BCOR 2400 1st EditionFinal Exam Study GuideMarketing Study Guide #3: Final ExamI. Careers in Marketing 1. The client-agency relationshipA. 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 resultsB. 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 plan2. Brand/product management jobsA. 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 partnerB. 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-Competitive3. Agency jobsA. Business development-Prospect new clients-Pitch new business-Relationship managersB. Account management-Represent client needs-Direct internal resources-Task manager-Project managerC. Creative-Graphic designers, art directors, writers, producers-Bring ideas to life-Provoke, compel, surprise, stimulate, and entertain othersD. Production-Oversee production and schedule of creative deliverables-Manage multiple external suppliers/partners-Skilled at process managementE. 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 dataG. Planning/ Strategy-Develop big picture strategy-Understand industry and market dynamics-Drive new product innovation-Challenge client thinkingII. Place: Marketing ChannelsA. Marketing channel-Partners involved in the process of making a product or service available to consumersB. Deliver (Thereby creating utility and an exhange)-Right goods and services-At the right time-In the right location-In the right formC. 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 titleInternet 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 andassort 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 geographicallyD. Channel structure and organizationA. Multichannel marketing (mix of channels to same targetsB. 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 influenceD. Channel captain-Producer, wholesaler, retailerE. Channel structure considerations-Target market coverage-Intensive distribution-Selective distribution-Exclusive distributionF. 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 intermediariesG. 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 productsIII. Retailing: UtilitiesA. Consumer utilities offered by retailing-Form (how)-Place (near)-Possession (transfer)-Time (now)-Compare to online retailersB. 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 issuesC. Nonstore/place-Automatic vending-Pop up storesIV. Retailing A. Promotion-A branded retail experienceB. 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-ShowroomingV. Integrated Marketing CommunicationA. 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