What is marketing in terms of how I have defined it in class Marketing is the science of exchange What are the components for exchange Conditions for exchange to occur 1 At least 2 parties are involved 2 Each party must have something that is perceived as being valuable 3 Communicate the value to other parties 4 Either accept or reject any offer What are the 4 P s What are these called Marketing Mix 1 Product type look 2 Place access to consumer 3 Price what is given up in order to get product 4 Promotion information about product What are the barriers to exchange Be able to give an example of each 1 Geographic bridges UPS FEDEX internet 2 Time 24 hr stores internet 3 Value 4 Information what does it do cost etc 5 Quantity amount needed by consumer 6 Variety product that fits best 7 Ownership responsible for breaks warranty guarantee What are the four 4 different marketing orientations or philosophies that have emerged during the past century 1 Production Era Late 1800s Late 1920s Demand Supply shortage provider after the great depression people were much more conservative 2 Sales Era 1940s 1990s Supply Demand Surplus Persuader 3 Marketing Era 1970s 1990s uncover and satisfy customer needs concept 24hr help problem solver 4 Relationship Era 1990s today Information exchange partner Be able to distinguish company orientations based on activities and know the role of the marketing department for each orientation 1 Production provide what people really NEED 2 Sales persuade people they need want different things and a lot of them 3 Marketing find out customer needs and provide 4 Relationship work with the customers to provide What is the marketing concept Uncover and satisfy customer needs Be familiar with the six 6 uncontrollable forces that influence marketing mix decisions 1 Social cultural changes in the society or culture habits what is acceptable etc women in workforce health focus environmental 2 Political legal laws punishments by fines jails capital punishment etc ethics established by society 3 Technological 4 Demographic older multicultural etc 5 Competitive Type direct or indirect Number Global Marketing types of strategies standard of mkt global policy customication adaptation licensing contract manufacturing joint ventures direct investment 6 Economic Know the three 3 important social changes that occurred over the past 50 years that influence marketing activities 1 Women in the work place 2 Health craze 3 Environmental friendliness craze What is the difference between direct and indirect competition Direct competitors product similar goods to that of your own Indirect provide alternatives i e muffins instead of bagels Prostitutes instead of GF s Etc Be familiar with the three 3 laws discussed in class 1 Wheeler Lea Act prohibits false or misleading advertisement 2 Robinson Patman Act prevention of price gouging 3 Sherman Act anti trust anti competiton What are the primary differences between laws and ethics Hint Who makes them enforces them and consequences of violating them Ethics are to be considered law from above or feeling of the specific individual whereas laws are man made and enforced as such What is a SST How about HSS SST Self Service Technology HSS Hyper Sonic Sound What is global marketing Standardization of marketing policy i e not adapted to special considerations such as cultural differences Know the difference between exporting licensing joint venture and direct investment Licensing Giving someone else somewhere cheaper usually the right to produce a product that is protected by copyrights and such Joint Venture Two companies joining together for a common goal DI A company investing in another Be familiar with some of the lost in translation examples in class For instance what is Calpis Calpis a Japanese soft drink Americans would not want to drink this due to the name I didn t write the others down There was a spanish one too This is one of those back translation examples What is Snuss A form of smokeless tobacco that is outlawed in a lot of Europe Growing popularity in the US as an alternative to quit smoking What is consumer behavior How does it relate to the marketing concept Consumer Behavior process of consumer selecting using and disposing of products The marketing concept and consumer behavior relate because by uncovering customers needs the selecting using and disposing of products needs to be found What are the steps involved in the consumer decision making process 1 Need Recognition 2 Information Search 3 Evaluate the Alternatives 4 Make Informed Decision 5 Post Purchase Behavior Why does need recognition occur Where does the need stimulus originate Need recognition occurs when the persons actual state doesn t equal the desired state The need stimulus originates Be familiar with the three 3 different conflict types discussed in class 1 Approach Approach two equally strong options 2 Approach Avoidance want to do something but there are bad parts 3 Avoidance Avoidance Be familiar with different forms of need recognition and information search Internal personal experience External library internet etc Market paid for or sponsored Non Market not paid for friends What is TOMA Top of Mind Awareness deals with personal experience What are the different categories of external source information External library internet etc Market paid for or sponsored Non Market not paid for friends What is a consideration set all alternatives that we will actively consider Be familiar with the four 4 different decision making tools used to evaluate alternatives discussed in class i e lexicographic NON COMPENSATORY 1 Lexicographic select the alternative that scores the highest on most important attribute 2 Conjunctive elimination by aspects anything under a rank of 4 gets eliminated COMPENSATORY 1 Additive add up scores of attributes 2 Multi Attribute weighted additive What is the difference between compensatory and non compensatory Compensatory bad in one area make up in another Non Compensatory can t make up one bad score in another area What is the weighted additive model How does it work and what are its key components a method of determining the most important of certain attributes Contains Attributes Importance Info Sets What is buyers remorse What is the technical term for it Cognitive Dissonance when a buyer feels remorse after purchasing an item and considers returning it Be familiar with the different buying situations What goods are associated with each
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