D077 Study Guide

docx

School

Western Governors University *

*We aren’t endorsed by this school

Course

D077

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

Uploaded by LieutenantIbis4057

D077 Study guide for all Modules D077- Module 1 Study questions (25%) 1. Define "marketing". Business function that identifies, satisfies, and retains customers through a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for the customer. 2. Identify 3 functions of Marketing? Lesson 1 Bring value to customers whom the business seeks to identify, satisfy, and retain. 3. What is the marketing concept? Identify 3 important characteristics of this concept. Business philosophy holding that a company’s goals can be best achieved by identifying and satisfying the target customer’s needs and wants.  Focusing on needs and wants of customers so the organization can distinguish its product(s) from competitors – products can be goods, services, or ideas.  Integrating all organizational activities, including production and promotion, to satisfy wants and needs.  Achieving long-term goals for the organization by satisfying customer wants and needs legally and responsibly. 4. Identify the four elements in the Marketing mix. Identify at least three important characteristics of each of the elements of the marketing mix. Marketing mix represents the controllable elements in the marketing environment. Product: good, service, or idea; good – tires, smart phones, clothing; service – hotels, hair salon, airlines, accounting/engineering firm; idea – go green, give blood. Products have a life cycle. Product mix, product lines, product depth and width. Place: involves how the product gets from producer to customer – supply chain and inventory management. Direct/indirect distribution. Vertical marketing systems. Omnichannel retailing – having a uniform customer experience around all ways the customer can engage with the company. Price: something given in exchange for a product. Pricing strategy is based on demand, value, and cost. Pricing strategies include skimming, penetration, leader, bundling, and prestige. Promotion: methods for informing and influencing customers to buy the product. Create a unique promotional mix for each product. Promotional mix may include traditional advertising, sales promotion, public relations, and digital marketing (social media, online advertising, and

content marketing). Integrated Marketing Communications (IMC) is an approach that coordinates all promotional activities to produce a consistent customer-focused message. 5. What are the four stages of the product life cycle? Identify each stage of the product life cycle stage based on profit, sales, competitive pressures? Lesson 2 Introductory – low sales, little or no profit, little or no competition. Growth – increasing sales, rapidly increasing profit, market has accepted the product and competitors enter the market. Maturity – high sales, high then declining profits, high level of competition (may be hard for original company to compete). Decline – declining sales, declining profits, competitive pressure remains high and demand falls. 6. What are the variables companies are considering while creating a product strategy? Lesson 2 Brand name, packaging, colors, a warranty, accessories, and a service program. 7. Define product mix, product lines, and product depth? Lesson 2 Product Mix: the complete range of products offered for sale by a company throughout its product lines, also known as product assortment. Product Lines: series of similar products focused on a sector that a company creates under a single brand. (Product width is the number of products or series of products a company offers.) Product Depth: number of versions offered for each product in the product line. 8. Identify 5 characteristics of price skimming strategy. Lesson 2 Price skimming is intentionally pricing a new product high with intention of lowering it over time as competition increased.  High initial price helps find out what buyers will pay.  You can always lower the price later.  High initial price creates an image of quality and prestige.  When the price is lowered later, consumer may think they are getting a bargain.  High prices attract competition. 9. Identify 2 characteristics of Prestige pricing strategy? Lesson 2 Prestige pricing is raising the price of a product to increase the perceived value.  High prices = high status.

10. Identify 3 characteristics of Penetration pricing strategy? Lesson 2 Penetration pricing is intentionally pricing a product lower than the market price to gain market share into a new market.  Requires more extensive planning – company must gear up for mass production and marketing.  Initial low price might convince customers to switch brands/companies and may discourage competitors from entering the market. 11. Identify 2 characteristics each of leader pricing? Lesson 2 Leader pricing is pricing products below market price to attract customer to a store they might otherwise not shop at. Referred to as a loss leader – Costco rotisserie chickens. 12. Identify 2 characteristics each of bundle pricing? Lesson 2 Bundle pricing is grouping two or more related products together and pricing as a single product. 13. Identify 2 characteristics of Competitive pricing? Lesson 2 Competitive pricing involves setting the price of a product according to competitor prices. 14. Define the following components of promotion (Lesson 2)  personal selling: face to face presentation to a prospective buyer, often based on a long-term relationship.  advertising: any paid form of nonpersonal promotion by an identified sponsor that is delivered through traditional media channels.  online advertising: advertising through online channels.  content marketing: creation and sharing of online materials designed to create interest in a product, service, or idea without directly promoting the brand.  social media: using social media platforms to create a buzz about a product or company.  e-commerce: using a company’s website to generate sales through online ordering, information, and interactive components (e.g., games).  guerilla marketing: innovative and unconventional promotional tactics that engage customers through a unique experience.  public relations: creating and maintaining public goodwill through publicity and nonpaid forms of communication – linking organizational goals with key aspects of public interest.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

