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BUAD 332: Exam 1
Company's macro environment.
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Demographic forces
Economic forces
Natural forces
Technological
Political
Cultural |
Types of publics
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Financial
Media
Government
Citizen-action
Local
General
Internal |
Micro environment
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Company
Suppliers
Marketing intermediaries
Customers
Competitors
Publics |
What are marketing intermediaries?
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ResellersDistribution firms
Marketing service agencies
Financial intermediaries |
Factors impacting the natural environment
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1: Shortage of Raw materials
2: Increased pollution
3: Increased government intervention
4: Environmentally sustainable strategies |
What are the 5 parts of the Marketing mix?
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Product
Price
Promotion
Place
Tied together by customer needs. |
What are the four components of the "New Marketing Landscape"
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Rapid Globalization
Ethics and Social Responsibility
The Digital Age
Not-for-Profit Marketing |
What are the three components of the Value Hierarchy?
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Attributes
Desired Consequences
End States (Goals) |
Marketing Research Process
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Defining the problem
Developing the research plan
Implementing the research plan
Interpret and report findings |
Exploratory Research
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Gather info that will help define the problem and suggest a hypotheses.
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Descriptive Research
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Describe things (demographics, market distribution, etc.)
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Causal Research
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Tests hypotheses cause and effect
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Observational Research
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Primary Data (Gathered For Specific Purpose)
Types
Ethnographic Research (Natural environment)
Mechanical Observation (Cash Registers) |
Best Descriptive primary data gathering process Primary Data
and can gather information about knowledge, attributes, preferences and buying behavior. |
Survey Research
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Tries to explain cause and effect relationships.
Involves statistical proving
IE: Giving Different Treatments, Controls, Unbiased, etc. |
Experimental Research
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This technique builds relationships with profitable customers by capturing and applying customer information from all sources.
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Customer Relationship Management
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CRM analysts use these tools
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Data Warehouses and Data mining techniques
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What is in the buyer black box
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Buyer's Characteristics
Buyer decision process |
Most important cultural/social factors in a buying decision
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Groups (Opinion Leaders)
Family (Most important buying organization)
Roles & Status (Role-Expected Activities) (Status-Role in society) |
A _____ _____ tracks consumers activities, interests, and opinions
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Lifestyle Analysis
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Buyer Decision Process
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Need Recognition
Information Search
Evaluation of Alternatives
Purchase Decision
Post-purchase Behavior |
Customer's Sources of Info when researching products
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Personal - (Family, Friends) Most effective
Commercial - (Advertising, Salespeople) Most information
Public - (Mass Media, Consumer ratings)
Experiential - (Handling or Using the product) |
This is a buyer's doubts shortly after a purchase about whether it was the right decision.
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Cognitive Dissonance
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Major Types of Business Buying Situations
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Straight Rebuy - (Reorder no modifications)
Modified Rebuy - (Reorder modified details) Price, etc
New Task - (First time purchase) |
Business Buying Steps
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Problem Recognition
General Need Description
Product Specification
Supplier Search
Proposal Solicitation
Supplier Selection
Order-routine specification/ Performance Review |
A _____________ _______________ is the set of benefits a business promises to deliver to consumers to satisfy their needs.
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Value Proposition
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________________ ________________ is the measure of performance relative to expectation .
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Customer Satisfaction
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Offering modified or new products to current markets is known as ______________ ________________
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Product Development
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Sales and Advertising are part of the ___________ aspect of the Marketing Mix.
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promotion
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___________ are shaped by culture and individual personality.
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Wants |
Identifying and developing new markets for current products is known as ______________ ____________
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Market Development
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Needs and wants can be fulfilled through a _____________ ____________.
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Marketing Offer
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In regards to the 5 Key Aspects of Customer Value, Value is ________________ by customer's desired attributes, desired outcomes, and end goals.
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Goal-driven
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_____________ ______________ is the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.
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Strategic Planning
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In regards to the 5 Key Aspects of Customer Value, Value is ________________ by customer's desired attributes, desired outcomes, and end goals.
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goal-driven
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