BCOR 2400 1st Edition Final Exam Study Guide Marketing Study Guide 3 Final Exam I Careers in Marketing 1 The client agency relationship A Role of Client Organization Set business strategy SBU SWOT analysis Set growth sales goals Define budget allocation Develop product strategy Drive new product innovation process Manage product lines Measure business results B Role of the Agency Identify execute marketing research Develop brand strategy that supports the business strategy Develop creative campaigns that bring the brand to life and compel consumers Develop comprehensive marketing communications plan Media timing PR Execute refine marketing communications plan 2 Brand product management jobs A Develop marketing plan Product new products portfolio These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Promotion positioning advertising media Pricing strategy timing trade allowances Place distribution choices Understand the customer Understand market and competitors Manage product lifecycle Oversee agency partner B Management careers ex assistant brand manager Skills Leadership and team building Creativity innovation Managing with influence vs authority Math and accounting skills manage P L C Sales Careers Sales information and Persuasion Problem solving Independence Merit based compensation Builds excellent experience Travel Builds excellent experience Skills Self started operate independently Customer service oriented Enjoy people and conversation Thick skinned Competitive 3 Agency jobs A Business development Prospect new clients Pitch new business Relationship managers B Account management Represent client needs Direct internal resources Task manager Project manager C Creative Graphic designers art directors writers producers Bring ideas to life Provoke compel surprise stimulate and entertain others D Production Oversee production and schedule of creative deliverables Manage multiple external suppliers partners Skilled at process management E Media Students of how people consume media Develop detailed media purchase plan Purchase media worth F Research Insatiably curious about consumers Analytical thinkers Draw deep insights from data G Planning Strategy Develop big picture strategy Understand industry and market dynamics Drive new product innovation Challenge client thinking II Place Marketing Channels A Marketing channel Partners involved in the process of making a product or service available to consumers B Deliver Thereby creating utility and an exhange Right goods and services At the right time In the right location In the right form C Types of marketing channels Intermediaries Utility received by consumers is often provided by intermediaries Key differentiation ownership of the goods Merchant intermediaries ex Target Take title Functional intermediaries ex Travelocity Perform functions but do not take title Internet sales role Taking Risk Holding inventory that you might get stuck with Functions performed by intermediaries Transactional function Logistical function Facilitating function Distribution Direct distribution involves no intermediaries Some channels include distributors or wholesalers who consolidate and assort products from many manufacturers Electronic marketing channels have middlemen just like brick and mortar channels The Long tail Industrial channels vs consumer channels Typically shorter Fewer intermediaries Fewer bigger customers Concentrated geographically D Channel structure and organization A Multichannel marketing mix of channels to same targets B Strategic channel alliances ex Starbucks and Kraft C Vertical marketing system benefits to be gained if the channel partners work together Control Cost savings Logistics efficiencies Marketing efficiencies Three types of vertical marketing Corporate Single ownership Forward integration To consumer Backward integration To materials source Contractual most popular Wholesaler sponsored voluntary chains Retailer sponsored cooperatives Franchising systems Manufacturer sponsored retail franchise Manufacturer sponsored wholesale franchise Service sponsored retail franchise Service sponsored franchise Administrated Coordination and influence D Channel captain Producer wholesaler retailer E Channel structure considerations Target market coverage Intensive distribution Selective distribution Exclusive distribution F Sources of channel conflict Vertical conflict that exists vertically in the channel between middlemen and producer Horizontal conflict that exists horizontally in the channel between intermediaries G Channel choice and management Clayton Act and Sherman Act place legal restriction on specific marketing channel strategies and practices Potentially illegal practices Tying arrangements Forcing your distributor to buy one product to get another Dual distribution if anticompetitive Manufacturer distributes through its own vertically integrated channel in competition with independent wholesalers Resale restrictions Suppliers attempt to stipulate to whom distributors may resell products III Retailing Utilities A Consumer utilities offered by retailing Form how Place near Possession transfer Time now Compare to online retailers B Retailing strategy Merchandise strategy Depth of product line Specialty outlets Category killers Breadth of product line General merchandise stores related items ex macy s Scrambled merchandising unrelated items ex walgreens Hypermarket huge popular in Europe ex walmart Supercenter mega version of your other stores ex super target Location location location Retail store design Contemporary issues C Nonstore place Automatic vending Pop up stores IV Retailing A Promotion A branded retail experience B Measurement Sales per square foot total sales Selling area in square ft C Contemporary issues The Omni channel Winning at the margins Competing in the middle Showrooming V Integrated Marketing Communication A Promotion Promotion Mix Price Product Place Promotion Advertising Sales promotion Publicity Personal selling Direct marketing Objectives Inform prospective buyers Persuade them to try Remind them of the benefits Promotion seeks to create differential advantage Unique features perceived by the target market as significant and superior to the competition Affects demand Promotion seeks to rotate shift the demand curve Factors affecting the blend of promotional elements Who is the target audience