A definition of Marketing by P. Kotler is...

Maslow Pyramid!
The 5 basic human requirements are?

Marketing is all about creating
value for customers. As the first step in the marketing process,
the company must fully understand consumers.
Customer needs are what?
example: "I am hungry"

Customer wants are?

Customer demands are?

Marketing myopia
(railroad example in slides W2, p.24)

Name 5 Marketing Management Concepts
(1-3. are product centered, 4. customer c., 5. society c.)

Name 3 marketing types

Defining marketing’s role in company-wide strategic planning.
Name the 5 steps of strategic planning:

Example of Product vs. Market oriented business definition

Analyzing current business portfolio with
the BCG (Boston consulting group) a growth-share matrix.
The market growth rate in a BCG matrix is an indication of market attractiveness.
1. Name the 4 areas within market growth rate and relative market share.
2. repeat the calculation exercise Volkswagen W2, p.57

whats the main goal of marketing?

5-Step model of the strategic marketing process

The aim of marketing is? by Peter Drucker a management guru..

A firm that uses the selling concept takes an ________ Approach.

The societal marketing concept seeks to establish a balance between what?

A church targeting different demographic groups to increase attendance is an example of?

What is the
Product/market expansion grid?

explain from the product/market expansion gird the 4 areas:
*market penetration
*market development
*product development
*diversification

Marketing strategy involves two key questions. Which ones?

The marketing mix consists of everything the firm can do to influence the demand for its product. The many possibilities can be collected into four groups of variables. the 4 P's are?

Market capacity / potential

Market volume or Market value

Market saturation

Market share

Relative market share

Market size assessment:
explain the 3 methods

Method of Analogy
How does this ratio look like?

Chain Ratio Method
Explain with an example of Japan

Expert opinions

The difference between Microeconomic environment and Macroeconomic

Microeconomic environment of Marketing
the 6 actors are?

Topic Microeconomic environment marketing: Customers.
The company might target any or all of five types of customer markets.
Five types?

Topic Microeconomic environment marketing: Publics.
The 7 groups are?

Topic Microeconomic environment marketing: Marketing intermediaries.
1. What's that?
2. Name 4 firm types.

Macroeconomic environment
(consists of broader forces that affect the actors in the microenvironment.)
PESTEL framework
explain the 6 factors

Macroeconomic environment –
PESTEL framework
Social and Cultural Factors

PESTEL-Analyse
Consumer trends
10 hot consumer trends from 2017

SWOT
pulls together external/ internal analysis

The purpose of SWOT is to find ways/strategy in which your company can best use its strengths to take advantage of attractive opportunities in the environment.

TOWS Analysis
Formulate strategies based on SWOT Analysis

Market Research Process
The 4 steps are?

Market Research Process:
1. Defining Problem & Research Objectives

Market Research Process:
2. Developing the Research Plan

Difference Primary vs. Secondary research data

Market Research Process:
3. Implement the plan+collect the data

Market Research Process:
4. Analyze, interpret & report the findings

Nonprofit organizations

THE MARKETING MIX
is a tool used by businesses and Marketers to help determine a product or brands offering.
Explain the extended 7 Ps.
(1981 by Booms & Bitner )

Explain ::Product:: form the Marketingmix

Explain ::Place:: form the Marketingmix

Explain ::Product:: form the Marketingmix

Explain ::Promotion:: form the Marketingmix

Explain ::People:: form the Marketingmix

Explain ::Processes:: form the Marketingmix

Explain ::Physical Evidence:: form the Marketingmix

The 8th P of the Marketing Mix is?

Marketing is what at a conceptual level?

Marketing is what at a functional level?

Is Ethics an Additional Marketing Mix "P" for non-profits?

4 Factors Affecting Consumer Behavior

Consumer Behavior..
There are different factors of culture:
Explain subcultures

Consumer Behavior..
There are different factors of culture:
Explain Social classes

Consumer Behavior..
There are different social factors:
Explain Groups

Consumer Behavior..
There are different social factors:
Explain Social Networks

Consumer Behavior..
There are different personal factors:
Explain Economic situation & Lifestyle

Consumer Behavior..
There are different psychological factors:
Explain the term Perception

Explain the Perceptual Process

Explain cognitive strain

Consumer Behavior..
There are different psychological factors:
What are the human's 5 senses?

