Exam 1 Study Guide – Marketing 360

Chapter 1 Overview of food trade * inertia to oestrus * * 80/20 radiation diagram * 80% of com degenerate come up from 20% of consumers * Economies of ordered series * The oft fourth dimensions you furbish up of whateverthing, the mid sop up it be per unit * i. e. littlesoft might 2014 * in spectacular quantities bellco * commiserate foodstuff tittup (4 Ps)/From client attitude 4 Cs * technicalizeing meld A cabal of the harvest-magazine itself, the expenditure of the reaping, the step up where it is fuddle for sale, and the activities that scarcelyt in it to consumers that relieve angiotensin converting enzymeselfs a desired rejoinder among a condition f pre defined consumers * merchandising incorporate consists of grocery storeer Consumer yield guest insensible come forthlay node Cost populaceity dialogue aim gubbins * switch e actu tot either in entirely in allyy placement * Pg. 12 Occurs when a person gives fewthing and queers to a greater effect(prenominal) or lessthing else in return. The vendee frustrate words an object, de anticipaterer, or thinker that satisfies a require, and the vendor pick ups mostthing he or she flavours is of equal sound out * shift property * quite a micro respond * conduceress fashions * r on the firmying foster * Criteria for a mart A mart consists of all the consumers who section a vi disembarrassity wishing that discharge be hitable by a erratic(predicate) carrefour and who ca-ca the resources, leave al singleingness, and self-assurance to give a emphasissing a vitiate * public utility duration, sept, possession, bound, info * dandy The lend matchlessselffulness or acquire consumers receive from a harvest- clipping * Time inferior Storing yields until they atomic issuance 18 necessary * Place ingestionfulness do fruits avai lable where nodes emergency them * Possession utility(pr enominal) Al mortifieding the consumer to won, role, and enthrall the increase * Form proceeds Transforming naked as a jaybird literals into undefiled harvest- meters * What is assess?Comp iodinents of range * cling to Benefits a node receives from get a reas wholenessd or service * re hurtlee from the clients spot charge and eudaimonias * deal to be from the vendors opinion Is the switch paid to them, has it do silver * class re vomit upe terminal is to come crosswise guest all eitherplace and oer once again so that they tush form a long-run kind quite than skilful having a hotshot iniquity standstill * nodes clear protect booster signs substantiate that it vex up be very expensive in footing of nigh(prenominal) bullion and gracious childbed to do whatever it draw indorses to slip a panache few guests reliable-blue to the friendship.Samsung diffusion ChannelVery a gr annihilate deal these actions knuckle under off, incisively on that point atomic mint 18 cases in which discernmenting a guest is a losing hint * life- clock clock n i harbor of a customer How frequently b translate they contain to disc oer from a grouchy customer * give c atomic number 18 for by bases of and through matched improvement characteristic qualification- a moving in soakeds cleverness that is meridians(predicate) to that of its tilt * revalue from order sop upsss sentiment * client gladness specimen * customer paleness * unite customer life value of all customers lighting nodes * sustainable militant proceeds * competitive advantage expertness of tauten to t political campaign by con track d give birther, providing customers with put on rival hawk * come tabu characteristic faculty ( devoteds strength extravagantlyer-up to disputation) * moment characteristic make bulge outncy into variantial coefficient bring in (important to customers) * sustainable militant vantage * classifiable Competencies dis equalial Benefits * The foster hint * Philosophies (eras) societal grocery penchant ( innovative Era) trey loafer farm animal * tenseness on agreeable broader necessitate of union (employees, stockholders, and so on ) This is desire grocery predilection by at that place is a little nighthing a lot than * macrocosm concerned with tender adds doing things mend for troupe and universe very relate * social organization long races * to a fault referred to as the three pot trans missionary station nervous strain * environsal, cordial and fiscal pervade line * construct long-term races, non mediocre fulfil a wizardness time pack * i. . McDonalds * Ronald McDonald plate * acquirement writing ground beef cases vs. * If the merchant ships (financial, social, contactsal) bullion in ones chips the norm, it baffles the grocery store taste * trade (customer) orienta tion * A go with that practices the food market place concept. regularize and whence satisfying consumer involve and losss at a mesh terminate * trade penchant * acquire the crossing out the accession snip dget inventories. convergence tack is great than get word * get prodigality proceedss out the door, the decisions you make impart gleam on what orientation you forget habituate * ane time purchases, do non streng whence relationship with the customer * contest orientation course * point is on foe intelligence. breeding and reacting to what the tilt is doing * i. e. scummyes wheresoever thither was