 sales promotion: marketing activities that stimulate consumer buying – coupons, samples, displays, shows, exhibitions, demonstrations, etc. 15. What are the phases in a business cycle? Lesson 5 Expansion: increasing employment, economic growth, upward pressure on prices. Peak: highest point of the cycle, economy is producing at maximum allowable output, employment is at or above full employment, inflationary pressures on prices are evident. Contraction: growth slows, employment declines (unemployment increases), and pricing pressures subside. Trough: economy has bit a bottom from which the next phase of expansion and contraction will emerge. 16. What does a company consider under Place strategy? Lesson 2 Place involves how the product gets from producer to customer – supply chain and inventory management. Direct/indirect distribution. Vertical marketing systems. Omnichannel retailing – having a uniform customer experience around all ways the customer can engage with the company. 17. What is the difference between Distribution and Supply chain? Lesson 2 Distribution is the process of acquiring raw materials and moving materials and finished products from producer to consumer. Supply chain is the system a company uses for distribution. 18. What are vertical marketing systems? What are the three types of vertical marketing systems? Lesson 2 Page 9 Vertical marketing systems are cooperation between multiple levels of a distribution channel.  Corporate vertical marketing system – single company owns all levels of production and distribution (e.g., apple sells products they design and manufacture through retail stores).  Contractual vertical marketing system – formal agreement between levels coordinates the distribution process (e.g., franchises).  Administered vertical marketing system – one member of the channel controls the system out of power and size. 19. In general, what are the categories of environmental data that shape most marketing decisions. Lesson 4 page 11 Competitive: new and shifting competition from domestic and foreign based firms. Natural/ecological: natural resources, increased pollution, supply of raw materials, practices that support environmental sustainability.

Political/legal: changes in laws, regulatory agency activities, political movements. Socio-cultural: buying behaviors of specific cultures and subcultures, values of potential customers, changing roles of families, other societal trends (e.g., working from home, flexible work hours, etc.). Demographic: changes in ages of potential customers (e.g., baby boomers, millennials, etc.), birth and death rates, locations of various groups of people. Technological: advances in telecommunications and computer technology. Economic: changing incomes, unemployment levels, inflation, recession. 20. What does PEST stand for? Lesson 5 Political, Economic, Social, and Technological. Political: stability, regulation/de-regulation, statues/laws/codes of conduct, government funding/subsidies/support for specific industries, fiscal/monetary policy, tax rates, trade agreements. Economic: trends, stability (inflation, wages growth, GDP, GNP), exchange rates, trade agreements, seasonality/economic cycles, consumer confidence, consumer purchasing power (discretionary income). Social: demographic changes (population growth, age distribution, population density, geographic distribution), consumer attitudes (tastes/preferences), social influencers (role models, opinion leaders), shopping habits (preferred channels, channel switching, online/offline spending). Technological: innovation/breakthroughs/technological developments, new product materials or ingredients, new packaging solutions, improved production processes/business models, new ways of transacting business, new machinery/software. 21. Define the following terms: consumer confidence, inflation, generation gaps. Lesson 5 Consumer confidence: statistical measure of consumers’ level of optimism about current and future economic conditions. Inflation: general increase in prices of goods and services over time and decrease in the purchasing power of money. Generation gaps: differences in outlook, opinions, values, and cultural norms between people of different generations. 22. Identify at least three ethical considerations for product, price, place, promotion marketing mix variables. Lesson 6 Product:

Is production of the product sustainable for the environment? Are animals treated humanely in the production of the product? What are the labor conditions of producers? Is the product high quality and does it deliver on its promises to customers? Is the product designed and manufactured in line with the customer’s expectations (and other elements in the marketing mix)? Does the product packaging provide clear instructions for the use of the product (and its limitations? Will the product truly benefit customers? Does the product hurt customers or society? Price: Price fixing (collusion) – two or more competitors agree (or collude) on how much to charge for a product. Price discrimination – company charges different prices to buyers of the same product to maximize profit. Predatory pricing (undercutting) – pricing a product extremely low to drive out competition. Bait and switch – advertising for a lower priced product and switching a customer to a higher priced product. Price gouging – company has a monopoly on the market and prices products overly high to drive profit. Promotion: Will the product provide the benefits you say you will? Will the product deliver the promised value to customers? Is the company’s story being communicated in a fair and transparent way? Is the way you are communicating with customers transparent and respectful of the way they wish to engage with the brand? Are you aiming your marketing efforts at an appropriate audience for the product? Place: Does the distribution channel deliver the product at the price and quality promised? Do other companies in the distribution channel (wholesalers, retailers, etc.) perform as promised and deliver on expectations set for product, price, and promotions? Are labor conditions fair and humane throughout the distribution channel? Do all suppliers, producers, and transporters provide fair wages and ethical working conditions? Do all companies in the distribution channel follow best practices for environmental sustainability? Can workers who produce, transport, and sell products afford to buy them? Is data secured and consumer privacy protected in the way transactions and customer interactions are tracked?

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

D077: Module 2 Study questions (15%) 1. What is a marketing plan? Lesson 7 A comprehensive document or blueprint – informed by analysis or the organization, customer, and market environment – that outlines marketing efforts (including objectives, strategies, and tactics) for an identified period. 2. What are the key components of the marketing planning process? Lesson 7 Mission statement, situational analysis, objectives, strategy development, monitoring and controlling. 3. In the first Paragraph under situational analysis on page 17, the textbook describes what companies do during the Situational analysis step of the marketing plan. Summarize the paragraph in bullet point.  Controllable (product and organizational capabilities)  Uncontrollable (customer, competition, business environment)  Controllable/uncontrollable define the current and future state of the market. Those factors describe the market environment, how abilities can deliver value relative to customer needs, and likely actions/reactions of competitors. 4. What are the three tools’ companies are utilizing when conducting a situational analysis? Lesson 8 SWOT analysis, BCG Matrix, Porter’s Five Forces 5. How will you identify an objective? In short identify the 5 important characteristics of an objective statement (hint use SMART). Lesson 7 Objectives are measurable outcomes that will be achieved within a particular time frame. Specific, measurable, achievable, relevant, and time bound.

