MKT 300
Midterm Review Session
Prof. Dante Pirouz
Spring 2019
Midterm Logistics
• Seating chart
• Bring: pencils, MSU ID or picture ID, 1 sheet of notes,
simple (non smartphone) calculator
• I will bring exams, scantron sheets, picture cover sheets
• You can write on the exam
• 80 minutes – hard stop
• Will give 10 minute warning
• You will turn in the exam and the scantron; you can keep
your 1 page notes
• No leaving the room once the exam starts
Suggestions for Studying
1. Review the slides from each class and your notes
2. Review the related chapter from MKTG to understand and memorize the key
concepts and terms
3. Understand and memorize key terms, concepts, models and theories
• If the concept/term is in the class slides there is a strong probability it could be on the exam
• If the concept/term is in the class slides and in the textbook there is a strong probability it
could be on the exam
• If the concept is discussed in the textbook only, it could be in the exam but is much less
likely
• Any company and/or brand examples given in the slides and/or the textbook are meant to
illustrate the concepts
• Could be replaced with another company example so don’t memorize which company did what but try
to understand why they did what they did
4. Review the study prep at the end of the textbook
5. Test yourself on the meanings of the key terms at the end of the slides
Structure for Review
•
•
•
•
What You Should Know
Highlights
Key Terms to Know
Sample Questions
Chapter 1 Intro to Marketing Management
Chapter 1: Overview
What You Should Know
1. The definition(s) of marketing
2. The four marketing management philosophies and what their key
differences are
3. Why marketing is important for companies
4. Know the 4 Ps
Marketing is all about value exchange
Chapter 1: Overview
Key Terms To Know!
•
•
•
•
Marketing
Exchange
Customer value
Marketing concept
• Production orientation
• Sales orientation
• Market orientation
• Societal marketing orientation
•
•
•
•
Customer satisfaction
Relationship marketing
On-demand marketing
4 Ps
Chapter 1: Overview
Sample Questions
1. Marketing is all about:
1.
2.
3.
4.
advertising
value and exchange
mass markets
selling junk no one wants
2. Why is marketing important to companies?
1.
2.
3.
allows them to maximize profitability, revenue, and customer satisfaction
because ads are fun to watch
because companies like tricking people
3. On-demand marketing allows companies to:
1.
2.
3.
Enhance the customer experience and increase customer loyalty
increase prices
get rid of bad customers
Chapter 2 Strategic Planning
Chapter 2: Strategic Planning
What You Should Know
1. Define strategic business units (SBUs)
2. Identify strategic alternatives and know a basic outline for a
3.
4.
5.
6.
7.
marketing plan
Know what a mission statement is
Describe the components of a situation (SWOT) and PEST/L
analysis
Identify sources of competitive advantage
Discuss target market strategies
Describe the elements of the marketing mix
What is an SBU?
• A strategic business unit (SBU) is a subgroup
of a single business or a collection of related
businesses within the larger organization.
Ansoff’s Opportunity Matrix
The Boston Consulting Group Model
Elements of a Marketing Plan
Launch a product, promote
adoption, gain market share,
reposition a brand, increase
profitability….
Customer Analysis
Competitor Analysis
Company Analysis
Category Analysis
Needs and wants
Shopping/usage behavior
Buying process
Direct/indirect competitors
Their current/previous strategies
Importance of this market to them
Likely actions and reactions
Objectives
Strengths/weaknesses (SWOT)
Current/past performance
Fit with other products
Attributes
Trends
Structure
P.E.S.T.
Segmentation
Possible segments
Size of segments
Growth potential
Understand the Market
Marketing Decisions
Marketing Strategy
Positioning
Analysis
Goals
Framework for Marketing Decisions
Target Market
+
Value Proposition
+
Differentiated Advantage
Outcomes/Analytics
Marketing Tactics
Product, price, advertising,
merchandising, promotion,
channel, distribution, sales
force, implementation plans,
loyalty & retention
Profit forecast, sensitivity
analysis, market share,
cannibalization, churn,
contingency plan, results
(cash flow, ROI)
Prof. Dante M. Pirouz
©2004 Deloitte Consulting LLP
PESTL
Describing the Target Market
Mission Statement
•
•
•
•
•
•
•
•
•
Chapter 2: Strategic Planning
Key Terms to Know
• Marketing planning
Strategic planning
Strategic business unit (SBU) • Marketing plan
Ansoff’s Strategic Opportunity • Mission statement
• Marketing myopia
Matrix
• SWOT analysis
Market penetration, market
development, product
• PEST/L
development, diversification
• Environmental scanning
BCG Portfolio matrix
• Competitive advantage
Star
• Cost competitive advantage
Cash cow
• Mainstream vs. niche
Problem child (question mark)
• Differentiation
Dog
Chapter 2: Strategic Planning
Sample Questions
1. The most important thing strategic planning can help a company or brand
determine:
1.
