You are on page 1of 7

Chapter 1

Market is people with desire and ability to buy a specific product

o About creating customer value, satisfaction relationship and experiences
Should satisfy both consumer needs and wants
o Potential customers: the market
o Information about needs
o Discover consumer needs
4 ps
o Product
o Place
o Price
o Promotion
Controllable, how we create, communicate, deliver value.
Uncontrollable factors
o Social
o Economic
o Technology
o Competition
o Regulation
Now in social media marketing era

Ethics and social responsibility

Balancing the interests of different groups

Emphasis now on consumers interests
Social and environmental consequences
o Ethics morals/values
o Social responsibility part of society well being of society as a whole
o Societal marketing satisfy consumer needs & societys well-being together

Chapter 2: Strategy
An organizations long-term course of action designed to deliver a unique customer
experience while achieving its goals
Foundation for success
o Organizational foundation (why?)
Core values
Mission (vision)
Organizational culture
o Organizational direction

Goals (objectives)
Long term
Short term
o Organizational strategies
By level
By offering
The foundation the Why?
o why does the company exist
o usually does not change
o guide and inspire employees
o three core elements:
Organizational direction the What?
o What business are we in?
Industry, market, direct competitors
o What are our specific goals and objectives?
Something that we will do by a specific time
A performance target, how well are we doing
Organizational strategy the how?
o Convert the why and what into results thats the how
o Varies by
Levels within the organization
What product/service is the organization offering
Settings strategic direction
o Two important questions to ask
Where are we now?
Where do we want to go?
Core competencies
o What do we do best
o What distinguishes us from everyone else
o Exploit competency = success
o Ensure key competitors cannot easily copy you (comparative advantage)
Offer unique, quality product

Benchmarking against competitors or others

Portfolio analysis
Market growth rate
Relative market share
High investment
Low investment
Cash cows
Market-product analysis
o Alternative to business portfolio analysis
o Growth opportunities = markets, products
o Products (existing and new)
o Current and new markets

Question marks

Market penetration
Product development
Selling more products in
Selling new products in existing
existing markets
Market Development
Selling existing products
Selling a new product in new
in new markets (either
geographic or new
Strategic marketing process
o Allocate marketing mix resources (4ps) to reach target markets
o Questions
How do we allocate scarce resources
How to we take our plan and turn it into action
Results assessments vs. plan; do we need a new plan?
o The process involves 3 phases
Planning phase
o Three steps
Situation analysis
SWOT analysis
Internal strengths/weaknesses, external opportunities/threats
o Market-product focus, goal setting
Which product,, which customer (market segmentation)
o Marketing program
The how developing the marketing mix & budget
The implementation phase
o Execute the marketing plan (emerges from the planning phase)

o Obtaining resources (resources, money)

o Design the marketing organization (who is executing the plan)
o Develop schedules
o Execute the program (the details, tactics)
The evaluation phase
o Comparing results with plans and identify deviations
o Acting on deviations
Correcting a negative deviation
Exploiting a positive deviation
o Tools to evaluate
ROI, dashboards, metrics
Porters 5 forces
o Threats of new entrants
o Threats of substitutes
o Bargaining power of buyers
o Bargaining power of suppliers
o Industry rivalry

Chapter 3: environmental scanning

Scanning, acquiring information outside of the company

Goal = identify trends and figure out how they affect your organization
Why is this important?
o Must align and be on top of the ever changing marketplace
What happens if you dont scan?
o You will not anticipate your customers needs/wants
o You will negatively impact your growth potential
What is the key?
o Identify the trend(s)
o Why is the reason the trend is occurring? this is the key
o Some reasons
Marketing influence
Consumer need/want
Next step: take action to respond
Key sources
o Social
Demographic shifts
Cultural changes
o Economic
Macroeconomic conditions
Consumer income
o Technology
Changing technology

Technologys impact on consumer value

Electronic business technologies
o Competitive
Alternative forms of competition
Small businesses
o Regulatory
Laws protecting competition
Laws affecting marketing mix actions
Chapter 4 Ethics and social responsibility

Social responsibility
o We are all part of a larger society and accountable
o How should a corporation behave?
They should be socially responsible
Corporate social responsibility
No consensus
Concepts of social responsibility
o Profit
o Stakeholder
o Society
o Enrivonment
o Public
Triple bottom line john Elkington
The new norm
Old bottom line purely about profit/loss is not acceptable
Now it is expected organizations must
o Improve state of the people (social)
o The planet (environment)
o Still maintain profit to stay in business (financial)
Full-cost accounting transparent reporting on all aspects of company actions
including people and the environment
Green marketing
o Emphasis or eco-marketing
o Emphasis on preserving the environment
o Key goals: produce, promote, reclaim
Focus on environmentally sensitive products

What is this?
o Looking at inputs (how they are produced)
o E-waste (electronic product waste)
o Use of low-energy climate systems
o Use of renewable, sustainable materials
o Reduction in product packaging
o Create products that are more fuel efficient and product less waste
o Safe, sustainable, reduce your carbon footprint
Focus is on low environmental impact
Includes: processes, business practices
Good for both profit and environment
Speaks to ethical and social responsibilities
How should consumers behave?
We agree that corporations should act in a socially responsible way, what about

Consumer behaviour

The actions a person takes/exhibits in purchasing and using products and services,
including the mental and social processes that precede and follow these actions
Buyer: the consumer who executes the deal
Customer: repeat buyer, customer lifetime value, CLV
Understanding consumer behaviour
o The heart of successful marketing
o Everything begins and ends with the consumer
o This is what you call consumer centricity
o You must begin by understanding why and how consumers behave
Purchase decision process
o Problem recognition
o Information search
o Alternative evaluation
o Purchase decision
o Post purchase behaviour
Psychological influences
o Motivation
o Personality
o Perception
o Learning
o Values
o Beliefs
o Attitudes
o Lifestyle
Sociocultural influences

o Influence of relationships on consumer behaviour


Types of research
o Exploratory
Preliminary, used to clarify scope/problem to solve
The starting point
Usually this leads to more research
Helps to guide research design/questions to ask
Sometimes it ends here
o Descriptive
Determine basic characteristics of the population
Already a good idea of the problem
Looking for conclusive data to validate program
Idea is to identify the characteristics of the audience
o Casual research
Identifies cause and effect relationships
Exploratory and descriptive precedes casual
Trying to explain a cause and effect relationship
Answer should always be based on scientific methods
Unbiased, objective
Reliable, should get sa3me answer if study is done over and over
Marketing research process
o Problem definition
Define scope and nature of the marketing problem
Exploratory research (preliminary)
o Formal research design
Determine research framework to find the solution
o Data collection and analysis
o Conclusions and report

Chapter 9: Market Segmentation, Targeting and positioning

By segmenting, can be more targeted and specific in marketing approach which makes
for more effective marketing
Buyers are grouped according to variables, ex common need,

Definition of value: perceived benefits received/perceived price paid

BEP quantity = fixed cost/(unit price-variable cost)