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Anthropology 1026F/G Study Guide - Midterm Guide: Marketing, Marketing Buzz, Sales Promotion


Department
Anthropology
Course Code
ANTH 1026F/G
Professor
Prof
Study Guide
Midterm

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Management and Organizational Studies
Mid Term 1- Exam Notes
At the core of every great marketing program is a creative ides. This idea
becomes the catalyst that inspires every element of the marketing program… It is
essential that the marketer uses this idea to inform, stimulate, and guide all of the
elements of the marketing mix.”
- Andrew Barrett, vice president of marketing, LG Canada.
Chapter one:
Marketing Fundamentals: In 2008, LG Canada brashly launched a new line of cell phones
with a marketing program that beat apple’s iPhone. “ The essence of marketing is discovering
consumer insights,” said the vice president of LG. He also explains that you must be “ relevant
and engaging enough for consumers to choose your product or service.” The program’s
purpose was to create awareness and hype for the new products, prompt support from retailers,
and encourage consumers to gather information and buy the product. The youthful target market
for the touch phones was the stylish- conscious and techno-savvy university and college crowd.
All launch elements were designed with Canadians consumers in mind. Research determined
product needs, that is which features were most appealing, what technology was required and
which product names should be used. The price was established based on a competitive
evaluation, and the fact that expensive data plans were an issue for consumers. Importantly,
distribution was worked through the cell phone carriers. Once these elements were finalized a
promotional campaign was crafted to fit the needs of the target audience and create a buzz in the
market. The following were components in the marketing fundamentals for LG: public Relations,
TV Advertising, Print based advertising, online advertising and point of sale material.
The Essence of Marketing: Marketing success is rooted in focusing on consumers and
providing them with value through products and services that meet their needs. The challenge is
to craft a marketing program setting the product apart from competition. The Canadian market is
very competitive, and that is why it is important to stay on top of competition. The launch of LG
is a prime example, because they took advantage of the fact that consumers were demanding the
iPhone, and were going at great lengths to get one from the states, this gave LG the opportunity to
create a product for the Canadian market, tailored to consumer needs, and fortunately it was a
great success. It is important to understand that marketers’ ultimate objective is to gain profit, or
if they are non- profit, to obtain enough revenue to carry out their expenses.
Focusing on Consumer Needs: The challenge is to clearly determine consumer needs, and to
understand how they can best be met with meaningful marketing approaches. Consumers do not
always know what they want; consumers do not always want to articulate their feelings;
and in some cases, consumers are unable to communicate and rationalize their preferred
choices. In many product categories, such as fragrances or luxury cars, choices are not entirely
rational, but partly based on self- image and emotional attachment to a brand. Sometimes during
research marketers do not ask the right questions. Sometimes the target groups are unable to
provide information marketers need because they are either too busy (example doctors) or simply
cannot crystallize their needs (babies)
Creating Customer Value: Developing customer loyalty is prompting many firms to focus on
customer value by providing customers with products and services that have added value through
a combination of: 1. Pricing strategies, 2. Product design, and 3. Service elements. Companies
such as Zellers focus on low prices and Apple uses a combination of unique product design and