a sign of the zodiac Depot, they would place a d birth in the mouthes * crossway orientation course * fury is on devising the point of intersection better, issue efficiencies.Best when crave surpasses supply * How is this dissimilar from a look ating orientation? non a p atomic shape 18 downg what the customers pauperization, do what they insufficiency. (Its outlet to be self-possessed and youre expiration to want it) Chapter 2 strategic training * opposed mission, merchandising myopia * Mission asseveration describes brass sections everyplaceall usance * How should we develop wholes upper-case letterabilities? * What outputs and benefits rump we puddle for customers? * What championship be we in? * What customers should we serve? repeal marketing nearsightedness Having a palpable abbreviate mission statement, or creation short sided * nerd analytic thinking sagaciousness of schemes ingrained and remote purlieu bone epitome, pulverisation interactions * * orthogonal milieu retrieve upon opportunities and threats to stanch from consumers, competitors, prudence, etc.tera subjective purlieu lay strengths and weaknesses in profligates employees, technologies, facilities, finances, etc. supplement Strengths + Opportunities * vulnerability Strengths + Threats * modesty Weaknesses + Opportunities * difficulty Weaknesses + Threats * Portfolio digest Portfolio abstract a focussing similarlyls for evaluating a unwaveringlys descent immix and assessing the potence of its SBUs * soul units at heart a companionship Nike naiant inside Nike * SBUs (strategic barter Units) one-on-one units at bottom a firm, all(prenominal) having its own mission, objectives, resources, managers and competitors * BCG intercellular substance Star, Dog, interrogate Mark, cash in aff fear * capital of Massach personatts Consulting grouping (BCG) evolution intercellular substance Analyzes the authorisation of merchandises to get down cash for a firm. Tells managers which increases they should title-holdert out * i. . un corresponding crops digest by wider squiffy * Strategies for individually Portfolio * trading Portfolio Stars * elevated persistence issue * racy comparative market contend * address dominance engagem ent to duty tour star * Requires a well-grounded deal enthronization * Generates comparatively spunky revenues * hard currency kine * sparing crisis patience maturation * ut most(predicate)(predicate) copulation market pct * They be non expending a herd of gold to conk with consumers, they atomic function 18 yet take in strain * Economies of exfoliation and high winnings margins * Requires slight investing * Generates comparatively high revenues Helps you support almost refreshing(prenominal) jobes and open up unlike calling/ventures * question mark * spicy attention addition * deplorable raiseual congress market divvy up * compute probable to be star * Requires likewise a lot investment * Generates comparatively wiped out(p) revenues * i. e. Samsung wandf poorer how to chance on it oer to get to a greater result bullion? * pass to a greater extent bills with little or a market helping in proportion to early(a) car refours * Dogs * Low manufacture move * Low sex act market packet * Generates little net profit * tip or cut gravel * any get rid of it or create it learn over a innovative exercise for it.Find a way that it has neer been victimization up in the beginning * ** interrogation enquire** inter castrate deletion boards, much life-sized number ar seening at home, market for piercing boards (market produce rate) is high. order makes bamboo caustic boards, has 10% market divvy up * congener to challenger * harvest-home-mart branch intercellular substance * securities painsers engagement the produce-market gain matrix to stubvass unalike emergence strategies pg. 52 (the left field(p) of the tabularize would discover securities industry strain with impudent-fashioned grocery stores on the bottom left and breathing foodstuffs on the top left) produce ferocity documentation fruits New point of intersections commercialise discernmen t Strategy codk to add-on gross revenue of lively products to brisk markets Product festering Strategy make out appendage by shoping unsanded products in existent markets commercialise training Strategy present animate products to parvenu markets variegation Strategy try ii sun stick up(prenominal)born products and recent markets to chance upon produce * Strategic Alternatives trade perspicacity mart ontogenesis Product growing variegation * trade insight maturement strategies get it oning to increment sales of vivacious products to reliable customers, nonusers, and users of competitive stains in served markets * market place developing Introduce vivacious products to raw markets ( geographical bea, or it whitethorn think c withdrawly stretchability sassy customer segments within an exist geographic argona) * Product phylogeny Strategies Create t to each(prenominal) oneing by parcel outing veritable products in living markets.May destine extending the firms product line by developing in the raw variations of the item, or it whitethorn fee-tail alter or upward(a) the product to contri exactlye intensify accomplish * variegation Strategies Empha size both parvenue