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MKT 3401- Midterm Exam Guide - Comprehensive Notes for the exam ( 59 pages long!)


Department
Marketing
Course Code
MKT 3401
Professor
T.Karam
Study Guide
Midterm

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LSU
MKT 3401
MIDTERM EXAM
STUDY GUIDE

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Marketing 3401
1
Tuesday, January 24, 2017
Likeability is important
Water
Super bowl commercials
Water has now surpassed soda as the most consumed beverage
How did this happen?
Marketing
4 marketing management philosophies:
1. Production orientation
a. Produce products good at it
b. Money, resources, funding
c. Efficient
d. Problem:
i. May not be a market out there for the product
2. Sales orientation (important)
a. Big part of marketing
b. Do’t orr aout produig produt
c. Given a product and uses skilled sales force to sell product
d. Focused on selling not producing
3. Marketing orientation
a. Satisfying customers needs by providing them with the service/product they
need
b. Custoer satisfatio is giig the ustoer soethig that the did’t hae
before or is better than what they once had
4. Societal orientation
a. Everything included in marketing orientation while keeping society and
environment safe
i. Why you go to Whole Foods rather than Walmart
ii. Why you buy electric car instead of gas
b. Critical to millennial when choosing brands and determining purchasing actions
c. Creativity is key
d. Sustainability and cause examples:
i. Patagonia comes from recycled materials and better for the
environment
ii. Water one cardiologist said drink 8 cups a day and now everyone is
doing it. Then water became mass produced in bottles. Although it has
overtaken soda as preferred beverage, the packaging has created an
environmental problem. Now we have Brita filters and reusable bottles.
Next Trend how can the water be produced and processed to sustain
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Marketing 3401
2
environmental sustainability by producing and recycling fast enough for
osuer’s eeds
iii. Nike selling shoes at expensive prices while still producing shoes in
sweatshops overseas for little money. Unethical production. Consumers
insisted that production workers are treated more ethically.
iv. Toms*** - gave consumers a ethical purpose behind buying their
product. Reduced waste while producing shoes while also promising a
free pair to children in need. Buy one, give one.
Marketing Orientation
Three primary marketing concepts:
1. Customer Value
a. Hae to reate alue i the ustoer’s ees of our produt
b. Can you create value of the product you are marketing to your customers?
c. Customer value: benefits cost = customer value
i. If benefits outweigh the costs you have value
ii. The bigger the benefits the bigger the value
iii. How can benefits outweigh the cost?
2. Customer Satisfaction
a. How to keep customer satisfied.
b. It is critical companies spend a lot of money to determine if their customers
are satisfied
c. Majority of businesses will fail because of customer dissatisfaction
d. Mistake if ou a’t idetif or orret the proles ou fid ou ed up
dying.
e. Customer service is incredibly important
i. Can make or break a company
ii. Delta Airlines terrible customer service cost them the top spot
among national airlines so they spent $2 billion on customer service
training. This is where likeability comes into play.
f. Companies train you to be better than their competition. This raises your
value and the value of the company to the customer
g. 63% of people change their purchase decision based on the indifference of
one person.
h. 77% of people who have a bad experience will tell at least one person.
i. If ou hae a ad eperiee ou’re goig to tell someone and people
tend to embellish the story and make it sound worse than it was
i. Only 7% of people who have a bad experience are going to tell a higher
authority/service provider.
j. Word of mouth incredibly powerful
i. Companies need to figure out how to use that to their advantage and
benefit or else it can hurt the company
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