A+ Notes: Midterm Summary

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1 Oct 2011

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What is Marketing
mkting- activities/practices to create p/s that have value for customer; an exchange to satisfy
need (of cust. & co.); focus on customer & profit
mkting myopia – focus on prod, not underlying n/w
what can we mkt? mkt offering (any p/s, idea, lifestyle, or combination)
how mkting fits in:
core competencies company customer competitions strategy
marketing profit/growth
3Ps (what do cust. want, can we offer that?) and 4Cs (mkting mix) - (the delivery)
customer perceived value – evaluation of benefits vs cost by customer
customer satisfaction – how perf. meets expectations
Selective Cust. relationship mgmt
Good b/w prod. vs need
Not loyal
High profit potential
promotional blitzes fit
True Friends
Good fit b/w prod. vs need
Highest profit potential
continuous rel’nships
nurture, retain, grow
Poor fit b/w prod. vs need
Not loyal
Lowest profit potential
don’t invest!
Limited fit b/w prod. vs
Low profit potential
try to improve
profitability, otherwise fire
mkting programs:
frequency – reward to buy frequently or large amounts
club – offer members special benefits
customer lifetime value
share of customer
customer equity = total combined lifetime value of current/potential cust.
changing landscape: technology, globalization, CSR, not-for-profit mkting
Mkting orientations
product concept
production concept
selling concept (inside-out - $ by sales vol)
marketing concept (outside-in - $ by cust. satis.) – value based price
societal concept
integrated mkting???
Projected loyalty
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Company Analysis
lvls of strategy: corporate business unit (SBUs) functional
corporate mission – why do we exist? what business are we in? (don’t define too narrow)
who is our customer?
mission statement – mkt-oriented & based on cust. basic need
1. increase quality of life
2. right a wrong
3. prevent end of something good
core competencies = strengths, sustainable compet. adv.; what are you best at?
BCG matrix for portfolio evaluation
Need heavy investment to
finance rapid growth
eventually cools down
to be cash cow
Question mark
Require lots of $ just to
hold market share
build into star or phase
Cash Cow
Established & successful
Low investment needed
Produce $ to support other
May generate enough $ to
support self
strategies: build, hold, harvest (milk s-t cash flow), divest
product/market expansion grid – identifies strategies for growth
Existing Products New products
Markets Market
sales of current product
to current market
New or modified product to
current market
Markets Market
Identify new markets for
current product
(demographic or
Start up or buy business
outside of current market
and product
downsizing (reduce portfolio by eliminating SBUs that are not profitable/fit with overall
reasons for downsizing: changing market, too rapid growth, lack proper expertise, end of
product life cycle
mkting plan:
mkt review 3Cs (where are we? strengths, cust n/w, competition, opportunities)
strategic choices (where do we want to be? positions, target segments)
implementation, how do we get there 4Ps (mkting programs)
feedback are we getting there?
strategic planning – match co’s capabilities & obj with changing mkt opportunities
value chain – series of value creating activities
value delivery network
Relative market share
Growth rate
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