internal factors that affect pricing decisions ans 1 marketing objectives 2 marketing mix strategy 3 costs
marketing objectives ans maximize profit gain market share infer a level of qual
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AHIP MKT 300 ASU Eaton Exam 2
Business Plan - ANS a written document that defines the operational and financial
objectives of a business over a particular time, and defines how the business plans to
accomplish those objectives.
Marketing"s Role - ANS Market analysis, monitor results, how objectives will be
achieved.
Marketing Plan - ANS a document that includes an assessment of the marketing
situation, marketing objectives, marketing strategy, and marketing initiatives
Purpose and Significance of a Marketing Plan - ANS A good marketing plan will:
• Explain both the present and future situations of the organization
• Specify the outcomes that are expected
• Describe the specific actions that are to take place
• Identify the resources that will be needed
• Permit the monitoring of each action and its results
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Action - Oriented - ANS municate value, generate interest, persuade customers
Executive Summary - ANS written with senior leadership as primary audience
• Goals
• Recommendation
Company description, purpose, and goals - ANS Includes historical information on
business and products, and the company's core competencies and reason for existence
Marketing Situation - ANS Contains assessments of:
- Customers
- Competitors
- Product portfolio
- Distribution channels
- Marketing environment
Forecasting - ANS Anticipated outcome if marketing objectives are met.
Marketing Strategy - ANS What actions should be taken to meet objectives.
- Target market
, - Positioning
- Marketing mix
Measurement and Control - ANS How to monitor progress toward meeting objectives?
- Financial factors
- Nonfinancial factors
A good marketing plan should be: - ANS realistic, achievable, and measurable. It
should identify the committed resources and the requirements for carrying out the plan
should be clear.
5 Step Decision Making Process - ANS 1. Need recognition
2. Information Search
3. Evaluate Alternatives
4. Purchase Decision
5. Post purchase Evaluation
Need Recognition - ANS occurs when a buyer becomes aware of a difference between
a desired state an actual condition.
Information Search - ANS how much information you have, ease of obtaining
information, value you place on information.
Evaluate Alternatives - ANS consumers use criteria to evaluate alternatives based on
internal and external info
(awareness set, evoked set, consideration set)
Evoked Set Model - ANS outlines how the information search process can take place.
Compensatory Model - ANS •Cost-benefit analysis
•Which one does the +'s most outweigh the -'s?
o Multi-Attribute
Non-compensatory Model - ANS immediate rejection based on some factor
• Conjunctive
• Lexicographic
Multi Attribute Rule - ANS list outcomes, rate each outcome on importance; Weighted
total derived by multiplying importance rating by your evaluation (compensatory)
Conjunctive Rule - ANS set minimum standards for one or more attributes, reject any
brands that do not meet ALL minimum thresholds. (non-compensatory)
"And" Rule - ANS must meet standards for this attribute and the second, and the third...
- Part of conjunctive rule
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