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Final

2200 Final: ADMS 2200 FINAL


Department
Administrative Studies
Course Code
ADMS 2200
Professor
Richard Patterson
Study Guide
Final

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CHAPTER 1 – MARKETING: THE ART & SCIENCE OF SATISFYING CUSTOMERS
1. Define marketing, explain how it creates utility & describe its role in the global marketplace?
Marketing is an organizational function & a set of processes for creating, communicating & delivering value to
customers & for managing customer relationships in ways that benefit the organization & its stakeholders. Utility
is the want satisfying power of a good service. Four basic kinds of utility exist: form, time, place & ownership.
Marketing creates time, place & ownership utilities. 3 factors have forced marketers to embrace a global
marketplace: expanded international trade agreements; new technologies that have brought previously isolated
nations to marketplace & greater interdependence of the world’s economies.
2. Contrast marketing activities during the 4 eras in the history of marketing.
During the production era, businesspeople believed that quality products would sell themselves. The sales era
emphasized convincing people to buy. The marketing concept emerged during the marketing era, in which there
was a company wide focus on consumer orientation with the objective of achieving long term success. The
relationship era focuses on establishing & maintaining relationships between customers & suppliers. Relationship
marketing involves long term, value added relationships.
3. Explain the importance of avoiding marketing myopia.
Marketing myopia is management’s failure to recognize a company’s scope of business. It focuses marketers too
narrowly on products & thus misses potential opportunities to satisfy customers. To avoid it, companies must
broadly define their goals so they focus on fulfilling consumer needs.
4. Describe the characteristics of not for profit marketing.
Not for profit organizations operate in both public & private sectors. The biggest distinction between not for profit
& commercial firms is the bottom line – whether the firm if judged by its profitability levels. Not for profit
organizations may market to multiple publics. A customer or service user of a not for profit organization may
have less control over the organization’s destiny than do customers of a profit seeking firm. In addition, resource
contributors to not for profits may try to exert influence over the organization’s activities. Not for profit & for
profits may form alliances that effectively promote each other’s causes & services.
5. Identify & briefly explain each of the 5 types of non-traditional marketing.
Person marketing focuses on efforts to cultivate the attention, interest & preferences of a target market toward a
celebrity or noted figure. Place marketing attempts to attract visitors, potential residents & businesses to a
particular destination. Cause marketing identifies & markets a social issue, cause or idea. Event marketing
promotes sporting, cultural, charitable or political activities. Organization marketing attempts to influence others
to accept the organization’s goals or services & contributes to it in some way.
6. Explain the shift from transaction based marketing to relationship & social marketing.
Relationship marketing represents a dramatic change in the way companies interact with customers. The focus on
relationship gives a firm new opportunities to gain a competitive edge by moving customers up a loyalty ladder
from new customers to regular purchasers & then to loyal supporters & advocates. Over the long term, this
relationship may be translated to the lifetime value of a customer. Interactive technologies & social marketing
allow marketers direct communication with customers, permit more meaningful exchanges, & put the customer in
control. Organizations may form partnerships – called strategic alliances – to create a competitive advantage.
These alliances may involve product development, raising awareness, & other activities.
7. Identify the universal functions of marketing.
Marketing is responsible for 8 universal functions, divided into 3 categories (1) exchange functions (buying &
selling), (2) physical distribution (transporting & storing), (3) facilitating functions (standardization & grading,
financing, risk taking & securing marketing information).
8. Demonstrate the relationship among ethical business practices, social responsibility, sustainability &
marketplace success.
Ethics are moral standards of behaviour expected by a society. Companies that promote ethical behaviour &
social responsibility usually produce increased employee loyalty & a better public image. This image often pays
off in customer growth, since many buyers want to associate themselves with - & be customers of – such firms.
Social responsibility involves marketing philosophies, policies, procedures & actions whose primary objective is