2.
3.
4.
how it will reach its business goals
when its stock price will go up
what to pay the CMO
how big a factory should be
2. The BCG Matrix includes dogs, stars, cows and ?s. T/F
3. A Marketing Plan does not include:
1.
2.
3.
4.
SWOT analysis
the marketing mix
target market strategy
lease agreement
Chapter 3: Ethics and Social Responsibility
Chapter 3: Ethics and Social Responsibility
What to Know
1. Explain the concept of ethical behavior in marketing
2. Know the difference between corporate social responsibility, cause-related
marketing and green marketing
3. Describe the arguments for and against corporate society responsibility,
cause-related marketing and green marketing
4. What does greenwashing mean and is it good or bad?
5. What is conscious capitalism and why is it different from cause-related or
green marketing
6. Know what stakeholders are and why they are important to market to
Ethics and Social Responsibility
Corporate Social
Responsibility
Cause
Marketing
Green Marketing
Conscious
Capitalism
Corporate Social
Responsibility
Cause Marketing
Green Marketing
Salt Water Brewery
Conscious
Capitalism
Chapter 3: Ethics and Social Responsibility
Terms to Know
▪
▪
▪
▪
▪
▪
▪
▪
Civil society
Social control
Behavioral norms
Ethical theories
Virtue
Code of ethics
Corporate social responsibility
(CSR)
Stakeholder theory
▪ Pyramid of corporate social
responsibility
▪ Sustainability
▪ Green marketing
▪ Cause-related marketing
▪ Greenwashing
▪ Conscious capitalism
Chapter 3: Ethics and Social Responsibility
Sample Questions
1. Which one of these is not a stakeholder for a company:
1. employees
2. vendors
3. investors
4. competitors
2. Conscious capitalism is primarily about charitable-giving by a
company. T/F
Chapter 4 The Marketing Environment
Chapter 4: The Marketing Environment
What You Should Know
1.
2.
3.
4.
5.
6.
7.
8.
Understand what the external environment of marketing is and how it
affects a firm
Describe the social factors that affect marketing
Explain the importance to marketing managers of current demographic
trends
Identify consumer and marketer reactions to the state of the economy
Identify the impact of technology on a firm
Discuss the political and legal environment of marketing
Know what a PEST analysis is
Explain the basics of foreign and domestic competition
Millennials
(Generation Y)
•
•
•
•
Generation X
• People born
between 1965 and
People born between
1978
1979 and 1994
• Independent,
Are currently in two
resilient, and
stages:
adaptable
• People born in 1994 have
entered young adulthood
• Saving money is a
• People born in 1979 have
major priority for
established careers and
Gen Xers
have started families
• Most plan to keep
Gen Yers are more
working during their
idealistic and eager to
retirement years
please
Exposed to digital world • Many support their
aging parents
from childhood
• Place a high value
• Influences what they buy,
how they buy, and how they
on education and
use the purchased products
knowledge
Baby Boomers
• Persons born
between 1946 and
1964
• Outspend younger
adults on consumer
goods and services
• Make purchase
decisions based on
price and quality
• Influenced by
traditional
advertising, sales
reps, and word-ofmouth
recommendations
Competitive Analysis
•
•
•
•
•
•
•
•
•
•
Who are your competitors?
What products or services do they sell?
What is each competitor's market share?
What are their past strategies?
What are their current strategies?
What type of media are used to market their products or
services?
How many hours per week do they purchase to advertise
through the media used in this market?
What are each competitor's strengths and weaknesses?
What potential threats do your competitors pose?
What potential opportunities do they make available for you?
