MKT 315 Midterm Exam Spring Study Guide

MKT315 Spring 2019 Midterm Study Guide The following are marketing concepts that students are expected to know for the MKT315 Midterm Exam chapters 1-6,13,14 1. Marketing-  the activity of exchanging offerings that h ...

MKT315 Spring 2019 Midterm Study Guide The following are marketing concepts that students are expected to know for the MKT315 Midterm Exam chapters 1-6,13,14 1. Marketing-  the activity of exchanging offerings that have value for costomers/clients. 2. B2C and B2B markets-  Business to business / Business to Consumer, two types of marketing 3. Marketing mix / the 5-P’s-  Promotion  Product  Price  Place 4. Exchange and transaction-  Exchange is the act of obtaining a desired object via offering something in return. Transaction is marketing’s unit of measurement 5. Environmental Forces / environmental scan.  environmental forces include technology, regulations, economy, competition, and social factors  Environmental scanning is the process of gathering information about events and their relationships within an organizations internal and external environment 6. Evolution of Marketing / eras / Marketing Concept.  Production era colonial-1920s  Sales era 1920-1960  Marketing concept era 1960s-1970s  Societal marketing era 1970s-now 7. Organizational buyers vs. Ultimate Consumers  Entity which buys for resale or distribution to ultimate consumers of product/service  Ex. Charity buys farmers crops to distribute to low income families. 8. Profit equation  Profit =Revenues-cost 9. Market segmentation  Dividing a target market into smaller (micro) markets of more and more homogeneous individuals 10. SWOT analysis  Strengths  Weaknesses  Opportunities  Threats and trends 11. Consumer behavior  The study of figuring out what customers want, and are willing to buy 12. SMART GOALS  SPECIFIC  Measurable  Achievable  Relevant  timely 13. Motivation (i.e. Maslow)  Psychological (hunger, thurst, clothing)  Safety and security (shelter, laws, stability)  Love/Belonging (intimacy relationships, groups)  Esteem (respect of others, dignity)  Self-actualization (personal growth, fulfilment) 14. Consumer behavior factors  Psychological factors This study source was downloaded by 100000831988016 from CourseHero.com on 05-03-2022 05:01:58 GMT -05:00 https://www.coursehero.com/file/53480192/MKT315-Midterm-Spring-19-Study-Guidedocx/ MKT315 Spring 2019 Midterm Study Guide o Motivation o Perception o Personality o Learning o Values and lifestyle o attitude  Sociocultural o Social class o Culture  Personal o Family size o occupation  Economic o Income level o Liquid assets o Attitude towards spending 15. Perception  Awareness of something 16. Selective perception  A way in which consumers notice, receive, understand, and retain certain information, but not others.  Gen Z, born 1996 to present (accepted dates vary)  Millennials, born 1977 to 1995  Gen X, born 1965 to 1976  Baby Boomers, born 1946 to 1964  Traditionalists, born 1945 and earlier 17. learning  Acquisition and later recall or recognition of stored information 18. Word of mouth  People communicating with others about products or services via any medium 19. VALS  Values, Attiitudes, and lifestyles survey model consumers categorized by their lifestyle, resources, risk taking, values & interests. 20. Reference groups (meaning, types)  Groups people belong to or identify with; influence attitudes, values, search and buying decisions. 21. Organizational buying demand  Buying behavior of an organization  Includes government, industry, & resellers  Different from consumer buying because of order size and buying objective 22. Organizational buying centers  The organizational buying process has a more complex and usually more formal structure for purchasing. This process is sometimes characterized by the term buying center or buying committee involving multiple people and areas. 23. Stages of Buying Process  Need identification  Information search  Assessment of alternatives  Purchase decision  Post-purchase behavior 24. Marketing research – definition and process  Process of analyzing data about a company’s product or service. Helps company understand customer, how to communicate effectively, tailor products, develop new ideas, compete with others 25. Marketing research process This study source was downloaded by 100000831988016 from CourseHero.com on 05-03-2022 05:01:58 GMT -05:00 https://www.coursehero.com/file/53480192/MKT315-Midterm-Spring-19-Study-Guidedocx/ MKT315 Spring 2019 Midterm Study Guide  Identify the problem  Develop the research plan  Conduct research  Analyze data and report findings  Take action 26. Primary research  Research a firm design to answer new questions 27. Secondary research  Data already collected. 28. Qualitative research – types  Open-ended research questions to understand a buyers reasoning and emotions. No statistical pull.  focus groups, interviews, and observational research 29. Quantitative research – types  Designed to produce numerical values which can be mathematically analyzed 30. Market segmentation  Dividing of the entire available market into groups of consumers with similar characteristics or motivation 31. Examples of each type of segmentation (demographic, geographic, psychographic, etc.)  Geographic- where they are  Demographic – age, gender, income  Psychographic – How they act and feel  Behavioral – buying they do now as predictor 32. Product positioning  A strategy used to influence how buyers perceive a product/service in comparison to its competitors 33. Positioning Statements  Define target market  Define category where brand competes  Benefits of what is being offered  Why brand will deliver on promise: proof 34. perceptual mapping 35. Differentiation  Strategy to separate a product/service from competitors in the minds of buyers on specific parameters like price, utility, brand image, performance, quality reviews, etc 36. New product process  Idea generation; brainstorm ask buyers  Screening; narrowing the list to top ideas  Business analysis; research on feasibility  Product development; testable prototype  Product testing, including test markets  Commercialization; product launch  Evaluation; performance, sales, feedback 37. Product life cycle  Introduction -launch into marketplace  Growth - entering new markets, line extension, messaging to create demand  Maturity – growth slows and stabilizes or stops  Decline – loses market share, may die 38. Branding (logos, slogans trademarks, servicemarks)  Branding is the strategy used in creating a recognizable brand for a product or service. A brand is a mix of elements buyers associate with a