6. identify (bullet points) how would you identify each step of the marketing planning process. Give 2 characteristics for each step. Lesson 7 Mission statement: what is the marketing planning purpose? Situational analysis: what controllable and uncontrollable factors impact the organization? What is the potential for competition and profit? Objectives: what measurable outcomes do you want to achieve? Strategy development: what marketing strategies will lead to the objective? What tactics support those strategies? Monitoring and control: How will progress be measured and assessed? How will adjustments be made if necessary? 7. What is a SWOT analysis? Lesson 8 A SWOT analysis examines internal (controllable) and external (uncontrollable) factors – strengths/weaknesses (financial, technical, competition position, human resources, product line) and opportunities/threats (technology, competition, economic, political, legal, social trends). 8. Identify the SWOT in each of these situations: a) A company has developed technical capabilities. Strength b) New government policies will help the company in the future. Opportunity c) The company has high employee turnover. Weakness d) The company is concerned about the country's economic condition. Threat 9. What are the four quadrants in the BCG matrix? Lesson 8 High Growth Potential/High Market Share (top left) – star, high market share in a fast-growing industry, poised to bring a strong return on the funds invested, has potential to become a cash cow at the end of the product life cycle which can fund future investments. High Growth Potential/Low Market Share (top right) – question mark, product or business is consuming financing and creating a low rate of return for now, but direction is unclear, has the potential to become a star or dog so close monitoring is needed to determine growth potential. Low Growth Potential/High Market Share (bottom left) – cash cow, bringing in more money than is being invested, doesn’t have much growth potential, profits can be used to fund high- growth investments but the cash cow itself warrants low investment.

Low Growth Potential/Low Market Share (bottom right) – dog, no room for growth so no new funds should be invested. 10. Identify the quadrant in which each product will be placed: a) Brand X is bringing in money into the business. Star or cow depending on growth potential. b) Brand Z should be removed from the product-portfolio of the company. Dog c) Brand Y shows a rapid growth in market share. Star or cow depending on growth potential. d) Brand M should be vetted, and close monitoring is required. Question mark. 11. Why are question mark products very tricky? Page 18 lesson 8 The product has the potential to become a star or dog and requires close monitoring to determine growth potential. 12. What are key characteristics of Cash Cows? Page 18, lesson 8 Slow growing industry, high market share, more money is being brought in than invested, doesn’t have much growth potential, warrants low investment, can be used to fund high growth investments. What is Market share? What is Market-growth potential? Page 18, lesson 8 Market share: percentage of a market accounted for by a specific product or entity. Market growth potential: estimation of what the future market will be, generally includes analysis of similar markets and analysis of the underlying drivers for market growth. 13. Identify the five forces in Porter's Five Forces model. Lesson 8 Identify two characteristics of each of the five forces in Porter’s five forces model? Lesson 8 Threat of new entrants: likelihood that new competitors will enter the market, barriers to entry, high barriers mean that the investment of getting into the industry makes it difficult to compete with current players in the market. Threat of substitute products or services: existence of different products that fulfill the same need increases likelihood of customers switching to alternative products. Not the same as a competitor’s similar products.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Rivalry: competition from other companies in the industry, how many firms are in the industry and how do their competitive dynamics reduce profitability? E.g., airlines. Bargaining power of buyers: the power of customers to drive down price if supply exceeds demand, customers have the ability to put a company under pressure. Bargaining power of suppliers: the power of suppliers where there are few alternative sources for the product components. 14. What purpose does strategic planning serve in the marketing planning process? Lesson 9 Strategy is how you are going to achieve the specific objectives in the marketing plan. Informed by a clear understanding of an organization’s strengths/weaknesses, competitive environment, potential for growth, and target customer. 15. What purpose does tactical planning serve in the marketing planning process? Lesson 9 Tactical plans are the actions the company implements to affect the controllable elements of the strategy. Tactics are specific actions (e.g., coupons, commercials, banner ads, social media posts, etc.) used to execute the strategy. Tactical plans specify the activities and allocation of resources (e.g., people, money, equipment, etc.) needed to implement the strategic plan over a given period.

D077: Module 3 Study questions (5%) 1. Define marketing research? What are the common subjects for marketing research? use bullet points to identify each subjects/component. Page 23 Lesson 10 Marketing research is the process of gathering, recording, and analyzing data about consumers, competitors, and the market.  Environmental factors and how they affect consumer behavior.  Customer attitudes, behaviors, and perceptions.  Product research.  Marketing, advertising, and promotion research.  Corporate research. 2. What is Reliability of Data? Lesson 11, Page 24 Reliability is the degree to which a researched method produces stable and consistent results. 3. What is Validity of Data? Lesson 11, Page 24 Validity is the extent to which a research method accurately measures what it is intended to measure. 4. Define Primary research? Lesson 11-page 24 Primary research can be qualitative or quantitative. Identify how would you differentiate between these two. Lesson 11 page 24 Primary research is research that is tailored to the specific problem or challenge you are trying to address. Qualitative (ideas, perceptions, behaviors) and quantitative (counted, tabulated, and statistically analyzed). If you already have the research, it is secondary research. If you must conduct the research, it is primary research. 5. What is secondary research and how is secondary data collected. Lesson 11 page 24 Secondary research is research that uses data that already exists and may be relevant to what you want to know.

