[BSM 100] - Final Exam Guide - Everything you need to know! (33 pages long)

• School: Ryerson University
• Department: Business Essentials
• Course: BSM 100
• Professor: Mr.X

Document Summary

Lo2: product&orientation:!innovative!products!with!little!concern!about!customer!needs! or!wants;!a!good!product!will!sell!itself;!highly!available!and!affordable, sales&orientation:!try!and!sell!as!many!products!as!possible,!focus!on!making!a!sale! or!each!transaction!rather!than!building!customer!relationships;! sell!what!we!have ! and!creative!advertising!will!convince!consumers!they!need!this!product, market&orientation:!focus!on!what!consumers!need!and!want!before!designing!a! product;! customer!is!king ;!try!and!understand!and!respond!to!customer!needs, valueobased&orientation:! Customer&relationship&management&(crm):&a!business!philosophy!and!set!of!strategies,! programs,!and!systems!that!focus!on!identifying!and!building!loyalty!among!the!firm"s!most! valuable!customers: why!do!firms!care?, satisfied!customers!are!loyal! (only!5%!migrate!to!competitors), refer!company!to!other!consumers!(avg. !tell!3!others!about!+!experience), less!price!sensitive!(willing!to!pay!more), points!cards,!recommendations!(online),!coupons , person!marketing!(celebs),!place!marketing! ( ontario,!yours!to!discover ),!event! marketing!(tiff),!organizational!marketing!(laurier!100),!cause!marketing! (madd)! Learning&objectives:: describe!how!a!firm!develops!and!implements!a!marketing!plan, conduct!a!swot!analysis!and!explain!its!use!in!marketing!planning, explain!how!a!firm!chooses!what!group(s)!of!people!to!pursue!with!its!marketing! efforts, describe!how!the!marketing!mix!increases!customer!value, describe!how!firms!grow!their!businesses! The&marketing&plan:&: planning&phase:, define!the!mission!and!objectives!of!the!business, conduct!a!swot!analysis!to!evaluate!the!situation!by!assessing!how!various! other!players! (internal!and!external)!affect!the!firm"s!potential!for!success!, implementation&phase:& Internal!environment: strengths!and!weaknesses, external!environment, opportunities!and!threats, examine!market!trends,!customer!analysis,!and!competitive!analysis, assess!opportunities!and!uncertainties!of!the!marketplace!due!to!changes!in! cultural,!demographic,!social,!technological,!economic,!and!political!forces! (cdstep), critical!assessment!of!resources,!capabilities,!organization,!strategies,!and! performance!in!relation!to!competitors! External: when!existing!firms!exit!the!market!because! of!financial!or!other!difficulties!(i. e. !reduced! competition), when!a!firm!acquires!another!firm,!the! acquiring!firm!gets!market!access,!new! customers,!new!technology!and!expertise,! and!financial!resources! 3. &opportunity&analysis&(stp):&the!process!of!segmentation,!targeting,!and!positioning! that!firms!use!to!identify!and!evaluate!opportunities!for!increasing!sales!and!profits!: market&segment:!a!group!of!consumers!who!respond!similarly!to!a!firm"s! marketing!efforts, market&segmentation:!dividing!the!market!into!distinct!groups!of!customers! where!each!individual!group!has!similar!needs,!wants,!or!characteristics! !who! therefore!might!appreciate!g/s!geared!especially!for!them!in!similar!ways, target&marketing/targeting:!evaluating!the!attractiveness!of!various!segments! and!then!deciding!which!to!pursue!as!a!market, market&positioning:!defining!the!marketing!mix!variables!so!that!target!customers! have!a!clear,!distinct,!desirable!understanding!of!what!the!product!does!or! represents!in!comparison!with!competing!products! 5. &evaluate&performance:: performance!objectives!and!metrics, compare!performance!over!time!or!to!competing!firms, financial!performance!metrics, revenues,!sales,!profits, should!make!relative! !increase!or!decrease!in!sales!or!profits!year!to!year! or!relative!to!competitors, metrics!used!vary!depending!on!level!of!organization!at!which!the!decision! is!made!and!the!resources!that!the!manager!controls, social!responsibility!performance!metrics! President!club!membership!program!(hold!and!rent!fitness!equip: market&development&strategy:!growth!strategy!that!employs!the!existing! marketing!offering!to!reach!new!market!segments,!whether!domestic!or! international!or!segments!not!currently!served!by!the!firm! (ex)!fairmont!peace!hotel!in!shanghai,!china! (ex)!forever!21!from!la!to!stores!across!canada, product&development&strategy:&growth!strategy!that!offers!a!new!product!or! service!to!a!firm"s!current!target!market! (ex)!rim"s!playbook!as!a!response!to!apple"s!ipad! Offer!customers!full!selection!of!products!and!fight!competition: diversification&strategy:!growth!strategy!in!which!a!firm!introduces!a!new!product! or!service!to!a!new!market!segment!that!it!does!not!currently!serve! (ex)!fairmont!entered!a!lower!market!segment!by!acquiring!delta!hotels! and!resorts, downsizing:&exiting!markets,!reducing!product!portfolios,!or!closing!certain! businesses!or!store!or!plant!locations! Sustainable&competitive&advantage:!something!the!firm!can!persistently!do!better!than! its!competitors!that!is!not!easily!copied!and!thus!can!be!maintained!over!a!long!period!of! time;!developing!customer!value:: customer!excellence:!retaining!loyal!customers!and!excellent!customer!service, operational!excellence:!efficient!operations!and!excellent!sc!and!hr!management!, product!excellence:!high!perceived!value!and!effective!branding!and!positioning, locational!excellence:!having!a!good!physical!location!and!internet!presence! Learning&objectives:&: identify!the!factors!in!a!firm"s!microenvironment, explain!how!the!factors!in!a!firm"s!microenvironment!influence!its!marketing! strategy, identify!the!factors!in!a!firm"s!macroenvironment, explain!how!the!factors!in!a!firm"s!macroenvironment!influence!its!marketing! strategy, identify!today"s!important!social!trends!and!describe!why!they!affect!marketing! decisions! 2. &competition:&: greater!competition!means!more!choices!for!consumers, companies!must!understand!competitors"!strengths,!weaknesses,!and!likely! reactions!to!marketing!activities! (ex)!colgate"s!total!toothpaste,!p&g!developed!crest!pro_health, firms!use!competitive!intelligence! (ci)!to!collect!and!synthesize!information!about! their!position!with!respect!to!their!rivals;!enables!companies!to!anticipate!changes! in!the!marketplace!rather!than!merely!react!to!them, reviewing!public!materials!(websites,!press!releases,!annual!reports )! 1. &culture:: the!shared!meanings,!beliefs,!morals,!values,!and!customs!of!a!group!of!people, cultures!influence!what,!why,!how,!where,!and!when!we!buy, country!culture:!easy_to_spot!visible!nuances!that!are!particular!to!a! country!such!as!dress,!symbols,!ceremonies,!language,!colours,!and!food! preferences, regional!subcultures:! (ex)!most!popular!stores!in!quebec!are!iga!and!metro!vs. Children: obesity, basic!nutrients,! proper! proportions,! cannot!link!to! cartoons!or! celebrities,!cannot! air!during! children"s! programs, highly! impressionable!