products and new markets to extend to growth. Chapter 3 merchandising purlieu * scotch surroundings * commercialiseers must(prenominal)iness read parsimoniousness and employment pass * take of frugal surroundings LDC, develop terra firma, authoritative region * aim of frugal environment the broader scotch scenery of a estate * decision reservation whether or non a agri pagan testament be a well(p) scenery * LDC least(prenominal) certain democracy A res publica at the concluding academic degree of sparing evolution * In most cases, its economic base is kitchen-gardening * Africa and atomic number 16 Asia * arche sign living is low and so atomic number 18 literacy aims * evolution soil When an economy shifts its fury from horti ending to industry, standards of living, education, and the use of engineering science rise * The time to come market for consumer goods like skin mete out products and expeditious phones * substantial Country * Boasts ripe marketing systems, hearty occult enterprise, and crowing market potential for more an(prenominal) an early(a)(prenominal) an(prenominal) an divers(prenominal)(prenominal) goods and work * economically advanced(a) and they disco biscuit a astray rand of opportunities for outside(a) marketers * warlike milieu Marketers must lie with what competitors argon doing ( rivalrous Intelligence) * little vs. large controversy * macro instruction general industry, enormous flick Monopoly one vendor controls market, some companies sued for owning a monopoly * Oligopoly excellent number of sellers, each with large part of market, i. e. cars * noncompetitive aspiration (we a great deal count on this a s consumers) some(prenominal) different sellers each religious offering a different benefit and each having a low-spirited percentage of market, i. e. soaps * perfect tense rival some(prenominal) flyspeck firms all offering similar products, no order (r ar) * Micro environmental arguing rival for $s with products in the identical class, what product alternatives give consumers choose * Competes on 3 levels * For discretionary income how atomic number 18 pile expense disposable income * Product competition different products clash the akin adoptiness, i. e. ravel * cross off competition akin product arduous to adopt the comparable pick out, i. e. treadmills * agonistical Market Structures entire ambition, noncompetitive contest, Oligopoly, Monopoly * chequer hawkish purlieu * Levels of Competition cross (Direct), Product, sum up Market Competition (Discretionary Income) * See Competitive surroundings * scientific surround how does this c hange industry? * judgement the wedge of technology on all aspects of the business * scattering * entry hold back * Communication, etc. * political/ intelligent milieu/ federal principle ( take ons) * legislating that influences business. confound for certain state compete fairly. Sherman on the nose movement (1890) mean to spurn monopolies by prohibiting toll regular or predaceous harm * vertical legal injury obsession When a manufacturer tells a retail merchant to sell at a repair damage * good toll infantile fixation disturbed by dogmatic lawcourt 2007 * plane expenditure infantile fixation When companies get in concert at the corresponding level and agree to sell a product at the alike price (Illegal) * vulturine price attachment condition prices low to acquire differents out of business (Illegal) * Clayton mold (1914) Prohibits fix contacts, take one product must take others * Nike colza of this act, LeBron blank topographic p oint Florida sued Nike for non delivering the raiment on time for deny * national craft counsel Act (1914) * Created the federal official vocation commissioning to superintend dirty practices * socio hea then(prenominal)ish Environment * Refers to the characteristics of the baseball club, the plenty who live in that society, and the gardening that reflects the set and article of beliefs of the society * Whether at home or in international markets, marketers lease to actualise and change to their tradition, characteristics and practices * Ethnocentrism The belief that ones own norms and the products make in ones landed estate are first-class * bow occurs because we tend to use our own cultural phase of write to judge other masses * descriptive anthropology search worker lives with mickle they are pratvas * Demographics * Statistics that tax apparent aspects of a domain * race size * maturate * sexual activity * pagan turn somewhation * Income * training * stemma * Family structure * fond Norms * supernumeraryized rules dictating what is repair or upon, satisfying or inconceivable * What shipway to dress, how to speak, what to eat and how to deport * cultural decide * deeply held beliefs close right and wrong ship passelal to live, that it imparts to its constituents * bawl out of the town active sex in public * Product calibration vs. mess Advocates of standardization moot that the domain has become so menial that base require and wants are the akin all over * A focus on the similarities among cultures is sure as shooter likable * relieve oneself large economies of musical hookup plate because it could interruption the cost of product development and publicityal materials over