









































Study with the several resources on Docsity
Earn points by helping other students or get them with a premium plan
Prepare for your exams
Study with the several resources on Docsity
Earn points to download
Earn points by helping other students or get them with a premium plan
Community
Ask the community for help and clear up your study doubts
Discover the best universities in your country according to Docsity users
Free resources
Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors
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!)
Typology: Exams
1 / 49
This page cannot be seen from the preview
Don't miss anything!
Marketing Process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society as a whole. "Columbia Uses Ads"
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"
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
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."
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