i.e. census data) primary data new data collected for a specific research question (i.e. survey) What are the types of qualitative research? Observations examining purchase and consumption behaviors through personal or video camera scrutiny Indepth interviews trained researchers ask questions, listen to and record the answers, and then pose additional questions to clarify or expand on a particular issue Focus groups a small group of persons come together for an intensive discussion about a particular topic, with the conversation guided by a trained moderator using an unstructured method of inquiry Social media What are the types of quantitative research? Experiments type of conclusive and quantitative research that systematically manipulates one or more variables to determine which variables have a causal effect on another variable Surveys systematic mean of collecting information from people that generally uses a questionnaire Scanners data obtained from scanner readings of UPC labels at checkout counters Panels information collected from a group of consumers What are the advantages and disadvantages of primary and secondary research? Chapter 11 Explain the three components of a product What are the four types of consumer products? Specialty consumers show such a strong preference that they will expend considerable effort to search (i.e. wedding gowns, luxury cars, antiques) Shopping consumers will spend a fair amount of time comparing alternatives (i.e. shoes, appliances, cell phones) Convenience consumers are only willing to spend minimum effort to evaluate prior to purchase (i.e. soft drinks, shampoo, candy) Unsought consumers either don’t normally think of buying or do not know about (i.e. fire extinguishers, life insurance, smart lightbulbs) What is the difference between product mix breadth and product line depth? PM Breath number of product lines PM Depth number of products within a product line Why change product mix breadth? Increase: firms often add new product lines to capture new or evolving markets and increase sales Decrease: sometimes it’s necessary to delete entire product lines to address changing market conditions or meet internal strategic priorities Why change product line depth? Increase: add items to address changing consumer preferences or to preempt competitors while boosting sales Decrease: delete products within a product line to realign the firm’s resources How do brands create value for the customer and the firm? Facilitate purchasing Establish loyalty Protect from competition Reduce marketing costs Are assets Impact market value What are the components of brand equity? Brand awareness familiarity with brand, what it stands for, have opinion about it Perceived value benefits vs. cost Brand loyalty occurs when a consumer buys the same brand’s product or service repeatedly over time rather than buying from multiple suppliers within the same category Brand associations the extent to which consumers have trong, favorable, unique ssociationswith a brand in memory Determine the various types of branding strategies used by firms Branding ownership Manufacturer brands (national brands) retailer/store brands (privatelabel brands) Premium, generic, and exclusive cobranded Naming brands and lines Corporate or family brand Corporate and product line brands Individual brands Leveraging the brand Brand extension using an existing brand name on a new product category Line extension introduction of a new product in existing product category Cobranding practice of marketing two or more brands together, on the same package or promotion Brand licensing a contractual agreement between firms, whereby one firm allows another to use its brand name, logo, symbols, and/or characters in exchange for a negotiated fee (i.e. Sunkist) What are the differences between manufacturer and privatelabel brands? Manufacturer brands are owned and managed by the manufacturer retailer/store brands (privatelabel brands) Products developed by retailers I.e. Kirkland Signature (Costco), Safeway, Publix, Nature’s Promise (Giant), CareOne (Giant), Guaranteed Value (Giant), CVS What is cobranding? The practice of marketing two or more brands together, on the same package or promotion What is the difference between brand extension and line extension? Brand extension using an existing brand name on a new product category (I.e. Healthy Choice; Ralph Lauren paint) Line extension introduction of a new product in existing product category (i.e. Skippy) Indicate the advantages of a product’s packaging and labeling strategy Attracts customers’ attention Enables product to stand out from the competition Offers a promotional tool Allows for the same product to appeal to different market with different sizes Chapter 12 What are the reasons firms innovate? What are the five groups on the diffusion of innovation curve? What factors enhance the diffusion of a good or service? Compatibility degree to which it fits with consumers’ knowledge, behaviors, experiences Observability extent to which benefits, uses, features can be seen Complexity & trialability ease of experiencing the product Relative advantage extent to which it offers an “improvement” over substitutes/alternatives What are the steps in the new product development process? Identify different sources of new product ideas Customer input Competitors’ products Outsourcing Brainstorming Licensing R&D consortia Internal R&D What are the stages in the product life cycle? How do sales and profits change during the various stages? Introduction stage is characterized by initial losses to the firm due to its high startup costs and low levels of sales revenue as the product begins to take off Growth stage is marked by a growing number of product adopters, rapid growth in industry sales, and increases in both the number of competitors and the number of available product versions Market becomes more segment, which increases potential for new markets or new uses of the product or service Maturity stage adoption of product by late majority and intense competition for market share among firms Marketing costs increase as firms vigorously defend their market share against competitors Entry into new markets and development of new products can be present Decline stage sales and profits decline as demand for product decreases Chapter 13 What are the four marketing elements that distinguish services from products? Explain the four service gaps identified by the Gaps Model Examine the five service quality dimensions Reliability ability to perform the service dependably and accurately Responsiveness willingness to help customers and provide prompt service Assurance knowledge of and courtesy by employees and their ability to convey trust and confidence Empathy caring, individualized attention provided to customers Tangibles appearance of physical facilities, equipment, personnel, and communication materials Explain the zone of tolerance Zone of tolerance area between desired service level and the minimum level of acceptable service What customer actually wants vs. what they’ll accept before moving on List at least two ways to overcome each of the four service gaps Reducing knowledge gaps Understanding customer expectations Expectations are based on knowledge and experience Expectations vary according to type of service Expectations vary depending on the situation Marketing research Voiceofcustomer program ongoing marketing research system that collects customer inputs and integrates them into managerial decisions Evaluating service quality (reliability, responsiveness, assurance, empathy, tangible) Reducing standards gap Setting standards for quality developing systems to ensure highquality service (i.e. training) Reducing delivery gaps Empowering service providers by allowing employees to make decisions about how service is provided to customers Providing support and incentives Provide emotional support to service providers Provide support necessary to deliver service Consistent and coherent management Reward employees for excellent service Reducing communications gap Manage customer expectations Promise only what you can deliver Communicate service expectations Why is service recovery so important to companies? E ffective service recovery efforts can significantly increase customer satisfaction, purchase intentions, and positive wordofmouth What can companies do to recover from a service failure?
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