[MKT 201] - Midterm Exam Guide - Comprehensive Notes for the exam (24 pages long!)

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7 Feb 2017
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MKT 201
MIDTERM EXAM
STUDY GUIDE
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What is Marketing?
Two very important things - exchange and value
Strategic Marketing Process (chart)
- Linear process
Must do one thing before you do the next thing
1. Marketing Analysis, the 5 Cs
- Customers, Company, Competitors, Collaborators, Context
2. S-T-P (Creating Value)
- Segmentation, Targeting, Positioning
3. The Marketing Mix, the 4 Ps
- Product, Place, Promotion (Creating Value)
- Price (Capturing Value)
4. Customer Acquisition, Customer Retention (Sustaining Value)
- Sustaining Value
5. Profits, and Mission if you are a nonprofit
5 Cs
Customers - Who are we selling to?
- Must be done first
- Decision making unit
- Firms need to know who is buying product
- Social process
- More than one person involved in purchase
- Roles: initiator, decider, influencer, purchaser, user
- Decision making process
- What do these people care about? Comfortable or cool or something
Company - What are we good at? Not an essential part of process
- What are we like? Capacity? Production value? Where do we want to go? Staff?
Resources? Company culture? Strengths? Honda makes cars not shoelaces
Competitors - What do we compare to?
- If we’re not the leading competitor who is? How are they different to us? What are they
doing?
Collaborators - Who can we work together with?
- Who is part of the ultimate delivery of value
- Coke, wawa is retail provider, but they have a great relationship with pepsi too,
it’s about wawa and everyone
Context - What’s it like out there these days? What are the trends?
S-T-P
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Segmentation
- Dividing into groups based on some characteristic
- Heterogeneity among groups
- Must be different in some way, I’m going to reach you differently than another
group
- Ex. Aerie is successful with women but now they’re focusing on another
segment (men)
- Homogeneity among group
- People are very similar in one way
- Ex. All men of 20 years old have very similar needs when it comes to
underwear
Targeting
- Making a choice is very important
Positioning
- Writing in words exactly how you want to be perceived
Sellers vs. Buyers Markets
Sellers market is a product focused market, I know what’s best
Buyer has all the power, power is in the hand of the consumer there are more options
- This is what’s in use now
- Companies are like “pick me please”
Now I have to tweak marketing mix to deliver value to them
Marketing Mix - The 4Ps
Product
- Does the product satisfy the customers wants and needs in a way that is
profitable for the firm?
- Total package or value delivered to customer or that the company is creating
- Core Product vs. Augmented Product
- Core product is actual product, sometimes tangible sometimes it is not
- Ex. hotel room
- Augmented product is the value that is delivered, cannot be separated from core
product but is not core product
- Ex. warranty, service (car oil changes), reward systems, this makeup is
not tested on animals, company reputation, branding
- Product Line Management
- Are we adding a product line (aerie selling men’s underwear in addition to
women’s)? Or depth to a current line (color, how many options you have at one
price point, and length is how many price options you have)? Whole new
product?
Place
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