Intro to Marketing Exam Study Guide PDF

Intro to Marketing Spring 2025 Exam I Study Guide **[Week 1 ]** Chapter 1: Reading: Marketing Defined (Open Source Text) + Week 1 Slides - Definition of Marketing: Marketing is a set of strategic activities related to creating, communicating, delivering, and exchanging offerings that...

Intro to Marketing Spring 2025 Exam I Study Guide **[Week 1 ]** Chapter 1: Reading: Marketing Defined (Open Source Text) + Week 1 Slides - Definition of Marketing: Marketing is a set of strategic activities related to creating, communicating, delivering, and exchanging offerings that have value for others. - Creating Value for Customers: - Identify Customers: Understand customer wants and needs - Satisfy Customers: Make everyone feel better off from the exchange - Retain Customers: Give the customers a reason to keep coming back - Key Marketing Outcomes: - New Consumer Capabilities - New Company Capabilities - New Competitive Capabilities Holistic Marketing (outside reading -- in spreadsheet under class resources in Blackboard) - Relationship: aims to build mutually satisfying long-term relationships with key constituents in order to earn and retain their business - Performance: top marketers increasingly go beyond sales revenue to examine the marketing scorecard and interpret what is happening with market share, customer loss rate, customer satisfaction, product quality, and other **[measures]**. - Internal: the task of hiring, training, and motivating able employees who want to serve customers well - Integrated: coordinates all marketing activities and marketing programs and directs them toward creating, communicating, and delivering consistent value and a consistent message for consumers Marketing Concept definitions - Production: consumers prefer products that are widely available and inexpensive. Companies focus on high production efficiencies, low costs, and mass distribution. - Product: consumers prefer products with the highest quality, best performance or most innovative features. Sometimes believing that a better product will sell itself. - Selling: consumers and businesses, if left alone, won't buy enough of the company's product - Marketing: customer-centered, sense and respond focus. The job of marketing is not to find the right customers for your products but to develop the right products for your customers - Market-Value: implies that every functional area should be actively focused on creating value for customers, the company, and its collaborators. It is not just marketing that should be focused on the customer. **[Week 2]** Definition of Mission Statement and what makes a good mission statement - A clear, concise, and enduring statement of the reasons for an organization's existence - Good mission statements: - Focus on a limited number of specific goals - Stress the company's major policies and values - Define the major markets that the company aims to serve - Takes a long-term view - Short, memorable, and as meaningful as possible Know the FOUR major categories of Market Forces (Technology, Globalization, Physical Environment and Social Responsibility) The FOUR ways companies keep their focus on the customer and stay close 1.Know your customers needs 2\. Understand your competitors capabilities 3\. Ensure strong communications across the company 4\. Build value for your customers Assessing Customer Needs: - Functional needs: Needs that focus on achieving a specific task or function. Customers require solutions that allow them to perform these activities. - Social needs: Needs that fixate on the perception of a product or service. While these needs aren't at the forefront of a customer's mind, they can impact their final decision. - Emotional needs: These needs concentrate on feeling a certain way when using a product or service. Look, Ask, Try: - **[Explicit:]** These are easily identifiable pain points. Customers are aware of their challenges and can clearly define them. - **[Latent: ]**These frustrations are harder to pinpoint or recognize. Most customers may not even be aware they exist. Defining Your Target Market: - Identify the Business Need - Segment your total market - Profile your target customer segments - Research and validate your market opportunity **[Week 3]** Marketing Strategy - Where do we compete? - Unique Value - Using our capabilities - Sustaining our Unique Value and Position SWOT Analysis -- External Factors (opportunities/threats) Internal Factors (Strengths/weaknesses) The 4 P's of marketing Place/Distribution Product Price Promotion BCG Matrix: - Star= High Market Share/High Market Growth - Question Mark: Low Market Share/High Market Growth - Cash Cow: High Market Share/Low Market Growth - Dog: Low Market Share/Low Market Growth VIDEO LINK FROM IN-CLASS **NIKE X SERENA WILLIAMS --** who was the target demographic? **** **[Week 4]** Define The Economic Man Theory - consumers are rational and narrowly self-interested. This theory assumes people act selfishly as consumers, always trying to maximize the benefits they derive from the exchange process Define The Stimulus Response Model - or black box model, focuses on the consumer as a thinker and problem solver who responds to a range of external and internal factors when deciding whether or not to buy Consumer Behavior: refers to buyers who are purchasing products for personal, family, or group use Know the Steps for: - Simple Decision Making - Need recognition - Purchase decision - Post-purchase behavior - Complex Decision Making - Need recognition - Information searching and processing - Identification of evaluation of alternatives - Purchase decision - Post-purchase behavior Define **buying task** (Situational Factors): refers to the consumer's approach to solving a particular problem and how much effort it requires Know the factors that influence consumer decisions: - Situational Factors - Personal Factors - Psychological Factors - Social Factors Know the meanings behind each of Maslows Hierarchy of Needs Maslow\'s Hierarchy of Needs Ethics defined: - Ethics is the set of moral principles or values that guides behavior Top Ethical Marketing Issues from 1977 (class lecture slides)  Define: Corporate Social Responsibility: the ethical behavior of a company toward society. It means acting responsibly toward the stakeholders---not just the shareholders---who have a legitimate interest in the business. Shareholders: own a portion of the business Stakeholders: have stake or interest in the business (ex., employees, suppliers, community) Know the 3 Types of Product Liability - Design Defects - Manufacturing Defects - Defects in Marketing **[Week 5]** **[identifier (]**name, sign, symbol, design, term, or some combination) it can also be defined in a few other ways such as: **[Promise]**: of what a company or offering will provide to the people who interact with it. **[Asset]**: a reputation in the marketplace that can drive price premiums and customer preference for goods from a particular provider. **[Perception]**: the sum total of everything individuals believe, think, see, know, feel, hear, and experience about a product, service, or organization. **["Mind-share":]** the unique position a company or offering holds in the customer's mind, based on their past experiences and what they expect in the future Features of a Brand (define): - Tangible- visual design elements - Intangible Types of Brands (Not all of them) Top ones to note: Personal Brands Event Brands Geographic Place Private-Label Types of Brand Loyalty (define): - Hard-core Loyals: - Split Loyals: - Shifting Loyals: - Switchers: Eight Steps of naming a brand: Hint: 1^st^ and last step and the Brand we watched in class about screening out problematic names Definition of: - Co-branding: Co-branding is an arrangement in which two established brands collaborate to offer a single product or service that carries both brand names - Brand Licensing - Line Extension - Brand Extension