MARK 3000 Lecture Notes - Lecture 2: Customer Relationship Management, Competitive Advantage, Swot Analysis

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MARKETING EXAM 1 STUDY GUIDE.  CHAPTER 1,2,5,6,9
//// CHAPTER 1 ////
Marketing: organizational function and set of processes for creating, capturing,
communicating, and delivering VALUE to customers.
Exchange: the trade of things of value between the buyer and the seller so that each is
better off as a result. (Hear a song; buy it on iTunes with your preset card info, iTunes than
makes preferences for you)
Marketing Mix (THE FOUR P’S): Product, price, place, and promotion – the controllable set
of activities that a firm uses to respond to the wants of its target markets.
Product: Creating Value.
- Goods are items you can physically touch
- Services are intangible customer benefits that are produced by people or machines and
cannot be separated from the producer.
 Combo of the two: you buy a concert ticket online. You’re not paying for the physical
ticket stub but the experience.
- Ideas include concepts, opinions, and philosophies.
Price: Capturing Value.
- Price is everything the buyer gives up in exchange for the product.
- Must be amount customer is willing to pay and which gives a profit.
Place: Delivering the Value Proposition.
- Getting into a seamless value chain in the right size, locations, at the right time while
minimizing costs, etc.
Promotion: Communicating the Value Proposition.
- Telling customers about their product to influence their opinions.
- Informs, persuades, and reminds about services.
Value: the relationship of benefits to costs  what the consumer gets for what he or she
gives.
Value co-creation: Customers act as collaborators with a manufacturer or retailer to create
the product or service. (ex Nike allowing you to design your own shoes)
Marketing firms become more driven by:
- Sharing information
- Balancing benefits with costs
- Building relationships with customers
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Customer relationship management (CRM): a business philosophy set of strategies,
programs, and systems that focus on identifying and building loyalty among the firm’s most
valued customers. (Apple making new products compatible with old ones and it keeps
customers coming back)
Supply Chain: group of firms that make and deliver a given set of goods and services.
Marketing Channel: set of institutions that transfer the goods from the point of
production to the point of consumption.
 Effective supply chain relationships are important! (Whenever a person orders a pair
jeans from Levis, the online systems send a report to the warehouse and tell them which
size to reorder and ship again)
//// CHAPTER 2 ////
Sustainable competitive advantage: advantage over the competition that is not easily
copied and thus can be maintained over a long period of time. (Aka marketer’s target
market)  ex: everyone knows Nike just by seeing the swoosh. They constantly come up
with new items and tons of advertising with famous people, etc.… keeps them on top)
Customer Excellence:
- Retaining loyal customers
- Keeping good customer service
Operational excellence:
- Developing good distribution and info systems and relationships with customers.
Product Excellence:
- Positioning their product or service using a clear brand image and constantly
reinforcing that through merchandise, service, and promotion. (Coca-Cola, apple,
etc.)
Locational Excellence:
- “Most people will not walk or drive very far for a cup of coffee”
Step 1: Define the mission statement
Step 2: Conduct a situational analysis
- a SWOT analysis that assesses both the internal environment with regard to its
strengths and weaknesses and the external in terms of its opportunities and threats.
Step 3: Identifying and evaluating opportunities using STP (segmentation, targeting,
and positioning)
Market segmentation: dividing the market into groups of customers with different needs,
wants, or characteristics who would appreciate services geared just for them. ( ex: a car
company having a commercial where it’s young people having fun so it attracts single
people/couples wanting that same lifestyle, etc.)
Targeting: the process of evaluating the attractiveness of various segments and than
deciding which to pursue as a market. (Ex: Hertz selling SUV/mini-vans to young families
mostly so they focus marketing on that group)
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Document Summary

Marketing: organizational function and set of processes for creating, capturing, communicating, and delivering value to customers. Marketing mix (the four p"s): product, price, place, and promotion the controllable set of activities that a firm uses to respond to the wants of its target markets. Goods are items you can physically touch. Services are intangible customer benefits that are produced by people or machines and cannot be separated from the producer. Combo of the two: you buy a concert ticket online. You"re not paying for the physical ticket stub but the experience. Price is everything the buyer gives up in exchange for the product. Must be amount customer is willing to pay and which gives a profit. Getting into a seamless value chain in the right size, locations, at the right time while minimizing costs, etc. Telling customers about their product to influence their opinions.

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