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superior service levels to market their Ipods and premium products. Customer Value: is the
unique combination of benefits received by targeted buyers that include quality, price,
convenience, on time delivery, and both before sale and after sale service.
Appealing to Target Markets: In a competitive marketplace, companies cannot satisfy
everyone’s needs with a singe product, and so they design their products to appeal to specific
target markets. Marketing follows the principle that with limited funds, it is better to channel your
funds to consumers that have both the buying power and to people who are willing to buy the
product. Target Market: The specific group of existing and potential consumers to which a
marketer targets its marketing efforts. This assures that the people they want to see their product
see their product, which they are marketing.
Coordinating the Marketing Mix: The elements of the marketing mix- also known as the 4
P’s. (Please refer to chart below). The elements of
the marketing mix
need to be
carefully managed
to ensure that they
are well
coordinated and
that each element
appeals to the
distinct
characteristics of
the target market for the product. If marketers promote a product through the newspaper and their
target market doesn’t even read the newspaper, than their marketing efforts are useless. They
must market the product in areas where they are sure that their target market will get the message.
(Look at the smarties and after eight examples in the text- page 7)
The Marketing Process: (A logical process that focuses on consumer needs:)
Throughout the cycle, marketers constantly evaluate the success of their programs implementing
and recommending future changes to make their programs more competitive and alluring to their
customers. Marketers are ultimately responsible for generating company profits or revenues.
Marketing: The process of planning goods, services, or ideas to meet consumer needs and
organizational objectives. It includes the conception of these products and the pricing, promotion,
and distribution programs designed to make a profit. Exchange: The trade of things of value
between buyers and sellers so that each benefits. Good: A product you can touch and own.
Service: A good that is intangible, that you cannot touch. Idea: A concept that typically looks for
your support.
What is A Market: A market is a potential consumer with both the willingness and ability to
buy. Importantly just being willing to purchase a product does not necessarily mean you can buy
the product. For example: Fisher’s Price had a cycle for children, of course the children want the
product, but it is the parents and adult market which is targeted because they are t he one’s who
are able to purchase items, not the child themselves.
The Evolution of Business Philosophies: Marketing was not always the driving force in
business philosophy. Up until 1930’s, businesses were in the production orientation stage: which
Step 1:
Identifying
Consumer Needs
Step 2:
Manage the
marketing mixto
meet consumer
needs
Step 3:
Realize profits for
the company
Product
All the attributes that make up a good, a service, or an idea,
including product design, features, colors, packaging,
warrantees and service levels.
Price
The expected retail shelf price and sale price of the product.
Place
The distribution channels and retailers required to sell the
product.
Promotion
The communication tools needed to inform consumers about
the product, including advertising, sales promotion, public
relations, direct marketing, and personal selling.

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

focused on manufacturing goods. Which until the industrial revolution was not a widespread
phenomenon. Manufactured goods tended to sell regardless of their quality, because they were in
short supply. Consumer needs were not a priority. The second stage was from the 1930’s- 1960’s
and was the Sales Orientation Stage: This stage focused on selling as many products as possible.
The market had become more competitive, production had become more efficient, and products
were in abundance. Companies started to hard- sell and consumer needs were still not a priority.
The basic marketing stage evolved in the 1960’s. At this point consumer needs became more
paramount, and marketing concepts arose and became the focus of business. The Marketing
Orientation Stage: focuses on the idea that an organization should strive to satisfy all needs of
consumers while also trying to achieve the organization’s goals. The Marketing Concept: follows
this idea, and that is the idea that an organization should strive to satisfy the needs of consumers
while also trying to achieve organizational goals. Relationship Marketing: When organizations
create long term links with customers, employees, suppliers and other partners to increase loyalty
and customer retention. The Evolution of Business Philosophies
Customer Relationship Management (CRM): This approach is grounded in the fact that it is less
expensive to service and maintain current customers rather than to obtain new ones. CRM
involves a systematic and active company approach to managing and retaining satisfied
customers by efficiently and accurately identifying the elements that lead to satisfied customers
and increased company profits. CRM: Is the overall process of building and maintaining
profitable customer relationships by delivering superior customer value and satisfaction.
The Progression of Marketing and Evolving Areas: Some of the latest evolving areas are:
1. Customer Relationship Management (CRM)
2. Experimental Marketing
3. Corporate Social Responsibility (CSR)
Experimental Marketing: Is an approach where marketers create opportunities for consumers to
directly interact with brands.
Corporate Social Responsibility: Is when organizations voluntarily consider the well being of
society by taking responsibility for how their businesses impact consumers, customers, suppliers,
employees, shareholders, communities, the environment, and society in general. CSR can involve
1. The sponsorship and/ or spearheading of community programs
2. The sponsorship and/ or involvement in major fundraising
initiatives for charitable organizations
Societal Marketing Concept: Is focusing on the consumer and the well being of society. An
example is when Maxell Hose Coffee instituted its “Brew some good” marketing program in
2008, raising awareness for Habitat for humanity and earmarking over $200,000 for charitable
donations.
Product: Refers to all the attributes that make up good, service, or an idea.
The evolution of marketing has progressed from a production orientation stage to a sales
orientation stage, on to a marketing orientation stage, and finally to a relationship marketing
stage. The Canadian Marketing Association (CMA) is the professional body for the marketing
industry that responds ot legislative issues and sets guidelines on responsible business
practices.
Production
Orientation
Sales
Orientation
Marketing
Orientation
Relationship
Marketing
Orientation
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