Dr. Friedman

Study Sheet for Marketing Principles

production concept, selling concept, marketing concept, target market, marketing mix, "marketing myopia," demarketing--general and selective
convenience (staples, impulse items, emergency goods), shopping, specialty goods. Robinson-Patman Act and price discrimination, fair trade laws
Pure Food and Drug Act (FDA), product liability
Consumer Product Safety Commission, Magnuson-Moss Consumer Product Warranties law, Truth in Packaging
Federal Trade Commission (FTC), cease and desist, corrective advertising, bait and switch advertising, Sherman Anti-trust, Clayton Act
technological forecasting (futuristics), simulation Delphi technique, trend extrapolation (extension) classical conditioning, instrumental conditioning
contiguity and repetition, reinforcement, stimulus generalization and discrimination, motivation researchfocus group, depth interview, projective techniques perception, semantic differential scale
images--store, product, corporate, self
sensory /perceptual cues subliminal perception
perceived risk: financial, physical, performance,time, social, psychological
attitudes--cognitive, affective (evaluative), behavioral (conative )
cognitive dissonance and postpurchase dissonance
reference group, opinion leader
wife-dominant, husband-dominant, syncratic (joint), autonomic
Family members may have different roles : user, influencer, buyer, product decider, brand decider, gatekeeper
social class--UU, LU, UM, LM, UL, LL
Occupation and education are the best ways to determine social class
culture, subculture, diffusion of innovations
compatibility, complexity, trialability, observability, and relative advantage
Roger's new product adoption model
company mission, objectives, market strategy, tactics, market grid, marketing plan
Ansoff matrix: market penetration, product development, market development, diversification.
strategic planning, Boston Consulting Group--portfolio approach: cash cows, stars, dogs, problem children.
market segmentation
concentrated marketing, marketing niche
single target market approach, multiple target market approach, combined target market approach
how to segment markets--geography, demographics, family life cycle psychographics, life style, AIO's
benefit segmentation
market buildup method, SIC codes, Buying Power Index
Nielsen-- - product tracking services based on scanners
jury of executive opinion,composite of salesforce opinion,
leading indicators, multiple regression
problem vs. symptom
exploratory research, depth interviews, focus groups
primary vs. secondary data
survey: mail, telephone, personal interview, Importance of a high rate of response to a survey
observation and experimentation

Midterm till here.


product life cycle: introduction, growth, maturity, decline; penetration vs. skimming pricing
spotting sick products, why new products fail
product positioning and repositioning
brand, brand name, brand mark, trademark
individual brand names vs. blanket family name, brand extension and line extension
battle of the brands: distributor brands (private label) vs. manufacturer brands
product (brand) manager, category manager
stages of new product development: idea generation, screening, business analysis, concept test, product test, market test, traditional test market, simulated (laboratory) test market, minimarket test
organizational buyer, reciprocity
characteristics of industrial goods: installations, accessory equipment, fabricated parts and materials, raw materials, supplies. Elasticity =% change in Quantity demanded/% change in Price; inelastic, elastic
breakeven point = Fixed Cost/ (Price -Variable Cost), pricing objectives: profitability, volume, status quo, prestige goals
rate of return pricing, markup pricing, competition-oriented pricing: going rate pricing, demand-oriented pricing, peak user pricing, segmentation pricing (charge inelastic customers more and elastic customers less)base point pricing, prestige pricing, odd pricing
price-quality relationships total cost approach to physical distribution
direct vs. indirect distribution
channel of distribution, multiple distribution
exclusive, selective, and intensive distribution
vertical marketing systems: corporate vms, administered vms, and contractual vms
types of retailers: specialty, department store, discount store, variety store, supermarket, superstore, convenience food store, warehouse clubs, catalog showroom, nonstore retailing, "cooling off" laws, pyramiding, wheel of retailing theory, scrambled merchandising direct marketing: direct mail, direct response advertising, catalogs, electronic commerce, telemarketing
wholesalers: full service and limited function (service). cash-and-carry wholesaler, truck distributor, rack jobber
manufacturers' agent,
promotion mix, publicity, sales and trade promotions
coupons, point-of-purchase, sweepstakes, contests, sampling, demonstrations, rebates, premiums, buying allowance, cooperative advertising, push money, slotting allowance,
pioneering, competitive, and reminder advertising,
institutional(corporate) advertising, advocacy advertising (to change
public opinion)advertising platform, determining the size of the advertising budget: percentage of sales method, competition matching, expenditure of all available funds, objective and task approach(best of these methods).
media plan, CPM (cost per thousand), selectivity
CPM = (Cost x 1000 ) / Audience size
AIDA (Attention-Interest-Desire-Action), pretesting and posttesting advertisements
personal selling,
steps in the personal selling process: prospecting, preparing, approaching, presentation, overcoming objections, closing, following up.
prepared sales presentation, need satisfaction approach, selling formula approach
order getter, order taker, support personnel
missionary salesperson, technical salesperson
salesforce performance evaluation, compensation of salespeople: commission and salary.
globalization, world brand, backward invention
risks in international marketing (nationalization of your factories, currency devaluation, imposition of tariffs and quotas)
ways to operate in foreign markets: direct ownership via wholly-owned subsidiaries, exporting, licensing, joint ventures, contract manufacturing, management contracting.gray goods, dumping
consumerism, ethics, social responsibility

The bottom line in marketing: Understand your customers' needs, Communicate with your customers, Satisfy your customers, Be Ethical.