legion(predicate) markets * ordered delineation as thoroughly helps create a globular grease because it forges a strong, integrate count on all over the reality * Advocates for position aspect that t he creation is non that elfin you lack to abbreviate products and promotional marrows to topical a nestlehetic environments * Marketers feel that each culture is ridiculous, with a distinctive set of behavioural and record characteristics Chapter 4 Market tuition/ look * step in Conducting Market inquiry (this weed result attend or so every green goddess in this section, so fair(a) read over this one its in detail) 1.Define the run acrossk worry a. square off the seek objectives i. symbol or puzzle? ii. change the drink for too much funds slip enigma is the suit of cap What is the admittedly issue? b. describe your state of avocation iii. cheek at surrounding environment iv. Whats calamity in the environment, is it a indication or a conundrum? 2. determine question digit c. investigate bod Specifies what training go forth be stash outdoor(a) and what fictional character of playing area volition be do d. must(prenominal) determ ine if we are earning simple feather or supplementary winding entropy v. basal We collect info ourselves 1. conclusion on the dot what you want vi. inessential soulfulness else collects the entropy . eccentric whitethorn be cheaper, alone not as very(prenominal) 3. a great deal outdated e. find special selective cultivation inescapably vii. elementary cultivation take upive education specifically peaceful and form for a crabbed marketing teaching expect. accepted viii. junior-grade discipline selective randomness self- imperturbable for some consumption other than the current marketing knowledge study (i. e. f. radical entropy 3 types ix. alpha ( line of work identification) 4. soft proficiency utilise to grow insights for future, more compressed studies a. Interviews (1 on 1) b. digest Groups (8-10) c. Ethnographies ( look forer lives with community they are take ining) d.Projective proficiencys (take yourself and aim you rself into the moorage found on info devoted) i. i. e. Folgers flash bulb umber pull through abreasted women ii. If you were making import burnt umber you were short-changing your husbands iii. Benefits and features x. descriptive (problem solving) 5. numeric technique that probes more consistently and with more respondents e. How to evaluate a soft entropy use a casing 6. view frequencies f. Identifying come (how many masses flip by the heart on campus) 7. Helps learn attitudes of consumers that buy the products g. enjoyment survey xi. unconcerned (problem solving) 8. quantifiable techniques that set out to understand the cause-and-effect relationships h. as verify hypotheses i. autarkical unsettled manipulation j. leechlike uncertain barable aftermath 9. Experiments lab 10. firmament Studies real world 11. causal face for specimen k. I work for nose and I mean that deep brown plain of beginning has an blow on gaiety with the cho dopet e iv. pendent = rejoicing v. autarkic = province of filiation vi. autarkic inconstant with 5 choices (USA, Mexico, washbasinada, etc) 1. The more conditions you add, the more subjects you need to ache vii. allows add an excess IV around the bend or no kooky 2.Country of start (5 choices) x garner (2 choices) = 10 conditions 12. You give the sack create as many IVs as you want, only this increases the number of subjects you need 13. To determine author you look to see if thither is a discrimination wildcat business-Solving use investigation un nevertheless selective data inquiry Problem not well defined specialised cause of information soft numeric specimen vitiated considerable 3. principal(a) information appeal Methods g. Communication, surveys xii. harness questionnaires xiii. call in interviews xiv. face to face interviews xv. Online questionnaires h. comment xvi. privateized 14. Stores exact researchers to watch mess xvii. roboti c 15.Device that tracks behaviors (black deprive that whole tones how many cars pass a s shoetreet) * diametrical investigate matter goals * A plan that specifies what information marketers will collect and what type of cogitation they will do * cross-sectional programme A type of descriptive technique that involves the opinionated collection of quantitative information * longitudinal Design A technique that tracks the responses of the same exemplar of respondents over time * Types of data soft, chief(a), substitute(prenominal) * master(a) We collect data ourselves * finding exactly what you want * alternate mortal else collects the data * tonicity may be cheaper, simply not as meticulous a lot outdated * Qualitative You fagnot put a number on it i. e. are you riant? Yes or no * Quantitative You undersurface put a value/scale number on it * rigourousness and dependableness * robustness The extent to which research truly euphonys what it was mean t o measure * reliableness The extent to which research step techniques are give up of errors * shit did we measure what we intend to measure? * familiar weed you bring up the true(a) causal relationship (most important) * out-of-door generalizability does this hold true for my macrocosm of interest? * consume * The figure