6. Identify benefits and limitations of primary and secondary data? lesson 12 page 25. 7. What are the common Primary Marketing Research Techniques? Lesson 13, Page 26 8. What is Ethnographic research? Lesson 13, Page 26 Study through direct observation of users in their natural environment (as opposed to a laboratory environment). 9. What is the Group Think problem? Lesson 13, Page 26 When individual members of a group accept a viewpoint/conclusion that represents a perceived group position – even when it conflicts with their own opinion.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

10. What are Closed-ended questions and Open-ended questions? Lesson 13, Page 26 Open-ended questions: questions where a researcher asks participants to provide a verbal or textual response. Closed-ended questions: questions where a researcher provides a set of options from which to choose a response – structured questions. 11. What are some common techniques for sourcing secondary data? lesson 13, Page 26 12. What is Syndicated Marketing research? Lesson 13, Page 26 Source of secondary data for marketing research that is collected by a marketing research company and can be purchased by organizations. 13. What are Database Marketing organizations? Lesson 13, Page 26 Companies that collect and analyze massive data sets on consumers which can be used as secondary data for marketing research – also known as customer insights service providers.

14. Ethical considerations are placed under three broad categories. Identify each one of them in bullet points? lesson 14, Page 27 Gathering Content  Ask participants consent to gather data.  Be transparent about how data gathered about consumers will be used by the organization.  Do not use stereotypes or discriminatory practices to screen participants who will be interviewed or selected for focus groups and surveys.  Ensure interview, focus group, and survey questions are clear.  Do not lead the participant to a particular “correct” or “desired” answer.  Permit participants to decline to answer particular questions if they choose. Analyzing and Using Content:  In mining primary data, avoid stereotyping customers based on gender, race, age, religion, or other characteristics.  Use data for the purposes stated to participants.  Disclose to participants if the data collected will be sold to third parties.  If the data will be sold, also disclose how that information might be used by those who purchase the data.  Avoid conflicts of interest, including relationships with partners, vendors, and other organizations who might use or purchase the data collected. If potential conflicts exist, disclose them to participants. Storing Content:  Take steps to protect participants’ privacy, including personal and financial data.  Put measures in place to securely store data collected.  If a data breach occurs, quickly notify participants of any potential security concerns. 15. What should marketers consider when they gather secondary data. lesson 14, Page 27  Evaluate whether the source is credible and reliable.  Clearly cite the source of the information to avoid plagiarizing content.  Do not distort or misrepresent the original intent of the information, such as by applying it to a different context than the one stated in the original source.  Ensure usage of the information is compliant with any copyright laws or other applicable laws and regulations.

D077: Module 4 Study questions (5%) 1. What is a Strategic Opportunity Matrix? (Lesson 15, Page 34) Framework that maps the four growth strategies (market penetration, market development, product development, and diversification) to a grid based on whether they address new or existing products and markets. 2. What are the two areas a company examines while focusing on growth strategies? (Lesson 15, Page 34) New vs. existing markets and new vs. existing products. 3. Ansoff opportunity Matrix or Strategic-opportunity matrix has four possible growth combination based on markets and products. What are the combinations? (Lesson 16, Page 35) 4. What is the product-market combinations for each of the growth strategies? (Lesson 16, Page 35) Market penetration: uses current products and current markets with the goal to increase market share. Market development: uses existing products to capture new markets. Product development: uses new products in an existing market. Diversification: creates new opportunities for a company by creating new products and new markets.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

5. Identify the growth strategies- (Lesson 17, Page 36) a) A company uses pricing, promotion, and distribution strategies to grow their market share. Market penetration b) Chik-fil-A sells its signature Chik-fil-A sauce in grocery stores. Market development c) Disneyland is now positioning their theme parks to retired couples also. Market development d) Apple introduced iPhone 14 which is new, improved, faster version of the previous generations of iPhones. Product development e) Amazon was created with the intention of being a book selling website, but then Amazon used its success as a book seller and went into selling electronic, movies, medicines etc. Diversification

D077: Module 5 Study Questions (5%) 1. In your own words, describe customer relationship management (CRM) and the purpose of implementing CRM in an organization. Lesson 18, Page 40 Customer relationship management (CRM) is a combination of policies, processes, and strategies that companies implement to unity the customer interaction and provide a way to track customer information. Companies want the customer to perceive the business as a single entity while interacting with a variety of employees in different roles/departments. 2. CRM systems are powerful software systems that serve several essential functions for marketing, sales, and account management. What are some of the uses of CRM systems? Lesson 18, Page 40  Capture internal data about customers and customer interactions and house these data in a central location.  Provide business users with access to customer data to inform a variety of customer touch points and interactions.  Conduct data analysis and generate insights about how to better meet the needs of target segments and individual customers.  Deliver a marketing mix tailored to the needs and interests of these target segments and individual customers. 3. Identify and describe operational, analytical, and collaborative benefits of CRM? Lesson 19, Page 41

