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Questions for Marketing 1

Category: Chapter 1 - (33 questions) Marketing a social and mangerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others 1. attract new customers by promising superior value2. keep and grow current customers by delivering satisfaction physical, social and individual form that a human need takes, as shaped by culture and individual personality wants+buying power some combination of products, services, information, or experiences offered to a market to satisfy a need or want products, services, brand experiences all of the physical, communicaiton and human interactions customers experience over their relationship with an organization office/storeconference roompackagingproduct sales personaccountantreceptionistcall center repinstaller emailletteradcall brand as a central organizing principle for all company activities advertising and communication to establish the promise of the brand occurs when sellers pay more attention to the specific products they offer than to the benefits and experiences poduced by the poducts set of actual and potential buyers of a productshare a need or want that can be satisfied through exchange relationships

Goals of Marketing

Needs Wants Demand Marketing Offers

Customer Touchpoints

Physical Touchpoints Human Touchpoints Communication Touchpoints Building Brand Equity

Marketing Myopia

Market

Marketing Management

art and science of choosing target markets and building profitable relationship with themrequires consumers and the marketplace be fully understoodfind, attract, keep and grow customers by creating, delivering, and communicating superior value 1. What customers will se serve? (target market)2. How can we best serve these customers? (value proposition) divides the market for a product category into segments of consumers process of selecting one of more of the segments to target set of benefits/values a company promises to deliver to consumers to satisfy their needs dictate how firms will differentiate and position their brands in the marketplace arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers rational and emotional benefits production conceptproduct conceptselling conceptmarketing conceptsocietal marketing concept transforms the marketing startegy into action 4Ps:-product-price-place-promotion customers' evaluation of the difference between all of the benefits and all of the costs of a marketing offer relative to those of competing offers may be subjective dependeng on the product's perveiced performance relative to a buyer's expectations often leads to loyalty loyalty and retention programs build relationships may feature financial benefits, social benefits, structural ties focus on relating directly to profitable customers for the long term customer profitability analysis eliminates losing customers and selects profitable ones

Successful Marketing Strategy (Questions to Ask) Market Segmentation Target Marketing Value Proposition

Positioning/Value Proposition

Marketing Management Philosophies

Integrated Marketing Plane Customer Perceived Value

Customer Satisfaction

Customer Relationships

Selective Relationship Management

Butterflies

high profitability, short-term customer good fit between company's offerings and customer's needs high profit potential high profitablity, long-term customers good fit between company's offereings and customer's needs highest profit potential low profitability, short-term customers little fit between company's offereding and customer's needs lowest profit potential low profitability, long-term customer limited fit between company's offerings and customer's needs low profit potential the entire stream of purchases that the customer would make over a lifetime of patronage the share a company gets of the customers purchasisng in their product categories the combined discounted vustomer lifetime values of all the company's current and potential customers digital agerapid globalizationcall for more ethics and social responsibilitygrowth of not-for-profit marketing

True Friends

Strangers

Barnacles

Customer Lifetime Value

Share of Customer Customer Equity

Changing Marketing Landscape

Category: Chapter 2 - (28 questions) Strategic Planning process of developing and maintaining a straetgic fit between the organization's goals and capabilities and its changing marketing opportunities What is our business?Who is our customer?What do consumers value?What should our business be? should be market oriented (not product oriented) specificrealisticfit the market environmentbased on distinctive competenciesmotivating collection of businesses and products that make up the company those chosen should fit firm's strengths and weaknesses

Mission Statement

Qualities of Mission Statement

Business Portfolio

Designing Business Portfolio

company must analyze its current business portfolio or strategic business units (SBUs) decide which SBUs should receive more, less or no investment develop strategies for growth ad downsizing a unit of the company that has a separate mission and objectives and that can be planned independently from other comapny businesses can be a company, division, product line within a division, single product or brand process by which management evaluates the products and businesses making up the company resources are directed toward more profitable businesses while weaker one are phased out or dropped high market growth, high market share want to build into cash cow via investment low market growth; high market share want to maintain high market growth; low market share build into star via investment or reallocate financing and let slip into dog status low market growth, low market share maintain or divest can be difficult, time consumins and costly difficult to define SBUs and measure market share and growth rate focus on current business, gives little help with future planning can lead to too much emphasis on growth process of dividing a market into distinct groups of buyers with different needs, characteristics, or behavior who might require separate products or marketing programs consists of consumers who respond in a similar way to a given set of marketing efforts evaluating each market segment's attractiveness and selecting one or more segments to enter

Strategic Business Unit (SBU)

