Marketing Management Midterm Review Sheet

Chapter 1--2: Marketing Concepts

Marketing , what is marketed

Marketing requirements

Signs of a marketing/customer oriented firm

Value proposition

New marketing realities and new company realities (from textbook)

Production concept, product concept, selling concept and marketing concept (from textbook)

Market penetration strategy, market development strategy, product development strategy and
diversification strategy

Holistic marketing

What is strategy

What is strategy—according to Michael Porter

Porter’s generic strategies—cost leadership, differentiation and focus (from textbook)

Blue Ocean strategy—Chan Kim and Renee Mauborgne

Hurdles with Blue Ocean, how to overcome them with Tipping Point Leadership of Blue Ocean Strategy

Porter’s Five Forces

Chapter 4: Marketing Research

What is marketing research

5 step approach

Primary vs. secondary research—pros and cons

Types of questions (from textbook—likert scale, semantic differential, rating scale, etc)

Focus groups (pros and cons)

Surveys (pros and cons)

Neuromarketing
Chapter 6 and Chapter 7: Consumer Behavior and Business Markets

Consumer behavior buying process (5 stage model)

Routine, limited and extended problem solving

Cognitive dissonance

Internal and external sources

Decision Heuristics—availability, representativeness, anchoring and adjustment heuristic (textbook)

Selective attention, distortion, retention, perception

Learning, Cues, Drives, Discrimination

Beliefs and Attitudes

Situational, psychological and sociocultural influences

Maslow Hierarchy of needs

Difference between consumer markets vs. business markets (textbook)

Buying situations

Buying center (initiators, users, influencers, deciders, approvers, buyers and gatekeepers—textbook)

Chapter 8—Market Segmentation

Market segmentation defined

Market segmentation process

Segmentation variables

B2C vs. B2B segmentation variables differences (textbook)

VALS –eight part typology for segments (innovators, thinkers, achievers, experiencers, believers, strivers,
makers and survivors)
ADDITIONAL SOURCES—The VIDEOS

Barry Schwartz—Paradox of Choice

https://www.youtube.com/watch?v=VO6XEQIsCoM

Neuromarketing Ted Talk—Is There a Buy Button Inside the Brain?

https://www.youtube.com/watch?v=_rKceOe-Jr0

Introduction to Blue Ocean Strategy

https://www.youtube.com/watch?v=7SQDGBSjty4

Martin Lindstrom, author of Buyology which covers neuromarketing

and consumer behavior.

https://www.youtube.com/watch?v=dPfTyLshQEk

https://www.youtube.com/watch?v=8JIgcIUnq1E

  Sean Tiffee--Mind The Gap Between Perception and Reality

https://www.youtube.com/watch?v=8BL9uRJpTqY

ARTICLES THAT WE HAVE DISCUSSED

Michael Porter’s Five Forces and What is Strategy

Blue Ocean Strategy and Tipping Point Leadership Exercise

Let Customers Segment Themselves

Why Customers Don’t Buy

Segmentation Mistakes to Avoid