Week 1:

1. Define marketing and list the steps involved in the marketing process.
Marketing is engaging customers and managing profitable customer relationships. The steps
involved in marketing are understanding the marketplace and what a customer may need,
designing a marketing strategy that is geared to what a customer wants, constructing a
marketing program, engaging customers and creating relationships, and then finally getting
value from customers to create profit and customer equity.
2. Describe how the "digital age" has impacted the marketing environment.
The digital age has advanced marketing in many ways. One being new ways to build customer
relationships. With the ability to reach out to customers using social media it has become easier
to create the relationships that help to sell a product. The advancement of marketing in social
media has also allowed companies to target their customers more deeply and interactively.
Overall social media has become a big part in creating relationships with consumers while also
getting the word out about a brand or product.

Week 2:
1. Describe what a mission statement is and how it relates to a firm's marketing.
A mission statement is a statement of an organization's purpose - what it wants to accomplish in
the larger environment. Mission statements relate to a firm's marketing because it is what they
want to give to their customers, besides their product. For example, Chipotle sells burritos and
other Mexican foods, but they also care for their customers' well-being but also the environment
saying in their mission statement: “We give customers ‘Food with Integrity,’ serve with a
commitment toward the long-term welfare of our customers and the environment.”
2. In your own words, describe the process of segmentation and targeting.
The process of segmentation in marketing is creating different marketing strategies and splitting
up consumers into different categories based on their needs, characteristics, and behaviors in
order to cater to them personally in order to sell products. Although segmentation in marketing
is not always needed it is a good way to cater many different groups of people. Market targeting
is looking at the needs and wants of the different marketing segments and figuring out which
segments they would like to target or serve. A company is usually going to want to target
segments that are going to generate the greatest customer value and continue to make money
over time. They may decide to serve one segment or multiple. Sometimes companies may
decide to target segments that are often overlooked by other companies.

Week 3:
1. What impact have recent changes to demographics have on the marketing
environment today? Give at least one example to illustrate your point. The impact recent
demographic changes have had on the marketing environment today is the decision of how to
market a product or service because of changing age, family, geographic shift, and more. Since
more husbands are staying home with children while wives are out working or shopping,
marketers take into consideration how they portray their ads to men at home. For example in a
Samsung Galaxy commercial a husband swaddles a baby while a wife checks up on them, then
the husband says, “We’re having a dudes’ day here. We’re fine. You take the weekend if you
want to.” This ad shows that wives deserve a break and more men are helping out at home,
while also promoting a product.

2. Describe the concept of "Cause Related Marketing" and at least one benefit it can have
to businesses that use it. The concept of cause related marketing is when a company links
purchases of their products or services to benefiting causes or charitable organizations. Many
companies have started to use cause-related marketing as one of their primary forms of giving
back. A benefit of cause-related marketing is while the company is making a profit off of sales
from products, an organization is also getting the funds it needs to make the world a better
place.

Week 4:
1. Describe at least two drawbacks of online customer research and how they can
negatively impact results. One drawback of online customer research is when having an
online focus group it is difficult to control who is in the online sample. Without control over who
enters the focus group people can give feedback that is not helpful to the research being
conducted. Another disadvantage of online customer research is people not responding to a
survey needed for the research being conducted. If people do not respond to a survey that has
been sent out then the researchers will not get the information they need in order to improve a
product or service.

2. How do ethics and public policy impact marketing research? Ethics and public policy
impact marketing research by not using market research correctly and invasion of consumer
data. When people are voluntarily taking a survey for a product or service they are answering
the questions truthfully but if their answers are not being used for the right reason then they will
feel they did the survey for nothing. If a consumer finds out that their personal information was
leaked they will lose trust in the company and not want to complete a survey in the future.

Week 5:
Why is consumer behavior important to marketing professionals? Consumer behavior is
important to marketing professionals because it is helpful for marketers to understand the
different expectations consumers have and ways to make consumers buy their products. If a
marketer has a product and does no research of what consumers will think or if they will even
buy the product, it could be a negative result if consumer behavior is not monitored beforehand.
Another reason consumer behavior is important to marketing professionals is because the
marketing professionals want all the customers they can get. If a service or product is
uninteresting to a consumer they will take their business elsewhere, losing money for the
company.
Describe one of the psychological factors affecting consumer behavior. One psychological
factor that affects consumer behavior is motivation. Motivation affects a consumers behavior
because it is the backbone of purchasing behavior when consumers are looking to satisfy their
needs. Motivation is what gets consumers to buy products they may not need, whether it be to
feel good about oneself or to impress others. Once consumers have satisfied their most
important need they move onto the next most important need that needs to be satisfied, this all
being driven by motivation.

