BUS 100 Exam 3 Study Guide

4 P’s of Marketing

Product (what are you selling)

Place ( where and how your product is distributed)

Price ( value assigned to your offering)

Promotion ( communication strategies used to create awareness and persuade customers to buy)

Key stages of the evolution of marketing concept

Production ( Mass output), Product (Quality), Sales (Aggressive Promotion), Marketing (Customer Centric), Relationship (Loyalty), and Digital/Societal (Data and Social Responsibility)

Marketing Process with the four P’s

Product, Price, Place, and Promotion

Know and define the marketing research process

Define the problem and objective, develop a research plan, collect data, analyze/interpret data, report and put it into action

Know the marketing environment and relate to the four Ps

4 P’s of marketing consist and differ due to external and internal forces like economic shifts, trends, culture, tech, and competitor’s actions

customer segmentations

Geographical, Behavioral, Psychographic, Demographic, and Needs Based.

Know the B2B market

Business to business revolves selling products or services to other companies.

Strategies of the B2B Market

Account Based Marketing (ABM):

Thought Leadership and Content Marketing:

SEO and Search Engine Marketing (SEM):

Email Marketing & Automation:

Strategic Partnerships:

Community Building and Networking:

Describe the total product offer as it relates to value

the combinations of benefits, features, and experiences a consumer evaluates when making a purchasing decision.

How is Value Created

Brand Reputation/Image, Service/Support, Pricing/Finance, Packaging/Label.

How do marketers create value with distributed product development

Hyper Localizing Value Proposition, Speeding Time to Market, Maintaining Brand Consistency, Optimizing Cross Functional Collaboration, Uncovering New Revenue Opportunities

Who is Adam Smith and what are his philosophies

Adam Smith (Father of Economics), His Philosophies include the invisible hand, division of labor, free markets/trade, morality of Economics.

Know the difference between product line and product mix

Product Line: a group closely related products a company offers. It is a single thread. (Example: Iphone 11, 12, 13 , 13 pro)

Product Mix: encompasses all of the product lines and items a company sells. (Example: Iphone, Ipad, and IMac Series.

Know the various methods of product differentiation

Vertical Differentiation (Competing based on quality and price).

Horizontal Differentiation (using emotional and aesthetic appeal to win over customers)

Mixed Differentiation: (Uses unique features, customer service, and location to win over customers)

Know the various classes of consumer goods

Convenience Products: goods frequently shopped (Foods, Soap)

Shopping Products: Goods shopped frequently less (beds, tv, clothes)

Specialty Products: Luxury Goods ( Cars, Brand Purses, Jewlery)

Goods not Required: insurance, emergency repairs, and funeral services

Know the various strategies in package development

Sustainable and Circular, Marketing and Differentiation, E Commerce and Protective, Procurement and total cost, Prototyping and Agile Testing

Know the branding elements, including the categories

Brand Elements are core components that make your business recognizable.

Categories: Visual Identity, Messaging and Positioning, and Experiential/Asset Elements

Know the new product development process

Idea Generation, Idea Screening, Concept Development and Testing, Business Analysis, Product Development, Test Marketing, and Commercialization.

Know the product life cycle process

progression of a product from launch to removal in the market (Development, Introduction, Growth, Maturity, and Decline)

Know the pricing and non-pricing strategies

Pricing Strategies: Cost Plus Pricing, Value Based Pricing, Penetration Pricing, Price Skimming, and Loss Leader.

Non Pricing Strategies: Product Differentiation, Loyalty Program, Customer Service/Perks, Aggressive Advertising, Exclusive Distribution.

Define intermediaries and their place in the marketing process

Marketing Intermediaries: independent firms or individuals that connect producers with end users. They are placed in distribution channel or placement strategy in the marketing process.

Know the advantages and disadvantages of intermediaries

Advantages: Expanded Market Reach, Cost and Risk Sharing, Specialized Expertise, Customer Convenience.

Disadvantages: Loss of Control, Decreased Profit Margins, Communication Barriers, Dependency and Control.

Identify and describe the various types and strategies of wholesale intermediaries in the distribution system

Merchant Wholesalers, Agent and Brokers.

Strategies: Intensive Distribution, Selective Distribution, Exclusive Distribution, Value Added Reselling.

Identify and describe the various types and strategies of retail intermediaries in the distribution system

bridge the gap between manufacturers and final consumers, handling the physical logistics, financing, and transactions of goods such as wholesalers, distributors, Retailers, Agents/Brokers, Online Market Places.

Strategies: Intensive, Selective, and Exclusive Distribution

Explain the various ways to build cooperation in channel systems using the corporatedistribution system

Vertical Integration, Centralized Decision Making, Standardized Operations and Systems, Unified Reward Structures, Shared Culture and Identity.

Identify and explain the various logistical methods for moving goods through the channel system

Moving goods through a distribution channel relies on a combination of physical transportation, warehousing strategies, and inventory management systems.

Methods: Physical Transportation Modes, Distribution Logistics Models, Warehousing and Order Fufillment, Supply Chain Coordination

Define promotion

any communication strategy used to inform, persuade, or remind a target audience about a product, service, or brand.

dentify and define the promotional mix

the specific combination of marketing communication tools a business uses to promote its products, build brand awareness, and drive sales. It typically consists of five key elements: advertising, sales promotion, public relations (PR), personal selling, and direct marketing

Identify and define the various promotional strategies

structured plans used by businesses to communicate the value of their products or services to target audiences. Such as Advertising, Pormotion, Public Relations, Direct Marketing, Ditigal Marketing.