Northeastern
1898
Year Northeastern was founded
Mayor of Boston
Michelle Wu
5 steps in consumer decision making
Problem recognition, Information search, Alternatives Evalution, Purchase decision, Post-purchase decision evaluation
Why is loyalty important?
Five times more expensive to acquire customers than to retain them
Three core functions of business
Operations, Finance/Accounting, Marketing
GPA needed to earn your MBA
3.0
The site of the world's largest art heist
March 18, 1990, two men dressed as police officers stole 13 masterpieces valued at over $500 million from the Isabella Stewart Gardner Museum in Boston, marking it the largest unsolved art theft in history
Formula for Customer Perceived Value
Total Benefits - Total Costs
One factor that influences the adoption process
Relative advantage, Compatibility, Complexity, Divisibility, Communicability
What are the four Ps?
Product, Price, Place, Promotion
Evening Institute of Young Men
A dessert named after the city
Boston Cream Pie
Name one perceived risk in purchasing decisions
Functional, Physical, Financial, Social
Customer Lifetime Value
Represents the total amount of money a customer is expected to spend at a business during his/her lifetime. Uses time value of money to calculate
Why is marketing a core business function?
Without customers a company cannot be successful
D'Amore and McKim
Richard D'Amore, NU business undergrad and VC and Alan McKim, MBA grad and founder of Clean Harbors donated $60 million to College of Business
When did the Curse of the Bambino end?
In 2004 when the Red Sox ended the 86 year drought of campionships
Name a customer cost besides purchasing a product
Costs: Monetary, Time, Energy, Psychological
Gupta's bases for Segmentation
Why do customesr make the decisions they do?
What have the customers done?
Who are the customers?
What tool can be used to evalute the macro environmental forces?
PESTLE
Carolyn's nerdy hobby
Bird watching
Substance that killed 21 and injured 150 in 1919
Molasses
Name a customer benefit besides the product
Benefits: Product, Services, Personnel, Image
Five criteria in evaluating the feasibiity of a segment
Measurable, Substantial, Acessible, Differentiable, Actionable
Steps in a marketing plan?
Mission statement, Situation analysis, Marketing objectives, Customers/Target market, Marketing Mix (4Ps), Implementation/Evaluation