Marketing 301 Final Exam Part 1

Marketing 301 Final Exam Part 1 Covers The Marketing 301 Of Umass Amherst.
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Why is marketing important?
 
It stresses the importance of delivering genuine benefits in the offerings of goods, services, and ideas marketed to customers.
Marketing Concept
 
The idea that an organization should 1) strive to satisfy the needs of consumers 2) while also trying to achieve the organization's goods
Marketing Orientation
 
Focuses its efforts on 1) continuously collecting information about consumer's needs 2) sharing this information across departments and 3) using it to create customer value
Marketing's first task
 
Discovering and satisfying needs
Product Orientation
 
1920's; Mass production

ford cars = make more with more options.
Sales Orientation
 
1960's; more sales people = higher profit. using telemarketers, etc.
Rolling Rock ( Production)
 
Assumed they had the best beer
Rolling Rock (Sales)
 
No "marketing" to speak of; sales force that operated mainly by buying rounds in taverns
Marketing's second task
 
Spread message about product/service as cost-effectively as possible
Target Market
 
one or more specific group of potential consumers toward which an organization directs its marketing
Car Buying
 
high involvement purchase. engage in extensive info search, consider many product attributes and brands. form attitudes and participate in word of mouth communication. companies give info
Elaboration likelihood model
 
most widely used.
Central route - (people highly involved, high elaboration) when making argument.

Peripheral route - (low elaboration) pictures and music which do not make an argument; not involved
High vs Low + Marketing Mix
 
high - builds image, exclusive distribution, ads + personal selling
low - build habits, stock everywhere, maintain quality
Trigger Features
 
a filtering of exposure, comprehension, and retention.

ex: color crystals are better, product name, etc.
Perceived Risk
 
obtain seals of approval, secure endorsements, provide free trails/samples, give extensive instructions, provide warranties/guarantees
Psychographics
 
putting flesh on the bare bones of demographics.
PRIZM > VALS. putting people into 8 categories. psychology, life style, and demographics

ex. best buy
Popcorn Example
 
people are what was in front of them. eat more if in bigger container
Marketing's 3rd task
 
getting your brand into the consumer's evoked set (one of the brands that they consider)
Focus groups + interview guide
 
focus groups are informal sessions of 6 to 10 past, present, or prospective customers in which a discussion leader asks their opinions about the firm's and its competitors' products, how they use them, and special needs they have that the products don't address. hearing needs they have that the products don't address. watch customer actions. finding next "cool" thing.
observational research + contrived observation
 
ex: mystery shopper, videotaping, ethnographic research

contrived observation - went to pharmacists, talked about problems. got suggested medicine.
projective tests (vampires)
 
a certain image produces different images/feelings

cockroaches and men
good v. bad experiment. milliman, fisher price
 
music changing buying habits (milliman). good. effects of color "sit where you want" bad
secondary data
 
Secondary data -> facts + figures that have already been recorded before the project at hand.
- internal
- external

Questionaires + rules
 
pretest as much as possible, use close ended questions, figure out purpose before hand. do qualitative work before you develop questions
small vs. big sample
 
higher response rate is more important than a large sample
single source data, advantages how it works
 
allows you to quantify the impact of new creative + alternative media plans including new copy rotation strategies, different day part mixes, no reduced spending plan. behavior scans can measure the impact of advertising on actual consumer behavior at the household level, enabling analysis of advertising's impact on brand switching + different demographic groups
price puzzles
 
price = list price - incentives and allowances + extra fees. umass marketing t shirts, book trouble, jewelry
lift time value
 
once you buy one and like it, you are likely to buy again, even if price increases slightly. acquire + keep customer present value of future products. frequency + volume
ways to set prices
 
high demand, higher prices. early in the market, higher price. expensive to produce, set higher. most important --> competitors price
perfume + jewelry
 
upward sloping demand curve = jewelry. downward sloping = perfume
wash burn guitars
 
professional vs entry level. better guitars are more expensive. cheaper ones are made in factories. price is a move along the curve. adding more advertising changes curve
your product price
 
reference prices help. sometimes you can cut price without being perceived as cheap. books aren't seen as "good gifts" anymore. discounts have hurt the book industry
decoy effect
 
product used to get people into store but not actual selling point
cause vs. mission
 
cause is more helping a cause where as mission is actually taking action
ethics of exchange + AMA
 
both parties being better off after a transaction AMA promotes highest standard of professional ethical norms and values for its members. faster trust, do no harm. communicate ethical values that will improve customer confidence
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