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Midterm

ADMS 2200 Marketing Mid Term Notes.docx

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Department
Administrative Studies
Course
ADMS 2200
Professor
Kim Snow
Semester
Fall

Description
Chapter 1. 1. Define Marketing, explain how it creates utility, and describe its role in the marketplace. • Utility- The want-Satisfying power of a good or service. • Form Utility- Firm converts raw materials and component inputs into finished goods and services  Marketing Function focuses on influencing consumer and audience preferences, organization`s production creates form utility. • Marketing creates time, place, and ownership utilities • Time and place utilities happen when consumers find goods and services when and where they want to purchase them. • Transfer of title of goods or services at the time of purchase creates ownership utility. Ex. purchasing a new phone, signing up for a cruise, or going to Gold without Limits creates ownership utility.  All organizations must create utility to survive. • To create a customer every organization must identify needs in the marketplace, and find out which needs the organization can profitably serve, and develop goods and services to convert potential buyers into customers.  Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. • 3 Factors have forced marketers to embrace a global marketplace i. Expanded international trade agreements ii. New Technology that brings previously isolated nations to the marketplace iii. Greater interdependence of world economies. 2. Contrast marketing Activities during the Four eras in the History of Marketing  Exchange Process- two or more parties give something of value to each other to satisfy perceived needs. o Production era  Business philosophy stressing efficiency in producing a quality product with the attitude toward marketing “that a good product will sell itself” o Sales Era  Customers resist purchasing non-essential goods and services that the task of personal selling and advertising is to persuade them to buy. o Marketing Era  Company-wide consumer orientation should lead to greater long-run profits. o The Relationship Era  Focuses on establishing and maintaining relationships with both customers and suppliers, this involves long-term, value added relationships developed over time with customers and suppliers.  The Major distinction between production and sales era is that in production era a good product will often times sell itself, but in the sales era you must sell the goods and services due to customers resisting purchasing non-essentials. 3. Explain the importance of avoiding marketing myopia  Marketing myopia- Managements failure to recognize the scope of its business. Product- Oriented rather than customer oriented management will hurt future growth of the firm o A firm can avoid marketing myopia through striving to meet ever changing consumer needs. Ex Apple developing solar-powered devices in response to customer demand for longer battery life. 4. Describe the characteristics of Non-profit organizations  Not-for-profit organizations hope to generate as much revenue as possible to support their causes; not-for-profit marketing must market to multiple publics, which complicate decision making about correct markets to target. Not-for-profit organizations tend to have some degree of monopoly power in any given geographic area.  Most obvious distinction between non-profit and commercial organizations are the bottom line, (The overall profitability of an organization)  Good PR for profit organizations and beneficial for the Not-for-profit organizations through lower costs, Transportation, and goods and services 5. Identity and briefly explain each of the 5 types of non-traditional marketing. • Person marketing- Efforts designed to cultivate the attention, interests, and preferences of a target market toward a celebrity or authority figure. • Place Marketing – marketing efforts designed to attract visitors to a particular areal improve consumer images of a city, province, or country; and/or attract new business • Cause marketing- Identification and marketing of a social issue, cause, or idea to selected target markets. • Event marketing- marketing of sporting, cultural, and charitable activities to selected target markets. • Organization marketing- Marketing by mutual-benefit organizations, service organizations, and government organizations intended to influence others to accept their goals, receive the services, or contribute them in some way. • Event and Organizational marketing may overlap, for instance a charity fundraiser can be an event for fundraising awareness of Children’s obesity sponsored by Sobeys or some other for profit organization • Explain the shift from transaction-based marketing to relationship and social marketing. 6. Explain the shift from transaction-based marketing to relationship marketing.  Transaction Marketing – buyer and seller exchanges characterized by limited communications and little or no ongoing relationships between the parties.  Relationship marketing- focuses on establishing a relationship between you, suppliers, and customers to reap the long term benefits and profits.  Interactive and social marketing are important tools for marketers because of the fact that social marketing is the number 1 activity on the internet and interactive marketing promotes buzz marketing.  Strategic alliances- Partnerships in which two or more companies combine resources and capital to create competitive advantages in a new market. 7. Identify the universal functions of marketing.  Buying, selling, transporting, storing, standardizing and grading, financing, risk taking, and securing marketing information.  