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Marketing 360 Final Study Guide – Magi, UIC | Spring 2017

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What is marketing?
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The activity, set of institutions, and processes used for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
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What is customer value?
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Value is in the eye of the beholder. However, value is usually calculated by Benefits/Sacrifice(price) = Value.
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What is customer satisfaction?
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Satisfying consumer needs and caring for individual and societal long-term wellbeing.
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What is relationship marketing?
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Building and maintaining profitable customer relationships by personalizing the interaction with each customer.
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What is the purpose of strategic planning?
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To determine/analyze where an entity is, where they/it want to go, how to get there, and know they arrived at their established goal.
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What are the elements of a marketing plan?
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Mission Statement, SWOT Analysis, Objectives, Marketing Strategy (Target Market Strategy and Marketing Mix), and Implementation Evaluation Control
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What is a good mission statement?
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Should focus on market or markets the company will serve and benefits that will be offered and needs to be “just right.”
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What is a good objective?
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Must be measurable, time specific, and compared to a benchmark.
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What is the definition of a SWOT analysis?
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An analysis of the strengths, weaknesses, opportunities, and threats of an organization, entity, or environment.
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What is the Strategic Opportunity Matrix Model?
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To identify growth opportunities (in new markets).
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What are the environmental marketing factors?
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Economic, Technological, Demographic, Political and Legal, and Competitive
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What is the Consumer Decision-Making Process Model?
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Need Recognition, Information Search, Alternative Evaluation, Purchase Decision, and Post-Purchase Behavior
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What is the Business Decision-Making Process Model?
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Need Recognition, Information Search, Alternative Evaluation, Purchase Decision, and Postpurchase Assessment
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What are the roles of involvement within business buying decisions?
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Initiator, Influencers, Gate-keepers, Decider, Purchaser, and Users
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What are the three types of buying decisions?
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New Buy, Modified Rebuy, and Straight Rebuy
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What is segmentation?
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Dividing a large market into smaller groups that have similar needs.
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What are some of the common segmentation variables?
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Demographic, Geographic, Psychographic, Usage, and Benefits
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What are three main targeting strategies?
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Undifferentiated, Concentrated, and Multisegment
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What is undifferentiated targeting?
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Marketing the same product to the entire market the same way.
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What is concentrated targeting?
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The company selects one segment (niche) for its marketing efforts.
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What is multisegment targeting?
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When a company targets two or more segments with different marketing mix for each. The difference can range from new promotion to entirely new product.
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What is positioning?
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The design of and implementation of a marketing mix to create an image of the brand in the customer’s mind relative to competitors.
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What is the perceptual map?
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A tool used to understand consumers perceptions of how a brand is positioned on important features relative to competing products.
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What is brand equity?
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When the value of the brand is based on strong, positive consumer associations.
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What is the Product Life Cycle Model (PLC)?
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A diagnostic tool that helps marketers anticipate future changes in the market.
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How do marketing mix strategies typically change over the course of the PLC?
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Create product awareness and trial, Maximize market share, Maximize profit while defending market share, and Reduce expenditure while milking the brand
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What are the four characteristics of services?
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Intangibility, Inseparability, Heterogeneity, and Perishability
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What are intermediaries?
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Their specialization and division of labor help provide contact efficiency.
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What are the functions of intermediaries?
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They are able to provide form, place, time, and exchange utility to manufacturers and consumers.
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What are the three levels of distribution intensity?
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Exclusive, Selective, and Intensive
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How do the three groups of factors influence distribution channel strategy?
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They determine the channel of distribution which manufactures pick for their product(s); Market, Product, and Producer Factors.
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What are the types of retailers?
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Independent Retailers, Chain Stores, and Franchises
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What are the elements/tools in the promotional mix?
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Advertising, Sales Promotion, Public Relations, and Personal Selling, and Social Media
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What are the four main goals of promotion?
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Inform, Persuade, Remind, and Connect
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What are the differences between push and pull strategies?
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One strategy uses aggressive personal selling and trade advertising to convince a wholesaler or retailer to carry and sell particular merchandise while the other stimulates consumer demand to obtain product distribution.
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What are the advertising appeals within creative decisions in advertising?
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Desirable, Unique, Believable, Rational, and Emotional
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What are the Unique Selling Propositions USPs) within creative decisions in advertising?
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The theme for a campaign.
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What are the executional styles of creative decisions in advertising?
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Lifestyle, Spokesperson/Testimonial, Humorous, and Demonstration
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What are the advantages of personal selling?
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The direct communication between a sales representative (or team) and a prospective buyer.
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What is the the selling process model?
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Lead Generation, Qualification Leads, Approach, Developing and Proposing Solutions, Handling Objections, Closing the Sale, and Following Up
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Why do companies implement CRMs?
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To identify customer relationships to better understand the customer base through capturing customer data. Marketers and salespeople can then leverage the information not only to develop deeper relationships but also to close more sales with loyal customers.
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What are the consequences of pricing decisions?
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When prices go up, demand (usually) goes down. The relationship between demand and price is described by the demand curve.
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When do consumers typically make price quality inferences?
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When comparing with a “reference price.”
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What characterizes a prestige pricing strategy?
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It’s the more expensive option so it must be better.
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What is the purpose of a break-even analysis?
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To determine how much do needs to be sold to cover fixed costs plus the variable costs for that quantity.
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What is mark-up pricing?
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An amount (percentage) to add to the cost of product to cover profit goals and other costs.
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What is penetration pricing?
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Low initial prices to quickly grow sales and market share.
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What is price skimming?
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Product perceived to have unique advantages. Competitors can’t easily copy the product. Significant segment of market (innovators and early adopters) are ready to pay the higher price.