BUS 343 Study Guide - Midterm Guide: Operational Excellence, Data Mining, Cluster Analysis

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Published on 22 Oct 2017
School
Simon Fraser University
Department
Business Administration
Course
BUS 343
Professor
Marketing Midterm Study
Chapter 1
Textbook Objectives
1.1 Explain what marketing is and how value creation is central to the marketing
concept.
Marketing is the process by which companies advertise their products in a way that
creates value for the customer. It is important to create value because this will
create long-term profits for a company. It is important to create a product with the
customers in mind or else it will not be successful.
1.2 Explain how marketing is a decision making process and describe the planning and
the marketing mix tools that manager’s use in the marketing process.
Marketing is a decision making process because at each step there are critical
decisions to be made that effect the success of the product.
Steps in the marketing process:
1. Understanding the situation Situational Analysis (3Cs)
2. Marketing Strategy Segment, Target, Position
3. Marketing Mix 4Ps
4. Evaluate
1.3 Understand key issues relating to making ethical marking decision in a sustainable
world and be able to discuss different perspectives of marketing.
It is very important that companies nowadays take into consideration the triple
bottom line (environment, people, profit) not just profit.
Different marketing orientations:
1. Societal looks at broader relationships
2. Product looks at efficiency of production typically doesnt last
3. Consumer/Marketing looks specifically at needs of consumers
not broad values
4. Selling based on how fast can we move product (typically one
time buyers)
1.4 Be able to discuss ethical issues related to marketing decisions.
Some people believe that marketers are evil and are persuading us to do things that
we really dont want to do. The truth is, products are designed for customers
needs/wants its not the other way around. Businesses who are ethical are profitable
in the long run.
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Lecture Objectives
Lecture 1
Define marketing and outline the steps in the marketing process
Marketing is the process by which companies advertise their products in a
way that creates value for the customer.
Explain the importance of understanding customers and the marketplace, and
identify the five core marketplace concepts
The five core marketplace concepts:
1. Needs, Wants & Demands
a. Needs = what drives the desire to buy
b. Wants = the actual decision
c. Demand = sum of wants and buying power
2. Market Offering
3. Customer Value
4. Exchanges & Relationships
5. Markets customers (now and potential) who have a shared
interest, have the ability to buy, are willing to buy and have the
authority to buy
Identify the key elements of a customer-driven marketing strategy and discuss
the marketing management orientations that guide marketing strategy
It is very important that companies nowadays take into consideration the
triple bottom line (environment, people, profit) not just profit.
Different marketing orientations:
1. Societal looks at broader relationships
2. Product looks at efficiency of production typically doesnt last
3. Consumer/Marketing looks specifically at needs of consumers
not broad values
4. Selling based on how fast can we move product (typically one
time buyers)
Discuss customer relationship management and identify strategies for creating
value for customers and capturing value from customers in return.
Customer relationship management is the process of tracking customer
purchases over time in order to tailor proposition to unique wants and
needs.
Describe the major trends and forces that are changing the marketing
landscape in this age of relationships.
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Businesses who are ethical will make profits in the long run.
Questions
Briefly explain what marketing is.
Explain needs, wants, and demands. What is the role of marketing in each of these?
What is value? How does marketing create different types of value?
Define the terms consumer goods, services, and industrial goods.
What is lifetime value of a customer? How is it calculated?
What does it mean for a firm to have a competitive advantage?
What is involved in marketing planning?
List and describe marketing mix.
Chapter 2
Textbook Objectives
2.1 Explain how businesses develop plans at different levels within the
organizations
There are three levels of planning within an organization.
1. Strategic Planning top management (in depth below)
2. Marketing Planning marketing team, focused on marketing mix
3. Operational Planning supervisory managers
Each level supports the level above it, each is shorter sighted.
2.2 Describe the steps in the marketing planning process and explain how to
conduct SWOT analysis to understand a decision context.
Marketing planning process is conducted by the marketing team and is
focused on the marketing mix (4Ps). Steps in the process:
1. Perform a situational analysis environmental factors, SWOT
analysis
a. SWOT identifies strengths and weaknesses within a
company and opportunities and threats that are external
Strengths
Weaknesses
Opportunity
Use strengths to take
Address weaknesses to
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