COMM 296 Study Guide - Midterm Guide: Focus Group, Swot Analysis, Virtual Community

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Published on 15 Apr 2017
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Sean Imperial, 18739152
Feb. 8th, 2017
COMM 296
Asasaadfdf = Strategies to apply
Chapter 1: Overview of Marketing
Marketing Mix:
Product: Creating value: Develop a variety of G/S to satisfy customer needs.
Price: Capturing value: Combination of consumer satisfaction and profit.
Place: Delivering the value proposition: Effective supply chain management.
Promotion: Communicating the value proposition: Marketers persuade potential buyers.
Becoming More Value Driven:
1. Share info about their customers/competitors across their own organization and with other firms.
2. Balance consumers’ benefits and costs.
3. Concentrate on building relationships with customers.
a. Customer Rel. Management (CRM): Philosophy that focuses on identifying and building
loyalty among the firm’s most valued customers.
4. Take advantage of new technologies.
Chapter 2: 21-26; Stop @ “The Marketing Plan”
Creating a Competitive Advantage:
1. Customer Excellence: Focuses on retaining loyal customers and excellent customer service.
2. Operational Excellence: Efficient operations and excellent supply chain and HR management.
3. Product Excellence: High perceived value products and effective branding and positioning.
4. Locational Excellence: Good location and internet presence.
Chapter 2: 39-42: “Portfolio Analysis” stop at “Growth Strategies”
-Market Share: % of a market accounted for by a specific entity
-Relative Market Share: Product’s strength in a particular market.
-Market Growth Rate: Annual rate of growth of the specific market in which the product competes.
Chapter 5: 83-99; All: Analyzing the Marketing Environment
Marketing Environment Framework:
Consumers
Immediate Environment: (CCC)
Competition
Corporate Partners
Company capabilities
Macroenvironment: (CDSTEP)
Culture → Shared meanings, beliefs, morals, values, and customs
Demographics → Age, income, education, gender, ethnicity, etc
Social → Health and wellness, green marketing, privacy concerns.
Technological advances
Economic → Inflation, FX fluctuations, interest rates.
Political / Legal → Laws for false ads, harmful materials, and fair business.
In a constantly changing marketing environment, the marketers that succeed are those that
respond quickly, accurately, and sensitively to their consumers.
Chapter 10: 193-215
Marketing Research Process:
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Factors to consider:
1. Will the research be useful?
2. Will top management abide by the results?
3. Should the marketing research be big or small?
Process:
Step1: Define objectives and research needs. → What is the main problem / issue?
Step2: Designing the research → What type of data / research method?
Step3: Collecting data → Secondary data vs Primary data
Primary Data Collection:
Observation → Examining purchase / behaviours
Social media → Virtual community and sentiment mining.
In-Depth interviews → Communicate how people feel about a G/S
Focus group interviews → Group of 8-12 discuss a particular topic
Survey → Questionnaire (Unstructured and structured questions)
Panel and scanner → Obtained from scanning UPC codes.
Experimental → Manipulating 1 or 2 variables to find causal effects.
Step4: Analyzing the data and developing insights
Step5: Developing and implementing an action plan. → Present results to decision
makers
Primary vs Secondary Research:
Advantages Disadvantages
Secondary Saves time
Free or inexpensive
May not be relevant
Info may not be timely
Sources may not be original, inaccurate, or biased.
Primary Specific to immediate data needs
Offers behavioural insights
generally not available from
secondary data.
Costly
Time consuming
Requires more sophisticated training and experience
to design study and collect data.
Ethics of Using Customer Information:
1. No selling or fund-raising under the guise of conducting research.
2. Research integrity. Avoid misrepresentation and the omission of pertinent research data
3. Encourages the fair treatment of clients and suppliers.
Ch. 6: 101-125: Consumer Behaviour
Consumer Decision Process:
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