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Study Guide

MARK301 Study Guide - Comprehensive Final Exam Guide - Root Mean Square, Marketing Mix, Canada


Department
Marketing
Course Code
MARK301
Professor
Utku Akkoc
Study Guide
Final

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MARK301

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Intro to Marketing
Different Marketing Strategies
the product strategy focuses on delivering value by creating a need-satisfying consumer good
the product may also be a behaviour or attitude
the price strategy focuses on the monetary and non-monetary costs of your offering
the place strategy focuses on how you will make the offering available to your target consumers
the promotion strategy focuses on how you communicate with your target audience about the
offering and persuade them of its merits
What is Marketing?
not just advertising and promotions
it is a philosophy of doing business
marketing is set of processes for creating, communication, and delivering value to customers
managing customer relationships in ways that benefit the organization and its stakeholders
it is developed to meet customer needs and wants
The Marketing Process is an Exchange of Value
1. Understand the marketplace and customers needs and wants - what is the economy like,
what are the government regulations, outside forces that can affect spending habits in the
trading area
research customers and the market place
2. Design a customer-driven marketing strategy - look at all the wants and needs of the
consumer, and pick the specific ones that are associated with a specific target market
segmentation and targeting; decide on a value proposition
3. Construct a marketing program that delvers superior value - you deciding how your product
is going to be different from the other products available
Four P’s and branding
4. Build profitable relationships and create customer delight - also build relationships with
partners, and other people in the supply chain, employees
build relationships with consumers and partners
5. Capture value from customers to create profits and customer equity
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increase loyalty and market share
1. Understand the Marketplace and Customer Needs and Wants
Needs vs. Wants
needs occur when a person feels deprived of basic necessities
shaped by what is around them, ex. in some circumstances a college education can be a want
or a need
physical - I’m hungry
social - I’m lonely
individual - I feel good about myself
wants are needs shaped by culture and individual personality
jeans vs. a sari
gelato vs. ice cream
espresso vs. green tea
necessities of life need to be met before people can consider other benefits
outstanding companies pay attention to needs and wants
when backed by buying power, wants become demands
2. Design a Customer-Driven Marketing Strategy
if people have different wants and needs, how do we market to them?
Segmentation and Targeting
segmentation divides the market into groups of customer with varying needs and wants
could be by gender, age, education, cultural background
targeting selects the right segments to nurture
how will you serve your target market?
why should I buy your brand rather than a competitors?
Value Proposition
the set of benefits or values its promises to deliver to consumers to satisfy their needs
the company must decide how it will differentiate and position itself in the marketplace
3. Construct a Marketing Program that Delivers Superior Value
tailor these strategies based on the customers needs and wants
consider the Four P’s, the different marketing strategies
4. Build Profitable Relationships and Create Customer Delight
Value and Satisfaction
if performance is higher than expectations, satisfaction is high; you outperformed - satisfaction
if performance is lower than expectations, satisfaction is low; you under performed -
dissatisfaction
5. Capture Value from Customers to Create Profits and Customer Equity
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