MAR3023 MARKETING FINAL STUDY GUIDE Marketing Exam 1 Study Guide Marketing Concept process of creating distributing promoting and pricing goods services ideas and unmet customer needs to facilitate and maintain satisfying exchange relationships w customers and stakeholders There is a misperception that marketing is less important than it really is 1 Pure Marketing long termed engages in marketing process Creates a positive stigma and develops relationship with customers by being consistent with reliable quality Complex strategic quantitative statistical and multifaceted 2 Impure Marketing short termed but VERY powerful Advertising and overhyped fads by opportunists of inferior products without investment in marketing process Steal the stigma that pure markets worked hard at creating 4 P s 1 Product identify unmet customer needs through marketing research and develop a Good tangible object core marketing function ppl don t always know what they need Service hair cutting medical care Idea concept philosophy image or issue political party church school 2 Placement distribution to the right location to minimize costs Channels distribution logistics MWRC manufacture warehouse retail consumer 3 Pricing identify price and value of exchange that would maximize revenue Today it s difficult to compete with prices bc greater access to info about other pricings via internet Where marketing finance and economics intersect 4 Promoting inform people about the organization and its products or services Strategies advertising PR personal selling promotions street teams viral marketing History of Marketing Production Era Industrial Revolution 1860 1920 firms produce in mass what they could Model T Sales Era Door2door salesman 1920 1950 firms focused on aggressive advertisement sales tactics Marketing Era 1950 1990 more consumer oriented product innovation trust honor Relationship Marketing Era 1990 2010 focus on long term relationships and customer retention Social Marketing Era 1960 present society stakeholder focus on CSR ex green marketing Marketing concept big picture philosophy that an organization should try to provide products that satisfy customers needs through a coordinated set of activities that allows organization to achieve its goals Marketing Strategy develop and maintain favorable relationship with stakeholders constituents w claim in some aspect of firms outcome like customers or investors ex BP had to rebuild relationship with stakeholders by demonstrating efforts to solve oil problem Begins with customer then apply 4 P s then account for external forces that affect the marketing mix Marketing orientation specific to each company commitment to researching and responding to customer needs Customer Centric Marketing developing collaborative relationships w customers by focus on individual needs concerns Relationship Marketing establishing long term mutually satisfying buyer seller relationship Repeat customers generate over twice as much revenue as new customers Ex Disney hotels decorate room in certain way Charmin had promotions for select customers Chikfila customer service Customer Relationship Management using info ab customers to create strategies that develop sustain Green Marketing create long term relationships w customers while maintaining and enhancing the natural relationships environment Value driven marketing based on subjective customer s worth benefits costs Ex Sheraton 24 hr check in green marketing social value Segment marketing create product differentiation variety of products to target a wide range of customers Market Penetration Strategy employs existing marketing mix focus firms effort on existing customers Product development strategy offers new product service to firms current target market Marketing development strategy employs existing marketing offering to new market segments Marketing management effective and efficient control on marketing activities Strategic Planning mission statement corporate strategy SBU strategy marketing strategy marketing mix each level of strategy should be consistent w previous 1 Use SWOT detailed analysis of firm s strengths weaknesses identification of opportunities threats within marketing environment to create mission statement Missions statement answers 1 who are our customers 2 what is our core competency and creates a corporate identity 2 Based on this analysis firm establishes missions goals and develops corporate strategies to achieve them 3 Next each functional SBU of the organization inc marketing production finance and human resources establishes own objectives and develops strategies to achieve them 4 Create marketing strategy that is consistent w previous levels mission that efficiently uses firm s resources and that is flexible in response to changes in market conditions competition and customer needs 5 Firm identifies analyzes target market and develops marketing mix 4 Ps BCG approach to satisfy individuals in that market marketing implementation Marketing objectives should be expressed in clear simple terms so that all marketing personnel understand exactly what they are trying to achieve be written so that they can be accurately measured specify a time frame for accomplishment be consistent with both business unit and corporate strategy The strategic planning process yields a marketing strategy which is a framework for a marketing plan written document that specifies activities to be implemented and controls an organization s marketing activities Identify market opportunities where circumstance and timing meet to create strategic windows Ex Starkbucks for McDonalds recession for Walmart 3 levels of strategic plan planning implementing control Marketing implementation putting marketing strategies into action Intended strategy vs Realized strategy Control phase evaluating performance of market strategy using marketing metrics taking necessary corrective action SWOT analysis preliminary step for Strengths core competencies internal Weaknesses internal Opportunity external Threat external Marketing objective Matching strengths to opportunities Converting weaknesses into strengths Converting threats into opportunities marketing strategy SBU strategic business unit division product line or other profit center within the parent company All the SBUs and products should be integrated into a single overall matrix and evaluated to determine appropriate strategies for individual products and overall portfolio strategies
View Full Document
Unlocking...