lOMoARcPSD|22853254

Marketing 1-6 SG

Intro to Marketing Principles (Tulane University)

Studocu is not sponsored or endorsed by any college or university

Downloaded by Imtiaz Sultan (helloawan103@gmail.com)
 lOMoARcPSD|22853254

Quiz 1

1. Chapter 1 – Marketing: Creating Customer Value and Engagement

a. Marketing defined
i. Marketing is the process by which companies create value for customers and build
strong customer relationships in order to capture value from customers in return. The
marketing process involves five steps. The first four steps create value for customers.
First, marketers need to understand the marketplace and customer needs and wants.
Next, marketers design a customer-driven marketing strategy with the goal of getting,
engaging, and growing target customers. In the third step, marketers construct a
marketing program that actually delivers superior value. All of these steps form the
basis for the fourth step: engaging customers, building profitable customer
relationships, and creating customer delight. In the final step, the company reaps the
rewards of strong customer relationships by capturing value from customers.
b. Marketing management orientations – The 5 marketing management orientations are
production concept, product concept, sales concept, marketing concept and
social marketing concept.
i. Production concept assumes that customers will want to buy products or services that
are easily available and affordable.
ii. Product concept holds that the consumers will favor products that offer the most in
quality, performance, and innovative features
iii. Selling concept holds the idea that consumers will not buy enough of the firm’s
products unless it undertakes a large-scale selling and promotion effort.
iv. Marketing concept holds that achieving organization goals depends on knowing the
need and wants of target markets and delivering the desired satisfaction better than
competitors do.
v. Social marketing concept questions whether the pure marketing concept overlooks
possible conflicts between consumer short-run wants and consumer long-run welfare
c. Integrated marketing plan and program
i. Integrated Marketing is an approach to creating a unified and seamless experience for
consumers to interact with the brand/enterprise; it attempts to meld all aspects
of marketing communication such as advertising, sales promotion, public relations,
direct marketing, and social media.
d. Customer wants and needs
i. marketers need to understand the customers’ wants and needs
e. Customer relationship management
i. management of value-laden customer relationships allow a firm to capture customer
lifetime value and a greater share of the customers money. Resulting in increased long-
term customer-equity for the firm.
f. Customer satisfaction – all relate to equity
g. Customer engagement marketing – ^
h. Customer lifetime value – ^

Downloaded by Imtiaz Sultan (helloawan103@gmail.com)

 lOMoARcPSD|22853254

2. Chapter 2 – Company and Marketing Strategy

a. 4 Ps of the Marketing Mix –
i. Product
ii. Place
iii. Price
iv. Promotion
v.

Product vs. Market-Oriented business definitions

vi. A market orientated company is one that organizes its activities, products
and services around the wants and needs of its customers. By contrast,
a product-orientated firm has its primary focus on its product and on the skills,
knowledge and systems that support that product.

b. Mission Statement – a statement of the organization’s purpose- what it wants to

accomplish in the larger environment
c. Cash Cow, star, question mark, dog matrix-
i. DOGS
1. Low market share
2. Low market growth
ii. CASH COWS
1. High market share
2. Lows market growth
iii. Question Marks
1. Low market share
2. High market growth
iv. STARTS
1. High market share
2. High market growth
d. SMART goals
i. Specific
ii. Measurable
iii. Achievable
iv. Realistic
v. Time Specific
e. SWOT analysis
i. Strengths
ii. Weaknesses
iii. Opportunities
iv. Threats

Downloaded by Imtiaz Sultan (helloawan103@gmail.com)

 lOMoARcPSD|22853254

f. market penetration, market dev., product development, diversification

i. Market development is the use of an existing product or service offering to attract
new customer market, whereas market penetration is an effort to dig deeper
within an existing marketplace. Product development is working to improve the
product to draw in an increased marketing platform. Diversification is diversifying
your products or services to enhance the scope of your company.
g. contents of a marketing plan
i. A marketing plan should always have a situation analysis, marketing strategy,
sales forecast, and expense budget. Situation Analysis: Normally this will include
a market analysis, a SWOT analysis (strengths, weaknesses, opportunities, and
threats), and a competitive analysis.
h. marketing dashboard
i. A marketing dashboard is a reporting tool that displays marketing analytics, KPIs,
and metrics using data visualizations. Marketing dashboards are designed to
provide teams with a real-time window into marketing performance.