Exchange Functions – Buying and Selling  Transporting and storing- Physical distribution functions  Transporting- physically moving goods from the seller to the purchaser, Storing involves warehousing goods until they are needed for sale  Facilitating functions- standardizing and grading, financing, risk taking, and securing marketing information. • Ethics- Moral standards of behaviour expected by a society • Social Responsibility- marketing philosophies, policies, procedures and actions that have the enhancement of societies welfare as a primary objective • Sustainable products- Products that can be used, produced, and disposed of with minimal impact on the environment 8. Demonstrate the relationship between ethical business practices, social responsibility and sustainability and market place success. • For market place success a company must abide by ethical business practices because if not due to the company being in the eye of society will be found out and trust of the company falls. Social responsibility is a big factor too, donating to charities, sponsoring fundraisers, and etc. These programs often produce benefits of improved customer relationships, increased employee loyalty, marketplace success, and improved financial performance. Through ethics and SR it promotes marketing philosophies, policies, procedures, and actions who’s primary objective is the enhancement of society and protection of the environment through sustainable products and practices. • Planning is the process of anticipating future events and conditions and of determining the best way to achieve organizational objectives. • Marketing planning- implementing planning activities devoted to achieve marketing objectives. Chapter 2. 1. Distinguish between strategic planning and tactical planning. • Strategic planning- process of determining an organizations primary objectives and adopting courses of action that will achieve these objectives. • Tactical planning- planning that guides the implementation of activities specified in the strategic plan. 2. Explain how marketing plans differ at various levels in an organization. • Top management (Board of directors, CEO’s, COO’s, and divisional VP’s take time to strategically plan organization-wide objectives, fundamental strategies, long-term plans, and total budget. • Middle Management (General Sales managers, Business unit manager, Director of Marketing research) Plan tactically plan quarterly and semi-annual plans; divisional budgets, divisional, policies and procedures. • Supervisory Management (District Sales manager, Supervisor- Telemarketing office) takes time to plan operationally the Daily and weekly plans; unit budgets, departmental rules and procedures. • Input from a wide variety of people throughout the company is important because it helps ensure many ideas are considered and make the variety of people advocates of the plan due to participation in the idea stages. 3. Identify the steps in the marketing planning process.  Corporate level with a definition of a firm’s mission. It then determines its objectives, assesses its resources, and evaluates environmental risks and opportunities. With this information marketers within each business unit then formulates a marketing strategy, implement the strategy through operating plans, and gather feedback to monitor and adapt strategies when necessary.  Mission statement – Essential purpose that differentiates one company from the next.  Defining the organizations mission and objectives. o The mission statement specifies the organizations overall goals and operational scope and provides general guidelines for future management actions. o An organization lays out its basic objectives or goals in its complete mission statement. These objectives in turn guide development if supporting marketing objectives and plans. Soundly conceived objectives should state specific intentions.  Assessing organizational resources and evaluating environmental risks and opportunities o An assessment of an organizations strengths, weaknesses, and available opportunities  Marketing strategy o An overall company-wide program for selecting a particular target market then satisfying consumers in that market through the marketing mix o The final step in the marketing planning process is extremely important, monitoring the plan set in motion if anything goes wrong then organizations can quickly change the product 4. Describe successful planning tools and techniques, including Porter’s Five Forces model, first and second mover strategies, SWOT analysis, and the strategic window.  Porter’s five forces – Identifies five competitive forces that influence planning strategies: The threat of new entrants, the threat of substitute products, rivalry among competitors, the bargaining power of buyers, and the bargaining power of suppliers.  First Mover- Companies that is first to offer a product in a market place will be the long- term market winner  Second Mover – Observing closely the innovations of first movers and then introducing new products that improve on the original offering to gain advantage in the marketplace.  SWOT analysis- Helps planners compare internal organizational strengths and weakness with external opportunities and threats.  Strategic Window- limited periods during which the key requirements of a market and the particular competencies of a firm fit together. 5. Identify the basic elements of a marketing strategy. • The target market • The marketing mix variables of the 4ps that combine to satisfy the needs of the target market.  Target market- The group of people toward the firm decides to direct its marketing efforts and ultimately its merchandize.  Product strategy- What goods or services a firm will offer its customers; also includes decisions about customer service, packaging, brand names, and the like.  Distribution strategy- Ensures that consumers find their products in the proper quantities at the right times and places  Promotional strategy- Communications link between buyers and sellers. Function of informing, persuading, and influencing a consumer’s purchase decision.  Pricing strategy- Methods of setting profitable and justifiable prices. 6. Describe the environmental Characteristics that influence strategic decisions.  The 5 dimensions of the marketing environment are competitive, political-legal, economic, technological, and social-cultural. Marketers must also address growing concern about the natural environment- including new regulations and increasing cultural diversity in the global marketplace. 7. Describe the methods for marketing planning; include business portfolio analysis, the BCG market share/Market Growth matrix, and the Strategic growth opportunity matrix.  The Business portfolio analysis evaluates a company’s products and divisions, including strategic business units (SBU). The SBU focuses the attention of company managers so they can respond effect
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