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Marketing Management - Final Review Notes

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McGill University
Management Core
MGCR 352
Emine Sarigollu

MARKETING STUDY GUIDECHAPTER 1Marketing delivery of customer satisfaction at a prot1 Discovering Customer Needs2 Satisfying Customer NeedsMarketing Mix ProductPricePromotionPlace Target CustomersCore Concepts of MarketingNeeds Wants and DemandsProductOfferingValue and SatisfactionExchange and TransactionsRelationships and NetworksCustomers make choices by nding the offer giving them the highest delivered valueDelivered Value difference between total value to the customer and total customer costCustomer Satisfaction feeling of pleasuredisappointment resulting from comparing a products performance relative to his or her expectationsProduction ConceptFocus ProductionDistributionAssume Consumers favourReadily available productsIf affordable products people will buyProduct Concept Marketing MyopiaFocus ProductAssume Consumers favourHighest QualityBest PerformanceMost Innovative FeaturesSelling ConceptFocus Sales transactionsAssume Hard sell customers are satised aggressive sellingTypically for unsought goodsDriven by overcapacityMarketing ConceptFocus Customer wants and needsDelivering satisfaction more effectively and efciently than competitionSocietal Marketing ConceptMaintain or improve wellbeing of consumers and society while focusing on customer wants and needsGood Marketers Discover customer needs Satisfy customer needs Focus on need not product Create value Build a marketing network Avoid marketing myopia focus on solution Scan the environment and adaptCHAPTER 2MARKETING STRATEGYMarketing Planning ProcessDene Organizations MissionDetermine Organizational ObjectivesDetermine Marketing ObjectivesCreate Marketing PlansMarketing Plan central instrument for directing and coordinating the marketing effortContents of a Marketing PlanIExecutive summary and Table of contentsII Analysis of Marketing OpportunityCurrent marketing situationOpportunity and issue analysisObjectivesIIIDescription of Marketing StrategyIVDescription of Implementation Strategy Action PlanVFinancial Projections and Evaluation MeasuresAnalysis of Marketing OpportunitiesCompetitiveMacroenvironment analysisDemographic TechnicalPoliticalEconomic PoliticalWhat is the new product you are going to launchWhat is the appropriate size of the market
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