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SemesterTest2FeedbackFoundationsofMarketingA-1Definewhatmarketingisanddiscussitscoreconcepts.Explaintheprocess.COREMARKETINGCONCEPTS(FoundationsofMarketingp.4)Needs,wantsanddemandsMarketingoffers,products,servicesandexperiencesValueandsatisfactionExchange,valueandrelationshipsMarketsCoreMarketingConceptsMARKETINGIsasocialandmanagerialprocesswherebyindividualsandgroupsobtainwhattheyneedandwantthroughcreatingandexchangingproductsandvaluewithothersA-2Discussthemarketingmixandtalkaboutthefacetsofeachfactor.MARKETINGMIXPRODUCTVarietyQualityDesignFeaturesBrandNamePackagingServicesPRICEListPriceDiscountsAllowancesPaymentPeriodCreditTermsPROMOTIONAdvertisingPersonalSellingSalesPromotionPublicRelationsPLACEChannelsCoverageAssortmentsLocationsInventoryTransportationLogisticsA-3Describethestepsinthemarketsegmentation,targetingandpositioningprocess.Stepsinthemarketsegmentation,targetingandpositioningprocess(FoundationsofMarketing,P103)MARKETSEGMENTATIONIdentifybasisforsegmentingthemarketsDevelopsegmentprofilesTARGETMARKETINGDevelopmeasureofsegmentattractivenessSelecttargetsegmentsMARKETPOSITIONINGDeveloppositioningfortargetsegmentsDevelopamarketingmixforeachSegmentA-4DescribeIndividualProductandServiceDecisionsfacedbycompanies.IndividualProductandServiceDecisions(FoundationsofMarketing,P132)ProductattributesBrandingPackagingLabelingProductsupportserviceA-5Comparecostbasedandvaluebasedpricing.GeneralPricingApproachesValueBasedPricing(FoundationsofMarketing,P171)ProductCostPriceValueCustomersCustomersValuePriceCostProductCOSTBASEDPRICINGB-1Discussthemarketingmanagementfunctionsandgiveexamplesofyourowntodemonstrate.MARKETINGMANAGEMENTFUNCTIONSFoundationsofMarketingp43MarketingAnalysisWhatisHappeninginthemarket?MarketingPlanningWhatshouldwedo?MarketingImplementationWhatwillmakeourplanswork?(Action)MarketingControlHowarewedoing?Discussthegrowthsharematrixanduseyourownexamplestoexplainitfurther.B-2THEGROWTHSHAREMATRIX(FoundationsofMarketingp.33)StarQuestionMarkCashCowDogHIGHHIGHLOWLOWMarketGrowthRateRelativeMarketShareListanddiscussthemajorbasesforsegmentingconsumermarkets.B-3SegmentationVariables(ConsumerMarkets)(FoundationsofMarketingp.104)GEORGRAPHICWorld,RegionorCountry.CountryRegion.CityorMetroSize.DEMOGRAPHICAge.Gender.FamilySize.FamilyLifecycle.Income.Occupation.Education.Religion.Race.Generation.Nationality.PSYCHOGRAPHICSocialClass.Lifestyle.Personality.BEHAVIORALOccasions.Benefits.UserStatus.UserRates.UserLoyalty.ReadinessStage.Attitudetowardsproduct.B-4DiscusstheMajorBrandStrategyDecisions.MajorBrandStrategyDecisions(FoundationsofMarketing,P140)BrandPositioningAttributesBenefitsBeliefsandvaluesBrandNameSelectionSelectionProtectionBrandsponsorshipManufacturer’sbrandCompany’sbrandLicensing&CobrandingBrandDevelopmentLine&BrandExtensionsMulti-brandsNewbrandsB-5DiscusstheProductMixPricingStrategies.PricingStrategiesProductMixPricingStrategies(FoundationsofMarketing,P176)ProductLinePricingOptionalProductPricingCaptiveProductPricingByProductPricingProductBundlePricingSegmentedPricingPsychologicalPricingPromotionalPricingGeographicalPricingInternationalPricingC-1Discussyourunderstandingoftheproduct/marketexpansiongrid,anduseyourownexamplestoexplain.THEPRODUCT/MARKETEXPANSIONGRID(FoundationsofMarketingp.36)MarketPenetrationProductDevelopmentMarketDevelopmentDiversificationExistingMarketsNewMarketsExistingProductsNewProductsDescribethemarketingprocessandtheforcesthatinfluenceit.C-2THEMARKETINGPROCESSFoundationsofMarketingp.38MarketingIntermediariesCompetitorsSuppliersPublicMarketingPlanningMarketingImplementationMarketingAnalysisMarketingControlProductPromotionPricePlaceTargetMarketingMarketPositioningMarketSegmentationProfitableCustomerRelationshipsC-3Listanddiscussthemajorbasesforsegmentingbusinessmarkets.SegmentationVariables(BusinessMarkets)(FoundationsofMarketingp.110)DEMOGRAPHICSIndustry.CompanySize.Location.OPERATINGVARIABLESTechnologyUserStatusCustomerCapabilities.PURCHASINGAPPROACHESPurchasing-function.PowerStructure.ExistingRelationshipsPurchasePolicies.PurchasingCriteriaSITUATIONALFACTORSUrgency.SpecificApplication.OrderSizePERSONALCHARACTERISTICSBuyer-SellerSimilarityAttitudestowardsrisksLoyaltyC-4Discussbrandingdevelopingstrategies.BrandDevelopmentStrategies(FoundationsofMarketingp.144)LineExtensionBrandExtensionMultiBrandsNewBrandsExistingNewExistingNewBRANDNAMEPRODUCTCATEGORYC-5CompareNewProductPricingStrategieswithCompetitorBasedPricing..PricingStrategiesNewProductPricingStrategies(FoundationsofMarketing,P175)MarketSkimmingPricingMarketPenetrationPricingGoingRatePricingBidforJobs(tenders)GeneralPricingApproachesCompetitorBasedPricing(FoundationsofMarketing,P172)D-1Discussthestepsinthestrategicplanningprocess.Explainitfurtherbygivingexamplesofyourown.STEPSINSTRATEGICPLANNING(FoundationsofMarketingp.29)DefiningthecompanymissionSettingcompanyobjectivesandgoalsDesigningthecompany’sbusinessportfolioPlanningmarketingandotherfunctionalstrategiesCorporatelevelBusinessunit,productandmarketlevel.Whyarewehere?Whatwillwedonext?Whatdoweneed?Howwillwedoit?MakeTheplanDo/WorktheplanD-2Definemarketingmanagementandcomparethefivemarketingmanagementorientations.Canyounameacompanythatuseseachoftheorientations?ProductConceptProductionConceptSellingConceptMarketingConceptSocietalMarketingMARKETINGMANAGEMENTORIENTATIONS(FoundationsofMarketingp9-11MARKETINGMANAGEMENTTheartandscienceofchoosingtargetmarketsandbuildingprofitablerelationshipswiththem.D-3DiscusstheTargetMarketingStrategies?TargetMarketingStrategies(FoundationsofMarketingp.112)UndifferentiatedMarketingAMarketcoveragestrategyinwhichafirmdecidestoignoremarketsegmentdifferencesandgoafterthewholemarketwithoneoffer.DifferentiatedMarketingAmarketcoveragestrategyinwhichafirmdecidestotargetseveralmarketsegmentsanddesignseparateoffersforeach.Concentrated(Niche)MarketingAMarketcoveragestrategyinwhichafirmgoesafteralargeshareinoneorafewsegments(Niches). MicromarketingThePracticeoftailoringproductsandmarketingprogramstotheneedsandwantsofspecificindividualsandlocalconsumergroups–includeslocalmarketingandindividualmarketing.TargetingNarrowlyTargetingbroadlyD-4Discussthenatureandcharacteristicsofservices?NATURE&CHARACERISTICSOFSERVICES(FoundationsofMarketingp.146)ServicesIntangibilityInseparabilityPerishabilityVariabilityD-5Showhowyouwillcalculatethepriceofanarticleusingthecostbasedpricingmethod?GeneralPricingApproachesCostBasedPricing(FoundationsofMarketing,P169)E-1Discussthestepsinthevaluechainandgiveexamplestoshowyourunderstandingofit.DesignManufactureMarketDeliversupportVALUECHAIN(FoundationsofMarketingp37E-2Discussthefivestepsintheconsumerdecisionmakingprocess.BuyerDecisionProcess(FoundationsofMarketingp73NeedRecognitionInformationSearchEvaluationofAlternativesPurchasedecisionPostpurchasebehaviorE-3Discusshowacompanypositionitsproductsformaximumcompetitiveadvantageinthemarketplace.Chapter03&04PositioningforCompetitiveAdvantageFoundationsofMarketingp.116ChoosingaPositioningStrategyIdentifypossiblecompetitiveadvantagesChoosingtherightCompetitiveAdvantageSelectingtheoverallPositioningstrategyDevelopingaPositioningStatementCommunicatingandDeliveringthechosenpositionE-4Discussthetypesofmarketingintheserviceindustry.TYPESOFMARKETING(FoundationsofMarketingp.149)InteractiveMarketingExternalMarketingInternalMarketingEmployeesCustomersCompanyE-5DescribetheBusinessBuyerBehaviorModelBusinessBuyerBehaviorModel(FoundationsofMarketingp.54)TheBuyingCenterInterpersonalandIndividualpreferencesBuyingDecisionprocessBUYINGORGANIZATIONProductChoiceSupplierChoiceOrderQuantityDeliverytermsandtimes.ServicetermsPaymentBUYERRESPONSEOrganizational
InfluencesF-1DiscussthemajorInfluencesonBusinessBuyers.MajorInfluencesonBusinessBuyers(FoundationsofMarketingp.92)ENVIRONMENTALEconomicDevelopmentsSupplyConditionsTechnologicalChangePoliticalDevelopmentsCompetitiveDevelopmentsCultureAndCustomsORGANIZATIONALObjectivesPoliciesProceduresOrganizationalStructureSystemsINTERPERSONALAuthorityStatusEmpathyPersuasivenessINDIVDUALAgeEducationJobPositionPersonalityRiskAttitudesF-2Discussthestepsintheadoptionprocess.TheAdoptionProcessFoundationsofMarketingp.77Awareness(Whatisthat?)Interest(Howdoesitwork?)Evaluation(Isitforpeoplelikeme?)Trial(MaybeIcantryitonetime?)Adoption(WillIuseitagain?F-3DiscussthedifferentoptionsinValuepropositionsacompanyfaces.PossibleValuePropositions(FoundationsofMarketingp120)F-4DescribethefactorsinfluencingPricingFactorsinfluencingPricing(FoundationsofMarketing,P159)InternalFactorsMarketingObjectivesMarketingMixStrategyCostsOrganizationalconsiderationsPRICINGDECISIONSExternalFactorsNatureoftheMarketandDemandCompetitionOtherenvironmentalfactors(Economy,resellers,government)F-5Discussthedifferentgeneralpricingapproaches.GeneralPricingApproaches(FoundationsofMarketing,P169)CBPCostBasedPricingVBPValueBasedPricingCPBPCompetitorBastedPricingG-1Discussthedifferenttypesofbuyingdecisionbehavioranduseexamplestodemonstrateyourunderstandingofthedifferenttypes.TYPESOFBUYING-DECISIONBEHAVIOR(FoundationsofMarketingp.70)ComplexBuyingBehaviorVarietySeekingBuyingBehaviorDissonanceReducingbuyingbehavior HabitualBuyingbehaviorHighinvolvementLowinvolvementSignificantdifferencesbetweenbrandsFewdifferencesbetweenbrandsDiscussthemembersofthebuyingcenter.G-2ParticipantsintheBuyingDecisionProcess(FoundationsofMarketingp.91)UsersInfluencersBuyersDecidersGatekeepersBUYINGCENTERAlltheindividualsandunitsthatparticipateinthebusinessbuyingdecisionprocessG-3Discussthedifferentproductclassificationsforconsumerandbusinessmarkets.ProductandServiceClassifications(FoundationsofMarketing,P129)ConvenienceProductsFrequentpurchases,lowinvolvementLowPriceWidlydistributedMasspromotionbyproducerToothpastemagazines,washingpowderShoppingProductsRegularpurchase,takesplanningandshoppingeffort–comparebrandsforprice,qualitySelectivedistributionAdvertisingbysellersandproducersAppliences,televisonsectSpecialtyProductsStrongbrandpreference,loyalty.Specialpurchaseeffort,littlecomparisonbetweenbrands,lowpricesensitivityHighpriceExclusivedistributionlimitedto1or2outletsTargetedpromotion.RolexwatchesandfinecrystalwareUnsoughtProductsLittleproductawareness/knowledgeWillvaryWillvaryAggressiveadvertisingandpersonalsellingLifeinsurancebloodtransfusionservicesINDUSTIRALPROCUCT:ProductsboughtbyindividualsandorganizationsforfurtherprocessingorforuseinconductingabusinessG-4Discusspriceelasticityofdemand.TheDemandCurve(FoundationsofMarketing,P166)PRICEELASTICITYOFDEMAND%changeinQuantitydemanded%changeinPrice=G-5DiscussBreakEvenAnalysis?GeneralPricingApproachesBreakEvenAnalysis(F
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