Chapter 1Chapter 2Chapter 3Chapter 4Chapter 5Chapter 6Chapter 7Chapter 8Chapter 9Chapter 10Chapter 11Chapter 12Chapter 13Chapter 14Chapter 15Chapter 16Chapter 17Chapter 18Chapter 19Chapter 20Final Exam Study GuideChapter 1 Marketing : the activity or set of instructions, &processes for creating, communicating, delivering,& exchanging offerings that have value forcustomers, clients, partners, & society at largeMarketing Management Philosophies product-oriented organization: focus on internalcapabilities of firm rather than desires and needsof the marketplace sales orientation: based on beliefs that people willbuy more products via aggressive sales techniques market orientation: focus on satisfying customerwants and needs while meeting organizationsobjectives societal marketing orientation: includes preservation or enhancement of individuals and society’s long-term best interests-Reasons to study Marketing:-mtkg affects the allocation of goods & services that influence a nation’s economy & standard of living-understanding mktg is crucial to understanding most businesses-career opportunities in mktg are diverse, profitable, & expected to increase-understanding mktg make consumer’s informedChapter 2-strategic marketing planning: the managerial process of creating and maintaining a fit btwn the organizations objectives & resources & the evolving market opportunitiesMarketing Plan1. Business Mission Establishes boundaries for subsequent decisions, objectives & strategies Focus on the market or markets the org. is attempting to serve2. Performing a Situation Analysis (internal & external) SWOT analysisi. Strengths(internal)ii. Weaknesses(internal)iii. Opportunities(external)iv. Threats(external) When examining external O&T use environmental scanningi. Macro environmental factors: social, demographic, economic, technological, political & legal, & competitive3. Setting Objectives SMARTi. Specificii. Measurableiii. Attainableiv. Realisticv. Timed Good objectives =i. Communicate marketing management philosophyii. Provide mgmt directioniii. Motivate employeesiv. Force executives to think clearlyv. Allow for better evaluation of results4. Select Target Markets Market Opportunity Analysis(MOA): describes & estimates the size & sales potential ofmarket segments Assessment of key competitors After market segments defined  1+ perused by firm 3 strategies to select tarket marketi. Appeal to entire market with 1 marketing mixii. Concentrate on 1 segmentiii. Appeal to multiple segments with multiple marketing mixes5. Define marketing Mix(4P’s) Producti. Tangible goods, ides or services Place(Distribution)i. Making products available when and wehre customers want them Promotioni. Advertising, public relations, sales promotion, & personal selling Pricingi. What a buyer gives up to obtain a productii. Easiest to change in the marketing mix6. Establish ways to implement, evaluate, & control the plan Implementation: people must perform the actions in the plan Evaluation: see if objectives are obtained Control: provides mechanisms for evaluating marketing resultsCompetitive Advantage1. Cost Experience curves Efficient labor No-frills goods & services Government subsidies Product design Reengineering Product innovations New methods of service/delivery2. Product/service differentiation When a firm provides something unique that is valuable to buyers beyond just a lower price3. Niche strategies Comes from targeting unique segmentswith specific wants & needsStrategic Alternatives Help market penetration, product development,market development, & diversification Managers use portfolio matrix: (RIGHT)Chapter 3Ethical Decision Making1. Consequences of decisions2. Relies on rules & laws to guide decision making3. Based on theory of moral developmenta. Preconventional moralityb. Conventional moralityc. Post conventional moralityEthical Behavior Ethical conduct shaped by: (societal elements)o Family, education, religion, & social movements Businesses create a code of ethicso Help employees identify acceptable businesspracticeso Effective internal control on behavioro Help employees avoid confusion when determiningwhether decisions are ethicalo Facilitate discussion about right vs. wrongCorporate Social Responsibility 4 components:1 Economic2 Legal3 Ethical4 Philanthropic Main goal : economic profitability but sustainability canincrease profitabilityChapter 4 External marketing environment:1 Social Most difficult for mktrs to anticipateINVESTINEVEST HEAVY orDROPStars: large profitsProblem Child: needCashCash Cow: MarketdominanceDogs: small marketshare & low growthINVEST DROP People o all ages have broader range of interest defying traditional consumer profiles Changing gender roles more women into workforce & inc. # of men shopping Greater # of dual career families  time-saving goods & services2 Demographic US population growing at a slower ratecan’t rely on profits from expanding markets Population growing olderappeal to middle-aged & elderly3 Economic Inflation: mktrs try to maintain level pricing to avoid losing brand loyalty Recession: mktrs maintain/reduce prices to counter effects of decreased demand;concentrate on increasing production efficiency & customer service4 Technological Monitoring new tech. is essential to keeping up with competition5 Political & legal Mkters responsible for remaining aware of & abiding by regulations Ex’s: Sherman Act, Clayton Act, Federal Trade Commission Act, Robinson-Patman Act, Wheeler-Lea Amendments to the FTC Act…6 Competitive variables Number of competitors a firms faces Relative size of competitors Degree of interdependence within an industry Mktrs must understand how external environment changes(b/c can control them) Multiculralism : when all major ethnic groups in an area(city, country, etc) are roughly equally represented1 Growing multiculturalism marketers more challengedChapter 5Global Marketing Firms who adopt a global vision able to:o Identify global mktg opportunitieso Understand nature of global networkso Create effective global mktg strategieso Compete against foreign competition in domestic mkts Multinational firms= international traders that operate across borderso Vast size, financial, technological, & material resoucceso Have ability to overcome