Upgrade to remove ads
Marketing 315 exam 1
Terms in this set (56)
the activity of creating, communicating, delivering, and exchanging offerings that deliver value to customers and benefit the organization, its stakeholders, and society at large.
Essence of Marketing
Figure out the customers' needs and wants, and fill them
The trade of things of value between buyer and seller so that each is better off after the trade
Perceived Benefits - Costs
Needs vs. Wants
Products that satisfy needs and/or wants provide benefits to consumers, and thus value
What is needed for marketing to occur?
-Two or More Parties with Unsatisfied Needs
-Desire and Ability to Satisfy These Needs
-A Way for Parties to Communicate
-Something to Exchange
The production of the good or service
Ex. Size of the packaging
Having the product offering available where the consumer wants/needs it
Ex. Starbucks on every corner!
Having the product offering available when the consumer needs/wants it
Ex. Walmart open 24/7
Making an item easy to purchase
Accepting many forms of payment (cash, check, credit card, etc.)
an organization'slong-term course of action designed to deliver a unique customer experience while accomplishing objectives.
goals are sales, market share, profits
goals are clients, satisfaction, efficiency
Why of Strategy
core values, mission, organizational culture
What of Strategy
business, goals (long and short term)
How of Strategy
by level (corporate, SBU, functional) or by offering (product, service, idea)
Specific (defines goal / no ambiguous language)
Measurable (ability to know if goal has been met)
Attainable (challenging within ability to complete)
Relevant (aligned to objectives / assignable to someone)
Time-Specific ("by when")
Ex: Profit, Market share, Sales, Quality
bring in a lot of money, but costs a lot (top dog) ex: iPads
brings in a lot of money but we do not spend a lot to make it. ex: Lays chips
not a lot of people have it, costs a lot. we do not know what will happen ex: unpopular app
failure ex: CD's
existing products to existing markets Ex: Pizza Hut
new products to existing markets Ex: Dr. Pepper 10
existing products to new markets Ex: Walmart
new markets to new products Ex: Disney shows to Disney World
large number of sellers, similar products, place (distribution) is important
large number of sellers, unique but substitutable, pricing is important
a few large competitors, similar products, promotion is key to achieve perceived product differences
Market size is big with best quality (Nordstrom)
Big market size for a low cost (Walmart)
Gross Domestic Product (GDP)
The market value of all final officially recognized final goods and services produced within a country in a given period
Consumers' needs and wants at higher and lower income levels
Increase in the general level of price in an economy over time
How optimistic consumers are about the overall state of the economy and their own personal finances
Environmental forces (demographics)
Age,gender, ethnicity, education
The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities
Non-numerical info ex: male/female
Empirical info that can be communicated through numbers
Ex: salary, height
Secondary data are the facts and figures that have already been recorded before the project at hand.
the facts and figures that are newly collected for a project.
Constraints are, in a decision, the restrictions placed on potential solutions to a problem
consists of the actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions.
Order of Purchase Decision Process
2. Information Search
3. Alternative Evaluation
4. Purchase Decision
5. Postpurchase Behavior
Perceiving a difference between a person's ideal and actual situation big enough to trigger a decision
Ex. Empty milk carton, gas guzzling vehicle, unfashionable attire, etc.
Internal Search=Scan your memory for previous experiences with brands or products
External Search=Needed when: past experience or knowledge is insufficient, the risk of making a wrong purchase decision is high,
and the cost of gathering information is low
Ex: personal sources, public sources, etc.
Evaluative Criteria, consideration set.
Decide from whom to buy and when to buy
Perceptions and expectations, customer satisfaction studies, cognitive dissonance
Evaluation Criteria vs. Consideration Set
Eval Criteria= A benchmark upon which other alternatives are compared
Ex. Phones under $200, very good display, and excellent navigation
Consideration set= The group of brands that a consumer would consider acceptable from among all the brands of which he or she is aware of in that product class
Postpurchase psychological tension or anxiety
Ex: Buy a $350 purse
Maslow's Hierarchy of Needs
High vs. Low Involvement
-Provide Information with Comparative Ads
-use personal selling
I can only understand so much
ex: Filtering exposure of stimuli
I only remember things as I go with what I already believe
You retain information about a product as far as my knowledge allows me to.
I can only retain so much.
You might also like...
MAR3023 FSU EXAM 1 BRADY
MARK 3000 test 1
Marketing Exam 1
Other sets by this creator
FCS 301 (Temperatures food should be cooked)
FCS 301 (Final Exam)
FCS 301 Exam 3 (Chapter 8)
FCS 301 Exam 3 ( Chapter 7)