Portfolio Analysis

Star Cash Cow Question Mark

Dog Problems with Matrix Approaches

Market Segmentation

Target Marketing

Positioning

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers creating superior customer value by actually differentiating the market offering existing markets, existing products existing markets, new products new markets, new product new markets, new products set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market sellerpriceproductplacepromotion buyercustomer solutioncustomer costconveniencecommunication internal capabilities that may help a company reach its objectives internal limitations that may interfere with a company's ability to achieve its objectives external factors that the company may be able to exploit to its advantage current and emerging external facotrs that may challenge the company's performance executive summarycurrent marketing situationanalysis of threats and opportunitiesobjectives for the brandmarketing strategyaction programsmarketing budgetcontrols

Differentiation Market Penetration Product Development Market Development Diversification Marketing Mix

4Ps 4Cs Strengths (SWOT) Weaknesses (SWOT) Opportunities (SWOT) Threats (SWOT) Brand/Product Marketing Plan

Category: Chapter 3 - (16 questions) Microenvironment Publics companysuppliersmarketing intermediariescustomerscompetitorspublics any group that has an interest in or impact on an organization's ability to achieve its objectives financialmediagovernmentcitizen-actionlocal generalinternal

Types of Publics

Macroenvironment

company and all of the other actors operate in a macroenvironment of forces that shape opportunities and pose threats to the company demographic forceseconomic forcesnatural forcestechnological forcespolitical forcescultural forces demographic forceseconomic forcesnatural forcestechnological forcespolitical forcescultural forces study of human populations in terms of size, density, age, location, gender, occupation, race and other statistics changing age structure--most important demographic trend shortages of raw materialsincreased pollutionincreased government interventionenvironmentally sustainable strategies creating new markets/opportunities and danger of products becoming obsoletechallenge making practical, affordable new productssafety regulations impact costsintellectual propertyprivacy and safety of consumer data includes laws, government agencies, and pressure groups that influence or limit organizaitons and individuals the institutions and other forces that affect a society's basic values, perceptions, preference and behaviors persistent beliefs that shape attitudes and behaviors cultural environment passed on from parents to children reinforced by schools, churches, business and government cultural environment open to change-marketers might be able to change them Cultural Views are expressed in People's Views Of:-themselves-others-organizations-societynature-the universe raction to changes in the marketing environment

Major Forces in the Macroenvironment

Major Forces in the Macroenvironment

Demographics

Natural Environment

Technological Environment

Political Environment

Culture

Core Beliefs and Values

Secondary Beliefs and Values

Cultual Environment

Reactive Response

Proactive Response

some firms attempt to manage the marketing environment via aggressive actions designed to affect the publics and forces in the marketing environment

Category: Chapter 4 - (18 questions) Marketing Information Systems figure out what you want to knowbalance the information-desired vs. needs vs. feasibleweigh benefits of more information vs. cost of obtainingasking the right questions up front obtained from data sources within the company systematic collection and analysis of publicly available information about competitors and the marketing environment systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization benchmark competition through observation and published informationindustry trade associationstalking to employees, suppliers and customersonline researchpublic filings -defining the problem and research objective-developing the research plan for collecting information-implementing the research plan-collecting and analyzing the data-interpreting and responding to the findings gathers preliminary information that will help define the problem and suggest hypotheses describes things tests hypotheses about cause-and-effect relationships available more quickly at a lower cost than primary data may provide data the company cannot secure on its own desired information may not existnot all information found is usable consists of informaiton collected for the specific purpose at hand must be relevant, accurate, current and unbiased

Internal Database Marketing Intelligence

Marketing Research

Marketing Intelligence (ways)

Marketing Research Process

Explorary Research Descriptive Research Casual Research Advantages of Secondary Data

Problems w/ Secondary Data Primary Data

Primary Data Collection Decisions Observational Research

research approachcontact methodssampling planresearch instruments gathering of primary data by observing relevant people, actions, and situations can obtain information that people are unwilling or unable to provide cannot be used to observe feelings, attitudes, and motives, and long-term or infrequent behaviors most widely used method for primary data collection approach best suited for gathering descriptive information can gather information about people's knowledge, attitudes, preferences, or buying behavior tries to explain cause-and-effect relationships involves selecting matched groups of subjects, giving different treatments, controlling unrelated factors, checking differences in group responses highly flexible method that can gather a great deal of data from a respondent good control of sample, speed of data collection, and response rate high cost per respondent highly subjective to interviewer bias and related interviewer effects

Survey Research

Experimental Research

Individual and Group Interviewing Pros

Individual and Group Interviewing Cons