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Entire term notes

58 Pages
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Department
Administrative Studies
Course Code
ADMS 2200
Professor
Li Lee

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Marketing: A social and managerial process whereby individuals and groups obtain what
they need and want by creating and exchanging products and value with others.
Chapter 2
Marketing Strategy
Marketing Mix:
Product Decisions
oThe term "product" refers to tangible, physical products as well as services.
Here are some examples of the product decisions to be made:
Brand name
Functionality
Styling
Quality
Safety
Packaging
Repairs and Support
Warranty
Accessories and services
Price Decisions
oSome examples of pricing decisions to be made include:
Pricing strategy (skim, penetration, etc.)
Suggested retail price
Volume discounts and wholesale pricing
Cash and early payment discounts
Seasonal pricing
Bundling
Price flexibility
Price discrimination
Distribution (Place) Decisions
oDistribution is about getting the products to the customer. Some examples of
distribution decisions include:
Distribution channels
Market coverage (inclusive, selective, or exclusive distribution)
Specific channel members
Inventory management
Warehousing
Distribution centers
Order processing
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Transportation
Reverse logistics
Promotion Decisions
oIn the context of the marketing mix, promotion represents the various aspects
of marketing communication, that is, the communication of information about
the product with the goal of generating a positive customer response.
Marketing communication decisions include:
Promotional strategy (push, pull, etc.)
Advertising
Personal selling & sales force
Sales promotions
Public relations & publicity
Marketing communications budget
Managing Portfolio:
Business Portfolio: the collection of businesses and products that together
make up the company
Must fit the companys strengths and weaknesses to opportunities in the
environment
Must first analyze current operations, lines of businesses, product groupings
and decide which departments require the most investment in time, money,
and resources
Business Portfolio Analysis: evaluating products and businesses that make up
the company
oStrategic business unit: unit of the company that has a separate
mission and objectives and that can be planned independently from
other company businesses
Ex. Company division, product line within a division, single
oHow do we organize SBUs?
oHow much support, in terms of financing and resources, each should
oPurpose: to find ways in which the company can best use its strengths
to take advantage of market opportunities as they develop and change
Boston Consulting Group
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Resources are allocated to business units according to where they are situated on
the grid as follows:
Cash Cow - a business unit that has a large market share in a mature, slow
growing industry. Cash cows require little investment and generate cash that can be
used to invest in other business units.
oLOW GROWTH- HIGH SHARE
Star - a business unit that has a large market share in a fast growing industry.
Stars may generate cash, but because the market is growing rapidly they require
investment to maintain their lead. If successful, a star will become a cash cow when
its industry matures.
oHIGH GROWTH- HIGH SHARE
Question Mark (or Problem Child) - a business unit that has a small market
share in a high growth market. These business units require resources to grow
market share, but whether they will succeed and become stars is unknown.
oHIGH GROWTH LOW SHARE
Dog - a business unit that has a small market share in a mature industry. A dog
may not require substantial cash, but it ties up capital that could better be deployed
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Description
Marketing: A social and managerial process whereby individuals and groups obtain what they need and want by creating and exchanging products and value with others. Chapter 2 Marketing Strategy Marketing Mix: Product Decisions o The term product refers to tangible, physical products as well as services. Here are some examples of the product decisions to be made: Brand name Functionality Styling Quality Safety Packaging Repairs and Support Warranty Accessories and services Price Decisions o Some examples of pricing decisions to be made include: Pricing strategy (skim, penetration, etc.) Suggested retail price Volume discounts and wholesale pricing Cash and early payment discounts Seasonal pricing Bundling Price flexibility Price discrimination Distribution (Place) Decisions o Distribution is about getting the products to the customer. Some examples of distribution decisions include: Distribution channels Market coverage (inclusive, selective, or exclusive distribution) Specific channel members Inventory management Warehousing Distribution centers Order processing www.notesolution.com Transportation Reverse logistics Promotion Decisions o In the context of the marketing mix, promotion represents the various aspects of marketing communication, that is, the communication of information about the product with the goal of generating a positive customer response. Marketing communication decisions include: Promotional strategy (push, pull, etc.) Advertising Personal selling & sales force Sales promotions Public relations & publicity Marketing communications budget Managing Portfolio: Business Portfolio: the collection of businesses and products that together make up the company Must fit the companys strengths and weaknesses to opportunities in the environment Must first analyze current operations, lines of businesses, product groupings and decide which departments require the most investment in time, money, and resources Business Portfolio Analysis: evaluating products and businesses that make up the company o Strategic business unit: unit of the company that has a separate mission and objectives and that can be planned independently from other company businesses Ex. Company division, product line within a division, single o How do we organize SBUs? o How much support, in terms of financing and resources, each should o Purpose: to find ways in which the company can best use its strengths to take advantage of market opportunities as they develop and change Boston Consulting Group www.notesolution.comResources are allocated to business units according to where they are situated on the grid as follows: Cash Cow - a business unit that has a large market share in a mature, slow growing industry. Cash cows require little investment and generate cash that can be used to invest in other business units. o LOW GROWTH- HIGH SHARE Star - a business unit that has a large market share in a fast growing industry. Stars may generate cash, but because the market is growing rapidly they require investment to maintain their lead. If successful, a star will become a cash cow when its industry matures. o HIGH GROWTH- HIGH SHARE Question Mark (or Problem Child) - a business unit that has a small market share in a high growth market. These business units require resources to grow market share, but whether they will succeed and become stars is unknown. o HIGH GROWTH LOW SHARE Dog - a business unit that has a small market share in a mature industry. A dog may not require substantial cash, but it ties up capital that could better be deployed www.notesolution.com
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