Marketing Keys to Study.docx

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Administrative Studies
ADMS 2200
Nicolette S Richardson

Marketing Keys to Study: Chapter 1 INOVATION AND RESEARCH !!! - Diagram of the marketing process ** Understand marketing process. 1. Identify the five core marketplace concepts. 2. Identify the key elements of a customer-driven marketing strategy. 3. Identify the integrated marketing plan and the program 4. Discuss customer relationship management 5. Ways of capturing value from customers - Core Marketplace Concepts Diagram 1) Market Offerings – ideas, product, service, organization, information, customers 2) Customers 3) Value & Satisfaction - Customer Driven Marketing - - Separate market into segments, choose right segment to target, make product, differentiate it, sell it and build relationship, nurture long-term relationship Marketing Management Philosophies **  Production – most affordable/available  Selling – persuaded into buying it  Product – best product  Marketing – will choose product best satisfying needs  Societal Marketing – customers favour products from companies that help society (eco friendly CSR) (CUSTOMER - needs, COMPANY – profit, SOCIETY – human welfare) Chapter 2 - 4 P’s and 4 C’s **  Product provides customer solution  Price represents customer cost  Place provides convenience  Promotion is two-way communication (most used of 4 C’s) - Market Targeting (select by according to criteria, time, cost for customers, patents, margin, return for company) vs. Market Segmentation (splitting whole market) - Market Differentiation (does product give additional value to customer) Need: Functionality, level of service, features and benefits, price, value, customer value, characteristics - Marketing Analysis – slide 37, 24 Chapter 4 - Marketing environment, slide 4 - Micro (makes up value delivery system, SWOT analysis, collect info better strategy, market intermediaries wholesalers, resellers, suppliers) vs Macro (always affects micro) marketing environment (most likely a multiple choice) - Value Delivery Network (micro, partner to advance performance eg. Coke & Wendys) vs. Company Chain (macro, different departments by design, promote/design for customers)** - Activities Internal to firm: **  Primary (direct line to profit/loss)  Secondary (input/support primary, not direct to profit/loss) - Types of Customers: **  Consumers (use product, end product users)  Businesses (transform products, for use of business)  Government Buyers (public services) - Competitors: Offer differentiating products between those in same market ** - Marketing Intermediaries & Suppliers - Publics ** (text pg. 131-132) 7 On the list  Citizen Action vs. Local Publics **  Other types from notes/text  Eg. Media, General - External Forces **  Demographics (how to promote, know their values, gen x family oriented, loyal, satisfied, eg. China) **  Cultural **  Political **  Economic  Technology Engels Law: More income grows, food down, housing same, wants increases (buy power) Natural Environment, relates to sustainability, responsibility, definition - Natural resources needed as inputs by marketers or needed by marketing activities (slide 24) Technologica
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