4. What are the challenges in CRM? Lesson 19, Page 41 Concerns about privacy, risk of ignoring a subset of consumers if their needs differ from the majority, integrating CRM into normal workflows. 5. What is Customer life cycle. Identify all the steps in Customer Life cycle? Lesson 20, Page 42 Reach – getting a prospective customer’s attention. Acquisition – bringing a prospective customer into a sphere of influence. Conversion – turning a prospect into a paying customer. Retention – engaging an existing customer to keep them. Loyalty and Advocacy – turning a customer into an advocate for the company. 6. Why is customer lifetime value (CLV) utilized by organizations? How is CLV calculated? Lesson 21, Page 43 CLV is the total profit associated with customers throughout their lifetime relationship with a company. CLV can help marketers assess the effectiveness of marketing efforts and the value of specific customer segments.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

7. What is customer equity and why is this an important measure for organizations? Lesson 22, Page 44 Customer equity is the total combined customer lifetime values of all a company’s customers. The greater the customer equity, the more future revenue in the lifetime of a company’s customer. Value equity - how the customer assesses the value of the product or service provided by the company. Brand equity - how the customer assesses the value of the brand, above its objective value. Retention equity - the tendency of the customer to stick with the brand, even when it is priced higher than an otherwise equal product. 8. What is the role of marketing in setting expectations in assuring customer satisfaction? Lesson 23, Page 45

9. Identify in bullet points all the Customer Satisfaction strategies? Lesson 23, Page 45 Empower customer acing personnel – empowering these employees to care about the customer experience can delight customers. Offering customers warranties/guarantees – warranties serve as an agreement that the product will perform as promised or restitution will be made to the customer. 10. Identify and briefly describe the four guidelines regarding fair information practices in an electronic marketplace. Lesson 24, Page 46 Notice – consumers should be given notice of a company’s information practices before collecting personal information. Choice – consumers should be given options to control how their data is used (opt in/out). Access – consumers should have the ability to view the data collected to verity and contest its accuracy. Security – information collectors should ensure data collected is accurate and secure. 11. Briefly describe the following terms (Lesson 24, Page 46) a) CAN-SPAM act The Controlling the Assault of Non-Solicited Pornography and Marketing Act – consumers must be given the opportunity to opt out of future solicitation. b) Permission Marketing Expectation that marketers will ask for permission to sell or to offer potential customers marketing messages. c) Nondisclosure Agreements (NDAs) Signed documents when entering a business relationship detailing what information cannot be disclosed about another company. d) Cookies Small packet of information stored on your web browser to help a website keep track of your visits and activity.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

D077: Module 6 study questions (15%) 1. Distinguish between a Consumer and Customer? Lesson 25 Page 50 Consumer: the individual who uses the product. Customer: the individual (or company) who buys the product from a business. 2. In bullet points identify what are some important characteristics of the B2B market? Lesson 25 page 50  Uses more personal selling.  Little need for mass advertising.  Company websites are a primary way for B2B organizations to share information and promote offerings. 3. Define Market Segmentation? Lesson 26 Dividing the market into subgroups of consumers (segments). 4. Why do companies use market segmentation? lesson 26 page 51 Market segmentation helps to be able to study of buyer behavior which helps marketing managers better understand why people make purchases. 5. Identify in bullet points the four methods used by marketers to segment markets. 6. What are the three types of product related segmentation strategy? Lesson 27 Page 52 Benefits of the product, usage rates, and brand loyalty. 7. Identify the four types of targeting strategies. Read lesson 29, page 54 Differentiated, Undifferentiated, Concentrated, Micromarketing

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

8. Describe (use bullet points) to identify 3-4 features of each of the four types of targeting strategies. Lesson 29 Differentiated Marketing: targeting strategy where a company provides separate offerings to each different market segment that it targets. Undifferentiated Marketing: targeting strategy involving a single offer and marketing mix for all segments, also called mass marketing. Concentrated Marketing: targeting strategy that focuses on a very limited, specific segment(s) of the market, also called niche marketing. Micromarketing: targeting strategy that focuses narrowly on catering to the needs of individuals or very small segments in a targeted geography. 9. What are two major disadvantages of differentiated target marketing? Lesson 29 Differentiated marketing is very expenses and each product/segment requires its own marketing plans and execution. 10. What are the major advantages of undifferentiated target marketing? Lesson 29 This type of marketing aims to reach the largest audience possible and exposure to the product is maximized. 11. What is the primary disadvantage of concentrated marketing? Page 29 Concentrated marketing makes companies vulnerable to demand because the markets they serve are so narrow. If demand drops the company has nothing to cushion the blow. 12. What is Micromarketing? What are the different terms for Micromarketing? Lesson 29 Micromarketing is a targeting strategy that focuses on more narrow segments. Individual marketing: targeted micromarketing focused on needs of individuals, sometimes called mass customization or one-to-one marketing. Local marketing: targeted micromarketing focused on very small segments of a given geography. 13. What is positioning statement? What are the five things a company must consider while developing a positioning statement? Lesson 30 page 55

