Note for MKTG 305 with Professor Claterbos at KU
Note for MKTG 305 with Professor Claterbos at KU
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This 5 page Class Notes was uploaded by an elite notetaker on Friday February 6, 2015. The Class Notes belongs to a course at Kansas taught by a professor in Fall. Since its upload, it has received 39 views.
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Date Created: 02/06/15
Marketing 305 Review Outline 102720 10 Global Marketing Market Assessments Sets of factors 7 This is in the book 39 Economic Analysis 39 Infrastructure and technology 39 Sociocultural Analysis 39 Government Actions Market Entry 0 In order from lowest risk and least market control to highest risk and highest control 39 Export Least Risk Least Control 39 Franchising 39 Strategic Control 39 Joint Venture 39 Direct Investment Highest Risk Highest Control Decisions to be made about market entry 0 How much do you want to standardizeadopt your product to each market Things to consider about price in new market 0 Quotas TarilTs AntiDumping Policies Economic Condition Competitive Factors Distribution considerations 0 Cargill Video Example You must adopt to infrastructure 7 things such as product communication and price all effect destribution Marketing Research Understand the situation Types of Research Exploratory Research 39 Three types Observation Indepth Interview Focus Groups Conclusive Research 39 Type types Descriptive or Experimental Marketing Research Process Define Objectives Design the Project Data Collection Analyze Data Presenting Results Know the strengths and weaknesses of using primary data vs secondary data Know survey questions Structured vs Unstructured Closed vs Open Scaled Responses 0 Sampling Probability Sample vs NonProbability 0 Ethics in Market Research Client Con dentiality Honesty 39 Professional Respondents 39 Data Collection Methodology 39 Data Analysis and Presentation 39 Respondents have rights 0 Safety right to choose be informed and privacy 0 Evaluating Market Research Who did the research Why was the research conducted Examine research design What safeguards were put in place to reduce possibility of error Examine the research results 0 Marketing Information Systems Secondary census data sales etc vs Research Projects and Reports that are stored in a Data Warehouse Algorithm is used to mine data from warehouse Data Mining Segmentation Targeting and Positioning o 3 Stage Process Segment market Profiles Target Market 7 Measure segment attractiveness Positioning 7 Marketing Mix 0 5 steps Segmentation 39 1 Define Strategy or Objectives 39 2 Describe Segments Targeting 39 3 Evaluate Segments 39 4 Select Target Market Positions 39 5 Identify and Develop Positions 0 Describe segments Geographic Region City Metro size Climate etc Demographic iAge Gender etc Psychographic Personality etc Bene ts Sought 7 occasion Bene ts etc Loyalty 7 Completely loyal somewhat loyal not loyal at all price driven Usage rate 7 Heavy Medium or Light OR Potential Former amp lst time customers Psychographics Vals2 39 Finds out activities etc then assigns consumer to a group to discover where one spends money Evaluate if Segment is Attractive Identi able Substantial Reachable Pro table Responsive How many segments are you going after Mass Targeting 7 All markets Niche Targeting 7 One speci c Differentiated Targeting 7 Multiple segments risk of overlap Micro marketing 7 ltol marketing Amazoncom Positioning Strategies Value S alient Attributes Symbol Competition Perceptual Maps 7 Understanding how your target market perceives you and competition also identi es spots that have needs Products Heart of marketing miX Different levels in product Core Actual Augmented Product Classi cation User Business v Consumer Time and E ort Durability Tangibility Product Items Lines amp Mixes Product Lines 39 Package uniformly 39 Standardized components 39 Ef cient Sales and Distribution 39 Advertising Economics 39 Equivalent Quality Product Line Extension 39 Add product to product line 7 Careful to avoid overeXtension Brands Packages amp Labels Brands 39 Differentiate product from competition 39 Repeat Sales 39 Generate new product sales Brand Equity 39 Accumulated brand goodwill 39 Value 7 must protect against eroding brand name through poor quality products Branding Strategies 39 Manufacturer vs Private Brands Packaging 39 Functions 0 Contain and Protect Product 0 Promote Production Facilitate Storage Use amp Convenience o Facilitate Recycling 0 Labeling 39 Persuasive vs Informational DO NOT NEED TO KNOW ANYTHING ON UPC CODES OR WARRANTIES Product Life Cycle 0 Idea of product life span Intro Pro t Negative Growth Fastest pro t growth Maturity Peak and begins to fall Decline Falling pro t 0 Marketing Strategies for Stages are on Blackboard 0 Life Cycles for Styles Fashions and Fads see graphs Product Management 0 Goes to product market expansion grid 0 Extending the product life cycle PLC Increase frequency of use by current customers Find new users Increase ofuses Change package or label Encourage trail Adjustments to product Modi cation Reposition Extension of contraction of product line New Product Development and Product Adoption Risk of failure being high so new development process is very helpful What is new New to world rare Adoptive Imitative New product Development Process 1 Idea Generation 2 Concept Testing 3 Product Development 4 Market Testing 5 Product Launch 6 Evaluation of Results Diffusion of Innovation Innovators Early Adopters Early Majority Late Majority Laggards Characteristics of product that effect speed and adoption It needs to demonstrate an advantage Trialability Compatibility Relative Advantage
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