Exam Review Marketing Concepts PDF

 Exam Review 1: Chapters 1-5: not comprehensive!!!: 100 points: multiple choices (2 points per question) + short answer/essay questions *the concepts/topics --highlighted in yellow: a high possibility of essay questions 90 minutes – 70% essay questions  Chapter 1: 1. The new marketing realti...

 Exam Review 1: Chapters 1-5: not comprehensive!!!: 100 points: multiple choices (2 points per question) + short answer/essay questions *the concepts/topics --highlighted in yellow: a high possibility of essay questions 90 minutes – 70% essay questions  Chapter 1: 1. The new marketing realties: what are these?: 2. Holistic marketing concepts: integrated, internal, relationship, and performance marketing Need to clearly explain each concept with one example for each concept Relationship Marketing: the process of building mutually satisfying long-term relationships with key constituents (customers, employees, partners—suppliers, distributors, dealers, agencies…and members of financial community--shareholders, investors…) in order to earn and retain their businesses. Integrated Marketing: devising and assembling marketing activities and programs to create, communicate, and deliver value for customers design and implement anyone marketing activity with all other activities in mind. Integration (seamless) of all marketing activities (e.g., MRI machine: features(manufacture): communication,+ installation+, and services.. through TV, radio, print, PR, website, social media, sales personnel…a consistent brand image) Internal Marketing: the tasks of hiring, training, and motivating able employees & marketing within the company, working together with other departments   Chapter 2: 1. Strategic Planning Process : be clear on the activities in each process and be sure to understand the meaning of SBU Corporate planning (Strategic)Business unit planning Marketing is a functional level strategy Offering planning: Developing marketing offerings 2. The concepts marketing strategy and tactic  Strategy involves choosing a well-defined market in which the company will compete and determining the value it intends to create in this market(i.e., specifies the target market and the value to create in the market)  Tactics, also called the marketing mix (4ps), make the company’s strategy come alive; the way the company makes the strategy a market reality(i.e., the specific activities that support the strategy in the chosen market; product, service, brand image, pricing, communication….)  What is value proposition? What are the five Cs? : Marketing Value Map: see specific aspects 3. Marketing Plan Components: what needs to be included in the plan?. e.g.,) what is executive summary?  Chapter 3 The Five-Stage Model of the Consumer Buying Process: (you should be able to explain each sta with one/the same marketing example). Do remember every single stage without missing any co —this is very important  Purchase decision stage: must include what, when, where, and how decisions. Can you explain each stage with an/the same example (a product or service)?  Post purchase behavior includes post purchase (cognitive) dissonance: the uneasy/uncomfortable feeling usually after a high involvement decision(usually)  High (e.g., house) vs. low involvement (e.g., pencil) product   Chapter 4: Should be able to understand differences between B2C and B2B markets Three types of buying situations: the three different types The concept of the buying center  Chapter 5: Secondary data vs Primary data: Primary data is collected through exploratory, descriptive, and causal research usually start with secondary data and, then move to primary data  This slide is really important for Exam 1 2) Research approaches: ways to collect primary data : exploratory, descriptive, and causal research --do not forget to watch the videos I. Exploratory Research : to focus on the discovery of ideas and insights, usually the first step Clarifying the research problems/opportunities and identifying other research variables/issues/topics for later research Prioritizing the research questions for later research e.g.,) (focus group 1, focus group 2), and interview II.Descriptive Research: to describe or explain some phenomenon(who, what, where, when, and how) : e.g.,) identifying the characteristics of target market, determining how customers use our offerings, and discovering differences across demographic characteristics (age, education, income…) regarding the use of our offerings (compared to those of our competitors)… e.g.,) survey (asking questions about your age, income, education…) & Observational Research in Marketing (or observation) (watch the first 70 seconds) (e.g., mystery shopping, ethnographic research (or ethnography), scanner data, and data on the Internet or social media platforms) e.g.,) Thirty-five UNF marketing students bought their marketing research textbook from online. All of them used their Visa card during the month of Jan. 2025—a descriptive research example. III.Causal Research: to discover the cause and effect between variables: e.g.,) experimental research (=experiments 1 & 2)-the main question: “why is this happening?”) e.g.,) advertising toward men lead to increased sales(20%) of H-D motorcycles ualitative vs. Quantitative Research (should be able to clearly explain the differences) Qualitative Research Quantitative Research Objective/ To gain an initial understanding of the To generalize the results from a sample to Outcome underlying reasons and motivations of the target market (or a population of consumers. * Do not recommend interest) actions(i.e., marketing strategies/tactics) *Recommend actions the company should the company should take take Sample (no A small number A large number specific criterion) Question/Answer Unstructured (or semi-structured) structured Type Data Analysis Non-statistical Statistical (expressed as a number) 1.* Unstructured data Example collection Interviews, focus groups : respondents Surveys, are given open-ended experiments questions that allow them to freely express their own thoughts or opinions in their own words (e.g., interviews) *Structured data collection: respondents are supposed to choose their answer based on a set list of answer choices (e.g., survey: yes/no, strongly disagree– strongly agree: 5-7 choices) 2. Data analysis: interpretation vs. statistics (analytics*): *Big Data: watch the video to understand big data: understand 5Vs in the video 3. Outcome:   The articles 1. “The Uncertain Future of Market Research”: the key points 2. “The five biggest mistakes companies make with customer surveys”: what are the five mistakes? (explain all five mistakes with one example)