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

A positioning statement is a single sentence that concisely identifies the target market for a product and what marketers want customers to think about it.  Target market.  Brand name.  Key points of differentiation.  Product and service category or frame of reference in which you are establishing this market position.  Reasons why customers should believe the positioning claims. 14. What are the specific questions that companies answer when they position their brands? Lesson 30  Place: What place does the offering occupy in its market?  Rank: How does the product or service fare against its competitors in the areas evaluated by customers deciding what to buy?  Attitude: How does the company want customers to think about this offering and the benefits it offers them?  Outcomes: What must it do to ensure the product or service delivers on the positioning selected? 15. What are positioning maps? What are the benefits of creating a positioning map? Lesson 31 A positioning map is a graphical depiction of how potential customers view a brand or product and the competition against key criteria that influence customer decisions in the target segment. Marketers can use the map as a tool to understand where their product fits in the market with respect to competition and select the most effective positioning strategy. 16. Identify all the 7 different positioning strategies and define each one of them. Lesson 31

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

D077: Module 7 Study guide questions (15%) 1. In your own words, describe consumer behavior and the role of consumer buying behavior in the marketing process. Lesson 32 page 60 Consumer behavior is the study of individuals, groups, or organizations and the activities associated with the purchase, use, and disposal of goods and services – including the consumer’s emotional, mental, and behavioral responses that precede or follow the activities. This is important in the marketing process because it analyzes how emotions, attitudes, and preferences affect buying behavior which is detrimental to the marketing process when deciding how to market products (goods, services, ideas). 2. Identify all steps in consumer decision making process. page 61 Lesson 33 3. How does a marketer influence the problem and opportunity step of the consumer decision making process? page 61 Lesson 33  Knowing what problems consumers are facing so they can develop a marketing mix to address these problems.  Activating problem recognition to trigger the start of the purchasing process.  Shaping how consumers define the need or problem to influence their wants as they look for a solution. 4. How does a marketer influence the search step of the consumer decision making process? page 61 Lesson 33 The promotion element of the marketing mix should provide information to assist customers during the search process. When marketers understand which information sources their target customers use during the search process they can/should develop promotion strategy and tactics that put their offerings into the search path of the consumer. The search process can also identify new needs – e.g., tire shopper might realize they just need a new car.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

5. How does a marketer influence the Evaluation step of the consumer decision making process? page 61 Lesson 33 By understanding your target consumer’s evaluation criteria (different for each consumer) you can demonstrate the qualifies they value to be short-listed in the selection set. Overall, selection is unpredictable because everyone thinks differently and circumstances for purchasing are unique. 6. How does a marketer influence the Decision step of the consumer decision making process? page 61 Lesson 33 Simplifying the purchasing process is attractive to buyers when making their decision. Be aware of factors influencing decisions and shape them to your advantage whenever possible. 7. How does a marketer influence the Buy step of the consumer decision making process? page 61 Lesson 33 Marketers should look for opportunities to influence things in their favor at the point of purchasing. Product pricing, labeling, and packaging can be influential at this stage. 8. Identify the interpersonal influences that influence buying decision. (Page 62, Lesson 34)

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

9. Identify the personal influences that influence buying decision. (Lesson 34, page 62) 10. Define Selective perception? (Lesson 34, Page 62) Selective perception is the process by which consumers see what they want to in media messages while ignoring contradictory viewpoints. 11. What are the five different levels in hierarchy of human needs? Identify as least 2 products that will satisfy each level of human needs? (Lesson 34, page 62)  Physiological (hunger, thirst – lowest)  Safety/Security (physical and financial security, health, physical well-being)  Love/Belonging (need to feel accepted by social groups)  Esteem (need to feel good about yourself, be respected/valued by others, have a positive self-image)  Self-Actualization (need to reach full potential and accomplish all you can with talents/abilities - highest) 12. What is the theory about individual motivation? (Lesson 34, Page 62) Lower-level needs must be met before an individual can focus on upper-level needs in Maslow’s hierarchy of needs.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

13. What is the key difference between Experiential learning and non-experiential learning? (Page 62, lesson 34) Experiential learning – changes in behavior in response to direct experience (learning as a reflection of doing) Non-experiential learning – changes in behavior in response to a secondary input (e.g., celebrity endorsement) 14. What is Reinforcement? (Page 62, lesson 34) Process of having learning validated through rewards or consequences – confirming that what you learned was correct. 15. What is syncratic decision-making? (Page 62, Lesson 34) A joint decision made between family members where both partners have an equal say – marriage. 16. Identify the difference between Aspirational group and Reference group. (Page 62 lesson 34) Reference group – formal or informal group of people whose shared attitudes, behavior, beliefs, opinions, and values are adopted by a consumer. Aspirational group – a reference group a consumer hopes to belong to one day. 17. What are sub-cultures? According to the course material, around what areas do subcultures exist? Subcultures are cohesive groups that exist within a larger culture – they develop around communities that share common values, beliefs, and experiences. 18. What is the difference between a high- involvement purchase decision and a low-involvement purchase decision and identify a

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

consumer purchase decision involving each. (Page 63 Lesson 35) High-involvement purchase decision: complex purchase decisions that are important to the consumer and involve some risk (e.g., buying a car). Low-involvement purchase decision: straightforward, often routine purchases that require less effort and pose lower risk to the consumer (e.g., buying a box of cereal). 19. What is complex decision making and Simple decision making? (Lesson 35, Page 63) 20. Describe the three types of problem-solving processes and identify a customer's level of involvement with each type. (Lesson 36, Page 64)

