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Theories Notes

Management Notes > Principles of Marketing (MG314) Notes

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Lecture 1 - Introduction to Marketing Identify Market Opportunities (3Cs): Customer, Company, Competition Set Strategy: Segmentation, Targeting, Positioning Formulate Marketing Program (4Ps): Product, Price, Promotion, Place Consistency (Toyota Corolla vs Chevy Prizm) Creating a Habit (Ghana hand-washing) Pioneering Advantage (myth) Blue Ocean Theory Lecture 2 - CDMJ Buyer's Black Box Model (Stimuli - Buyer's Black Box - Buyer's Response) Consumer Purchase Decision Process (Problem recognition - information search -
evaluation of alternatives - purchase decision - post-purchase behaviour) Fishbein's Multi-Attribute Model (Attitude towards produce depends on perception of brand possessing attribute and the importance of each attribute) Lecture 3 - Behavioural Audit Situational Influences
- Purchase task
- Social surroundings: 'Big Brother eyes - Newcastle University, compliance, conformity
- Physical surroundings: Airport layout, music (Zaltman & Puccinelli, 2000), temporal effects (Roehm & Roehm, 2005), smell (Holland, Hendriks & Aarts, 2005) antecedent states Psychological Influences
- Motivation (Freud - individuals not conscious of needs/motivation; Maslow's Hierarchy of Needs; Kivetz 2006 goal-gradient hypothesis: coffee stamp card - illusion of being closer to goal)
- Personality
- Perception
- Learning
- Values, Beliefs and Attitudes
- Lifestyle Thin Slices (Gladwell/Todorov et al. election choices) Prospect Theory (Kahneman & Tversky) - Segregate gains/Aggregate loses, discounts vs rebates, price increase vs quantity decrease (Dannon yoghurt), Opt in vs opt out Lecture 4 - Conducting Market Research Mix of qualitative & quantitative research Types of Research Methods - Exploratory/Descriptive/Casual Research Projective Techniques - Word Association Problems in questions - leading, ambiguous, unanswerable, two questions in one, nonexhaustive, non-mutually exclusive Behaviour frequency (Schwarz et al, 1985) - tend towards median Sequences of questions (life-marital satisfaction) Lecture 5 - Strategy Segmentation Strategic decision making - long term direction, scope of activities Core competence - Collective learning in the organisation, especially how to co-ordinate diverse production skills and integrate multiple streams of technologies. Strategy - The best fit between the organisation, its objectives, resources and activities, and the changing environment in which the firm finds itself

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