MKT 230 1st EditionExam # 3 Study Guide Lectures: 13 - 17Chapter 10 (Lecture 13)1) What is Digital Media?a. Electronic media that functions using digital code (rather than film or magnetic code)2) What is Digital Marketing?a. Uses digital media to develop communication and exchanges with customers3) What is E-Marketing?a. Strategic process of using digital media4) What do these factors mean regarding digital media?a. Addressability – the ability of the marketer to identify customers before they make a purchaseb. Interactivity – the ability of customers to express their needs and wants directly to the firm in response to its marketing communicationsc. Accessibility – the ability for marketers to obtain digital informationd. Connectivity – the ability for consumers to be connected with marketers along with consumerse. Control – the customers ability to regulate the information they view as well as the rate and exposure to that information5) What are the advantages of:a. Facebook: information is immediately seen and easily shareable, you can monitorwhere your information has gotten and who has seen it, there is a wide range of ages that have access to Facebookb. Twitter: instantaneous, hash tags make conversation easy and popularc. LinkedIn: you can market yourself to employers, it is a digital resume, marketers can go and look for specific skills6) What are virtual realities?a. Stimulated environments where users select an avatar, many real businesses set up virtual stores like the virtual grocery stores in South Korean subways7) What are digital media marketing considerations?a. Requires constant effort to stay on top, it can be hard to learn how to use new media, bad news/reviews travels fast and can greatly impact a company (like the United Breaks Guitars video)8) What are some key ethical/legal issues of digital marketing?a. Privacy, online fraud, and intellectual property protection9) What is intellectual property? What are some concerns?a. Intellectual property is the copyrighted or trademarked ideas and creative materials developed to solve problems, carry out applications and educate and entertain others. People can steal this by doing illegal things like copyingcomputer programs, movies, CDs and books. There is so much that is downloaded on the Internet that it is near impossible for all intellectual property to be protected.10) What is on-line fraud?a. Online fraud is any attempt to conduct fraudulent activities online, including deceiving consumers into releasing personal information.Chapter 11 (Lecture 14) 1) Define the following:a. Product – good, service, idea, or experience received in an exchangeb. Good – tangible objectsc. Service – intangible result of the application of human and mechanical efforts to people or objects, requires human/mechanical/electronic/etc. inputd. Idea – a concept, philosophy, image, or issue, like charity or financial advising2) What are 3 factors that make up total product?a. Core product – a product’s fundamental utility or main benefit that addresses the basic need of the consumer; like the sports drink rehydrates youb. Supplemental features – provides the added value or attributes in Addison to the product’s core utility, helps differentiate the product and includes tings like installation, delivery and financingc. Symbolic and experiential benefits – buyer’s purchase benefits and satisfaction they think the product will provide; for example, driving a Mercedes Benz can show that you are successful, the car itself is a symbol of success3) What is the difference between consumer and business products?a. Consumer products are used to satisfy personal wants and needs and Business products are bought to make a profit4) Define and give examples of the following:a. Convenience product – relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort; commonly found in grocery or convenient stores that require no search effort and can be found in many placesb. Shopping product – items for which buyers are willing to exert considerable effort in planning and making the purchase; less frequently purchased items that require a more extensive searchc. Specialty product – items with unique characteristics that buyers are willing to expend considerable effort to obtain; high prices, not many substitutes, extensivesearchd. Unsought product – purchased to solve sudden problems, a product that customers are unaware that they need; price isn’t important, purchase compelled, and no search effort required. Example: buying a sump pump because yours goes out in the middle of a storm5) Define the following:a. Product line – Group of closely related product items viewed as a unit; example: clothing lines are cohesive unites that are meant to all flow togetherb. Product mix – total group of products that an organization makes available to thecustomers; everything that you can buy in the store, not just the clothing line butaccessories like handbags, shoes and hats tooc. Width of product mix – Number of product linesd. Depth of a product mix – average number of each products in each line6) What are the stages of the product life cycle?1. Introduction Stage – Sale are zero and profits are negative, there is a high risk of failure. Buyers need to be made aware of the features, uses and advantages, sellers will lack the resources, technological knowledge and marketing know-how2. Growth Stage – sales rise rapidly and profits peak; need to promote brand loyalty before the peak so that when competition enters you will be stable3. Maturity Stage – sales curve peaks and then starts to decline; competition starts to become a factor and goals include generating cash flow and maintaining market share4. Decline Stage – Sales fall rapidly, marketers have to do things like cut promotions, plan to phase products our or reposition them7) What are the 5 steps of the product adoption process?1. Awareness – buyer becomes aware, accomplished through promotion2. Interest – buyer seeks information, word of mouth plays a large role3. Evaluation – buyer considers benefits, word of mouth still plays a large role 4. Trial – buyer examines, tries, tests, and buys if the product meets their needs5. Adoption – Purchase product8) What are the adopter categories?a. Innovators – first adopters of new productsb. Early Adopters – people who adopt new products early, choose new products