Prof. Dante Pirouz
Category Analysis
Regulatory Agencies
• Consumer Product Safety Commission (CPSC)
– Protects the health and safety of consumers in and
around their homes
• Food and Drug Administration (FDA)
– Enforces regulations against selling and distributing
adulterated, misbranded, or hazardous food and drug
products
• Federal Trade Commission (FTC)
– Prevents persons or corporations from using unfair
methods of competition in commerce
Chapter 4: The Marketing Environment
Key Terms
▪ Target market
▪ Demography
▪ Millennials
▪ Generation X
▪ Baby Boomers
▪ Purchasing power
▪ Inflation
▪ Recession
▪ Basic research
▪ Applied research
▪ Consumer Product Safety
Commission (CPSC)
▪ Food and Drug Administration
(FDA)
▪ Federal Trade Commission (FTC)
▪ Consumer Product Safety
Commission (CPSC)
Chapter 6 Consumer Decision Making
Chapter 6: CB
Need to Know
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Why should marketing managers understand consumer behavior
What are the components of the consumer decision-making process
Explain the consumer’s postpurchase evaluation process
Identify the types of consumer buying decisions and discuss the significance of
consumer involvement
Identify and understand the cultural factors that affect consumer buying decisions
Identify and understand the social factors that affect consumer buying decisions
Identify and understand the individual factors that affect consumer buying decisions
Identify and understand the psychological factors that affect consumer buying decisions
Know which are internal and external influences
Understand different types of value
Chapter 6: CB
Key Terms to Know
• Consumer behavior
• Value
•
Perceived value
• Utilitarian value
• Hedonic value
• Consumer decision-making
process
• Need recognition
• Want
• Stimulus
•
•
•
•
•
•
•
•
•
Internal information search
External information search
Evoked set/consideration set
Cognitive dissonance
Involvement
Routine response behavior
Limited decision making
Extensive decision making
Showrooming
The Consumer Decision-Making Process
McKinsey’s Customer Journey
Cognitive Dissonance
• Inner tension that a consumer experiences after
recognizing an inconsistency between behavior and
values or opinions
• Consumers reduce dissonance by:
• Seeking information that reinforces the purchase decision
• Avoiding information that contradicts the purchase decision
• Revoking the original decision by returning the product
Value
• Personal assessment of the net worth obtained from an activity
Consumer Value Framework (CVF)
Continuum of Consumer Buying Decisions
Types of Reference Groups
Motivation
• Motive: Driving force
that causes a person
to take action to
satisfy specific needs
• Maslow’s hierarchy
of needs
• Method of classifying
human needs and
motivations into five
categories in
ascending order of
importance
• Physiological, safety,
social, self-esteem,
and self-actualization
Chapter 6: CB
Need to Know
•
•
•
•
•
•
•
•
•
•
Culture
Subculture
Social class
Reference group
Primary membership group
Secondary membership group
Aspirational reference group
Nonaspirational reference group
Opinion leader
Socialization process
•
•
•
•
•
•
•
Personality
Self-concept
Perception
Motive
Maslow’s hierarchy of needs
Learning
Augmented product
Chapter 6: CB
Sample Questions
1.
2.
3.
4.
Hedonic purchases are often impulse buys. T/F
Both internal and external influences impact purchasing behavior. T/F
An evoked or consideration set usually includes only a few brands (1-3). T/F
_____ occurs when consumers change information that conflicts with their fe
elings or beliefs.
1. Stimulus generalization
2. Selective distortion
3. Cognitive dissonance
4. Selective retention
Chapter 8 Segmentation, Targeting, Positioning, VP, USP
Chapter 8: Segmentation, Targeting, Positioning (STP) and VP, USP
Need to Know
1.
2.
3.
4.
5.
6.
Describe the characteristics of markets and market segments
Explain the importance of market segmentation
Discuss the criteria for successful market segmentation
Describe the bases commonly used to segment consumer markets
Know what CRM is and why it is important
Know how and why firms implement positioning strategies and how product
differentiation plays a role
7. Know the difference between a VP and positioning statement
8. Know what a USP is
Successful Segmentation Produces Market Segments That
Are…
1. Sustainable: Must be large enough to warrant
developing/maintaining unique marketing mix
2. Identifiable and measurable: Must be identifiable
and size measurable
3. Accessible: Members of segment must be
reachable
4. Responsive: Segment need not be treated
separately unless it responds differently to a
marketing mix
Bases for
Possible Levels of Segmentation
New: Microtargeting
Segmenting for Business Markets
•
•
•
•
•
Demographic
Operating variable
Purchasing approaches
Situational factors
Personal characteristics
Positioning
• Positioning is how you want your customers to think of you – your
position “in their heads”
• Structure for creating a positioning statement:
• Among (target market), (brand name) is the brand of (frame of
reference) that (point of difference) because (reason to believe).
• For example:
• Among physically active women with children under 5, Green Ox is
the sports drink that also contains vitamins that have been proven to
increase bone mass which is important for women and children.
Positioning: Perceptual Maps
High Price
High Customization
Low Customization
Low Price
Difference Between a VP, USP and Positioning Statement?
