Exam 1 Study Guide.docx

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Department
Business Admin:Marketing & Log
Course
BUSML 3150
Professor
David Terry Paul
Semester
Spring

Description
Marketing 3150 Exam 1 Study Guide 4 P’s -Price -Promotion -Place -Product Macroenvironment Factors (CDSTEP) -Culture -Demographics -Social -Technology -Environment -Political 3 Kinds of Customers -Those that make you money -regulars -Those that could make you money -new customers -Those that lose you money -unload on sales Increasing Importance of Marketing Since 1980 1. More fragmented markets 2. Slow economic growth 3. Already high level of affluence 4. De-regulation 5. Entry of strong new contenders 6. More experience, training in the practice of marketing 7. Customers who are generally more knowledgeable, demanding, and skeptical Women v. Men -Cleanliness -Control/choices -Safety -Consideration (kinder/nicer) -Attention to detail 5 Forces of Competition -Competition from other companies -Substitute products -Suppliers -New entrance -Buyers (big time buyers) Influences on Consumers -Interpersonal -Culture -Life experiences Intrinsic Enjoyment -Sensory pleasure -Aesthetic pleasure -Emotional pleasure -Fun and play Maslow Hierarchy of Needs -Physiological -Safety -Social -Personal Classic C.B. Model -Need recognition -Information search -Consideration of options -Purchase -Post-purchase evaluation Situational Factors -Physical surroundings -Social surroundings -Temporal perspective-time -Task definition-purpose -Antecedent state-mood • Data Mining: Discovering hidden predictive information o Investing in customer relationships • 80/20 Principle: 20% of customers make up 80% of profit (very common, reward those customers) • Satisfied customers are 3 times more likely to buy from someone else next time • If there is a voluntary exchange, marketing is taking place • Consumer good channel of distribution: Manufacturer -> Wholesaler -> Retailer -> Customer • Utility: Satisfaction, value, benefits • Form Utility: Creating value out of resources o Marketing affects form utility only indirectly • Marketing activities contribute directly to: o Time Utility (When) o Place Utility (Where) o Possession Utility (How) • Production Orientation: Stress on making products and producer priorities • Product Orientation: Offer highest quality as expert producer sees it (lawyers, artists, doctors) • Marketing Myopia: Mistake of focusing on a products form instead of on benefits buyers seek while thinking that there will always be a demand for your product • Selling Orientation: Pushing prospects to buy w/ strong ads and selling o “we must sell what we make” • Marketing Orientation: Cus
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