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Management Notes Principles of Marketing (MG314) Notes

Theories Notes

Updated Theories Notes

Principles of Marketing (MG314) Notes

Principles of Marketing (MG314)

Approximately 49 pages

Includes full lecture notes, readings, an exam theory checklist and essay plans. ...

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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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