B BUS M 300 1st Edition Exam m 1 Studyy Guide Lecttures 1 8 Lecture 1 What is marketing Marketiing the process by which compan nies create vvalue for cu ustomers an nd build strrong customer relationsships in order to captu ure value fro om customeers in returrn What iss the Genera al Marketin ng Model 1 Identify marketplacce custom mer needs 2 Develop p a value driven marketting strategyy 3 Deliver tthe marketing strategy 4 Develop p profitable customer reelationshipss What arre the custo omer value ttypes Form Valuee o Exam mple Ford b buys raw materials and d puts it together to maake a car o Marrketers create value by taking mateerials and assembling them t into faabulous prod ducts Time Valuee o Man ny people arre starved fo or time o Exam mple shopp ping online Netflix fastt food drivee up Discoveer bank 24 7 bankking Possession n Value o Posssession valu ue makes it easier e to maake a decision about th he product Happens Pre purchase o Exam mple lay aw way test driive on autom mobiles deemo of softw ware samplles at Sam m s Club Place Valuee o Makking productts available where custtomer needs it o Exam mple Redbo ox return att any locatio on Rent a ccar Div y bikkes Informatio on Value o Provviding relevaant informaation about the productt o Exam mple Zappo os info abou ut shoe size CarFax O Other custom mers also likked Service Vallue o Provviding ongoiing and exceellent servicce o Exam mple warraanties custo omer support troubleshooting Zappos free shipping Lecture 2 What is a mission sstatement Explains who we are Describes w what we do o For whom And why do we do it oriented misssion statem ments Describee the differeence betweeen product vvs market o Product orriented misssion statements might be something like Wee sell music or We sell coffee This is verry straightfo orward and focuses on the producct you are seelling Market oriiented mission statemeents shoot for f the biggeer picture May M be som mething like We m make purchaasing easy or fun or W We create sspecial mom ments What is the producct life cycle Products go through 4 stages Heelps marketeers better understand p product straategies 1 Introducction 2 Growth 3 Maturityy 4 Decline m sharee How to calculate market Market shaare percentt of market your compaany owns ass percent off total markket Burger Kingg sold 40 million hamburgers All ffirms sold 40 00 million M Market sharre 10 h share matrrix What is the growth There are 4 stages 4 q quadrants a product caan move thrrough Doessn t always m move through th his order bu ut this is thee desired ord der 1 Question n Mark o At th his point we don t kno ow what is going g to hap ppen to the product 2 Star o You own markeetplace hugge growth w 3 Cash Cow o Grow wth is slowing but you u still have m market sharee 4 Dog o Declline This is whyy you need tto have a divversified po ortfolio of products Lecture 3 What marketing m strrategies sho ould a markketer pursuee during the different sttages in the growth share matrix m Mark Question M o Build d strategy iinvest Stars o Hold d strategy Maintain M current position Cash Cowss o Harvvest strategy milk redu uce investm ment Dogs o Diveest sell or cllose down g and implem menting ma arketing stra ategy What arre the stepss in planning Identify thee target cusstomer segm ment througgh segmentation Target certtain segmen nts of customers Positioningg Apply 4 P ss for sales and profit What arre the 4P s o of Marketin ng 1 Product 2 Promotion 3 Price 4 Place gment the ccustomer What arre different ways to seg Demographics geograaphy age ggender etc phics based d on what people p wantt out of life More experiential Psychograp Note 18 4 49 year olds are target d demographic for adverrtisers Lecture 4 ween unmet and unknow wn customeer needs What arre the differrences betw Unmet cusstomer need ds needs th hat are know wn but havee not been fulfilled Unknown ccustomer neeeds solutions for custtomers thatt are so radiical revolutionary that they ccan t envisio on them M What is the PECTS Model An analysiss of the envvironment th hat tries to produce WO OW s insigh ht that can t be explained by b facts alone oes PECTS M Model stand d for What do P political o Laws and regulaations nt issues o Ecological and eenvironmen o Polittical climatees o Lobb bying organizations E economic o Econ nomic grow wth o Inflaation rates o Unemploymentt levels o Custtomer confidence levels C competittion o Direct indirect competitors o Intensity of com mpetition an nd trends o Com mpetitor success T technolo ogy o State of technology ovation poteential o Inno o Custtomer use o of technologgy S social o Dem mographics o Buyiing trends o Custtomer needs o Lifesstyle trends o Ethiccal issues nt analysis you y can use to define co ompetitors What arre 2 differen 1 Strategicc group anaalysis 2 Customeer choice an nalysis Strategic group analyssis an inwarrdly focused d analysis w where you arre sitting in headquarters and you u divide up tthe marketp place to figu ure out who o competitors are Customer choice c analyysis Based on how thee customer d defines com mpeting solu utions The resultss between the two are often conflicting and surprising Example A consumer choice analysis may grroup together Nordstro om s and Co ostco because off their greatt return poliicy A strateegic group analysis mayy have only grouped g them by prrices Lecture 5 What is marketing research ng and interrpreting datta about Marketing research is the processs of collecting analyzin ors and the business en nvironment in order to improve marketing customers competito effectiveneess Better deecision making businesss results seerve custom mers arch processs What arre the stepss in the markketing resea 1 Define the research h objectives 2 Define the data neeeded and the data colleection instru ument 3 Collect tthe data 4 Analyze data and seeek insights 5 Act on th he insights What arre the 2 kind ds of data 1 Qualitative o Askss WHY o Use this to undeerstand a phenomenon n or when yyou don t yeet have an othesis Quaalitative datta seeking o often uses iinsight wh here you usee only a hypo few subjects bu ut spend hou urs with theem 2 Quantitaative o Askss WHAT o This type of datta is gathereed at a distaances It focuses on num merical dataa that is reprresentative of larger gro oups ata What arre a few meethods for gathering da Surveys po olls scanner data Insight speend hours w with a few subjects Ethnography follow p people around to obserrve their daiily habits an nd