Exam (elaborations)
Quiz 1 cheat sheet
- Course
- MKTG-1310
- Institution
- University Of Windsor (U Of W )
Document was used to complete quiz 1. If you need editable word document, please message me.
[Show more]
Seller
Follow
Content preview
Week 1: What is marketing? Marketing is activity, set of institutions & processes for creating, capturing,communicating, delivering & exchanging offerings that have value for customers, clients, partners & society at
large. Some common misconceptions about marketing: Marketing = Advertising, deception, not for everyone, one-
time investment, only for profit & focus on customer equality. Product orientation: Production & efficiency,
economies of scale & scope, assume demand is more than supply, research is limited to technical product & minimal
promotion. Selling orientation: Aggressive push strategy, accepting every possible sale, strong transactional focus &
typically unsought goods. Marketing orientation: Customer's needs & wants, consumer behavior, extensive market
analysis & product testing. Societal marketing orientation: Balance commitments to groups & individuals
(shareholders & stakeholders) & include social, environmental & ethical considerations. Relationship orientation
(Now): Seller-buyer relationship, customer lifetime concepts, customer value & better customer service. Consumer
behavior & strategy: Begins w/ market analysis then segmentation, value & 4Ps (& service), consumer decision
process & finally outcomes. What is value?: Regard that something is held to deserve; importance, worth/usefulness
of something. Example: “Your support is of great value". Economic value is measure of benefit provided by
good/service to an economic agent & value for money represents an assessment of whether financial/other resources
are being used effectively in order to secure such benefit. Value in marketing also known as customer-perceived
value is difference between prospective customer's evaluation of benefits & costs of one product when compared w/
others. Value may also be expressed as relationship between perceived benefits & costs: Value = Benefits – cost.
How is value created: Why new products are created, why do some products fail, how are new products created,
how is innovation diffused, what is product lifecycle & mix & what are services? How is value
appropriated/captured: How objectives can influence pricing, what is demand curve, price elasticity, breakeven
analysis & what are different pricing strategies? How is value communicated: What is AIDA model, IMC,
advertising, PR toolkit, who are influencers & what are sales promotion? How is value delivered: What are
channels, who are main players, what is channel conflict, how can conflict be resolved, how is power observed in a
channel? Ansoff matrix: Strategic planning tool that provides framework to help executives, senior managers &
marketers devise strategies for future business growth. Market penetration: Least risky, product development: risky,
market development: high risk, diversification: riskiest of the four. GE/McKinsey matrix: Technique used in brand
marketing & product management to help company decide what products to add to its portfolio & which
opportunities in market they should continue to invest in. BCG matrix: Growth share matrix, only diversified
company w/ balanced portfolio can use its strengths to truly capitalize on its growth opportunities. Balanced
portfolio has: Stars whose high share & growth assure the future, cash cows that supply funds for that future growth
& question marks to be converted into stars w/ added funds. Porter’s 5 forces: Method of analyzing operating
environment of competition of business. Porter refers to these forces as microenvironment. Week 2: Who is
consumer: Consumer is person/group who intends to order/use purchased goods, products/services primarily for
personal, social, family, household & similar needs, who is not directly related to entrepreneurial/business activities.
Consumer usually has following rights: Right to safety, be informed, choose, seek redressal & represent. Decision
making process: 6 steps. Need recognition: Depends on two factors: Gap between what we need & have &
importance of that gap. In many cases, problem recognition & definition occur simultaneously (e.g., running out of
milk). Information search: Such information can come from family, friends, personal observation/other sources such
as consumer reports, salespeople/mass media. Evaluation of alternatives: Consumer evaluates these alternatives & if
financially & psychologically able makes choice. Some rules of thumb: Save most money, get what you pay for, get
tried & tested option & visual cues. Some factors: Search & opportunity costs, perceived risk (performance;
financial; social; physiological (safety); psychological risk). Purchase decision: Retailers often use conversion rates
to measure how well they have converted purchase intentions into purchases. Increase conversion rate by reducing
abandoned carts, expand product line & enhance customer service. Some products see higher conversion rates than
others. Post purchase behavior: Some outcomes are satisfaction & cognitive dissonance. Disposal. Tendency for
person to go through all six stages is likely only in certain buying situation, first time purchase of product for
instance/when buying high priced, long-lasting infrequently purchased articles. This is referred to as complex
decision making. For many products purchasing behavior is routine affair & past reinforcement in learning
experiences leads directly to buying. This is called simple decision making. Consumer journey: In traditional funnel
metaphor, consumers start w/ set of potential brands & methodically reduce that number to make purchase.
Influences on consumer: Psychological: Psychology is study of human behavior. Motivation: Need/want that is
strong enough to cause person to seek satisfaction. Attitude: Overall evaluation of brand. Perception: Interpreting
sensory information (product reviews, ratings, quality, price etc.) to comprehend environment. Lifestyle: Activities
(e.g., soccer), interests (e.g., world politics), opinions (e.g., about immigration). Social: Family, reference groups &
culture. Situational: Timing, purchase & sensory situation. Marketing mix: Product, price, place & promotion
factors. B2B & B2G: Business 2 business (B2B): Process of buying & selling goods/services to be used in
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller studystar9touni. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$3.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53340 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now