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Midterm

Marketing Management (BMK211) Midterm Review.doc

8 Pages
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Department
Marketing
Course Code
BMK211
Professor
Caitlyn Mcloughlin

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Description
1) What is marketed? a. Goods b. Services c. Events d. Experiences e. Persons f. Places g. Properties h. Organizations i. Information j. Idea 2) demand states a. negative demand i. consumer dislike the product and may even pay to avoid it b. non existent demand i. consumer may be unaware or uninterested in the product c. latent demand i. consumers may share a strong need that cannot be satisfied by an existing product d. declining demand i. consumers begin to buy the product less frequently or not at all e. irregular demand i. consumers purchases vary on a seasonal, monthly, weekly, or sometimes hourly basis f. full demand i. consumers are adequately buying all products put in to the marketplace g. overfull demand i. more consumers would like to buy the product than can be satisfied h. unwholesome demand i. Consumers may be attracted to the products that have an undesirable social consequence i.e. cigarettes, alcohol etc… 3) Needs, Wants, and Demands a. Needs i. Basic human requirement b. wants i. when consumers are directed to specific objects that might satisfy the need c. demand i. wants for specific products backed by an ability to pay  types of needs o stated need – the customer wants an expensive car o Real need – the customer wants a car whose operating cost, not the initial price, is low. More in depth than stated need o unstated need – customer expects good service from dealer o Delight need – customer would like the dealer to include an onboard gps navigation system. Bonus. o Secret needs – customer wants friends to see him as a savvy customer 4) marketing mix a. the 4 p’s i. product ii. price iii. place iv. promotion 5) core competency a. a source of competitive advantage that makes a significant contribution to perceived customer benefits b. has application in a wide variety of markets c. difficult for competitors to imitate 6) Ansoff’s matrix a. Market penetration i. Existing market ii. Existing product b. product development i. existing market ii. new product c. market development i. new market ii. existing product d. diversification i. new market ii. new product 7) SWOT Analysis a. Strengths i. Things that are good now, maintain them, build on them, and use them as leverage b. Weaknesses i. Things that are bad now, change or stop them c. Opportunities i. Things that are good for the future, prioritize them, capture them, build on them and optimize d. Threats i. Things that are bad for the future, put them in plans to manage them or counter them 8) Porters generic strategies a. Overall – cost leadership b. Differentiation i. Done something better than the competitors c. Focus i. Zeroed in on smaller segments, understand them incredibly well, anticipate needs, possibly gain loyalty 9) improving marketing intelligence a. train and motivate sales force to spot and report new developments b. motivate distributors, retailers, and other intermediaries to pass along important intelligence c. hire external experts to collect intelligence d. network internally and externally e. set up customer advisory panel f. take advantage of government –related data resources g. purchase information from outside research firms and vendors 10)trends in the environment a. demographic i. worldwide population growth ii. population age mix iii. ethnic and other markets iv. educational groups v. household patterns b. political i. government policies, structure, and regulations ii. political trends iii. current domestic legislation iv. future legislation v. environmental regulations vi. employment law vii. consumer protection viii. industry specific regulations c. economic i. consumer psychology – how confident do you feel about your economic future ii. income distribution iii. income, savings, debt, credit iv. inflation v. disposable income vi. taxation issues d. socio-cultural i. core cultural values – environmentally friendly ii. subcultures – skiing, hockey iii. lifestyle changes iv. population shifts v. education vi. trends/fads vii. living standards e. technological i. accelerating pace of change ii. unlimited opportunities for innovation iii. varying R&D budgets iv. increased regulation of technological change 11)Marketing research process a. Define the problem, decision alternatives, and research objectives i. You need more information b. Develop the research plan i. Finding secondary reports. Collect your own data ii. Using focus group, in depth interviews, surveys iii. Sampling plan: population, sample size, procedure iv. Contact method: mail, telephone c. Collect information d. Analyze information e. Present findings f. Make decision 12)customer perceived value a. identify the major attributes and benefits customers value b. assess the quantitative importance of the different attributes and benefits c. asses the company’s and competitors’ performance on the different customer values against their rated importance d. examine how customers in a specific segment rate the company’s performance against a specific major competitor on an individual attribute basis e. monitor customer value over time 13)satisfaction a. a persons feelings of pleasure or disappointment that result from comparing a products perceived performance with his or her expectations b. What happens in the performance falls short? c. What happens if the performance exceeds expectations? 14)reference groups a. membership groups – actually a part of
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