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MKT MIDTERM REVIEW .docx

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Department
Marketing
Course
MKT 100
Professor
Harvey Mc Phaden
Semester
Winter

Description
MKT REVIEW 1,2,3,4,5,6,17 CH#1 – Overview of Marketing Marketing – set of business practices designed to plan and present and organizations products/services in ways that build effective customer relationships Value – fundamental purpose of marketing is to create value for customers and firm - what you get for what you give up Six Core Aspects 1) Satisfying Customer Needs/Wants  Need – person feeling physically deprived of basic necessities such as food, clothing, shelter, safety  Want – particular way a person chooses to satisfy a need 2) Marketing Entails an Exchange  Exchange – trade of things of value between the buyer and seller so each is better off as a result 3) The 4 P’s  Marketing Mix (four P’s) – product, price, place and promotion are controllable set of activities that firm uses to respond to wants of its target markets 4) Can be Performed by an Individual/Organization  B2B, B2C, C2C 5) Occurs in Many Settings 6) Helps Create Value  Production Orientation – company focuses on developing and distributing products with little concern about whether products best satisfy customer needs (push and pray)  Market Orientation – company focuses on wants and need of consumers before design , make or attempt to sell products (pull and stay)  Sales Orientation – company tries to sell as many of their products possible rather than focus on making products consumers really want  Value-Based Orientation – goes beyond production or sales orientation and attempts to discover and satisfy their customers needs and wants CH#2 – Developing Marketing Strategies Planning Process 1) Define Business Mission and Objectives  Mission Statement – broad description of firm’s objectives and scope of activities it plans to undertake 2) Conduct Situation Analysis (SWOT)  Strengths (ex; sponsors, loyal customers)  Weaknesses (ex; little brand recognition, poor location)  Opportunity (ex; other firms exist, global expansion)  Threats (ex; recession, rivals, natural disasters) 3) Identifying and Evaluating Opportunities using STP  Segmentation – dividing market into distinct groups of customers where each individual group has similar needs, wants or characteristics  Targeting – evaluating attractiveness of various segments and deciding which to pursue  Positioning – defining marketing mix variables so target customers have clear understanding of what product does or represents compares to others 4) Implementing Marketing Mix and Allocate Resources  Product and Value Creation – develop products/services that customers perveice as valuable enough to buy  Price and Value for Money – price should be passed on value that customer perceives  Place and Value Delivery – making the product/service readily accessible  Promotion and Value Communication – communicate value of …÷≥offering to customers through variety of media 5) Evaluate Performance and Make Adjustments Question Marks – high growth markets, low market shares, require resources to maintain and increase market share (investment stage) Stars – high growth markets, high market share products, require heavy resource investment (loyal customer base) Cash Cows – low growth market, high market share products (maturity stage) Dogs – low growth markets, low market shares (decline of market) Growth Strategies 1) Market Penetration (cheapest/quickest strategy)  employs existing marketing mix and focuses firms efforts on existing customers  involves minor fluctuation of one/more of the 4 P’s  ex; changing the price 2) Diversification (more expensive strategy)  introducing new product/service to market segment that’s currently not served 3) Market Development (expansion)  employs existing marketing offering to reach new market segments not currently served by firm 4) Product Development  offers new product/service to firm’s current target market Sustainable Competitive Advantage 1) Customer Excellence – focuses on retaining loyal customers and excellent customer service 2) Operational Excellence – achieved through efficient operations and excellent supply chain and human resource management 3) Product Excellence – having products with high perceived value and effective branding and positioning 4) Locational Excellence - having good physical location and internet presence CH#3 – Analyzing Marketing Environment Macroenvironment (CDSTEP): Culture – shared meanings, beliefs, morals, values and customs of a group of people Demographics – characteristics of humans to identify consumer markets  Generational Cohorts – group of people of the same generation  Tweens – not quite teenagers but not young children either (ages 9-12)  Generation Y – people between ages of 13-32  Generation X – people between ages of 36-47  Baby Boomers – people born after WWII (ages 48-66)  Seniors – over age of 65 Social - shapes consumers values  Green Marketing –environmentally friendly merchandise  Marketing to Children  Privacy Concerns Technology – changes that contribute to improvement of value and services Economic – changes that affect the way consumers buy merchandise  Inflation  Foreign Currency Fluctuations  Interest Rates Political/legal – comprises political parties, government organization and legislation and laws that promote or inhibit trade and marketing activities Microenvironment: (CCC)  Company  Competition  Competitive Intelligence (IC) – collect and synthetize info about their position with rivals  Corporate Partners CH#4 – Marketing Research Marketing Research – set of techniques and principles for systematically collecting, recording, analyzing and interpreting data that can aid decision makers involved in marketing goods/services Marketing Process 1) Define Objectives and Research Problem 2) Design Research Project  Secondary Data – pieces of info that have been collected prior to start of focal project  Syndicated Data – data available for a fee from commercial research  Primary Data – data addresses specific research needs/questions current under investigation 3) Collect Data  Exploratory Research (qualitative)– attempts to understand phenomenon of interest by observation, focus groups, in-depth interviews, social media  Conclusive Research (quantitative) – provides info needed to confirm preliminary insights by facts, conducting experiments, survey,
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