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ARBUS 302.ECON 334 Exam review.docx

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Arts and Business
Kevin Hood

ARBUS EXAM REVIEW PAC 6730930 pm on Friday April 19 40 of final markQuestions from all chapters 1 and 17 will be emphasized the least Focus on 216 Refer to chapters class notes assignments group project etcJanuary 14 2013CHAPTER 2 Developing Marketing StrategiesFinite resourceslimited amount of resources time money etc Many companies have this problem and they need to have a good strategy to overcome this problemDisney Goes DigitalGlobal positioning satellitesSmart SensorsWireless technologyMobile devicesPal Mickeysmart sensor technology People were frustrated of waiting in lines at Disney land so Disney created Pal Mickey They add an element to their technology to help customer satisfaction They do it for their consumers which is tied to market shareThe Strategic Planning ProcessStep 1 Defining the Missions andor VisionIts important to have a mission that two constituencys can understand the employees and the customers It has to be clear and show where the company wants to goHeartStroke Foundation missions statement example They word it in a way that consumers funders and donators can understand and want to give to The vision is clearBurton Snowboardsclear and simple messageStarbucksgood mission statement but there is a lot of execution in it and there are many ways they could mess up Your mission has to be something you can actually act on McDonaldsIt doesnt mention anything about making great food Step 2 Conduct a Situation Analysis Using SWOTSWOT is an ongoing thing You are always looking at your strengths weaknesses threats and opportunities Every now and then though a company will do an actual SWOT Analysis Step 3 Identifying and Evaluating Opportunities Using STPSegmentation groups that respond similarly to the marketing messagesTargeting Positioning the combination of the marketing elementshow are you going to position it in terms or place product promotion and priceExamples HertzMarket Segmentation They offer different types of cars for each segmented group single married couple parents retired couple or single etc and they advertisemarket each one differentlyDisneySegmentation Targeting Positioning Magic Kingdom families with younger kids pleasure island singles and couples Epcot adults families with older childrenStep 4 Implement Marketing Mix and Allocate ResourcesPromotion Strategy Promotion and Value CommunicationTelevision Radio Magazines Sales force Social MediaPlace Strategy Place and Value DeliveryProduct must be readily accessibleWhy is 30 year old retailer Lee Valley still growing Online option to buyProduct and Service Strategy ProductService and Value Creation Ex Satellite radio No commercials niche musicPrice Strategy Price and Value for MoneyCustomer perception of valuePrice is only part of valueWhat else do customers think about before they make a purchase What is it that I have to give up Time and EffortVideoStaples 4P Strategy Watch this video and answer What is the Easy Brand Promisemaking buying office products easy for their customersEasy to use products good staff overall experience at a Staples store is easy How does Staples use the 4Ps to deliver on the Easy Brand PromisePrice coupons in their flyers Buy more save more 1015 discount off the national brand but same quality Promotional clip strips in store advertising circulars and catalogues outside of the store Product they have a variety of products to offer Place Stores are close to major roads and they have a lot of parking They have three channels for their customersthe catalogue the website and the store store layoutvisual signing popular items at the frontWhat are impulse salesBuy more pay less POPPoint of Purchase the little displays that people see when they are at the point of purchaseWhat is the Mail mate and why was it developedJunk Mail Destroyer Prevents identity theft from junk mail Small appliance that fits in the kitchen and looks nice Easy to shred paper Why is their website importantEasy to use Provides people with the option to buy on their lunch break or attimes when they are short on time Saves time Step 5 Evaluate Performance and Make Adjustments Look at the relative market share and the market growth rate It helps you evaluate what is winning or losing in the marketplace It helps you make good strategic decisions4 Growth StrategiesMarket Penetration Existing marketing mix Existing customers Discussion questions In what way is a sale a market penetration strategy It promotes people to move and buy You get more sales out of a current customer base It reduces the margin but the volume goes upMarket Development Case in Point Tim HortonsChallenge to continue to grow in a competitive retail environmentAnswer Continue an international expansion strategy while also expandingMenu options2724 Canadian outlets 340 US outlets total 2006 Revenue of 166 billion up 12 from 2005 Product Development New product or servicecurrent customers A good example is the Healthy Choice line Why did the makers of Chef Boyardeecreate a selection of new products designed and marketed under this nameDiversification New product or service in a new market segment What is the difference between related diversification and unrelated diversificationColgate owns Science diet pet foodunrelatedDelta hotels owns Fairmont hotelsrelatedSustainable Competitive Advantage4 aspectsDiscussion question What do you think are the keys to McDonalds sustainable advantage Food delivery and efficiency Locational excellence The three most important thing in retailing are location location location Starbucks did great at thisOperational excellence Efficient operations
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