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University of Guelph
Marketing and Consumer Studies
MCS 1000
Brian Mc Dougall

Marketing Exam StudyNeedswantsdemands Push vs pull strategy Societal marketing concept Stimulate or dampen demand to match capacity Marketing management orientations Overcome the problems of intangibility Strategic planning Service blueprints Defining a marketoriented mission Service process redesign Growth StrategiesProductMarket Expansion Grid Customers as partial employees What are services Jay customers Distinctive service marketing challenges Capacity constrained service organizations 8 Ps of service Productive capacity Enlightened marketing 5 approaches to managing demand Environmentalism Queue configurations Consumer concerns of Marketing Elasticity in the service sector Macro environment vs microenvironment and their components From excess demand to excess capacity Marketing Intelligence Service employees are crucially important Research Objectives exploratory descriptive causal The cycle of failureInnovation Adopter CategorizationTrain service employees actively Consumer market Empower the front line Consumer buyer behaviour How to identify the best candidates Four categories of service Unions Marketing Segmentation Four advantages to incremental profits of a loyal customer Target marketing Customer relationship management Market positioning Requirements for effective segmentation Four service focus strategies Important vs determinant attributes Membership relationships and loyalty programs Establishing service levels Reducing customer defections Jack Trouts four principles of positioning 5 different perspectives of service quality Goods Services and Experiences Gaps in service design and delivery Goods and services classifications Customerdriven approaches to improve productivity Total Quality Management Reducing interfunctional conflict Brand Sponsorship Serviceprofit chain New product development strategy 4 levels of service performance Product Life cycle John Kotters 8 stages of leadership Style fashion fad Evolution versus turnaround General Pricing Approaches Leadership Culture and climateNew product pricing strategies Priceadjustment strategies Flowcharting Core productSupplementary services flower of service Competitionbased pricing services Valuebased pricing services Conventional distribution channel vs vertical marketing system Marketing logistics and supply chain management Marketing communications mix 1Downloaded for free at wwwuofgexamnetworkcom Marketing Exam StudyNeedsWantsDemandsNeeds States of felt deprivation including basic physical needs for food clothing warmth and safety Social needs for belonging and affection individual needs for knowledge and self expression these needs were not created by marketers theyre basic part of human make upWantsForm of human needs that take as shaped by culture and individual personalityWe need food but we want Big MacsDemandsHuman wants that are backed by buying powerSocietal marketing conceptA principle of enlightened marketing that holds that marketing strategy should deliver value to the organizations customers in a way that maintains or improves the well being of societyIs a firm that sense serves and satisfies immediate needs wants and interests of the market always doing whats best for society in the long runThree considerations underlying the Societal Marketing ConceptCompanies need to balance between these 3 conceptsoSocietyhuman welfareoConsumerswant satisfactionoCompanyprofitsCustomer relationship management CRMOverall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfactionOne of most important concepts for modern marketingCRM is the generic term for any corporate software system that collects and organizes customer data and provides marketing managers customer service representatives and sales representatives with powerful information toolsStrategic planning The process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunitiesIf you fail to plan you are planning to failDefining a marketoriented mission Mission StatementoOrganizations exist to marketing something goodservicebrandideaoOrganizations start with clear purpose or mission but over time it may changeA clear mission statement guides the people in the organization to do theseo1 Core values to which the firm is committedo2 Core purpose of the firmo3 Visionary goals the firm will pursue to fulfill its missionA market oriented mission statement defines the business in terms of satisfying basic customer needs2Downloaded for free at wwwuofgexamnetworkcom Marketing Exam StudyGrowth StrategiesProductMarket Expansion Grid Growth share matrixoA portfolio planning method that evaluates a companys SBUs in terms of their market growth rate and relative market share SBUs are classified as stars cash cows question marks or dogsStarsHigh growth high share business products often need heavy investment to finance their rapid growth eventually their growth will slow and turn into cash cowsCash CowsLowgrowth highshare business or products theyre established and successful SBUs needing less investment to hold their market shareQuestion MarksLowshare business units in highgrowth markets requiring a lot of cash to hold their share let alone increase it should decide to invest or let it die offDogsLowgrowth low share business and products may generate enough cash to maintain themselves but not to be large sources of cashProductmarket expansion gridoA portfolio planning tool for identifying company growth opportunities through market penetration market development product developmentExisting ProductsNew ProductsExisting Market Product DevelopmentMarketsPenetrationExisting Market DiversificationProductsdevelopmentMarket penetrationA strategy for entering the market with a new product then focusing efforts on increasing the sales of that product in order to capture market shareProduct developmentA strategy for company growth by offering modified or new products to current market segmentsMarket developmentA strategy for company growth by identifying new market segments for current company productsDiversificationA strategy for company growth by starting up or acquiring businesses outside the companys current products and marketsWhat are services Services involve a form of rental and nonownershipoMeaning access of usage fees for a defined period of time instead of buying it outrightServices nonownership frameworkoRental good servicesright to a physical good3Downloaded for free at wwwuofgexamnetworkcom
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