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ISU MKT 340 - Exam 1 Study Guide

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MKT 340 1st Edition Exam #1 Study GuideRefer to Lecture 11 for sample test questionsI. Ch 1 Terms and Conceptsa. Marketing is creating value for customersb. Wants: form human needs take as they are shaped by culture and individual personalityc. Needs: states of felt deprivationd. Demands: human wants backed by buying powere. Production Concept: idea that consumers will favor products that are available and highly affordable.f. Product Concept: idea that consumers will favor products that offer the most quality, performance, and features, organization focus on continuous improvementsg. Selling Concept: consumers will not buy enough of the firms products unless it undertakes a large-scale selling promotional effort.h. Marketing Concept: philosophy in which achieving organizational goals depends on knowing needs and wants of target markets and delivering desired satisfactions.i. Customer lifetime value: value of entire stream of purchases a customer makes over a lifetime of patronage. Organization should focus on continuous improvement j. Four P’s: Price, Product, Promotion, Placek. Customer Perceived value: customers evaluation of the difference between all the benefits and costs of a marketing offer relative to those of competitorsII. Ch 2 Terms and Conceptsa. Company Case: McDonaldsb. Mission Statement: organization’s purposec. Strategic Planning: process of developing and maintaining strategic fit between the organizations goals and capabilities in marketing opportunities.d. Business Portfolio: collection of businesses and products that make up a companye. The BCG Growth Share Mix:i. STAR: high market growth rate, high relative share market, need heavy investments, turn into cash cowsii. Cash Cow: low market growth rate, high relative market share, need less investment and produce most of the cash for the company to pay billsiii. Question Mark: high market growth rate, low relative market share, require lots of cash to hold shareiv. Dog: low market growth rate, low relative market share, generate enough cash to maintain, but don’t promise large sources of cash.f. Product/market expansion gridi. Market penetration: company growth by increasing sales of current products to current segmentsThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.ii. Market development: company growth by identifying and developing new market segments for current productsiii. Products development: company growth by offering modified or new products to current segmentsiv. Diversification: growth through starting or acquiring businesses outside current products and marketsg. Market segmentation: dividing a market into distinct groups of buyers who have different needs, behaviors, and require separate marketing strategies.h. Positioning: first step in diversification, arranging for a product to occupy a clear, distinctive, and desireable place relative to competitors in the minds of customersi. Differentiation: differentiating market offering to create valuej. Marketing mix: (the 4 P’s).k. SWOT Analysis: Strengths, Weaknesses, opportunities, threatsl. ROI: Return on marketing investement: net return from marketing investment divided bythe costs of the investmentIII. Ch 3 Terms and Conceptsa. Marketing environment: actors and forces outside marketing that affect management’s ability to maintain and build relationships with custoemrsb. Micro environment: actors close to the company that affect ability to serve customers: company, suppliers, marketing intermediaries, customer markets, competitors, publicsc. Macroenvironment: larger societal factors such as demographics, economic, natural, technological, political, cultural.d. Public: any group that has a potential interest or impact on an organization’s ability to meet objectivesIV. Ch 4 Terms and Conceptsa. Company Case: Domino’sb. MIS: Marketing information system: assessing information needs, developing information, and helping decision makers use information to generate insightc. Internal database: electronic collections of consumer and market information obtained within the company network.d. Marketing Research: design, collection, analysis, and reporting of data relevant to marketing situatione. Exploratory research: gather preliminary information that will help define problems and suggest solutionsf. Descriptive: better describe problems, situations, or marketsg. Casual: test hypothesis and cause and effect informationh. Secondary data: data that already exists somewherei. Primary: collected first handj. Observational: gather info by observingk. Ethnographic: trained observers watch consumers in natural environmentl. Experimental: selecting groups, controlling factors, and checking differencesV. Ch 5 Terms and Conceptsa. Company case: GoProb. Consumer buying behavior: buying behavior of final consumers, that buy goods and servicesc. Consumer Market: all indiv. and households that buy goods and services d. Buyer’s black box: buyers characteristics an buyers decision processese. Model of buying behavior: the environment-buyers black box- buyer responsef. Four major factors that affect buyers behavior: Cultural, social, personal, psychologicalg. Culture: set of basic values, perceptions, wants, and behaviors learned by society and institutions.h. Subculture: group of people with shared value systems based on common life experiencesi. Social Class: determined not only by income, but wealth, income, education, and occupation.j. Opinion leader: person with a reference group who exerts social influence on others through skills and knowledgek. Motive: need that is sufficiently pressing to direct the person to seek satisfaction of the need.l. Perception: process by which people select, organize, and interpret information to form a meaningful picture of the worldm. Complex buying behavior: in situations by high consumer involvement in a purchase and significant perceived differences among brandsn. Dissonance-reducing buying: consumer buying behavior in situations characterized by high involvement but few perceived differences between brandso. Habitual: situations characterized by low consumer involvement and few significant perceived brand differences. p. Variety seeking: low consumer involvement but significant perceived brand


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