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BCOR 2201 principles of marketing CU Boulder FINAL exams
2025 latest with 100 questions and correct answers plus /
bcor 2201 Final exam / bcor 2201 exam 2025(new!)
Marketing Process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society as a whole. "Columbia Uses Ads"
- Why: To get Guerrillas out of the jungle and back to their families.
- What: Had people write letters and floated them down the river to Guerrillas living in the jungle.
- How: The government used what they knew about the guerrillas to achieve an exchange.
- Is this marketing? Yes, because there is a mutually beneficial exchange between the government and the guerrillas where the government would get to end guerrilla warfare by getting guerrillas to renounce their beliefs and the guerrillas would get to come out of hiding in the jungle without fear of being prosecuted. Testing Effect Clickers, self reflection/evaluation, practice exams, flashcards Improves recall, reduces exam anxiety, helps you identify what you do and don't know Mutually Beneficial Exchange When both parties involved in an exchange benefit equally from the exchange.
Target Market The group of people that a product or service is being created for/aimed at. Controllable Factors Price Product Promotion Place Price (4 P's) What is exchanged for product Product (4 P's) Good or service to satisfy a consumers needs Promotion (4 P's) Communication between buyer and seller Place (4 P's) Way to get product to buyer
Efficiency with which a customer gets to experience a product Ex. amazon delivery Place Utility Making products physically available and accessible to customers Ex. redbox, vending machines Possession Utility Amount of perceived value from owning a product for a customer Ex. square (credit card reader attached to your phone) Role of Central Markets, Middlemen, and Money This refers to the increased ease and efficiency of markets today because of money. Instead of having to find a mutually beneficial exchange between two products, and also having to find people who needed your product who also have the product you need, a consistent monetary system allows for easier exchanges.` Strategy An organization's long term course of action designed to deliver a unique customer experience while achieving its goals Strategic Business Unit (SBU)
A unit of a company that has a seperate mission and objectives Business Portfolio Analysis A technique that managers use to quantify performance measures and growth targets to analyze their firms strategic business units as though they were a collection of separate investments BCG Matrix Y-Axis: Market Growth Rate (% per Share) X-Axis: Relative Unit Market Share Top Right: Question Mark (low market share, high growth rate) Top Left: Star (high market share, high growth rate) Bottom Left: Cash Cow (high market share, low growth rate) Bottom Right: Dog/Pet (low market share, low growth rate) Note: #1 Student mistake is to auto-assign strategy to a quadrant. 5 C's Company Customers Competition Collaborators Context
Diversification Strategy to sell new products to new markets Ex. Simply Orange Orange Juice Designing a Marketing Program Product (features, brand name, packaging, service, warranty) Price (list price, discounts, allowances, credit terms, payment period) Promotion (advertising, personal selling, public relations, sales promotions, direct marketing) Place (outlets, channels, coverage, transportation, stock level) "Bad Roads, Red Tape, Thugs Slow Wal-Mart in India"
- Many government enforced middlemen that made the cost of business operations almost 6 times the normal price
- Extremely hard to transport large amounts of goods to a Walmart location because the travel conditions were not as ideal as other locations (bad roads, unsafe, etc) Because of these barriers it was hard to maintain the low cost brand of Walmart in India Global Trade Exchange of goods and services internationally. Protectionism
Practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas. Protects domestic industries and reduces competition/restricts free trade. Tariffs Quotas Embargos Susidies Tariffs Tax on certain imported goods Quotas Limit on the number of a certain product that can be imported Embargos Ban on importing a certain foreign product Subsidies Giving money to local producers so that they can still produce their goods but can also offer them at competitive prices in the global market
Language Native tongue and nuance and idioms of a language Ex. Pocari Sweat drink Consumer Ethnocentrism The tendency to believe that it is inappropriate or immoral to purchase foreign made products Country of Origin Effect Judging the quality of a product based on which country it was produced in Global Economic Considerations Economic Infrastructure Consumer Income and Purchasing Power Currency Exchange Rates Economic Infrastructure A country's communications, transportation, financial, and distribution systems Currency Exchange Rates Price of one country's currency expressed in terms of another country's currency
Marketing to the Bottom of the Pyramid Consumers (4 A's) Affordability (Price) Availability (Place) Acceptance (Product) Awareness (Promotion) Global Market Entry Strategies Exporting Licensing Joint Ventures Direct Investment *Note: least to most financial commitment, risk, and marketing control *Note: Lower to higher profit potential Exporting Producing products in one country and selling them in another country Ex. Imported furniture from Denmark Licensing Company offers the right to a trademark, patent, trade secret, or other similarly valued item of intellectual property in return for a royalty or fee
Creating your sales force to reach remote consumers Supporting "micro-stores" Labor intensive distribution Acceptance Product Requires deep understanding of needs, culture, traditions, daily life Innovation and adaptation are mandatory Awareness Promotion Traditional modes are not available or adequate SPARK: Home Depot in China
- The US had a do-it-yourself culture while China has a do-it-for-me culture
- In China, they work a lot more, so they would rather spend their time doing something else than fixing their home.
