Exam 1 Study Guide

Exam 1 Study Guide - MKTG 360 Study Guide Exam 1...

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Unformatted text preview: MKTG 360 Study Guide Exam 1 Introduction to Marketing Chapter 1 o What is marketing? Marking is identifying needs, (via market research and study of consumer behavior) Developing a superior product/service to meet that need, (product innovation, prototype development, test marketing) Making people aware of the branded product/service (promotion, perceptual maps) In the place and manner where they can easily consumer it (place positioning it in the marketplace and marketspace = right supply chain and distribution channels) At a price that is acceptable (pricing) o Value Proposition: is the message of how your product provides benefits to consumers (that the customers need) in a superior manner than its competition. The VP discusses the derived benefits that can be expected in the customers terms o Value Chain Names of Segments How They Add Value o Marketing Orientations Production Era: you buy what we make (i.e. hand drill, soap, straight razor) Exemplified by Henry Ford Any customer can have a car painted any color that he wants so long as it is black Selling/Sales Era: we will sell you what we think you need To sell more (and squish competitors) emphasis shifted to ability to sell and move products to customer (Pillsbury example) Consumer (or Market): using focus groups, split of marking into many sub-markets Idea introduced in 1952, GEs Annual Report; the (marketing) concept introduces the marketer at the beginning rather than at the end of the production cycle and integrates marketing into each phase of the business As marketing research based on demographics and psychographics improved, mass markets splintered into focused affinity groups Products then are refined and targeted to the sub-markets Promotions and advertising are also tailored to different regions, age groups, income levels etc. Focus on customers needs Create (perceived) value in the minds of customers (acceptable ratio or benefits to costs) New Era: we dont sell products, we sell solutions and benefits, we sell glamour, we sell confidence and grooming Customer Relationship Management Programs (CRM): to record each transaction, contests, and point of contact across in-store, web access, service, even if the consumer was just browsing Companies want to capture your mindshare and turn your purchases into mindless habits Example: Gillette birthdays for men that are turning 18 o Key difference between consumer and new era In consumer era, companies utilized and leveraged marketing research and used the result to drive product development, target marketing etc....
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Exam 1 Study Guide - MKTG 360 Study Guide Exam 1...

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