3. Chapter 3 – Analyzing the Marketing Environment a. microenvironment and macro

environment
a. economic environment
i. consists of economic factors that affect consumer purchasing power
and spending patterns. Economic factors can have a dramatic effect
on consumer spending and buying behavior.
b. technical environment
i. forces that create new technologies, creating new product and
marketing opportunities.
c. natural environment
i. the physics environment and the natural resources that are needed as
inputs by marketer or that are affected by marketing activties
d. demographic factors

Downloaded by Imtiaz Sultan (helloawan103@gmail.com)

 lOMoARcPSD|22853254

i. size
ii. density
iii. location
iv. age
v. gender
vi. race
vii. sexuality
viii. occupation
ix. income
e. external forces: PEST (poli/legislative; economic; social/cultural; tech)
i. Political
1. Tax, trade, employment laws and regulations
ii. Economic
1. Interest rates, state of economy, employment rate, inflation
iii. Social
1. Culture, education, demographics
iv. Technology
1. Tech, research, barriers, and advantages
f. U.S. legislation affecting marketing
i. Sherman Antitrust Act (1890) – Prohibits monopolies, price fixing,
predatory pricing that restrains trade.
ii. Federal Food and Drug Act (1906) -Forbids the mfg. or sale of
adulterated or fraudulently labeled food and drugs.
iii. Federal Trade Commission (1914) – Monitors and remedies unfair
trade methods
iv. Lanham Trademark Act (1946) – Projects and regulate distinctive
brand names and trademarks.
v. Consumer Safety Protection Act (1972) – Set safety standards for
consumer products and can penalize for not upholding these
standards
vi. Children’s Television Act (1990) – Limits the number of commercials
during kids programming
vii. Nutrition Labeling Education Act (1990) – Requires food product
labels have detailed nutrition information.
g. cultural environment
i. institutions and other forces that affect society’s basic values,
perceptions, preferences, and behaviors
h. marketing environment

Downloaded by Imtiaz Sultan (helloawan103@gmail.com)

 lOMoARcPSD|22853254

i. the actors and forces outside marketing that affect marketing

management’s ability to build and maintain succesful relationships
with target customers.
4. Chapter 4 –Managing Marketing Information
a. a. customer insights
i. fresh marketing information-based understanding of customers and
the marketplace that become the basis for creating customer value,
engagement, and relationships
b. marketing information system (MIS)
i. People and procedures dedicated to assessing information needs,
developing the needed information, and helping decision makers use
the information to generate and validate actionable customer and
market insights.
c. research objectives
i. goals defining the specific information needed to solve the problem
duh
d. marketing research process
i. The systematic design, collection, analysis, and reporting of data
relevant to a specific marketing situation facing an organization
e. primary data
i. information collected for the specific purpose at hand
f. secondary data
i. information that already exist somewhere, having been collected for
another purpose
g. primary data collection approaches and methods
i. Approaches
1. Observation/Ethnographic
a. Mail
i. Sampling Unit
1. Questionnaire
2. Survey
a. Telephone
i. Sample Size
1. Mechanical Instruments
3. Experiment
a. PERSONAL
b. Online
i. Sampling Procedure
h. probability samples, nonprobability samples

Downloaded by Imtiaz Sultan (helloawan103@gmail.com)

 lOMoARcPSD|22853254

i. Probability
1. Simple random
a. Equal chance of selection
2. Stratified random sample
a. Divided into mutually exclusive groups, random
samples drawn from each group
3. Cluster (area) sample
a. Divided into mutually exclusive groups, and the
researchers draws a sample from the groups to
interview
ii. Nonprobability
1. Convenience sample
a. Select the easiest population members from which to
obtain information
2. Judgement sample
a. Researchers uses his or her judgement to select
population members who are good prospect for
accurate information
3. Quota sample
a. The researcher finds and interviews a prescribed
number of people in each of several categories
i. customer relationship management (CRM)
i. managing detailed information about individual customer and
carefully managing customer touch points to maximize customer
loyalty
j. public policy and ethics in research
i. pretty much just DONT be a total asshole and market incorrect
information to consumers dudoy

Downloaded by Imtiaz Sultan (helloawan103@gmail.com)

 lOMoARcPSD|22853254

5. Chapter 5 – Consumer Markets and Buyer Behavior

a. model of buyer behavior
i. The environment
1. Marketing stimuli
a. Product
b. Price
c. Place
d. Promotion
2. Other
a. Economic
b. Tech
c. Social
d. Cultural
ii. Buyer’s Black Box
1. Buyer’s Characteristics
2. Buyer’s Decision Process
iii. Buyer Responses
1. Buying attitudes and preferences
2. Purchase behavior: what the buyer buys, when, where, and
how much
3. Brand engagements and relationships
b. characteristics that affect consumer behavior
i. Cultural
1. Culture
2. Subculture
3. Social Class
ii. Social
1. Groups and social networks
2. Family
3. Roles and status
iii. Personal
1. Age and life-cycle stage
2. Occupation
3. Economic situation
4. Lifestyle
5. Personality and self-conceptualization
iv. Psychological
1. Motivation
2. Perception