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Routine problem solving: automatic, low involvement purchase decision process based on limited information or information gathered in the past (e.g., ordering diet coke with lunch). Extended problem solving: complex, high-involvement purchase decision process with significant investment in information searching and product comparison (e.g., buying a new laptop). Limited problem solving: moderately involved purchase decision making process where a consumer has some prior knowledge but still conducts light research (e.g., new backpack for hiking trip). 21. Define the following (Lesson 37, Page 65) Fair trade Organized social movement that seeks to hep producers in developing countries achieve better trading conditions while promoting sustainability. Ethical consumerism Type of consumerism activism where ethical products are favored, and unethical products or companies are avoided. Corporate social responsibility CSR – way of conducting business with commitment to the values, norms, and expectations of society for social responsibility. 22. What are some of the companies that provide CSR and sustainability ratings? (Lesson 37, Page 65) Business-to-business corporate social responsibility and sustainability ratings have become commonplace, such as those provided by Innovest, Calvert Foundation, Domini, IRRC, TIAA– CREF, and KLD Analytics. Today, Bloomberg and Reuters provide environmental, social, and governance ratings direct to the financial data screens of hundreds of thousands of stock market traders.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

D077: Module 8 Study questions (7%) 1. What are salespeople accountable to deliver? (Page 72 Lesson 38) Salespeople are accountable to deliver sales to generate revenue and profit. Revenue and profit are required to operate and invest in the company. 2. Define personal selling? (Page 72 Lesson 38) A type of selling that uses person-to-person interaction to sell products and services. 3. What is the core of personal selling? (Page 72 Lesson 38) The human exchange between the buyer and the seller. The interaction is based on fulfilling a need or desire with the product or service that is offered and paid for. 4. What does an effective personal selling do? (Page 72 Lesson 38) Effective personal selling addresses the needs and preferences of the customer without making them feel pressured. 5. Briefly discuss the main types of sales approaches discussed in the book. (Page 73 lesson 39) Relationship selling: same as consultative selling? Consultative selling: sales approach where the seller becomes a trusted advisor to the customer and builds a relationship to truly understand their needs. Solution selling: sales approach where the seller diagnoses the customer’s problem then recommends a mix of products and services (a solution) to solve it. Team selling: sales approach that involves multiple people from an organization joining forces to advance a customer opportunity. Telemarketing: method of direct marketing by a salesperson over the phone. 6. Identify how would you differentiate between Solution selling and consultative selling? (Page 73 lesson 39) Consultative selling focuses more on individual products or services tailored to specific pain points, solution selling is more comprehensive and creates a “complete package.”

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

7. Briefly discuss digital approach to personal selling. (Page 73 lesson 39) Customers use blogs/wikis/social networking as tools to learn about a product as much as companies can use them as tools to learn about the customers (their wants and needs). Digital approaches have shifted power from the seller to the buyer. 8. What is Adaptive selling? (Page 74 Lesson 40) Using social styles to customize a sales approach to the specific customer. 9. What is integrated marketing communication? (Page 74 Lesson 40) Immersive and targeted communication with customers to help move them through the various stages of the buying process. 10. In figure titled “IMC support for the sales process”, what common IMC support tools would a salesperson use during the handling objections phase of the Sales process. (Page 74, Lesson 40) Case studies, comparisons, videos, white papers, testimonials.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

11. Identify all the six steps in the sales process. Give two features identified in each step. (Page 75, Lesson 41)  Prospecting and qualifying. o Salesperson conducts research to identify customers (prospecting). o Qualifying questions help separate prospects from those who don’t have potential to buy.  Approaching customers and building relationships. o After identifying a prospect, the salesperson explains the reason for the appointment – build interest. “I think my product can cut your shipping/delivery time by 2 days.”  Presenting and demonstrating the product or solution. o Automated (structured) or unstructured or in-between. o Unstructured with no set format is a much more successful approach.  Handling objections. o Anticipate objections so you can counter quickly with confidence and assurance. o Having a thorough knowledge of the products is a quick way to offer a solution to concerns or questions.  Closing the sale. o Act as though the deal has been concluded (trial close) and if there is no objection you can conclude. o This stage can be awkward.  Following up. o Write the order and turn it in promptly. o Can be more complex for B2B vs. B2C. o After delivery, make a routine visit to ensure customer is satisfied.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

12. What is loT and AI? (Page 74, lesson 40) Artificial intelligence (AI) is intelligent machines (computers) capable of learning and interacting. The internet of things (IoT) is embedding computers in everyday things, turning them into smart and connected devices that can be monitored and used for data analytics. 13. In figure titled “IMC support for the sales process”, what common IMC support tools would a salesperson use during the prospecting and qualifying phase of the sales process? (Page 74, Lesson 40) Advertising, trade shows, conferences, social media, websites.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

14. What is the difference between Structured presentation and Unstructured presentation. (Page 75, Lesson 41) Unstructured presentation is a presentation that has no set format – it may be a casual conversation, allows for more personalization = more success. Structured presentation is a fully automated presentation – the salesperson could show a slide or movies then answer questions and take orders. 15. What is a Trial close? (Page 75, Lesson 41) Salesperson asks a question or makes an assumptive statement to gauge whether or not a potential customer sees value in the product, service, or solution before asking for a decision. 16. Define the following (Page 76, Lesson 42) I. Bait and Switch Form of fraud where an advertised product is unavailable, so a customer is guided to a more expensive product. II. Planned Obsolescence Selling products that will need to be replaced frequently because they are, by design, obsolete. III. Pyramid scheme Unethical/Unsustainable business model where those higher up on the pyramid profit from recruitment fees of those below. IV. Hard Selling Sales approach using psychological pressure and insistent language to push a customer to a quick purchase decision. V. Kickbacks Decision maker at the customer business receives some sort of monetary or other reward in exchange for supporting the sale.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

