ADV-3008 Study Guide - Fall 2018, Comprehensive Midterm Notes - Time, Samsung, Customer Relationship Management
ADV-3008
MIDTERM EXAM
STUDY GUIDE
Fall 2018
08-30-2018
Class One Notes
The Marketing Concept:
●A business philosophy where the organization determines the needs of the target market
and satisfies those needs at a profit.
EX: McDonald’s breakfast all day.
●Target market needs changed. Action taken to increase sales.
UBER
●Need for this type of service.
Marketing Mix:
4 components
a. Product
i. The bundle of attributes the consumer receives in a transaction.
1. Good or service.
b. Price
i. What the consumer must give up in order to receive the product.
c. Place
i. Historically a physical location.
ii. All issue related to the system of distribution.
1. How you get the product.
d. Promotion
i. All methods used to INFORM and PERSUADE the target market about
products that are available at some price and in some place.
Relationship between 4 Ps
●Product, price, place ----> Promotion
○Product, price, place all have to work together.
●Need of balance between product development and promotion.
○Lack of inventory to match the interest gained from promotion of the product.
find more resources at oneclass.com
find more resources at oneclass.com
Advertising:
Any PAID nonpersonal communication from an identified sponsor that informs, persuades,
and/or reminds.
●Advantages
Gives companies...
●Control
○Message
○Delivery (where)
○Timing (day and time)
●Cost Efficiency
●Disadvantages
■High Costs
■Lack of credibility
Decision Sequence Model:
1. Situation Analysis
a. Researched based analysis internal and external to learn how to target consumers
i. Ex: NIKE looks at competitor ADIDAS
2. Objectives and Positioning
a. Positioning-> How the brand is perceived by the consumer
Brand: All of the INTANGIBLE attributes attached to the product.
EX: NIKE
●Slogan
●Athletes
●Labor practices
Brand Equity: The difference in perceived value between the product and the brand.
EX: Some products have more value based on brand.
3. Strategies
4. Budget Setting
5. Implementation
6. Evaluation
Levels of Involvement:
Relative importance of the product to the consumer
●No involvement
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
A business philosophy where the organization determines the needs of the target market and satisfies those needs at a profit. The bundle of attributes the consumer receives in a transaction: good or service, price, place, what the consumer must give up in order to receive the product. i. ii. All issue related to the system of distribution : how you get the product, promotion i. All methods used to inform and persuade the target market about products that are available at some price and in some place. Product, price, place all have to work together. Need of balance between product development and promotion. Lack of inventory to match the interest gained from promotion of the product. Any paid nonpersonal communication from an identified sponsor that informs, persuades, and/or reminds. Decision sequence model: situation analysis, researched based analysis internal and external to learn how to target consumers i.