- In China, they value quality over saving money, and would rather a professional do it well then they do it themselves but not as well.
- Small symbols like the aprons Home Depot workers wear mean a lower class or less intelligent in China but mean more industry knowledge in the US.
- China's larger shops are real estate for individual brands while the US buys products and sells themselves.
- The organization of stores is also different.
Home Depot didn't adapt to the cultural differences of China. "Market Research - Target - How Companies Learn Your Secrets" Target was able to use secondary data to be able to predict when a customer was pregnant and start sending them coupons and ads for baby products before they even delivered their baby. "Cultural Study yields novel insights on razor design."
- Observational research in India revealed that customers in India do not want a close shave like those in the US, but instead want safety from cuts.
- They have different conditions in which they shave in as well, and do not use running water, rather they use a cup of water, so often their hair got stuck in the blades. Through this market research, a new type of razor to solve those problems was created, growing their customer base. Purpose of Market Research To understand your target market and be able to predict your customers needs before they know they have those needs. It is the planning, gathering, and analysis of information to make better decisions when marketing. Types of Risk Technical
Develop the Research Plan Collect Relevant Information Develop Findings Take Marketing Actions Define the Problem Set research objectives Identify possible marketing actions Develop the Research Plan Specify constraints Identify data needed for marketing actions Determine how to collect data Collect Relevant Information Secondary Data Primary Data Develop Findings Analyze data Present findings
Take Marketing Actions Make action remmendations Implement actions Evaluate results Problem Statement Aims to state the problems of your client/target market. Doesn't include any goals or objectives they wish to achieve, only the problems potential customers are experiencing. Types of Research Exploratory Descriptive Causal Often exploratory research is used to create hypotheses and descriptive/causal research is used to test hypotheses. Exploratory Research Provides ideas about vague problems or questions, individual/in-depth interviews, focus groups, ethnography (description of behaviors or customs of people) Ex. Razors and Febreze
Non-Probability Sample Made of an unrepresentative group of people SPARK: Market Research Gravity Cafe This was just showing the different types of research and how to apply it. "Coke Targets" They tried to reposition coke as a foodie drink, so something that could be drank with all types of meals, not just fast food, because a lot of people are turning away from unhealthy food and see coke as a drink to have with pizza or burgers. TED Talk on Choice, Happiness and Spaghetti There is no perfect spaghetti sauce. Marketers' jobs are to figure out what people want before they even know what they want. Segmentation Identifies market needs, links needs to actions, and executes marketing program actions We want homogeneity within and heterogeneity between. Why segment for organizations?
Better product design, identification of unfulfilled needs, more targeted promotions, and increased customer satisfaction for overall sustainable profit growth Sustainable Profit Growth Why segment for customer? Convenience and time savings, tailored products and services, relevant offers, and personalized experience for overall compelling customer experiences. Compelling Customer Experience Homogeneity Quality or state of being all the same Heterogeneity The quality or state of being diverse or different Criteria for Creating Segments Geographic Demographic Psychographic Behavioral