Downloaded by Imtiaz Sultan (helloawan103@gmail.com)

 lOMoARcPSD|22853254

3. Learning
4. Beliefs and Attitudes
c. Maslow’s hierarchy of needs

d. perception, beliefs, attitudes

i. Perception
1. The process by which people select, organize, and interpret
information to form a meaningful picture of the world
ii. Beliefs
1. A descriptive thought that a person holds about something
iii. Attitudes
1. A person’s consistently favorable or unfavorable evaluation,
feelings, and tendencies toward and object or idea
e. buying decision behavior
i. decision processed and acts of people involved in buying and using
products
f. buyer decision process
i. Consumers go through distinct buying phases when they purchases products: (1)
realizing the need or want something, (2) searching for information about the item,
(3) evaluating different products, (4) choosing a product and purchasing it, (5) using
and evaluating the product after the purchase, and (6) disposing of the product
1. Yes I totally copy and pasted that ya got a fucking problem professor?
g. buyer decision process for new products
i. Awareness
ii. Interest
iii. Evaluation

Downloaded by Imtiaz Sultan (helloawan103@gmail.com)

 lOMoARcPSD|22853254

iv. Trial
h. rate of adoption/innovators, early adopters, early mainstream, late
mainstream, laggards
i. rate of adoption/innovators
1. Relative advantage
a. Degree to which the innovation appears superior to
existing products
2. Compatibility
a. The degree to which innovation fits the values and
experiences of potential consumers
3. Complexity
a. The degree to which the innovation is difficult to
understand or use
4. Divisibility
a. The degree to which the innovation may be tries on a
limited basis
5. Communicability
a. The degree to which the results of using the innovation
can be observer or described to others
ii. Early Adopters
1. Are guided by respect- they are opinion leaders in their
communities and adopt new ideas early but carefully
iii. Early mainstream
1. Are deliberate- although they are rarely leaders, they adopt
new ideas before the average person
iv. Late mainstream
1. Are skeptical- they adopt an innovation only after a majority of
people have tried it
v. Laggards
1. Tradition bound- they are suspicious of changes and adopt the
innovation only when it has become something of a tradition
itself

6. Chapter 6 – Business Markets and Buyer Behavior

a. business buyer vs. consumer buyer
i. Consumer buying behavior is based on perceived characteristics
such as style, fashion or peer acceptance. Emotional factors play a
big part in consumers' purchase decisions.
ii. Business buyers are less emotional and more task oriented. It's
simply a matter of finding the supplier who can best fulfill that need.

Downloaded by Imtiaz Sultan (helloawan103@gmail.com)

 lOMoARcPSD|22853254

b. market structure and demand

i. I straight up have no fucking idea
c. major types of buying situations
i. straight rebuys
ii. modified rebuys
iii. new task purchases
d. business buyer behavior
i. the buying behavior of organization that buy goodsand services for
use in the production of other products and services that are sold,
rented, or supplied to others
e. participants in business buying process
i. initiators – ones who initiate or recognize the need of a particular
product requirement in the org for enhancement or to combat
depravations
ii. users – are the ones who are going to use the product or require it for
the smooth functioning of their operations
f. influences on business buying behavior
i. environmental
ii. organizational
iii. interpersonal
iv. individual
g. stages of business buyer decision process
i. awareness
ii. specification
iii. request for proposals
iv. evaluation
v. placing the order
h. engaging business buyers with digital and social media
i. using digital and social media marketing approaches to engage
business customers and manage customer relationships anywhere,
anytime
i. institutional and government markets
i. institutional
1. schools, hospitals, nursing homes, prisons, and other
institutions that provide goods and services to people in their
care
ii. Governmental
1. Governmental units- federal, state, and local- that purchase or
rent goods and services for carrying out the main functions of
gov’t

And thazza all she wrote folks

Come back next time for more misery with marketing

Downloaded by Imtiaz Sultan (helloawan103@gmail.com)

 lOMoARcPSD|22853254

Downloaded by Imtiaz Sultan (helloawan103@gmail.com)