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SMG MK 323 Final: MK Final guide

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Boston University
SMG MK 323

Chapters: 18,19,3,16,17,14,15,20 ➢ LinkedIN ➢ Google+ ❖ Media sharing sites Chapter 3 ➢ Youtube ➢ Instagram ❖ Social media: content distributed online to ➢ Flickr facilitate interpersonal interactions ❖ Thought sharing sites (blogs) educate and ➢ Through these connections marketers and engage customers share info (opinions, etc) ➢ Corporate blogs have high level control as ➢ Social media forces firms to change opposed to normal blogs ➢ Traditional methods no longer adequare ➢ Professional blogs are those written by people who review and give recs on ❖ 4 E framework products and services ➢ excite customers ❖ Microblogs are twitter ▪ Social media related offers excite ❖ Needs that apps fill customers ➢ Me time: to be unproductive ▪ Relevancy through personal offers ➢ Socialize (google analytics) ➢ Need to shop ▪ Location based applications can help ▪ Showrooming: customers can scan a bring the offer to the customer when product in stores and compare prices they are in the process of ordering online ➢ educate them ➢ Need to accomplish ▪ must have clear call to action to draw ▪ Fitness trackers customers ➢ Need to prepare (kayak, calendars) ▪ when people arrive at a website there’s ➢ Need to discover: need for info a golden opportunity to educate them ➢ Need to self express ▪ in some cases, education is about ❖ App pricing models reminding ppl of what they know ➢ Ad supported ads ▪ blogs are helpful ➢ Freemium (Pandora ➢ help them experience ❖ How firms engage with social media ▪ Youtube helps provide customers with ➢ Listen how services and goods work, how to ▪ Monitoring what people say (sentiment use them anaylis) ▪ Social media is big for ➢ Analyze feedback/recommendations ▪ Page views ▪ Home Depot DIY encouragement online ▪ Bounce rate (percent that leaves chat for project help immediately) ➢ give them an opportunity to engage ▪ Click paths (how they went through the ▪ These three e’s set the stage to ENGAGE info) the customer ▪ Keyword anaylisis • Positively engaged customers are ➢ Do more profitable ▪ Implementing what you learned from ^ • They messed up with gap and AA ❖ How to do a social media campaign ➢ Identify target audience during the hurricane. Customers got angry so they had to apologize ➢ Develop campaign (experiment and engage (negative engagement) ➢ Develop the budget ❖ Categories of social media ❖ Monitor and change ➢ Social networking sites-Excitement ▪ Fright (scary movies) facebook Chapter 14 ➢ Oligopolistic competition: only a few firms ❖ Pricing is a challenge dominate ➢ Do it well and you will have great success, ➢ Predatory pricing; when a firm sets a low do it poorly and damage is severe price to drive its competitor out of business ❖ Price-overall sacrifice consumer is willing to ➢ Monopolistic competition make for a certain product or service ▪ When there are many fims competiting ❖ ONLY ELEMENT OF THE MK MIX THAT DOESN’T for customers in a given market but GENERATE COSTS generates revenue instead their products are differentiated ❖ Powerful indicator of quality ➢ PURE COMPETITION ❖ Opportunity to strategically create value ▪ When a large number of sellers offer ❖ 5 C’s of prices standardized products or commodities ➢ Company objectives that consumers perceieve as ▪ Profit orientation substitutable commodities • Target profit=specific goal ➢ A gray market • Maximizing profits ▪ Authorized channels selling their goods  Relies on economic theory at prices lower than anticipated by the manufacturers ▪ Sales orientation: setting a price to drive sales ▪ To discourage, manufacturers print the ▪ Premium pricing: when price is prices increased just to attract those who only Chapter 15 Chapter 16 buy the best ▪ Competitors ❖ Wholesalers: firms that buy products from • Status quo pricing manufacturers and resell them to retailers ➢ Customers ➢ Retailers sell directly to consumer ▪ Demand curve ❖ Viral marketing program: ➢ Encourages people to pass along a ▪ Prestige pricing (fancy cars that are expensive and thus receive status) marketing message to other potential ▪ Price elasticity consumers • How much it can change ❖ Marketing channel adds value ❖ Every marketing decision is affected by and • Price elasticity of demand: %change in quantity demand/%change in has an effect on the marketing channel price ➢ A dist. Center: a facility for the receiving, ▪ Can sometimes charge a higher price to storage and distribution ➢ Fulfillment centers: are used to ship people willing to pay (ebay) directly to customer ▪ Dynamic pricing: changing the prices based off type of consumer or time of ➢ NO FASTER WAY TO LOSE credibility when year customers do not receive items when ▪ Income effect promotions said they would ❖ Direct Marketing channel • Change in demand due to rise in income ➢ Just buyer and seller nothing in between ▪ Substitution effect ➢ B2B can be direct (Boeing to Jetblue) • Higher elasticity if there are ➢ Seller can also be individual (scarf sold on etsy) alternatives ❖ Indirect Marketing Channels ▪ Cross price elasticity • Two prices moving together (or ➢ One or more intermediaries work with rathe their deamdn) manufacturers to provide goods and services to customers ▪ Prices should not be based on costs! ▪ Automobiles • Based on perceived value ❖ Vertical channel conflict ➢ When supply chain members that buy and of a vertical marketing systems that sell to one another are not in agreement function under a single owner ▪ Home depot selling many types of tools ❖ Corporate vertical marketing system ➢ The parent company has complete control ❖ Horizontal channel conflict and can dictate the priorities and ➢ Occurs when there is a disagreement or objectives of the marketing channel discord among members of at the same because it owns multiple segments of the level of the marketing channel channel such as mfg plants, warehouses ▪ Two competing retailers or MFGS and outlets (for example American ❖ Avoiding Vertical channel