• A Value Proposition is a definitive expression or statement of
the concrete outcome of using your products and/or services
• A Unique Selling Point (USP) is that aspect that differentiates a
product or service from all other similar products or services
• The “uniqueness” is in some way singular, exclusive, one-of-a-kind =
differentiation
• Positioning Statement selects key offering features for a
particular target segment
Chapter 8: Segmentation, Targeting, Positioning (STP) and VP, USP
Key Terms
▪ Market segment
▪ Market segmentation
▪ Segmentation bases
(variables)
▪ Geographic segmentation
▪ Demographic segmentation
▪ Family life cycle (FLC)
▪ Psychographic segmentation
▪ Geodemographic segmentation
▪
▪
▪
▪
Benefit segmentation
Usage-rate segmentation
Target market
Undifferentiated targeting
strategy
▪ Concentrated targeting
strategy
▪ Niche targeting strategy
▪ Microtargeting
Chapter 8: Segmentation, Targeting, Positioning (STP) and VP, USP
Key Terms
▪ Multi segment targeting
strategy
▪ Cannibalization
▪ Positioning
▪ Position
▪ Product differentiation
▪ Perceptual mapping
▪ Repositioning
▪ Value proposition
▪ Unique selling point (USP)
Chapter 8: Segmentation, Targeting, Positioning (STP) and VP, USP
Sample Questions
1. Which one of these is a psychographic characteristic?
1. how old a person is
2. how old a person feels
3. whether a person is near retirement
4. whether a person is sick
2. ____is when a brand targets a highly selected, narrow, relatively
small segment to market to.
1. niche strategy
2. mass market strategy
3. undifferentiated strategy
Chapter 8: Segmentation, Targeting, Positioning (STP) and VP, USP
Sample Questions
1. Most successful brands today engage in mass marketing.
2. What does a perceptual map tell you?
1. how brands are perceived by consumers
2. how brands are perceived by companies
3. how brands are shown on the shelf
4. how consumers are grouped
T/F
Chapter 9 Marketing Research
Chapter 9: Marketing Research
Need to Know
1. Define marketing research and explain its importance to marketing decision
making
2. Describe the steps involved in conducting a marketing research project
3. Understand how the Internet has impacted marketing research
4. Know the types of research methods
5. Know why companies might choose one research method over another
6. Explain the concept of competitive intelligence
Chapter 9: Marketing Research
Key Terms
▪
▪
▪
▪
▪
▪
▪
▪
▪
Marketing research
Marketing research problem
Marketing research objective
Management decision
problem
Secondary data
Big data
Primary data
Survey research
Cross tabulation
▪ Mall intercept interview
▪ Computer-assisted personal
interviewing
▪ Computer-assisted self interviewing
▪ Executive interview
▪ Focus group
▪ Open-ended question
▪ Close-ended question
▪ Scaled-response question
Chapter 9: Marketing Research
Key Terms
▪
▪
▪
▪
▪
▪
▪
▪
▪
▪
▪
Observation research
Mystery shoppers
Behavioral targeting (BT)
Social media monitoring
Ethnographic research
Experiment
CRM
Competitive intelligence
Causal
Descriptive
Exploratory
Chapter 9: Marketing Research
Sample Questions
1. Experiments are:
where variables are controlled and manipulated
2. great for exploratory research
3. utilizing secondary data only
1.
2. Most companies use ___________ because they are cost
effective and time efficient to run:
1. focus groups
2. experiments
3. in person interviews
4. ethnographic studies
Chapter 9: Marketing Research
Sample Questions
1. The biggest difference between primary and secondary data is:
1. The data are not usually collected for the specific purpose of answering a
particular research question it is being used for.
2. What is not a source of competitive intelligence?
1.
News articles, search engine data, lifestyle segmentation studies
3. The best research technique to use when you want to
understand an existing marketing problem like a low adoption
rate is:
1. descriptive
2. exploratory
3. competitive
4. secondary
Chapter 5 Global Marketing
Chapter 5: Global Marketing
Need to Know
1. Know why global marketing is important
2. Know the risks of global marketing
3. Know the elements of the external environment facing global
marketers
4. Identify the various ways of entering the global marketplace
5. Know the difference between standardization and localization
strategy and why to use them
Standardization vs. Localization
Costs of Globalization
•
•
•
•
Countries restrict trade and create barriers to
boost exports and limit imports.
Globalization = job uncertainty, migration,
economic uncertainty
Outsourcing: Sending U.S. jobs abroad
• Leads to corporate growth, efficiency,
productivity, and revenue growth
Inshoring: Returning production jobs to the
United States because of rapid consumer
product innovation
• Innovation forces the need to keep product
designers, marketing researchers, logistic
experts, and manufacturers in close
proximity
5.4 Risk levels for five methods of entering the global marketplace
Chapter 5: Global Marketing
Key Terms
▪ Global marketing
▪
Multidomestic strategy
▪ Global vision
▪
Exporting
▪ Gross domestic product (GDP)
▪
Licensing
▪ Outsourcing
▪
▪
▪
Contract manufacturing
Joint venture
Direct foreign investment
▪ Inshoring
▪ Multinational corporation
▪ Multidomestic strategy
▪ Foreign direct investment
▪ Global marketing standardization
▪ Localization/customization
Chapter 5: Global Marketing
Sample Questions
1. If Dominos Pizza were to offer konbu (dried kelp) as a topping on their pizzas sold in
Japan. This is an example of:
1.
