MKTG 305Survey of MarketingStudy Guide for Final ExamKnow the definitions of all marketing terms.Ch. 1 Overview of Marketing4P’s- Product- Price- Place- PromotionExchange—the trade of things of value between the buyer and the seller so that each is better off as a result.Value equation--Ch. 2 Marketing PlanPhases and steps of the marketing plan- Step 1: Define the Business Mission—mission statement, a broad description of a firm’s objectives and the score of activities it plans to undertake- Step 2: Conduct a Situation Analysis—situation analysis (SWOT) Strengths (internal), Weaknesses (internal), Opportunities (external), and Threats (external).- Step 3: Identifying and Evaluating Opportunities Using STP (Segmentation, Targeting, and Positioning)o Market Segmentation—the process of dividing the market into groups of customers with different needs, wants, or characteristics, who therefore might appreciate products or services geared especially for themo Target Marketing—The process of evaluating the attractiveness of various segments and then deciding which to pursue as a marketo Market Positioning—involves the process of defining the marketing mix variable so that target customers have a clear, distinctive, desirable understanding of whatthe product does or represents in comparison with competing products.- Step 4: Implement Marketing Mix and Allocate Resources—marketers implement the actual marketing mix—product, price, promotion, and place—for each product and service on the basis of what they believe their target markets will value.o Product and Value Creationo Price and Value Captureo Place and Value Deliveryo Promotion and Value Communication- Step 5: Evaluate Performance Using Marketing Metrics—a measuring system that quantifies a trend, dynamic, or characteristicSWOT/situation analysisSegmentation, targeting & positioningCorporate social responsibilityCh. 4 Marketing EthicsCreating an ethical climate- The set values within a marketing firm, or in the marketing division of any firm, that guidedecision making and behaviorCh. 5 Marketing EnvironmentImmediate and macro environmental factors- The company’s capabilities, competitors, and corporate partners- Aspects of the external environment that affect a company’s business, such as the culture, demographics, social issues, technological advances, economic situation, and political/regulatory environmentCh. 8 Global MarketingForces creating globalizationComponents of a country market assessment- Economic Analysis using Metricso General economic environmento Market size and population growtho Real income- Sociocultural Analysiso Power distance—willingness to accept social inequality as naturalo Uncertainty avoidance—society relies on orderliness, consistency, structure, and formalized procedure to address situations that arise in daily lifeo Individualism—perceived obligation to and dependence on groupso Masculinity—dominant values are male orientedo Time orientation- Infrastructure and Technologyo Transportationo Channelso Communicationo Commerce- Government Actionso Tariff—a tax levied on a good imported into a country; dutyo Quota—designates the maximum quantity of a product that may be brought into a country during a specified time periodo Exchange Control—refers to the regulation of a country’s currency, exchange rateo Trade Agreement—intergovernmental agreements designed to manage and promote trade activities for specific regionsAdvantages/disadvantages of market entry strategies- Export: low risk, low controlo Producing goods in one country and selling them in another- Franchising: low risk, low controlo Contractual agreement between a firm- Strategic Alliance: medium risk, medium controlo Collaborative relationships between independent firms- Joint Venture: high risk, high controlo Formed when a firm entering a market pools its resources with those of a local firm- Direct Investment: high risk, high controlo Requires a firm to maintain 100% ownership of its plants, operation facilities, and offcies in a foreign country, often through the formation of wholly owned subsidiariesCh. 6 Consumer BehaviorConsumer vs business products5 steps of the consumer decision making process- Need Recognitiono Occurs when consumers recognize they have an unsatisfied need and want to gofrom their actual, needy state to a different desired state- Information Searcho Internal Search for Information—occurs when the buyer examines his or her own memory and knowledge about the product or service, gathered through past experienceso External Search for Information—occurs when the buyer seeks information outside his or her personal knowledge base to help make the buying decision- Alternative Evaluationo Attribute Sets Universal Sets—includes all possible choices for a product category Retrieval Sets—includes those brands or stores that the consumer can readily bring forth from memory Evoked Set—compromises the alternative brands or stores that the consumer sates he or she would consider when making a purchase decision Evaluative Criteria—consist of a set of salient, or important, attributes about a particular product Determinant Attributes—product or service features that are important to the buyer and on which competing brands or stores are perceived to differo Consumer Decision Rules- Purchase- Post PurchasePsychological, social, and situational factors affecting consumer decision-makingHabitual, impulse, limited and extensive decision-making InvolvementCh. 7 B2B Marketingtypes of businesses6 steps of B2B decision makingderived, inelastic, joint, and accelerated/multiplier demandroles in buying centernew buy, straight rebut, modified rebuyCh. 9 STPwhy do segmentation5 steps of segmentation processmethods/bases of segmentation for consumer and business markets5 criteria to evaluate segment attractiveness4 targeting strategiespositioning methodsperceptual mappingCh. 10 Marketing Research5 steps of marketing research process- Defining the Objectives and Research Needs- Designing the Research- Data Collection Processo Secondary data: are pieces of information that have been collected prior to the start of the focal research projecto Primary Data: are those data collected to address specific research needs- Analyzing Data and Developing Insightso Data: raw numbers or facts- Action Plan and ImplementationQualitative and quantitative research- Qualitative Researcho Observationo