D077: Module 9 Study questions (8%) 1. Explain the differences between consumer and organizational buying as related to each of the following: Target Market, Purchasers, Buying Process, Sales Cycle, and Sales Drivers. Make sure to know these differences well. Page 80 Lesson 43 2. What are the factors that influence B2B Sales? Make sure to identify (in bullet points) identifying characteristics if each influencing factors. (Page 80, lesson 43) Interpersonal:  Job position, tenure, and level in the organization may all play a role influencing a purchase decision.  Relationships with peers, managers, and purchasing professionals or members of a procurement department could lead them to exert more (or less) influence over the final selection. Organizational:  Purchasing decisions may be influenced by organizational strategies, priorities, and performance.  Decision makers and providers competing for the business must present a compelling explanation for how the new purchase will help the organization be more effective at achieving its mission and goals. Environmental:  Health of the economy and industry a company is in may determine a purchase decision.  Competitive pressures can create a strong sense of urgency surrounding organizational decision making and purchasing.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

3. Briefly describe the three major buying situations (straight rebuy, modified rebuy, and new task) and explain the key differences between each. Lesson 44 Page 81 Straight rebuy: organization reorders a product or service without modifications. Routine transaction. Selection has already occurred. Modified rebuy: organization reorders a product or service with modifications. Negotiation of terms and there may be new participants in the buying decision. New task: buying situation where an organization considers buying a product or service for the first time. Participants and amount of information tend to increase with cost and risks associated with the transaction. Winning new business. 4. Identify the six roles (participants) involved in the organizational buying center and describe their function/functions in the organizational buying process.  Initiators: suggest purchasing a product or service  Influencers: try to affect the outcome decision with their opinions  Deciders: have the final decision  Buyers: responsible for the contract  End users: users of the item being purchased  Gatekeepers: control the flow of information 5. What are the roles the decision-making units have in a hi-tech sector. Page 82 lesson 45 Economic buyer – responsible for buying products that enable the company to achieve business advantage. Infrastructure buyer – (also known as influencers) influence the buying decision at the executive level. User buyer – initiates the purchase process and influences the buying decision at the user level. 6. Identify the five approaches utilized by various organizations to implement negotiating strategies. (Lesson 46, Page 83)

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

7. What are the specific steps taken in integrative approach? (Lesson 46 Page 83) Enter the negotiation from a cooperative stance, listening as you develop trust and learn what both parties want (mutual understanding), all parties explore ways to achieve individual goals. Putting your heads together finds a solution that meets all needs – win/win situation. Parties look for ways to integrate their goals under a larger umbrella. 8. What are the Five phases in Negotiations? In bullet points identify at least two important characteristics of each of these phases. (Lesson 46, Page 83) Investigation: information gathering stage. Begin with yourself – what do you want to achieve? What are your goals for the negotiation? Determining your desired outcome: thinking about desired outcome or best alternative to a negotiated agreement. Helps you to know whether to accept an offer. Presentation: assemble information gathered in a way that supports your position. Bargaining: parties discuss goals and seek an agreement. Making concessions to demonstrate cooperativeness and move negotiation toward a conclusion. Closure: at the close of the negotiation, both parties have come to an agreement on the terms, or one party has decided that the final offer is unacceptable, so they walk away. 9. What is the difference between a distributive view and integrative view of negotiation? (Lesson 46, Page 83) Divide the pie (win/lose) vs. expand the pie/umbrella (win/win) 10. Based on the Dual Concern Model, explain the five common styles involved in handling conflict. (Lesson 47, Page 84).

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Avoidance – low concern for others, low concern for self. Uncooperative and unassertive, seek to avoid conflict by denying it is there. Accommodation – high concern for others, low concern for self. Cooperative and unassertive, person gives in to one side, sacrificing personal goals. Compromise – middle of both. Each person sacrifices something valuable. Competition – low concern for others, high concern for self. Want to reach your goal regardless of others. Collaboration – high concern for others, high concern for self. High on assertiveness and cooperation, achieve the best outcome from conflict. Goal is to find a win/win. 11. Describe the two competing concerns explained in the Dual Concerns Model. (Lesson 47, Page 84) Cooperation – concern for the needs of others. Assertiveness – concern for your own needs/self-interest. 12. As described in the course material, what are the four reasons for B2B sales processes having fewer controls than B2C processes. (Lesson 48, Page 85) Personal sales are relationship based, requiring the seller to tailor the process for the specific buyer’s personality and approach. B2B sales are often large and complex requiring personalizing the market mix to the individual buyer. Pricing is negotiated rather than set and uniform. Communication about the product/pricing takes place mainly through presentations and discussions. 13. What are some of the ethical responsibilities of sales and marketing employees. (Lesson 48, Page 85) Demonstrate respect for your target customer. Demonstrate high personal standards in business relationships. Provide fair value to the target customer. Play nicely in the competitive environment. Be truthful.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

D077 Study Guide

Related Documents