2.
3.
4.
standardization
localization
FDI
Inshoring
2. L’Oreal has manufacturing, R&D and marketing hubs all over the world. This makes the
company:
1.
2.
3.
4.
Multidomestic
Multinational
Crazy
Unprofitable
Chapter 7 B2B
Chapter 7: B2B
Need to Know
1. Describe business marketing
2. Describe trends in B-to-B Internet marketing
3. Discuss the role of relationship marketing and strategic alliances in business
marketing
4. Identify the four major categories of business market customers
5. Know the North American Industry Classification System
6. Explain the major differences between business and consumer markets
7. Discuss the unique aspects of business buying behavior
Relationship Marketing
• Strategic Alliance
• Licensing or distribution agreements
• Joint ventures
• Research and development consortia
• Partnerships
Enterprise data solution that will democratize one of the
largest consumer data sets in the world. The strategic
alliance has been brought to life through Nielsen
Connect, powered by Microsoft Azure, the tech giant’s
global-scale intelligent cloud platform.
Content Marketing
• Strategic marketing approach focused on creating and distributing valuable,
relevant, and consistent content
• Goal: To attract and retain a clearly defined audience and drive profitable
customer action
• Marketers use social media to increase awareness and build relationships
and community.
• Creating compelling and useful content for customers is key to social media-based content
marketing.
• Growth of platforms, such as mobile and streaming video, necessitate development of
new ways to measure campaign effectiveness.
• Metrics that are useful for increasing the success of a social media campaign
• Awareness: Attention that social media attracts
• Engagement: Interactions between brands and audience through
comments, retweets, shares, and searches
• Conversion: Occurs when action is taken
North American Industry Classification System (NAICS)
The more digits in the NAICS code, the more homogenous the groups at that
level.
NAICS level
NAICS code
Description
Sector
51
Information
Subsector
513
Broadcasting and telecommunication
Industry group
5133
Telecommunications
Industry
51332
Telecommunications Wireless telecommunication carriers,
except satellite
Industry subdivision
513321
Paging
Nature of Demand in Business
• Derived
•
Demand for business products results from
demand for consumer products
• Inelastic
•
Demand for product not significantly affected
by change in price
• Joint
•
Demand for multiple items used together in
final product
• Fluctuating
•
Demand for business products is more volatile
than for consumer products
Buying Situations
• New buy
• Purchase of a product for the first time
• Modified rebuy
• Purchase involving some change in the original good or service
• Straight rebuy
• Purchase of the same goods or services without looking for new
information or investigating other suppliers
Chapter 7: B2B
Key Terms
▪ Business marketing (industrial,
business-to-business, B-to-B, or
B2B marketing)
▪ Business product (industrial
product) vs. Consumer product
▪ Content marketing
▪ Strategic alliance (strategic
partnership)
▪ Original equipment
manufacturers (OEMs)
▪ North American Industry
Classification System (NAICS)
▪ Derived demand
▪ Joint demand
▪ Reciprocity
▪ Major equipment (installations)
▪ Accessory equipment
▪ Raw materials
Chapter 7: B2B
Key Terms
•
•
•
•
•
Component parts
Processed materials
Supplies
Business services
Buying center
• Decider, Purchaser, User
• New buy
• Modified rebuy
• Straight rebuy
Chapter 7: B2B
Sample Questions
1. In a buying center, a decider is the person who actually uses the product or
negotiates the purchase. T/F
2. B2B marketing uses the internet to distribute _____ marketing such as white
papers, blogs, webinars. T/F
3. In B2B marketing, one of the most important means in creating sale is
___________ because most business customers find it more efficient to
stay with one organization rather than switch continually among
providers in their search for value.
1.
2.
3.
4.
customer value
relationship marketing
teamwork
empowerment
Marketing Math: Market Size Up
Marketing Math
• Market Size Up
• Determine how big a particular problem is, or how many of x
products are used
• Examples
• How many golf balls are made in the US each year?
• How many cans of paint are needed to paint the Delta fleet?
• The Approach
• Walk through how you would figure it out, and ask the occasional question
• Keep talking, and use round numbers
Market Size Up – How many new golf balls would be used in the US in a given
year?
Possible Approach:
• Number of golfers in the US
– 250 million people in the US x 20%
of population plays golf
~ 50 million people
play golf in the US
• Number of balls they use per round
– 2 to 3 balls per round
~ 2 to 3 balls per
round
• Number of rounds they play per year
– Average of 10 rounds per year
~ 10 rounds per
year
~ 1.25 billion golf balls
©2004 Deloitte Consulting LLP
Reminders for Studying and Taking the Exam
• Read the questions carefully
• Bring a pencil and simple calculator NO PHONES OR
ELECTRONIC TOOLS ALLOWED!