Week 6:
1. Name and describe at least two of the major types of business buying situations. One
major type of buying situation is straight rebuy which is when a buyer reorders something
without any modifications. Straight rebuys are sometimes handled on a regular basis by a
purchasing department. Another major type of business buying situation is a modified rebuy
which is when a buyer wants to modify a product's specifications, prices, terms, or suppliers. To
limit buyers from purchasing different brands products, sellers make sure to check with their
buyers to see if their products have met the buyers expectations.

2. Describe at least one benefit of using social media instead of traditional media for
business to business marketing. One benefit of using social media for business-to-business
marketing is it creates more customer engagement and interactions between consumers and
brands. Since people are always surrounded by technology, it is beneficial to marketers in order
to sell products and get information from customers about their products in order to improve
them.

Week 7:
1. How does market segmentation differ from market targeting? Market segmentation
differs from market targeting because market segmentation is when groups of buyers are
divided into different segments depending on their different needs, characteristics, behavior,
and others who may require different marketing techniques. Market targeting is when marketers
evaluate each market segment's appeal and choose which segment they want to target. Market
segmentation creates different groups of people to target, making it easier for marketers to
choose their general target market.

2. Why is product positioning important? How is a product's positioning determined?

Product positioning is important because it places a positive image of the brand into consumers
minds and it helps consumers differentiate from other competing brands. Product positioning is
determined by differentiating the product from other brands, considering different advantages a
certain brand has over another, and choosing the most effective positioning strategy in order to
stand out.
Week 8:
1. What is "test" marketing? Explain why companies may or may not use test marketing.
Test marketing is when a product and marketing program are tested in a realistic market setting.
Test marketing allows marketers to experience what it is like marketing a product before actually
making a great expense. Companies may use test marketing because the product may require
a big investment, when risks are high, and when markers are unsure of how to market a
product. Companies may not use test marketing because it is expensive, time consuming which
raises risks sometimes gives competitors advantage and allows opportunities to fade.

2. What are the benefits of the innovation management system? Benefits of the innovation
management systems it helps to create a good company culture that is geared towards
innovation. It allows for top management to support, encourage and reward innovation. Another
benefit is it creates a larger number of product ideas, some which are good. The increase of
product ideas allows for more detailed development, producing more successful products.

Week 10:
1. Describe the differences between "customer-value-based pricing" and "cost-based
pricing". The differences between customer-value-based pricing and cost-based pricing is that
customer-value-based pricing is when the customers of a product in order to price a product.
Cost-based pricing is when the cost of producing, distributing, and selling a product is used to
determine the price of a product. Overall customer-value-based pricing is determined by the
customer's view and cost-based pricing is determined by the production and distribution of a
product.

2. What are the benefits of the "psychological pricing" approach? The benefit of
psychological pricing is that it ties in customers' emotions. Psychological pricing uses a
customer's emotional response to prices rather than their rational response. This pricing
strategy allows sellers to set an item at a price like 3.99, even though the product is 4 dollars,
the customer sees the 3 and assumes it is less. Sellers could also use sales in order to trigger
one's emotions when buying products. With the advantage of psychological pricing retailers and
businesses are able to influence the way customers view products without having to change the
product itself.
Week 11:

1. Define what a marketing channel member is. A marketing channel member is a part of the
marketing channel and helps to get a product to consumers. Channel members negotiate with
one another, buying and selling products, changing the ownership of ownership between each
other in order to get a product into the hands of the final consumer.

2. Briefly describe the "marketing logistics" that are in place for the company you are
focusing on for your final marketing plan. Patagonia is a very environmentally conscious
company and applies that in their marketing logistics. One example of how Patagonia uses
marketing logistics when producing products is their use of sustainable energy. Patagonia was
one of the first companies to use solar and wind energy to power its buildings. They take the
environment into consideration when creating and distributing their products.

Week 14:
1. Compare and contrast personal and non-personal communication channels. A personal
communication channel is when two or more people communicate directly to each other face-to-
face, on the phone, through mail or email, or through the internet using various online
messaging platforms. Non-personal communication channels are when the media carries
messages without personal contact or feedback. The various media include major media
platforms, atmospheres, and events. Personal communication channels deal with people face-to
face or through on the phone or email. While personal communication channels deal with
people directly, non-personal communication channels communicate through media without
directly talking to someone. An example of the use of a personal communication channel in a
business is when a salesperson reaches out to target buyers. An example of a non-personal
communication channel is when a company sends a message through social media, reaching
many individuals at once.

2. Give an example of a time when you witnessed the "communication process"

breakdown. What step in the process did the breakdown occur? An example of a time I
witnessed a communication breakdown is when I went to school when it was canceled earlier in
the morning. I live 30 minutes away from my high school so I have to leave earlier than most of
the students that attend. I left for school and when I arrived there was no one in the student
parking lot. I was very confused and called my mom. She looked through her email and found
the message that said that school was canceled because of a power outage. The
communication breakdown happened because the email was sent too late and I was already on
my way to school. The step the breakdown occurred was the sender.