BUSI 406 Marketing Exam 1 Study Guide Lectures 1 7 Lecture 1 August 20 3C s Costumer Competitors Company SWOT Strengths Weaknesses Opportunities Threats 4P s Product Price Promotion Place Marketing is more than just selling Good marketers identify needs wants and demands of customers and work to satisfy them Needs o states of felt depression Wants o needs shaped by learning experiences personality Demands o wants backed by purchasing power Marketing s Goal o to provide goods and services that exceed customer expectations and create customer satisfactions at a profit Importance of Customer Satisfaction o satisfied customers are loyal refer company to others and are less price sensitive Why not satisfying is bad o customers will stop buying complain to others and not complain to the firm Lecture 2 August 25 Marketing is more than just selling and advertising Think Bicycle example Marketers must 1 Analyze needs 2 Predict Wants 3 Estimate Demand 4 Determine where 5 Estimate price 6 Decide Promotion 7 Provide Service Production is putting the product first while marketing is putting the consumer first o If production is making sure goods services are produced marketing is making sure the right ones are produced to create customer satisfaction extent to which an organization fulfills a cusomter s needs desires and expectations Production and Marketing work together to created customer satisfaction Micro Marketing and Macro Marketing o Micro individual organizations customers needs and direct exchange o Macro a social process that deals with producers and consumers as a whole how marketing affects society and how well marketing matches supply and demand Macro marketing governs exchanges in an Economic System o can be seen in subsistence economies that become market economies Market a group of consumers with similar needs that is willing to exchange something of value to satisfy those needs Mass Productions and Consumption Needs o marketing is needed to overcome the difference between maximizing production efficiency and the preferences people have for consuming products and services Marketing Functions o Marketing functions help macro marketing overcome discrepancies between producers and consumers 1 Buying 2 Selling 3 Transporting 4 Storing 5 Standardization and Grading 6 Financing 7 Risk Taking 8 Market Information Players in Market Functions o Producers most obvious example but also have Consumers Marketing Specialists execute tasks related to buying and selling Facilitators firms that provide marketing functions other than buying and selling Decisions in Economic System o economic system the way an economy organizes to use scarce resources in production and consumptions Planned Market directed o macro micro dilemma when choices are at odds with each other or with society Company Orientation and Marketing Concept o a marketing oriented company uses the marketing concept customer satisfaction guides the whole organization and all work towards this goal o product oriented company makes whatever is easy to produce Marketing Concept and Consumer Value o customer value difference between benefits a customer sees from a marketing offering and the costs of obtaining those benefits Marketing and Nonprofits o marketing concept is applicable to nonprofits Macro Marketing System o its effectiveness depends on who is asked pros connects remote producers and consumers and encourages innovation cons micro macro dilemma conflict between needs on society and needs of an individual Power of Marketing o Think Fiji example Lecture 3 August 27 Management Job of Marketing o Planning o Implementation o Control Strategic Management Planning Marketing Strategy target market and marketing mix Market Oriented Strategy Target marketing Target marketing is not Mass Marketing Product Elements product meets needs Place Elements getting product to customer channels of distribution Promotion Elements telling target market about product Price Elements must set the right price Marketing guides implementation and control 4 types of opportunity o Market Penetration easiest o Market Development o Product Development o Diversification Lecture 4 September 3 Marketing Strategy Planning process o narrow down to best opportunities o strategy for competitive advantage and superior customer value Company must look at o external market environment o company o competitors Market Environment o Direct market environment objectives resources and objectives of company firms competitors o External market environment economic envt technological political legal cultural social Firms should follow objectives o mission statement o uniform objectives for whole company o company objectives guide marketing objectives Search for opportunities limited by o financial strength o producing capability flexibility o marketing strengths Competitor Environment o competitor free rare o monopolistic competition o oligopoly o pure competition Must understand competitor environment o competitor analysis o competitive rival o competitor matrix o sustainable competitive advantage Economic environment o interest rates and inflation o global economy Technology breakthrough opps challenges ethical issues Political environment o nationalism o regional economic groupings Legal environment o consumer protection laws o food and drugs controlled o product safety controlled o state and local laws vary o laws and enforcement differ across countries Cultural and Social Envt o urbanization o distribution of population o age distribution generations X Y Z Criteria for screening opportunities o quantitative o qualitative Lecture 5 September 8 Generic vs Product markets Understand markets by looking at needs narrowing to generic market narrowing to product market narrowing to homogenous product markets and narrowing to single target market multiple combined Segment markets homogenous within market heterogeneous between markets substantial and operational Single Target one target market Multiple separate marketing mixes to two or more target markets Combined two or more target markets but only one marketing mix Segmenting Consumer markets o Behavioral Segmenting o Geographic o Demographic Segment Business Markets similar process Differentiation vs Positioning difference from competitors vs how company is viewed Lecture 6 September 10 Consumer behavior o economic needs o psychological variables o social influence o culture o purchase situation Psychological Influences o