• Seating will be assigned
• No leaving the room during the exam; if you leave the exam is
over for you.
• Only leave after you have signed the exam, filled in all of the
scantron, turned in BOTH the exam sheets and scantron (you can
keep your 1-sheet) and leave by the front entrances only
• Special accommodations
©2004 Deloitte Consulting LLP
MKT 300
Marketing Management
Final Review
Prof. Dante Pirouz
Spring 2019
Agenda
A review of key concepts we’ve covered over the term
The final exam
A few final words…
Prof. Dante Pirouz
Chapter 1
• Definition of marketing
• Value and exchange
• What marketers do
• Why marketing is
important
• Perceived value
• Marketing
management
philosophies
Strategic planning
Strategic business unit (SBU)
Chapter 2:
Strategic
Planning for
Competitive
Advantage
Mission statement
Ansoff’s Strategic Opportunity Matrix
BCG Growth Share Matrix
Elements of a Marketing Plan
•
•
•
•
•
SWOT
PEST
Competitive analysis
Target market strategy
Marketing mix
Launch a product, promote
adoption, gain market share,
reposition a brand, increase
profitability….
Customer Analysis
Competitor Analysis
Company Analysis
Category Analysis
Needs and wants
Shopping/usage behavior
Buying process
Direct/indirect competitors
Their current/previous strategies
Importance of this market to them
Likely actions and reactions
Objectives
Strengths/weaknesses (SWOT)
Current/past performance
Fit with other products
Attributes
Trends
Structure
P.E.S.T.
Segmentation
Possible segments
Size of segments
Growth potential
Understand the Market
Marketing Decisions
Marketing Strategy
Positioning
Analysis
Goals
Framework for Marketing Decisions
Target Market
+
Value Proposition
+
Differentiated Advantage
Outcomes/Analytics
Marketing Tactics
Product, price, advertising,
merchandising, promotion,
channel, distribution, sales
force, implementation plans,
loyalty & retention
Profit forecast, sensitivity
analysis, market share,
cannibalization, churn,
contingency plan, results
(cash flow, ROI)
Prof. Dante M. Pirouz
Importance of business ethics
Chapter 3:
Ethics and
Social
Responsibility
CSR vs. cause marketing vs. green
marketing vs. greenwashing vs.
conscious capitalism
Stakeholders
The Dove Case
Chapter 4: The
Marketing
Environment
• External Factors
• Segmenting
• Demographics,
psychographics,
behavioral
• Social Factors
• Demographic factors
• Economic factors
• Technology,
infrastructure and
innovation
• Political and legal factors
• Environmental factors
• Competitive factors
Benefits of
globalization
Chapter 5:
Global Vision
Costs of
globalization
Exporting
Standardization
vs. localization
Licensing
5 methods of
entering global
markets
Contract
manufacturing
JV
FDI
Consumer decision making process
Chapter 6:
Consumer
Behavior
•
•
•
•
•
Need recognition
Info search
Evaulation of alternatives
Purchase
Postpurchase behavior
External and internal influences
•
•
•
•
Social factors
Individual factors
Cultural factors
Psychological factors
Loyalty loop
Chapter 7: Business Marketing
B2B marketing
Relationship
marketing and
strategic alliances
Types of business
marketing
Categories of
business
customers
NAICS
Business buying
behavior
Chapter 8:
Segmenting
and Targeting
Markets
IMPORTANCE OF
MARKET
SEGMENTATION
BASES FOR
SEGMENTING
CONSUMER MARKETS
BASES FOR
SEGMENTING
BUSINESS MARKETS
POSITIONING
VALUE PROPOSITION
UNIQUE SELLING
POINT
Chapter 9:
Marketing
Research
• Role of MR
• Descriptive
• Diagnostic
• Predictive
• Marketing Research Process
• Primary vs. secondary data
• Exploratory vs. causal research
• Survey, observation,
ethnographic, experimental
research
• CRM
• Competitive intelligence
What is a product?
