A.

Using your own words, define marketing

Marketing is an exchange between company and customer.
Companies try to provide what customers want in a profitable way.
B. Using your own words define the main building blocks of marketing management Pg 5
Marketing framework / building blocks include by customer, company, collaborators,
competition, context (5Cs); segmentation, targeting, positioning (STPs); price, product, place
and promotions (4Ps).
2. Purchasing processes pg 13
A. What is the basic purchasing process for consumers?
Pre purchase, purchase and post purchase.
B. What is the effect of consumer involvement in the purchasing process? Pg 15
Low (straight buy), medium (needs some thought) and high customer involvement (research
and lot of thought)
C. What are the implications of consumer:
i. Memory pg 20
Sensory and perceptual impressions that can become brand associations. This means
customers, in memory, have brand associations based on brand attributes.
ii. Learning (pay attention to the two learning modes) pg 21
Classical conditioning and operant conditioning
iii. Needs (Social/Non-social x Functional/Symbolic/Hedonic)? Pg24
D. What is satisfaction? Pg 240
If customers experience with product meets their expectations, then customer is satisfied.
i. How can we determine satisfaction? Pg 245
Surveys, compare to benchmarks
ii. What are the sources of expectations? Pg 241
Direct (Personal experience)
Indirect (Friends advice, marketing info, third party)
2 iii. Why is important for marketers to understand their consumers’ satisfaction toward value-
added supplements?
Value-added marketing:

 ensures brand loyalty.

 turns customers into brand ambassadors.
  helps retain existing customers and saves money. New User Acquisition is believed to
be 7 times more expensive than retention.
 results in a flow of positive reviews and mentions in social media, which helps with brand
awareness.
 makes customers more likely to take upsell offers.
 is a foundation for long-term trusting relationships.

E. What are the behaviors of consumers who are dissatisfied? Pg 247

Switch brands
Bad WOM
3. Segmentation
A. Why do we need to segment markets? Pg 32
By segmenting, companies can do smart marketing instead of trying to appeal entire market.
Companies can find out which groups they can serve best.
B. What is a market segment?
Segmentation is the process of grouping of customers that share similar interests towards a
brand.
C. What are the implications of using a mass market approach vs. a one-to-one approach? Pg
34
Mass: All customers are treated same. Used for commodities such as flour, salt etc It simplifies
marketing.
One2one: Each customer serves as their own segment. Not easy or cost effective.
D. What is behavioral segmentation? Pg 39
Behaviors are important because they help in understanding attitudes and psychological states.
Companies can compile behavior data of their customers to understand what customers
purchase and what they intend to purchase.
E. How would you evaluate a segment’s potential for a company? Pg 43
Data to identify segments, databases to access segments, actionable, sizable, profitable,
expandable, fit with corporate goals.
4. Marketing research
A. What is the difference between exploratory, descriptive, and causal
Exploratory research is an important part of any marketing or business strategy. Its focus is on
the discovery of ideas and insights as opposed to collecting statistically accurate data. That is
why exploratory research is best suited as the beginning of your total research plan. It is most
commonly used .
Descriptive research takes up the bulk of online surveying and is considered conclusive in
nature due to its quantitative nature.
Causal research is quantitative in nature as well as preplanned and structured in design. For
this reason, it is also considered conclusive research. Causal research differs in its attempt to
explain the cause and effect relationship between variables
B. How can you use cluster analysis?

For segmentation.Cluster analysis is a statistical method used to group similar objects into

respective categories. It can also be referred to as segmentation analysis.

The goal of performing a cluster analysis is to sort data points into groups in a manner that the

association between them is high if they belong to the same group, and low if they belong to

different groups.

5. Targeting
A. What is targeting?
Selection of ideal customer segments.
B. What is the criteria needed to evaluate a segment? (You should be able to evaluate different
segments) Pg 52
Profitability, Size, growth, competition, customer behavior and expectation.Strategic fit.
6. Positioning
A. What is positioning? Why do we need to use it? Pg 63
Identity of what your brand is. It requires design, price, distribute and communicate about
product.
B. What are perceptual maps? How do you develop one? Pg 64
Strengths and weakness of our company w.r.t competitors.
C. What are the three basic corporate strategies according to Treacy & Wiersema (1997)?
Operational excellence, Customer intimacy and Product leadership.
D. You should be able to write, evaluate, and select the best positioning statement.
a) Target segment
b) Competing with
c) How are you better? USP
For customer (segment), our brand is best at (USP) compared to (competitor) because of
(advantage).
7. Product
A. What is a product?
Term used for both goods and services.
B. What are the differences between goods and services? PG81
Goods: Tangible, can be stored and distributed, Search and experience, less variable.
Services: Intangible, Processed and consumed, Experience and credence, variable.
i. What is intangibility?
ii. What is the difference between products that are mostly search, experience or credence?
iii. What is perishability?
iv. What is variability?
C. Define what are the core and the value-added offerings for a brand.pg 85
Core: Fundamentals, basic/needed expectations that can’t go wrong.
Value-added: Are Supplemental, companies use these to distinguish themselves.
8. Brand
A. What is a brand? What are the main elements of a brand?
Brands convey information to customers. Brand uses names and symbols/logos and colors to
communicate.
B. What are the advantages of brands for customers and companies? Pg 93
Customers: Convey information, signal consistent quality, confer status, reduce customer risk
and make purchase decisions easy.
Companies: Enhance loyalty, allows to charge premium prices, inoculate company from
competitive action, allow STP s easily, help to channel partners.
C. What are brand associations? Pg 95
Are intangible cognitive, emotional associations that companies help customers to connect to
brand. In low level of brand hierarchy, product attributes such as color, shape, flavor etc are
stated. As we move up, product benefits are mentioned. The next level includes emotional
benefits, memories and attitudes.
D. What are the differences and effects of using a brand umbrella vs. a house of brands
strategy? Pg 99
Umbrella: If one brand is already in market, subsequent introduction of another product
becomes easier. New line begins with more awareness. There will be an overlap between
brands.
House of brands: No overlap, autonomy between products. If one product is not doing well,
there is no influence of that over other. But difficult to market/introduce new brand into market.
E. What is the difference between a category vs. a line extension? Pg 100
Brand name may be applied within depth of a product line or applied across different products
(depth).

Line extension refers to the expansion of an existing product line. For instance, a soft drink
manufacturer might introduce a "Diet" or "Cherry" variety to its cola line. In short, line extension
adds variety to its existing product for the sake of reaching a more diverse customer base and
enticing existing customers with new options.

Category extension refers to the expansion of the brand itself into new territories or markets. For
instance, if a soft drink manufacturer unveils a line of juices or bottled water products under its
company name, this would constitute an example of brand extension. The brand, or company, is
an established name, and so the name alone can serve to drive customers to try new products
completely unrelated to the older product lines.
F. How do you stretch or fill a brand’s offerings? pG100
Brand extensions (Line/category), co-branding.
G. What is the definition of brand equity?
Brand valuation to translate to financial vocabulary.
9. Case analysis
A. You should be able to do a brief case analysis
i. Problem ii. Situation analysis
iii. Alternatives
iv. Decision
B. You should be able to prepare and analyze quickly:
i. Market demand analysis (Montreaux/Apples Store in class example)
ii. Segmentation (Fashion Channel)
iii. Targeting (Fashion Channel)
iv. Positioning (In class examples)