Exam 3 Study Guide PDF

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Exam 3 Study Guide Know the four Ps in marketing and how they apply to a marketing strategy    

Product Price Placement – distribution channel. How will it be distributed? Promotion – how will it be advertised?

What are the essential elements of a marketing research process? 1. 2. 3. 4.

Define problem Develop research plan for collecting information Implement research plan. Collect and analyze data Interpret finding/reports

Understand the concept of Customer Delight and Customer Satisfaction and Share of Wallet   

Customer Delight – meeting the customer’s expectation Customer Satisfaction – Share of Wallet - share a company gets when the customer’s purchase their product.

Understand difference between a push and a pull sales strategy PUSH STRATEGY 

Retailer pushing the sales of product to consumer

PULL STRATEGY 

Consumer demands retailer/wholesalers for a product.

Understand issues discussed that relate to global marketing   

Adaptation to cultures. Need to be more sensitive to cultural biases Self-reference criterion: unconscious tendency to resort to their own cultural experience and value systems to interpret a give business situation Ethnocentrism: feeling of one’s own cultural superiority

Understand the difference between a conventional distribution system and a vertical distribution system CONVENTIONAL DISTRUBUTION SYSTEM  

Manufacturer -> wholesaler -> retailer -> consumer Wholesales is a distributor to the retailers

VERTICAL MARKETING SYSTEM

  

Path 1: Manufacturer -> retailer -> consumer Path 2: Manufacturer ->wholesaler -> retailer -> consumer Allows for conventional system but provides other alternatives as well.

Understand the concept of brand equity 

Differential effect that brand knowledge has on consumer responds to the marketing of that brand. // Brand name and reputation

Understand the product life cycle  

Introduction, growth, maturity, and decline. Peak profits occur when product is in mature cycle.

What are the elements of integrated marketing communications (e.g. advertising, etc.)     

Advertising – Press, digital media Sales Promotion - sales discount, pop up stores. Public Relations – sales image of company // building up good relations w company and customers Personal Selling – sales team which meets w/vendor, boutiques, Direct Marketing – brochure, flyers, mass media (ig, fb, google)

Understand various ways of differentiating markets- segment, niches, channels, etc.  Know the difference between sales and marketing SALE 

Already have marketing strategy. Goal is promoting and selling product to customers. Profit through sales volume.

MARKETING 

Intellectual input in creating new product. Wants to understand customer needs. Profit through customer satisfaction.

Understand the tasks of a sales force   

Two-way communication between salespeople and customers Critical link between company and its customers Goal = customer satisfaction.

Know the differences between primary and secondary data used for research, and the benefits of each. PRIMARY DATA  

Hand collected information through surveys (and more) in order for a specific purpose Must be relevant, accurate, current, and unbiased

SECONDARY DATA  

Information that already exists somewhere: databases and government sources Available more quickly and at a lower cost.

Understand how structured data and big data can be used Structured Data  Big Data  Know the four Vs in big data and how they apply to gathering and analyzing data    

Volume – Scale of data Velocity – analysis of streaming data Variety – different forms of data Veracity – uncertainty of data

Know the threats that information sources face these days     

Malware through viruses, worms, trojan. Virus – infect a software/file Worms – take advantage of security vulnerability to automatically spread Trojans – attempt to sneak in by masquerading as something they’re not Malicious adware, spyware, keylogger and screen capture.

Understand the employment opportunities for students thinking about data analysis as a career  

Unlimited opportunities Increase job growth...