Chapter 10:
Product
Concepts
Types of consumer products
Product items, lines and mixes
Branding
Packaging
Chapter 11:
Developing
and Managing
Products
IMPORTANCE OF NEW
PRODUCTS
NEW PRODUCT
DEVELOPMENT PROCESS
WHY SOME FAIL AND
OTHERS SUCCEED
PRODUCT LIFE CYCLES
(PLC)
Channel intermediaries
Chapter 13:
Marketing
Channels
Channel structures
Channel conflict
Omnichannel vs. multichannel
Importance of pricing
Chapter 19:
Pricing
Pricing objectives
Ethics in pricing
Chapter 15:
Integrated
Marketing
Communications
PROMOTIONAL
MIX
MARKETING
COMMUNICATIONS
IMC CAMPAIGNS
Importance of services
Chapter 12:
Services and
Non-Profit
Marketing
How services differ from goods
Nonprofit marketing
Chapter 14: Retailing
Importance of
retail
Types of
retailers
Trends in
retailing
Chapter 16: Advertising, PR and Sales
Promotions
EFFECTS OF
ADVERTISING
MEDIA
DECISIONS
PR
SALES
PROMOTIONS
AND TRADE
PROMOTIONS
Chapter 18: Digital Media and Future Trends
Evolution of the digital space
Future trends
Social media
Analytics, IoT, mobile
marketing, apps, gaming,
s-tailing, augmented reality,
AI, voice recognition
Shifts in consumer behavior
Touchpoints
Converged media: paid media,
earned media, owned media
Metrics
Final Exam
Presentation Name on Master
What Great Marketers Can Do!
• Capture marketing insights
• Connect with stakeholders
• Build strong brands
• Shape market offerings
• Deliver value
• Communicate value
• Create long-term growth
• Develop market strategies and
plans
Marketing is all about value exchange
What Marketing Isn’t…
• Not just advertising
• Not just for “marketing” or “sales” managers
• Not just a cost center
• Not just about the 4 Ps (product, price, place,
promotion)
Marketing can be very powerful.
Prof. Dante Pirouz
Email: pirouzda@msu.edu
Text: (810) 841-3705
LinkedIn: dpirouz
Prof. Dante Pirouz
MKT 300
Marketing Management
SPRING 2019
TAKE HOME FINAL EXAM
Marketing focuses on creating value, bringing in revenue, and generating a deep connection with
constituent stakeholders. In addition, there are a number of quantitative and qualitative measures and
metrics that can be used to determine and forecast the level of success for each of these goals.
In your opinion, what are the most important factors that lead to success in creating value, revenue and
connections with stakeholders? Give examples either from the real world, from the textbook, from the
lectures in class, or from the cases discussed during the course, of how best to accomplish each of these.
Which measures/metrics do you believe are most important in measuring and forecasting marketing
performance for each of these? Explain your reasoning behind your selections. If a brand wanted to
target a group of consumers based on characteristics you believe are important, what recommendations
would you suggest in terms of structuring a marketing strategy and set of tactics that will break through
the clutter, connect with the target’s values and create a sustainable competitive advantage (feel free to
suggest something bold here!).
Be sure to include specific terms and concepts from the textbook and lectures throughout your paper
and discuss them in a way that shows me that you understand the meaning of the terms/concepts.
FORMATTING GUIDELINES
1.
2.
3.
4.
5.
3-5 pages (no penalty for going over the page limit)
Double space, 12 pt. font, 1-inch margins
No late submissions accepted!!
Cite any outside references beyond the textbook and/or class lectures
Be sure to include terms and concepts from the textbook chapters and/or class lectures!
Due Wednesday May 1st, 2019 by 8pm uploaded to D2L
Good luck!!
Dongming He
A54419016
1. What was Dove’s market positioning in the 1950’s? What is its positioning in 2007?
In 1950, Dove focused on the functional benefits of their product by portraying Dove
soap as a cleansing cream rather than just a mere soap. The aim was to create an image that
would position the brand in the consumer’s brain and maximize the benefit to Unilever. The
company used a blended marketing mix that involved the use of communication channels such as
TV, print media, billboards and engaging natural looking women to emphasize the benefits of the
products (Deighton, 2008). As a result, the company became one of the most identifiable brands
in America at the time. Dove’s marketing position evolved in by 2007 with the company
shifting from a functionality focus to a consumer point of view. Unilever used a marketing
planning approach that incorporated advertising, consumer promotions and customer marketing
which changed the idea of beauty altogether by focusing on the consumer’s point of view. The
primary goal for this strategy was to develop a brand that created non-retouched beauty in
everyday women.
2. What does it mean to be a Global Masterbrand? Why does Unilever want to have fewer
brands?
A global masterbrand is a dominant, overarching brand that acts as a point of view for a
company’s other stable products and services. The brand is established to manage a huge
portfolio of other company brands, position and introduce a new alternative of the brand or bring
the purpose of the brand to life. Unilever proposed to reduce its brand portfolio from the current
1,600 brands to 400 brands in the following five years in their path to growth path plan
(Deighton, 2008). The primary objective of the plan was to direct their focus on specific brands
that the company wanted to develop into masterbrands which would give the brands more
attention and recognition. The strategy would also allow the company to focus on the huge
global market by creating the brand around it which would also help Unilever in gaining more
control over their brands and brand management.