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the enhancement of society & protection of the environment through sustainable products & practices these
actions also generally promote a firm’s public image.
CHAPTER 2 – STRATEGIC PLANNING IN CONTEMPORARY MARKETING
1. Distinguish between strategic planning & tactical planning
Strategic planning is the process of identifying an organization's primary objectives & adopting courses of action
toward these objectives. In other words, strategic planning focuses on the big picture of which industries are
central to a firm's business. Tactical planning guides the implementation of the activities specified in the strategic
plan. Once a strategy is set, operational managers devise methods (tactics) to achieve the larger goals.
2. Explain how marketing plans differ at various levels in an organization.
Top management spends more time engaged in strategic planning than do middle & supervisory-level managers,
who tend to focus on narrower, tactical plans for their units. Supervisory managers are more likely to engage in
developing specific plans designed to meet the goals assigned to them—for example, streamlining production
processes so that they operate more efficiently.
3. Identify the steps in the marketing plan process.
The basic steps in the marketing planning process are defining the organization's mission & objectives; assessing
organizational resources & evaluating environmental risk & opportunities; & formulating, implementing, &
monitoring the marketing strategy.
4. Describe successful planning tools & techniques, including Porter’s 5 Forces model, 1st and 2nd mover
strategies, SWOT analysis, & the strategic window.
Porter's Five Forces are identified as the five competitive factors that influence planning strategies: potential new
entrants, bargaining power of buyers, bargaining power of suppliers, threat of substitute products, and rivalry
among competitors. With a first mover strategy, a firm attempts to capture the greatest market share by being first
to enter the market; with a second mover strategy, a firm observes the innovations of first movers and then
improves on them to gain advantage. SWOT analysis (strengths, weaknesses, opportunities, and threats) helps
planners compare internal organizational strengths and weaknesses with external opportunities and threats. The
strategic window identifies the limited periods during which the key requirements of a market and the
competencies of a firm best fit together.
5. Identify the basic elements of a marketing strategy.
Development of a marketing strategy is a two-step process: (1) selecting a target market and (2) designing an
effective marketing mix to satisfy the chosen target. The target market is the group of people toward whom a
company decides to direct its marketing efforts. The marketing mix blends four strategy elements to fit the needs
and preferences of a specific target market. These elements are product strategy, distribution strategy, promotional
strategy, and pricing strategy.
6. Describe the environmental characteristics that influence strategic decisions.
The five 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, including business portfolio analysis, the BCG
market/market growth matrix, & the strategic growth opportunity matrix.
The business portfolio analysis evaluates a company's products and divisions, including strategic business units
(SBUs). The SBU focuses the attention of company managers so they can respond effectively to changing
consumer demand within certain markets. The BCG matrix places SBUs in a four-quadrant chart that plots market
share against market growth potential. The four quadrants are stars, cash cows, question marks, and dogs. The

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strategic growth opportunity matrix identifies four growth alternatives: penetration (same products, same
markets), market development (same products, new markets), product development (new products, same
markets), and diversification (new products, new markets).
CHAPTER 3 – THE MARKETING ENVIRONMENT, ETHICS & SOCIAL RESPONSIBILITY
1. Identify the 5 components of the marketing environment.
The five components of the marketing environment are (1) the competitive environment—the interactive process
that occurs in the marketplace as competing organizations seek to satisfy markets; (2) the political- legal
environment—the laws and interpretations of laws that require firms to operate under competitive conditions and
to protect consumer rights; (3) the economic environment— environmental factors resulting from business
fluctuations and resulting variations in inflation rates and employment levels; (4) the technological environment—
applications to marketing of knowledge based on discoveries in science, inventions, and innovations; and (5) the
social-cultural environment—the component of the marketing environment consisting of the relationship between
the marketer and society and its culture.
2. Explain the types of competition marketers face & the steps necessary for developing a competitive
strategy.
Three types of competition exist: (1) direct competition among marketers of similar products; (2) competition
among goods or services that can be substituted for one another; and (3) competition among all organizations that
vie for the consumer's purchasing services that can be substituted for one another; and (3) competition among all
organizations that vie for the consumer's purchasing power. To develop a competitive strategy, marketers must
answer the following questions: (1) Should we compete? The answer depends on the firm's available resources
and objectives as well as its expected profit potential. (2) If so, in what markets should we compete? This question
requires marketers to make product, pricing, distribution, and promotional decisions that give their firm a
competitive advantage. (3) How should we compete? This question requires marketers to make the technical
decisions involved in setting a comprehensive marketing strategy.
3. Describe how marketing activities are regulated & how marketers can influence the political legal
environment.
Marketing activities are influenced by federal, provincial and territorial, and municipal laws that require firms to
operate under competitive conditions and to protect consumer rights. The Competition Act, administered by
Industry Canada, is the most comprehensive legislation in Canada. Government regulatory agencies can provide
advice and assistance to Canadian businesses or, like the National Energy Board, can have responsibility to
regulate specific industries. Public and private consumer interest groups and industry self-regulatory groups also
affect marketing activities. Marketers can seek to influence public opinion and legislative actions through
advertising, political action committees, and political lobbying.
4. Outline the economic factors that affect marketing decisions & consumer buying power.
The primary economic factors are (1) the stage in the business cycle, (2) inflation and deflation, (3)
unemployment, (4) income, and (5) resource availability. All are vitally important to marketers because of their
effects on consumers’ willingness to buy and consumers’ perceptions regarding changes in the marketing mix
variables.
5. Discuss the impact of the technological environment on a firm’s marketing activities.
The technological environment consists of applications to marketing of knowledge based on discoveries in
science, inventions, and innovations. This knowledge can provide marketing opportunities. It results in new
products and improves existing ones, and it is a frequent source of price reductions through new production
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