There are different psychological factors:
Explain the connection to consumer behavior with beliefs and attitudes

Involvement
*Involvement is a person’s readiness and willingness to search, perceive, process and store information. Trommsdorff (2009)

Explain the influencing factors (what determines a persons involvement?) and consequences (how does involvement affect behavior?)

Consumer buying behavior is determined by the level of involvement within a purchase decision.

Where do this 4 products belong to?
Insurance ( as marketing manager provide information), Cereal (focus on visibility), Jeans (emotional experience), Rolex (mixed positioning)

Marketing communication with low involvement.
Explain the goal, content, length, tone, style, timing etc.

Marketing communication with high involvement.
Explain the goal, content, length, tone, style, timing etc.

Customer insight trough data collection..
primary market research:
Explain qualitative and quantitative data inkl. methods.

Market research
Observation methods
Name 4 areas where a observation can be done.

A buyer's decisions are influenced by ________ such as the buyer's age and life-cycle stage, occupation, economic situation, lifestyle, personality, and self-concept.

________ is the most basic determinant of a person's wants and behavior.

What role do the four Ps play in consumer behavior?

Companies can research many aspects of buying decisions. The most difficult to identify is...

Nationalities, religions, geographic regions, and racial groups are all examples of?

Explain the 4 marketing Stimuli Ps
and 4 other stimuli

Explain the difference between
Complex Buying Behavior
and
Dissonance-Reducing Buying Behavior

Name the 4 Types of Buying Decision Behavior.

Some purchases are simple and routine, even habitual. Others are far more complex, involving extensive information gathering and evaluation

The Buyer Decision Process
Name the 5 stages

Postpurchase Behavior..

Explain Cognitive dissonance
(Buyer discomfort caused by postpurchase conflict)

Difference between market segmentation and market targeting?

Geografic segmentation

Behavioral segmentation

Socio-demographic Segmentation

Segmenting
Business Markets vs. Consumer Markets

Effective Segmentation
(Buyers of salt could be divided into blonde and brunette. But hair color does not affect the purchase of salt.)

To be useful, market segments must be..
name 5

Explain Koller's STP-Marketing process

Target Market is a set of buyers sharing common needs or characteristics that the company decides to serve.

Market-Targeting Strategies:
Name 4 different

Market-Targeting Strategies
Explain:
*Undifferentiated (mass) marketing
*Differentiated (segmented) marketing

Market-Targeting Strategies
Explain:
*Concentrated (niche) marketing
*Micromarketing (local or individual marketing)

Value Creation for targeted customers
Explain the 4 steps

Decide on a value proposition
Explain Differentiation

The differentiation and positioning task = Value Proposition
(Creating differentiated value for target segments and deciding which positions the brand wants to occupy in those segments.)
Why should I buy your brand?
3 steps are necessary..

Positioning Maps are?

Product Positioning is?

What is a disadvantage of using a differentiated marketing strategy?

"Companies that rely on a few segments for all of their business will suffer if a segment turns sour."

Is this statement true about the concentrated marketing strategy?

Products and Service classifications
name the two classes:

Marketing Considerations for Consumer Products
a brief overview of the 4 types in this class...

Consumer Products
There are 4 classifications based on how consumers go about buying the products.

The important decisions in the development and marketing of individual products and services.
(The focus of 5 decisions to create core customer value.)

Product and Service Attributes
the benefits that it will offer..

Packaging (a tool to communicate product values)
& Labelling

Three Levels of Product
Product planners need to think about products and services on three levels. Each level adds more customer value.

Explain Core Benefit the core product
(1st level)

Explain actual product (2nd level)

Explain augmented product (3rd level)

Services Marketing
Explain the four service characteristics

(Services are intangible & created through direct interactions with customers.)

Service Characteristics
Explain
Service intangibility & Service inseparability

Service Characteristics
Explain
Service variability & Service perishability

Service profit chain

Extended Marketing Mix: 7 Ps

Brand architecture
There are 3 types

An increasing number of retailers and wholesalers have created their own ________, also called store brands.

Which Marketing Instruments are especially important for Service Providers?
hint: think on the 7 Ps.

________ represent(s) consumers' perceptions and feelings about a product and its performance.

1) The manufacturer’s cost per toaster is given by the following:

2) Now suppose the manufacturer wants to earn a 20 percent markup on sales. The manufacturer’s markup price is given by the following:

Value - Demand curve

price elasticity
describes what?