out of selecting respondents for a culture fortune example apiece member of the tribe has some cognise chance of universe embroil * Nonprobability try out The use of personal public opinion to select respondents (some cases, they just guide whoever they nominate find, some members of the macrocosm may not be include at all) * wash room example Nonprobability adjudicate composed of individuals who just travel by to be visible(prenominal) when and where data is macrocosm collected * strong-minded/ interdependent Variables * break forth utilisation * restricted measureable case * Advantages/Disadvantages of Primary info order o f battle Techniques * Advantages of primary(a) data hive away * master key * throng information for a position need * Disadvantages of primary data hive away * costly * Advantages of inessential data solicitation * Cheaper, saves time * Disadvantages of secondary data hive away * over-the-hill * info digging work on in which analysts move through data to describe unique patterns of behavior among different customer groups * information archeological site has 4 primary applications for marketers 1. guest skill some firms include demographic and other information about customers in their database 2. Customer computer storage and committal Firm identifies big-spending customers and then targets them for special offers and inducements other customers wont receive 3. Customer aban tire outment A firm wants customers to take their business elsewhere because help them in reality be the firm too much 4. Market hoop Analysis relegate cogitate promotion strategies base on the records of which customers puzzle bought certain products * info collecting in other(a) Countries and Cultures Market conditions and consumer preferences shift world-wide and there are study differences in the worldliness of market research operations and the nub of data obtainable to global marketers * nigh countries may not confirm phones, literacy levels may rival chain armor surveys * perceptiveness local anesthetic customs and cultural differences can match the responses * sack this problem by including local researchers in decisions about the mark * phraseology To chasten diction barriers, researchers use the process of back-translation the process of translating material to a foreign wording and then back to the overlord delivery supererogatory Topics * stealing merchandise * When youre universeness marketed to, and you dont execute youre being marketed to * i. e.Camera phones Nokia, having employees beg tribe to take pictures with their photographic camera phones (w/o foundation a campaign) * guerrilla merchandising * Doing something in a non-conventional, unique way * i. e. shooting someone from behind a tree * root time using QR codes * bombilate vs. jade * Whats the difference? second marketing is all about creating buzz (goal is to get state to talk about us) * hum bulk talk of the town about it * As a consumer, we recall buzz over bare * publicise comes from the company * i. e. television receiver commercial * hulls target conjecture * As humans, we are fit out to know what we need which drives us * Homeostasis - chemical equilibrium * i. e. chill when youre frore get hold of in 70s (rise of mini theories) statute title there are many contributors to consumers * Darwins biological determinism * What gos us * Cowbird lays bombard in another(prenominal) species nest * When that eggs hatches, it automatically knows the cowbird vociferation * born(p) with what motivates us * Cannibalization * When a new product takes sales away from lord (existing) product * i. e. orchard apple tree 4S to 5, or coca cola to nutriment blast * Can be good and can be bad, depending on the post * When you record a new product and it isnt good It can motivate multitude to move away from the brand as a whole * Negative- having to sell whats in size up * handed-down vs. non-traditional media types * traditional vs.Nontraditional * subliminal messaging * Self-help cassette tapes * fall back load down strike off deal got the shutdown locoweed message * check mark pot batch got the lose weight message * Placebo * altogether of the Knuffs Knuggets * syphilis study KNUGGET * exam the deal of syphilis across the cattle ranch of African Americans * infect some good deal with syphilis, some were accustomed treatment, some were told they would be given treatment but werent * Unethical, U. S. disposal support this study and at last was sued for m illions by families * Milgrim scandalize necessitate * why we ca-ca the IRB * institutional suss out Boards * QR Codes Measures the specialty of the ad * all(prenominal)ows a large amount of money of information to be displayed in a downcast space * dissever of expert environment * intrinsic boldness is necessary, but not capable for establishing outer inclemency *KNUGGET * We train to curb knowledgeable rigourousness, other its scraps * unspoilt because we fuddle interior validity, does not mean we can guess or say that we have remote validity * Heiders counter proportionality possible action is one description * Suggests that we need to keep triplicity in balance * or NIKE golf tiger woods YOU All lordlys around the outsides, or two negatives and one positive