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Chapter 12

Chapter 12- Marketing.docx

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Department
Management
Course
MGM101H5
Professor
Dave Swanston
Semester
Fall

Description
Chapter 12- Marketing: Building Customer and Stakeholder Relationships What is Marketing?  Marketing- The process of determining customer needs and wants and then developing goods and services that meet or exceed these expectations  Green Marketing- Marketing efforts to produce, promote, and reclaim environmentally sensitive products The Evolution of Marketing 1. The Production Era  Produce as much as possible but given the limited production capabilities and the vast demand for products in those days, such production oriented was both logical and profitable as demand > supply  Marketing was for distribution and storage 2. The Sales Era  Emphasis on selling and advertising (mass production techniques made production capacity > immediate market demand) in effort to persuade consumers to buy existing products but few offered service after the same 3. The Marketing Concept Era  Baby boom = boom in consumer spending  Organizations recognized need to be responsive to consumers if they wanted to get their business, and philosophy called marketing concept emerged which included:  Customer Orientation- Find what consumers want and provide it for them  Service Orientation- Ensure that everyone in organization has same objectives: customer satisfaction  Profit Orientation- Focus on those g/s that will earn the most profit and enable the organization to survive and expand to serve more consumer wants/needs 4. The Customer Relationship Era  Customer Relationship Management (CRM)- The process of learning as much as possible about customers and doing everything you can to satisfy them- or even exceed their expectation- with g/s over time Non-Profit Organization Prosper from Marketing  One of the most competitive segments in the Canadian marketplace and is of great importance that they utilize the key brand building and customer management strategies to break through and succeed; stakes are greater when lives are at stake The Marketing Mix  Marketing Mix- the ingredients that go into a marketing program: product, price, place, and promotion  Marketing managers and the marketing mix- marketing managers must choose how to implement four Ps where the goals are to please customers and make a profit  Managing and controlling marketing process involves: Designing a Want Satisfying Product  Product- Any physical g/s/idea that satisfies a want or need  Concept testing- develop accurate description of product and ask people whether the concept appeals to them  Test Marketing- The process of testing products among potential users  Brand Name- A word, device (design, shape, sound, or colour) or combination of these used to distinguish a seller’s g/s from those of competitors Setting price for the product  Price- The money or other consideration (including other g/s) exchanged for the ownership or use of a g/s and depends on:  Prices of competitors  Costs involved in producing, distributing, and promoting the product Putting the product in a place where people will buy it  Customer comes to you, you go to customer (Delivery), sell at other stores or through organizations that specialize in distributing your product  Intermediaries- Organizations that are in the middle of a series of organizations that distribute goods from producers to consumer Promoting the product  Promotion- All of the techniques sellers use to motivate customers to buy their products  Includes advertising, personal selling, public relations, and various sales promotion efforts (coupons and samples)  Involves relationship building with customers which includes responding to suggestions consumers may make to improve products or marketing (customer responses= key to marketing) Providing Marketers with Information  Marketing Research- The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions  Helps determine what customers have purchased in the past and what situational changes have occurred to alter what they want now and in the future  Conduct market research on business trends, ecological impact of their decisions, international trends,  Should also pay attention to what employees, stockholders, dealers, consumer advocates, media representatives, and other stakeholders have to say The Marketing Research Process 1. Defining the question (problem/opportunity) and determining the present situation  Freedom to help discover present situation, problems/opportunities, alternatives, needed information, and how to go about gathering and analyzing data 2. Collecting Data  Secondary Data- Information that has already been complied by others and published in journals and books or made available online  Should be gathered first to avoid incurring unnecessary expense  Primary Data- Data that you gather yourself  Observation- Trained people observe and record actions of potential buyers  Personal interview- face to face opportunity to ask consumers prepared questions which increases response and accuracy rate  Survey/Questionnaire- (telephone, online, mail surveys) Best completed by third parties so that information gathered and results reported can be as objective as possible (not everyone is willing to answer and not everyone can read/write)  Focus Group- A small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other issues 3. Analyzing the research data  Data collected must be turned into useful information and helps company find useful alternatives to specific marketing challenger 4. Choosing the best solution and implementing it  Determine alternative strategies and make recommendations as to which strategy may be best and why  Involves following up on actions taken to see if results were as expected to provide customer satisfaction at lowes
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