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2320 Final: Marketing Notes full course

60 Pages

Business Administration
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Business Administration 3301K

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Chapter 1: Overview of Marketing Notes Overview of Marketing Essentially about creating value for consumers and companys shareholders Creating value for consumers and firm requires that marketers develop and nurture longterm, profitable relationships with consumers What is marketing Exchanging something of value that satisfies a need Firms develop a marketing plan that specifies marketing activities for a specific period of time Buyer and seller should be satisfied with value they obtained from a transaction Marketing: A set of business practices designed to plan for and present an organizations products or services in ways that build effective customer relationships. Marketing Plan: A written document composed of an analysis of current marketing situation, opportunities and threats for firm, marketing objectives and strategy specified in terms of four Ps, action programs, and projected or pro forma income (and other financial) statements Marketing Is About Satisfying Customer Needs and Wants Need: A person feeling physiologically deprived of basic necessities, such as food, clothing, shelter, and safety. Want: particular way in which a person chooses to satisfy a need, which is shaped by a persons knowledge, culture, and personality Market: Refers to groups of people who need or want a companys products or services and have ability and willingness to buy them. Target market: customer segment or group to whom firm is interested in selling its products and services. To understand needs and wants, company must identify customers or market for its product or service Marketers divide market into subgroups or segments of people to whom they are interested in marketing their products, services, or ideas. Process of identifying customer segments company wants to target with its products and services requires market research Marketing Entails Value Exchange Exchange: trade of things of value between buyer and seller so that each is better off as a result. Sellers provide goods or services, then communicate and facilitate delivery of their offering to consumers Buyers complete exchange by giving money and info to seller Marketing Requires Product, Price, Place, and Promotion Decisions Marketing mix: Product, price, place, and promotion controllable set of activities that a firm uses to respond to wants of its target markets. Product: Creating Value oCreate value by developing a variety of offerings oServices are intangible customer benefits that are produced by people or machines and not be separated from producer oIdeas: Include thoughts, opinions, philosophies, and intellectual concepts. oExchange of value they have adopted, or become purchasers, of idea that group marketed Price: Transacting Value oPrice: overall sacrifice a consumer is willing to makemoney, time, energyto acquire a specific product or service oMust determine price of a product carefully on basis of potential buyers belief about its value oKey to determining prices is figuring out how much customers are willing to pay so that they are satisfied with purchase and seller achieves a reasonable profit Place: Delivering Value oDescribes all activities necessary to get product from manufacturer or producer to right customer when that customer wants it oConcerned with developing an efficient system for merchandise to be distributed in right quantities, to right locations, and at right time in most efficient way in order to minimize systemwide costs oConcerned with developing an efficient system for merchandise to be distributed in right quantities, to right locations, and in most efficient way to minimize systemwide costs while satisfying service levels required by customers Promotion: Communicating Value Even best products and services will go unsold if marketers not communicate their value to customers oCommunication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response oGenerally enhance a product or services value o deliver greater value to consumers by configuring four Ps as a whole rather than by treating them as separate components Marketing Is Shaped by Forces and Players Within Firm Marketers to deliver best value to their customers, they must leverage full potential of their internal capabilities; work effectively with their partners (i.e., suppliers, distributors, and other intermediaries, such as financial institutions, advertising agencies, and research firms); and constantly evaluate and respond to competitive environment Marketing Is Shaped by Forces and Players External to Firm Such as cultural, demographic, social, technological, economic, and political and legal changes shape a companys marketing activities Marketing Be Performed by Both Individuals and Organizations Marketing intermediaries, such as retailers, accumulate merchandise from producers in large amounts and then sell it to you in smaller amounts B2C (businesstoconsumer): process in which businesses sell to consumers. B2B (businesstobusiness): process of selling merchandise or services from one business to another.C2C (consumertoconsumer): process in which consumers sell to other consumers. Individuals also undertake activities to market themselves Organizations that practise sustainability must strive to conduct their business in such a way as to minimize harm to environment, follow good governance practices, and comply with social standards Sustainable Marketing Truly comprehensive and proactive approach to sustainability requires that businesses develop practices and policies around all three perspectives: environmental, governance, and social Sustainability practices and policies must be embedded in all facets of organization Must involve all employees Social Media Marketing Social Media: use of Internet tools to easily and quickly create and share content to foster dialogue, social relationships, and personal identities. Participants act as both publishers and consumers Openness, authenticity, and transparency are key elements of effective social media An excellent way to reach consumers To be part of conversation or to initiate conversations, companies must participate in social media Enables marketers to accomplish many marketing goals Social media is quickly becoming an integral part of their marketing and communications strategies Marketing Occurs in Many Settings also jumpstart economies of less developed countries by actually putting buyers and sellers together to create new markets Often designed to benefit an entire industry, which help many firms simultaneously Marketing Helps Create Value Four different marketing orientationsphilosophies: Product orientation, sales orientation, market orientation, and valuebased orientation Product oriented companies focus on developing and distributing innovative products with little concern about