A Final Overview of MAR 3023
Chapter 1- What is Marketing
● Marketing Mix (The 4 P’s)
○ Product- good, service, or idea
○ Price- something to exchange
○ Promotion- communication between buyer and seller
○ Place- gets product to consumer
● The 4 P’s: Controllable marketing mix factors that company puts together to
satisfy its target markets
Chapter 2- Strategy
● Marketing dashboard
○ The visual computer display of the essential information related to
achieving a marketing objective
● Marketing metric
○ The measure of the quantitative value or trend of a marketing action
or result
● Data visualization for easy viewing to monitor business performance
● Dollar Sales ($) = Average Price x Quantity Sold
● Dollar Market Share (%) = Sales ($) / Total Industry Sales ($)
Chapter 4- Consumer Behavior
● The Purchase Decision Process
,1) Problem Recognition: perceiving a need
a) Starts with difference between consumers ideal situation and their
actual situation
2) Information Search: seeking value
a) Internal search
b) External search (personal sources, public sources, marketer-
dominated sources)
3) Alternative evaluation: assessing value
a) Suggests criteria for purchase
b) Yields brands that meet criteria
c) Develops value perception
4) Purchase decision: buying value
a) Decide from whom and when to buy
5) Postpurchase behavior: realizing value
a) Customer satisfaction studies
● Wolters Word Consumer Decision Process Video
● Consumer Involvement
, ● Low involvement products
○ Maintain product quality
○ Avoid stockouts
○ Reduce cognitive dissonance with ads
● High involvement products
○ Consumers seek product information
○ Use comparative ads
○ Use personal selling
● Situational influences
○ Purchase task
○ Social surroundings
○ Physical surroundings
○ Temporal effects
○ Antecedent states
● Consumer perception
○ Selective perception: filtering
○ Selective exposure: paying attention
○ Selective comprehension: interpreting
○ Selective retention: remembering
● Priming video and supraliminal perception
Chapter 1- What is Marketing
● Marketing Mix (The 4 P’s)
○ Product- good, service, or idea
○ Price- something to exchange
○ Promotion- communication between buyer and seller
○ Place- gets product to consumer
● The 4 P’s: Controllable marketing mix factors that company puts together to
satisfy its target markets
Chapter 2- Strategy
● Marketing dashboard
○ The visual computer display of the essential information related to
achieving a marketing objective
● Marketing metric
○ The measure of the quantitative value or trend of a marketing action
or result
● Data visualization for easy viewing to monitor business performance
● Dollar Sales ($) = Average Price x Quantity Sold
● Dollar Market Share (%) = Sales ($) / Total Industry Sales ($)
Chapter 4- Consumer Behavior
● The Purchase Decision Process
,1) Problem Recognition: perceiving a need
a) Starts with difference between consumers ideal situation and their
actual situation
2) Information Search: seeking value
a) Internal search
b) External search (personal sources, public sources, marketer-
dominated sources)
3) Alternative evaluation: assessing value
a) Suggests criteria for purchase
b) Yields brands that meet criteria
c) Develops value perception
4) Purchase decision: buying value
a) Decide from whom and when to buy
5) Postpurchase behavior: realizing value
a) Customer satisfaction studies
● Wolters Word Consumer Decision Process Video
● Consumer Involvement
, ● Low involvement products
○ Maintain product quality
○ Avoid stockouts
○ Reduce cognitive dissonance with ads
● High involvement products
○ Consumers seek product information
○ Use comparative ads
○ Use personal selling
● Situational influences
○ Purchase task
○ Social surroundings
○ Physical surroundings
○ Temporal effects
○ Antecedent states
● Consumer perception
○ Selective perception: filtering
○ Selective exposure: paying attention
○ Selective comprehension: interpreting
○ Selective retention: remembering
● Priming video and supraliminal perception
