MKTG 3000 Study Guide - Fall 2018, Comprehensive Midterm Notes - Marketing Mix, Customer Relationship Management, Walmart

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12 Oct 2018
Department
Course
Professor
MKTG 3000
MIDTERM EXAM
STUDY GUIDE
Fall 2018
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Marketing Class Lecture 1
Consumer Behavior, Usage and Disposition
I. Decision process (mouse trap example)
a. Problem recognition (mice infestation)
b. Information search (how do I take care of this problem?) Google
c. Evaluation of alternatives (get a cat, move, poison, etc)
d. Decision (decide to get a mouse trap)
e. Usage and disposition
II. Benefits soughtall of them
a. As arketers, e do’t sell produts, e sell eefits
i. No more mouse
ii. Easy clean up
iii. Reusable
iv. Price effective
v. Humane
vi. Available
vii. Effective
viii. Disposable
b. Reason why we need to understand this, is so we know the motivations behind
purchases so we can effectively market products to consumers
III. Challenge of 2020
a. Consumerism (marketers create unnecessary, unhealthy hyper consumption) vs
sustainable practices (solving real problems and doing less harm, triple bottom line)
IV. Definition of marketing
a. Marketing is the activity, set of instituitions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners,
and society at large.
b. Exchange= transfer of goods or services
c. Value= perceived benefits/costs
i. Costs can be price, search time/effort, status, risk, etc
d. Creating and delivering value
i. What has changed? Delivery method. Block buster got outed by Netflix. Red box
comes along to help give $1 videos, and immediate gratification. More recent
content, video games.
ii. Redbox history= joint venture between two companies: coin star and
MDoald’s.
V. Marketing Mix
a. Product, price, promotion, and place
i. Product: can be tangible good or service. Or idea
1. Service is growing faster than products
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ii. Price:
VI. Videos
a. Safe is risky
b. Ca’t do aerage produt for aerage osuer eause does’t exist
VII. Sensory decisions: what delivers value?
a. 40% of all perfume purchase decisions are based on bottle decision
b. Designoften times visual appeal is a big factor
i. When delivering benefits, what people can sense, see, hear, is important
ii. Example: luxury sports car= sound of the car is the most important factor (44%
consumers say sound is most important factor)
VIII. Evolution of business philosophies in marketing concept
a. Production orientation: if you build it, they will come. Focus on efficient production (less
competition during this)
b. Sales: weakened demand required more aggressive selling techniques. (insurance
industry)
c. Market: consumer need centric, researching, creating goods and services to fill needs
(have to also understand the market, what the benefits the people are seeking how to
come up with something that satisfies customers) center of organization is the
consumer.
d. Societal: satisfying customer needs and wants while enhancing individual and societal
well-being (concerned about the impact on all of the stakeholders… are they teatig
their employees well, are they being mindful of environment impact, etc)
IX.
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Document Summary

Information search (how do i take care of this problem?) Decision process (mouse trap example: problem recognition (mice infestation, evaluation of alternatives (get a cat, move, poison, etc, decision (decide to get a mouse trap, usage and disposition. Challenge of 2020: consumerism (marketers create unnecessary, unhealthy hyper consumption) vs sustainable practices (solving real problems and doing less harm, triple bottom line) Red box comes along to help give videos, and immediate gratification. More recent content, video games: redbox history= joint venture between two companies: coin star and. Marketing mix: product, price, promotion, and place, product: can be tangible good or service. Or idea: service is growing faster than products, price: Videos: safe is risky, ca(cid:374)"t do a(cid:448)erage produ(cid:272)t for a(cid:448)erage (cid:272)o(cid:374)su(cid:373)er (cid:271)e(cid:272)ause does(cid:374)"t exist. Evolution of business philosophies in marketing concept: production orientation: if you build it, they will come.

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