whether it satisfies customers needs oBelieved a good product would sell itself, and retail stores typically considered places to hold merchandise until consumer wanted it oGenerally start out by thinking about product they want to build; they try selling product after it is developed Sales orientation basically view marketing as a selling function where companies try to sell as many of their products as possible oDepend on heavy doses of personal selling and advertising to attract new customers oFocus on making a sale or on each transaction rather than building longterm customer relationships oBelieve that if consumers try their products, they will like them Marketoriented companies start out by focusing on what consumers want and need before they design, make, or attempt to sell their products and services oBelieve that customers have choice and make purchase decisions based on several factors oCustomer is king, oMarketers role is to understand and respond to needs of consumers and to do everything possible to satisfy them o Most successful firms today are market oriented Valuebased orientation oValue: Reflects relationship of benefits to costs, or what consumer gets for what he or she gives oBetter marketing firms recognized they would have to give their customers greater value than their competitors oEvery valuebased marketing firm must implement its strategy according to what its customers value What is valuebased marketing Valuebased marketing: Focuses on providing customers with benefits that far exceed cost (money, time, effort) of acquiring and using a product or service while providing a reasonable return to firm. Business must also understand what customers view as key benefits of a given product or service and how to improve on them Other side of value equation entails firms ability to provide a better productservice mix at same cost or same level of quality and convenience for a lower cost How Firms Compete on Basis of Value Marketers must keep a vigilant eye on marketplace so they adjust their offerings to meet customer needs and keep ahead of their competition It should be at core of every firms functions Nonprofit organizations need to focus on creating value to ensure services they provide to stakeholders are of high quality while also minimizing total fundraising required How Firms Become ValueDriven Sharing Info oMarketers share info about customers and competitors that has been collected through customer relationship management, and integrate it across firms various departments Sharing and coordinating such info represents a critical success factor for any firm Balancing Benefits with CostsoConstantly measure benefits that customers perceive against cost of their offering oUse available customer data to find opportunities in which they better satisfy their customers needs and in turn develop longterm loyalties Building Relationships with Customers oTransactional orientation: Regards buyerseller relationship as a series of individual transactions, so anything that happened before or after transaction is of little importance. oRelational orientation: A method of building a relationship with customers based on philosophy that buyers and sellers should develop a longterm relationship. oCustomer Relationship Management (CRM): A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among firms most valued customers Why is Marketing Important Works with other departments Creates mutually valuable relationships between company and external firms that are involved in firms marketing process Identifies elements that local customers value and makes it possible for firm to expand globally Makes it easier for consumers to learn about new products and services Marketing expands firms global presence by using knowledge gained through analyzing customers needs and wants Marketing is pervasive across organization oWorks with other functional areas of company to design, promote, price and distribute products Power of Internet 1.1 oAround 2004, marketers realized an effective marketing strategy requires integration of online and offline businesses to provide customers with multichannel marketing experience oReleased for commercial use in 1993 oEarly focus on technology and product is reminiscent of productoriented market era of early twentieth century o2012, websites are much more complex technologically and focus shifted to consumer oFrom Static Websites to Social Media to Mobile Marketing Websites were static, textbased sites, which marketers used to push info to customers about their products and companies Secondgeneration provided info to customers requests in real time, made use of multimedia technology, and offered modest interactivity Ecommerce capability, that is, ability to order and pay for goods and services online Foundations for growth of online marketing; could reach customers worldwide through online stores and customers could order products and services anytime, anywhere Personalization and customization, where customers were given ability to customize look and feel of a website, and products shown, to suit their preferences oThree aspects of Internet marketing will keep marketers awake at night Figuring out how to create a winning multichannel marketing strategy that evolve as new technologies are developed and deployed How to develop and implement an effective and efficient mobile marketing strategy Figure out profitable social media marketing strategy oMobile, multichannel, and social media marketing are next likely frontiers for Internet marketing Marketing Is Pervasive Across Supply Chain oSupply Chain: group of firms and set of techniques and approaches firms use to make and deliver a given set of goods and services. oExcellent supply chains effectively and efficiently integrate supply chain partners to produce and distribute goods in right quantities, to right locations, and at right time oOften, supply chains take a transactional orientation in which each link in chain is out for its own best interest oFor supply chain to provide signifit value to customer, parties must establish longterm relationships with each other and cooperate to share data, make joint forecasts, and coordinate shipments Marketing Makes Life Easier oBalance product or service offering with a price that makes you comfortable with your purchase Marketing Provides Career Opportunities Marketing Enriches Society oEncourage their employees to participate in activities that benefit their communities and invest heavily in socially responsible actions and charities oGood corporate citizenship through socially responsible actions help their bottom line in long run Marketing Be Entrepreneurial oKey to success of many such entrepreneurs is that they launch ventures that aim to satisfy unfilled needs Chapter 2: Developing a Marketing Plan and Marketing Strategies Notes Levels of Strategic planning in corporations Strategic planning in most organizations occurs on at least corporate level and functional level
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