BUAD301 Study Guide - Summer 2018, Comprehensive Midterm Notes - Internet, Marketing Mix, Sales
12 Oct 2018
School
Department
Course
Professor
BUAD301
MIDTERM EXAM
STUDY GUIDE
Fall 2018
What is marketing?
• Marketing is the activity, set of institutions and processes for creating, communicating,
delivering and exchanging offerings that have value for customers, clients, partners, and
society at large
o More than sales
o Marketing should be regarded as a broad activity in companies, not just a
department
o Marketing provides long term value rather than a narrow exchange of money
• Could ilude…
o Statistics
o Sociology
o Psychology
o Game theory economics
• Three steps of marketing that all successful companies take
o Know what your customers want
o Give it to them
o And then communicate about it simply and relentlessly, focus on the life
improving outcomes
• Consumers are biased in a predictable manner
• Badge engineering – slap two different outcomes on very similar products
o the practice of marketing a motor vehicle under two or more brand names.
• The attraction effect – refers to an inferior product's ability to increase the
attractiveness of another alternative when the inferior product is added to a choice set.
• What is the most important thing for a new product
o To target the right segment
Marketing Strategy
• Marketing strategy formation process
o Step 1 – Analyzing
▪ Company
▪ Competition
• All the actual and potential rivals offerings and substitute that a
buyer might consider
• Who do the customers buy from now and who might they
become interested in the future
• What are their…
o Goals
o Strategy
o Assumptions
o Capabilities
▪ Collaborators
find more resources at oneclass.com
find more resources at oneclass.com
• Understand how all players in your supply chain operative and
what their motivation might be
▪ Context
• Analyze the macro-environment: drivers to leverage and barrier
to remove
o Political environment
o Economics environment
o Social impacts
o Technological developments
• Cool hunting- a systematic analysis of cultural trends
o Some do well b/c they foresee trend before others
o Some change trends through regulations
▪ Customer
• who buys?
o Buyer, decider, influencer, user/household,
individual/business, demographics, psychographics
• Why?
o Benefits sought
• How?
o Info search
• Where?
o Location
• When?
o Timing, frequency
o Step 2 – Decisions
▪ Aspiration
• What value for whom decision
• Segmenting → targeting → position
▪ Action plan
• Marking mix decision
o The four p’s
▪ Product
▪ Promotion
▪ Place (value creating)
▪ Price (value capturing)
o Step 3 – outcomes
• Company analysis: strategic planning - developing and maintaining a strategic fit
etee the orgaizatio’s goals ad apailities, ad its hagig arketig
opportunities
o Defie opay’s issio
▪ Stateet of the orgaizatio’s purpose – what it wants to accomplish in
the larger environment
o Set objectives and goals (should be specific and realistic)
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
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