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 involved2. Each party must have something that is perceived as being valuable3. Communicate the value to other parties4. Either accept or reject any offerWhat 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. Value4. 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 conservative2. 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 NEED2. Sales = persuade people they need/want different things and a lot of them3. Marketing: find out customer needs and provide4. Relationship: work with the customers to provideWhat is the marketing concept? Uncover and satisfy customer needsBe 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 society3. Technological: 4. Demographic (older, multicultural, etc.)5. Competitive:Type - direct or indirectNumber: Global Marketing (types of strategies, standard of mkt - global policy, customication - adaptation, licensing, contract manufacturing, joint ventures, direct investment)\6. EconomicKnow the three (3) important social changes that occurred over the past 50 years that influence marketing activities.1.Women in the work place2."Health" craze3.Environmental friendliness crazeWhat 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 advertisement2.Robinson-Patman Act: prevention of price gouging3.Sherman Act: anti-trust, anti-competitonWhat are the primary differences between laws and ethics? (Hint: Who makes them, enforces them, andconsequences 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 TechnologyHSS: Hyper Sonic SoundWhat 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 anotherBe 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 examplesWhat 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 productsThe marketing concept and consumer behavior relate because by uncovering customers needs the selecting, using, and disposing of products needs to be foundWhat are the steps involved in the consumer decision making process?1. Need Recognition2. Information Search3. Evaluate the Alternatives4. Make Informed Decision5. Post-Purchase BehaviorWhy does need recognition occur? Where does the need stimulus originate?Need recognition occurs when the persons actual state doesn't equal the desired stateThe need stimulus originates...Be familiar with the three (3) different conflict types discussed in class.1. Approach-Approach: two equally strong options2. Approach-Avoidance: want to do something but there are bad parts3. Avoidance-Avoidance:Be familiar with different forms of need recognition and information search.Internal: personal experienceExternal: 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 considerBe familiar with the four (4) different decision making tools used to evaluate alternatives discussed in class! (i.e., lexicographic)NON-COMPENSATORY1. Lexicographic: select the alternative that scores the highest on most important attribute2. Conjunctive (elimination by aspects): anything under a rank of 4 gets eliminatedCOMPENSATORY1. Additive: add up scores of attributes2. Multi-Attribute (weighted additive)What is the difference between compensatory and non-compensatory?Compensatory: bad in one area, make up in anotherNon-Compensatory: can't make up one bad score in another areaWhat 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"?
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