ADM 2320 Study Guide - Fall 2018, Comprehensive Midterm Notes - Internet, Marketing Mix, Supply Chain
12 Oct 2018
School
Department
Course
Professor
ADM 2320
MIDTERM EXAM
STUDY GUIDE
Fall 2018
All activities that promote the product
•
What is marketing?
Satisfying Customer needs and wants
1.
Entails a value exchange
2.
Requires product, prices, place and promotion decision
3.
Performed by both individual and organizations
4.
Occurs in many settings
5.
Helps create value
6.
Core Aspects of Marketing:
Focus on providing customers with benefits that far exceed the cost of acquiring and using a
product or service while providing a reasonable return to the firm
1.
Firms must offer customers something in excess of that being offered by the competitors
2.
Firms must understand how each aspect of their product/service creates value for customers
3.
Goods/Service producers <---> Customers/Consumers (buyers)
> communications
> Information
> delivery
> Money
Value based marketing:
External factors - have no control over, but choose to benefit from it
•
Internal factor - have control over
•
Marketing shaped by external and internal factors:
Constantly changing customers
-
Firms must constantly monitor the marketplace in order to create value
-
*social mobile media is widely used in value-driven firms to build relationships, co-create value
and share information - feedback and reviews
*easy to build with existing customers
**hands in your pocket - commercial
How firms compete on the basis of value?
Understand key benefits offered
•
Focus on the key benefits
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Eliminate cost of less tragic benefits
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Take a long term view of customer relationships
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Use data to assist in maintaining the relationship
•
Becoming Value Driven:
Entrepreneurial
➢
Expands Global presence
➢
Pervasive across organization
➢
Enriches society
➢
Makes life easier
➢
Pervasive across supply chain
➢
Why is marketing important?
Art of deception
1.
Objectifying humans - especially women
2.
Stereotyping - beauty standards
3.
Negative aspects of marketing:
1 –Overview of Marketing
September 30, 2017
2:59 PM
Marketing Page 1
find more resources at oneclass.com
find more resources at oneclass.com
Stereotyping - beauty standards
3.
Product/Service
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Brand
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Size
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Quality
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Features
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Packaging
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Warranty
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Product –Creating value
1.
List prices
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Discounts
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Allowances
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Costs
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Payment Period
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Credit terms
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Price –Transacting value
2.
Advertising
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Sales Promotion
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Personal selling
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Public relations
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Direct marketing
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Electronic media
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Place –Delivering value
3.
Marketing Channels
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Distribution intensity
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Location –retailers, online
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Supply chain
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Logistics
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Promotion –Communicating value
4.
Marketing Mix (4Ps):
Building relationships with customers, suppliers, etc.
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Dialogue - conversations, community
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Engagement
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Innovation
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Information management: lots of info, real-time
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Immediate gratification
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Customization and globalization
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Consumer cynicism
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Brand switching rather than brand loyalty
•
Marketing today:
All mentioned are highly based on technology.
Marketing is complex undertaking that requires careful planning.
Marketing Page 2
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Focus on providing customers with benefits that far exceed the cost of acquiring and using a product or service while providing a reasonable return to the firm. Firms must offer customers something in excess of that being offered by the competitors. Firms must understand how each aspect of their product/service creates value for customers. External factors - have no control over, but choose to benefit from it. Firms must constantly monitor the marketplace in order to create value. *social mobile media is widely used in value-driven firms to build relationships, co-create value and share information - feedback and reviews. Take a long term view of customer relationships. Use data to assist in maintaining the relationship. Marketing is complex undertaking that requires careful planning. The bases upon which the firm plans to build a sustainable competitive advantage - something that cannot be copied easily and lasts long.
