UT Knoxville BUAD 332 - Final Exam Study Guide (27 pages)

Previewing pages 1, 2, 3, 25, 26, 27 of 27 page document View the full content.
View Full Document

Final Exam Study Guide



Previewing pages 1, 2, 3, 25, 26, 27 of actual document.

View the full content.
View Full Document
View Full Document

Final Exam Study Guide

348 views


Pages:
27
Type:
Study Guide
School:
University of Tennessee
Course:
Buad 332 - CBM I: Demand Management
CBM I: Demand Management Documents
Unformatted text preview:

BUAD 332 Demand Management Final Exam Chapter 1 Marketing Creating and Capturing Customer Value What is marketing Marketing is managing profitable customer relationships orA social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others Goals o Attract new customers by promising superior value o Keep and grow current customers by delivering customer satisfaction It is cheaper and more effective to keep customers instead of get new ones KEEP CUSTOMERS SATISFIED Steps of the marketing process 1 Understand the marketplace and customer needs and wants 2 Design a customer driven marketing strategy 3 Construct a marketing program that delivers superior value 4 Build profitable relationships and create customer delight 5 Capture value from customers to create profits and customer equity a Customer Equity loyal and trust whatever company offers What do we mean by Consumer Needs Wants and Demands A NEED is a state a felt deprivation o Physical o Social o Individual A WANT is a form that a human need takes as shaped by culture individual personality and marketing activity Wants Buying Power DEMAND o Not all wants represent real demand What does this have to do with Marketing Needs and wants are fulfilled through a Marketing Offer Some combination of product services ideas or experiences offered to a market to satisfy a need or want What is a Market The set of actual or potential buyers of a product or service These people share a need or want that can be satisfied through an exchange What 2 fundamental questions must marketing managers answer 1 What customers will we serve 2 How can we best serve these customers These questions are answered through Market segmentation Divide market into segments of customers Targeting Select the segment to cultivate Value Proposition The set of benefits that are offered to consumers to satisfy their needs What else do marketing managers do Once they ve decided who the target market is and what the value proposition should be they have to figure out how to execute their marketing strategy They execute this marketing strategy through set of tools known as the marketing mix o Marketing mix actual day to day activities that managers do to execute strategies THE FOURS P s The Marketing Mix PRODUCT PRICE PROMOTION PLACE Chapter 2 Company and Marketing Strategy Partnering to Build Customer Relationships Strategic Planning Process of developing and maintaining a strategic fit between the organization s goals and capabilities and it changing marketing opportunities Maintaining what the company is good at and the environment Organizations have to know a lot about Cultures Trends Customers Externalities Core competencies What is the term used to describe customer value Satisfaction Steps in Strategic Planning Corporate Level 1 Defining the company mission 2 Setting the company objectives and goals 3 Designing the business portfolio 4 Planning marketing and other functional strategies business unit product and market levels Defining the company mission Questions the mission statement answer include o What is our business o What is our customer o What do our customers value o What should our business be Should influence not only the market but employees also Setting the company objectives and goals Mission statement should be translated into supporting objectives for each level of management o Everything needs to be in harmony Creates a hierarchy of objectives that are consistent with one another o Example Overall objective might be increase profits Marketing objective might be increase market share of more profitable product lines Designing the business portfolio The business portfolio diversify is the collection of businesses and products that make up a company The company must o Analyze it s current business portfolio or Strategic Business Units SBU s o Decide which SBU s should receive more less or no investment o Develop strategies for growth or downsizing Strategic business unit SBU A unit of a company that has a separate mission and objectives and that can be planned independently from other company businesses o EX General Electric GE Can be a company division a product line within a division or sometime a single product or brand Portfolio Analysis An evaluation of the products and businesses making up the company Resources are directed to business units that help the company as a whole to be more successful Business units that don t contribute to the portfolio might be phase down or dropped THE BCG Boston Consulting Group Growth Share matrix HIGH LOW Stars High growth share May need heavy investment to grow Eventually growth will slow Cash Cows Want to steal market share from whoever is dominating Question Marks Low share SBUs in high growth markets Require cash to hold market share Build into Stars or phase out Dogs Low growth low share Generate cash to sustain self Do not promise to be cash source Not attractive market to be in Low growth high share Established successful SBU s Produce cash Doesn t require investment Better have cash cows to generate resources for stars and question marks A company must also think about growth strategies Market Penetration least risky o Make more sales to current customers without changing product o How Add new stores improve ads pricing and services Product Development o Identify and develop new markets for current products o How Pursue demographics customer group expand to different geographic regions global expansion Market Development o Offer modified or new products to current markets Diversification most risky o Start up or buy businesses outside of current products and markets What role does marketing play Provides a guiding philosophy o Representing the customer and the demand side of the business Provides inputs to strategic planners o Estimates of market size customer trends etc Designs strategies to achieve corporate objectives The Marketing Mix The set of controllable tactical tools that marketers blend to produce the response it wants from target market Consists of the four p s o Price o Promotion o Place o Product Chapter 3 Analyzing the Marketing Environment Marketing Environment Microenvironment actors close to the company that affect its ability to serve its customers o To be considered somewhat under the control of the marketing organization Macro environment larger societal forces that affect the microenvironment


View Full Document

Access the best Study Guides, Lecture Notes and Practice Exams

Loading Unlocking...
Login

Join to view Final Exam Study Guide and access 3M+ class-specific study document.

or
We will never post anything without your permission.
Don't have an account?
Sign Up

Join to view Final Exam Study Guide and access 3M+ class-specific study document.

or

By creating an account you agree to our Privacy Policy and Terms Of Use

Already a member?