3. How would you describe the primary customer for Dove?
Women are the primary user of Dove’s products, though men also form part of their
target market. The main target audiences are young to middle-aged adults largely constituting of
women between the ages of 18 to 35 years. Women at this age are conscious of their beauty
being careful of what they use on their skin hence demand a product that is trustworthy while
also not too expensive. The company has targeted the audience by creating a pathos that puts the
audience in the view of a young girl who can easily relate with their past experiences and
appealing to the ethos through the creation of campaign ads that credits the brand for giving the
audience a product they can trust.
4. Do you think Dove has become too controversial? Should they embrace their new brand
direction or tone things down?
In my opinion, Dove has not become controversial but rather the brand has used various
initiatives to erase the recurring use of unrealistic, unattainable images to describe the beauty and
redefined how women view beauty. The main idea behind Dove’s beauty campaigns has been to
emphasize the need to celebrate the unique differences in women rather than ignore them which
they believe would change women’s attitude towards their view of beauty. I believe that Dove’s
new brand direction is strategic in promoting positive body image.
5. What would you recommend Dove should do to take the brand to the next level?
There tends to be a mismatch between Dove's campaign of all-inclusive and their practice
in terms of market coverage. The brand presents itself as a brand for all women but has failed to
include a tone of women based on their market focus that centers on young to middle-aged
women. The brand should also utilize a two-way communication model so as to allow the
gathering of adequate feedback from the audience which will help the development of innovative
products that meets their consumers' needs.
Reference
Deighton, J. (2008). Dove: Evolution of a brand. Harvard Business School.
Tesla Motors
Dongming He
MKT300
3/28/2019
A54419016
Tesla Motors founded in 2003 has been experiencing challenges due to the reported cases
of fires in Tesla's car models like the Model S sedan. According to Putros (2013), the automobile
company is known for its zero-emission cars which are charged by lithium-ion batteries instead
of gasoline; however, the safety of the car batteries has been questioned. Nevertheless, the
company has maneuvered the challenges by advancing its technologies in establishing ways of
cutting utility costs by integrating solar-powered channels for charging the batteries. Despite
Tesla’s limitations, the company has identified ways of increasing the sales of its products to
meet consumer demands and strengthen the economies of scale.
Strong economies of scale help in enhancing competitiveness in the auto manufacturing
and technology industries. For instance, factors like the implementation of cost-efficient
production as seen in Tesla’s manufacturing activities enhances the company’s competitiveness
by establishing low cost products. With that in mind, the projected long-term forecast is that
Tesla will have increased marketability and progressive financial margins. Considering that the
company’s marketing strategy has focused on attracting eco-friendly consumers and lead
investors; this will be a significant factor that will boost Tesla's economies of scale in the market.
Additionally, the company is likely to achieve the projected focus considering that its
value proposition is centered on technology. In this case, the automaker does not only
manufacture a regular car just like other automakers. Instead, it has incorporated innovative
technologies such as the lithium-ion battery pack which is more advanced than the ones
produced by competitors (Putros, 2013). The other factor is the technological body design that is
made of lightweight material. The integrated technologies have helped in enhancing the
performance of the car.
Further, looking at Tesla’s value chain, the company has unique strategies of
differentiating itself in sourcing, manufacturing and delivery processes. For instance, the
company maintains a strategic sourcing approach for its raw materials mainly for making the
lithium-ion batteries. Tesla managed to achieve this by establishing a close connection with
suppliers such as Panasonic before it purchased a lithium-ion production plant. Also, the
establishment of a manufacturing and assembly plant in the Netherlands is a compelling
differentiation strategy that has helped the company to meet the high demands of its products in
Europe. Further, in the delivery processes, Putros (2013) holds that the company uses factory
galleries by strategically positioning them in targeted states. Such an approach has helped Tesla
to interact directly with consumers and get to know their needs.
In the case of the financials of Tesla, the company is in a strong position even though it
has been making a slow-paced growth in its car sales. Another factor that shows the company
has a strong position is when Tesla managed to repay a government loan nine years in 2013
before the established deadline, and this portrayed a sign of financial stability (Putros, 2013).
More to that, Tesla has managed to maintain the production activities of expensive equipment for
the cars by establishing a production plant for manufacturing and assembling of the parts.
Altogether, two recommendations could help Tesla to stabilize its business and have a
guaranteed long-term growth. One, Tesla needs to identify the primary cause of the lithium
battery fires since this is a setback that could hinder the company from attracting new clients and
investors. Also, the company needs to train new leaders some of the leadership tactics of Elon
Musk who has been a great asset to the firm. Training upcoming leaders would also help in
making them influential and even more skillful in handling the company’s activities and making
insightful decisions.
Reference
Putros, K. (2013). Tesla Motor: Burning up the road to domination or doom. Richard Ivey School
of Business Foundation.
Purchase answer to see full
attachment