3 Elements of strategic pricing strategies

Customer value-based pricing

Cost-bades pricing

With a Cost-bades pricing strategy the seller always whats to minimize production costs?

Value-Based Pricing vs. Cost-Based Pricing

Competition-based pricing

Cost Based Pricing («Cost Plus»)

Cost based methods
price calculation based on variable costs

variable unit costs

break-even volume

Market-skimming pricing
(price skimming)

example: Apple with introduction from iPhone

Market-penetration pricing

example: Samsung used this strategy to quickly build demand for its mobile devices in fast-growing emerging markets.

How to vary the price
Price Differentiation Concept

Name 7 concepts..

When theaters vary seat prices due to audience preferences for seats in coveted rows, they use ________ pricing.

Segmented pricing is only effective when ________.

Consumers are less likely to use price to judge the quality of a product when they ________.

Price Elasticity
Reaction of the market to price
Under certain circumstances customers are less price-sensitive
Name 5

When does it help to use the price as an indicator of quality?
7 ideas

Explain cognitive, affective and conative communication goals

AIDA model
It identifies cognitive stages an individual goes through during the buying process for a product or service.

The letters stand for?

A company’s total promotion mix—also called its marketing communications mix..
what is it?

The five major promotion tools in the marketing communications mix are defined as follows:

Explain advertising

Explain Public Relations (PR)

Explain Promotions

Explain Sponsoring

Explain Product Placement

Explain Event Marketing

Explain Direct & Indirect Marketing

Explain Personal Selling

Explain Ambush Marketing

Give the definition of Integrated marketing communications (IMC)

Advertising strategy

Companies are doing less ________ and more ________ as a result of the explosive developments in communication technologies to better target smaller customer segments.

Retail shopping is changing.
Name the 5 biggest technologies that will affect your shopping experience

Relationships in the Supply Chain
Explain Up- and Downstream

Producers use intermediaries to improve efficiency in making goods available to target markets.
How do channel partners add value ?

Direct and indirect channel levels.
Whats the difference?

Indirect channel pull-strategy

Indirect channel push-strategy

Whats ZMOT?

Explain Omni-Channel-Marketing

Marketing channel design

Number of intermediaries
Three strategies are available: intensive distribution, exclusive distribution, and selective distribution.

A ________ is made up of the company, suppliers, distributors, and customers who partner to improve the performance of the entire system.

A ________ is a layer of intermediaries that performs some work in bringing the product and its ownership closer to the final buyer.

How do companies select channel members?

Customer Relationship Management
a definition

Measurement of Customer Value
explain the One-dimensional model

Measurement of Customer Value
explain the Multi-dimensional model

Explain the ABC-Analysis

Customer portfolio
explain the graph of segmentation by value and conversion probability

RFM Model
Recency, Frequency and Monetary value

Explain the Customer Lifetime Value (CLV) formula

Future turnover and costs as basis for customer equity
Der Wert, den ein Kunde über die gesamte Zeit seiner Kundschaft für ein Unternehmen darstellt.

Direct and digital marketing
what is it?

Name the 8 Success-factors in a circle of social media marketing
(need to know by heart for exam)

Success factors of social media marketing:
receiver-oriented communication
(in the success-factor circle)

Success factors of social media marketing:
Relevance
(in the success-factor circle)

Success factors of social media marketing:
Implementation of 4 Cs
(in the success-factor circle)

Success factors of social media marketing:
using all customer touch-points
(in the success-factor circle)

Success factors of social media marketing:
consistent orientation on results
(in the success-factor circle)

Success factors of social media marketing:
value-oriented customer management
(in the success-factor circle)

Success factors of social media marketing:
expectation management
(in the success-factor circle)

Describe the development of personas, Ecosystem-Maps, Customer Journeys and Empathy Maps

1. How are companies taking advantage of interactive technologies to tap consumers for message ideas and actual ads?
2. What are the benefits and disadvantages of consumer-generated advertising?

The AIDA model identifies the characteristics of an effective ________.

Example of personas
(maybe important for exam)

Explain the term Personas

value-demand curve
P = 42 - 0.75 * x
p=price, x=quantity

1. What is 42?
2. The saturated market is?
3. If P=30, how many x?

The price is the most effective profit driver in the marketing mix?

Goods which are characterized by an elastic demand are particularly suitable to increase prices on them?

What is the main value retailers add to products?