conflict demands apparel) no contracts w other firms open honest communication ❖ Conventional marketing channel: relationships ➢ Common goals help sustain the are often arguments over profits relationship ❖ Strategic relationship/partnership ➢ How to manage: coordinate the channel ➢ Marketing channel members are using a vertical marketing system and committed to maintaining the relationship develop strong relationships with over the long term and investing in marketing channel partners opportunities that are mutually beneficial ❖ An independent or conventional marketing ❖ Mutual trust channel ➢ Holds a strategic relationship together ➢ Several independent members, a MFG, a ▪ Belief that the partner is honest wholesaler and a retailer attempt to satisfy ❖ Open communication objectives and maximize their profits often ➢ Some businesses do not share info with at the expense of the other members their business partners however ❖ Vertical marketing channel is where they are ❖ Common goals UNIFIED and dependent on each other to ➢ Supply chain members must have common maximize profits together goals for a successful relationship ❖ Administered vertical marketing system: there ❖ Interdependence is no common ownership or contractual ➢ When goals are linked intricately relationships, but the dominant channel ➢ Develop deeper long term relationships member controls the balance of power ❖ Credible commitments ➢ Walmart over Pen Again ➢ Successful relationships develop because ❖ Power in a marketing channel exists when one both parties make credible commitments firm has the means or ability to dictate the or tangible investments in the relationship actions of another member at different levels ▪ Goes beyond just saying they want to ❖ Coercive power arises when you punish the be partners other channel for not doing certain things ❖ UPC= universal product code ❖ Referent power: if Pen again desperately ❖ INFORMATION FLOWS GO FROM CUSTOMER wants to be associated with Walmart BACK TO MFG ❖ Expertise power: it relies on its expertise with ❖ Flow 1 customer to store pens ❖ Flow 2 store to buyer ❖ Information power: withholding info over pen ➢ Point Of Sale again ❖ Flow 3 buyer to manufacturer ❖ Legitimate power: contractual agreement ❖ Flow 4 store to manufacturer ❖ Contractual vertical marketing systems ❖ Flow 5 store to distribution ➢ Join through contracts ❖ Flow 6 manufacturer to dist. center and buyer ❖ Franchising ❖ EDI=electronic data interchange (computer to ➢ Operate using the name computer) ➢ Combines the entrepreneurial advantages ➢ Can transfer inventory info of owning a business with the efficiencies ❖ VMI=vendor managed inventory ➢ Automatically sending inventory through a ➢ Increased product availability and lower system when needed inventory investment ❖ Sales forecasts are more accurate when ➢ JIT’s ability to satisfy demand can increase retailers combine forecasts for many stores while inventory decreases services by 1 distribution center rather than ➢ Costs of just in time doing a different one for each store ▪ Distribution becomes more ❖ Distribution centers aren’t appropriate for all complicated retailers Chapter 17 ➢ If a retailer has only a few outlets a dist. ❖ Primary the retailer’s responsibility to make center is too $$ sure customer expectations are filled ❖ The dist. Center performs the following ❖ Retailing is defined as the set of business activities: management of inbound activities that add value to prods/services transportation ❖ SOME RETAILERS CLAIM TO SELL AT ❖ Fulfilment centers key difference is they don’t WHOLESALE PRICES but if they are selling to have to get stuff ready for the floor customers for their personal use they are still ❖ The dispatcher: coordinates deliveries to dist. retailers, regardless of their prices Center ❖ Wholesalers buy products from MFG and ❖ RFID receiving is the process of recording the resell them to retailers or industrial or receipt of merch. As it arrives business users ❖ Checking is the process of going through the ❖ MFG’s strategy depends on its overall market goods upon receipt to make sure they arrived power and how consistent a new product or undamaged line is with its current offerings ❖ In the past checking merch. was a very labor ❖ Factors for establishing retailer relationship intensive and time consuming process today ➢ Determine if it is likely for certain retailers they use EDI to minimize this process to carry their product ❖ RFID are the tiny chips that automatically ➢ Next identify the types of retailers that transmit info would be appropriate. Obvious for food ❖ Cross-docking: merchandise cartons are (groceries) prepackaged by the vendor for a specific store ➢ Finally they use an Omni channel strategy ➢ The UPC or RFID labels on the carton which involves selling in several channels indicate to which store it is to be sent (internet, magazine, online) ➢ Since its ready for sale it goes from one ➢ MFGS may do these steps in different dock to another (Cross dock) orders or at once ➢ Good for fashion or perishables ❖ Channel structure ❖ Floor ready is ready to be sold ➢ Level of difficulty a manufacturer ❖ Ticketing/marketing refers to fixing price and experiences in getting retailers to purchase identification labels to the merchandise its products is determined by the degree to ❖ Pick ticket which the channel is vertically integrated ➢ A document or display on a screen in a ➢ Hard for Revlon to get CVS to sell forklife truck indicating how much to get something cause they are not vertically from each area integrated ❖ Just-in time inventory ❖ Customer expectations ➢ Also known as QR (quick response) ➢ Target markets expect certain products in ➢ In retailing this is when inventory systems certain places that deliver merch on a more frequent ❖ Channel member characteristics basis than traditional systems ➢ Larger the channel member the less likely ➢ Gets the merch just in time it will use a supply chain intermediaries ▪ Reduced lead time ▪ Estee lauder uses its own sales force as opposed t
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