MKTG 3650 Final Study Guide
MKTG 3650 Final Study Guide MKTG 3650
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This 17 page Study Guide was uploaded by Alora Lornklang on Tuesday May 10, 2016. The Study Guide belongs to MKTG 3650 at University of North Texas taught by David Strutton in Spring 2016. Since its upload, it has received 65 views. For similar materials see Foundations of Marketing in Marketing at University of North Texas.
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MKTG 3650 Foundations of Marketing Practice Final Study Guide Chapter 13 Managing Supply Chain and Logistics Relationships Marketing Channels A group of independent organizations involved in the process of making a product or service. Add in suppliers before the manufacturers that normally begin a marketing channel (i.e. a marketing channel consisting of a source, manufacturers, wholesalers, agents, retailers, and the customer) and then it is a supply chain. Two Key Values Associated with Supply Chains Supply chains permit individual Firms to focus on doing what they do best Producers make narrow assortments of products in large quantities o Supply chains transform the mass assortments made by producers into the “onesie” assortments that buyers want. Sorting/Breaking Bulk The institutions or independent organizations that make up a Supply Chain are connected to one another by various flows: Physical flow of raw materials, parts and finished products, from and to a customer Ownership (possession) flows, from Firm to Firm to customer Payment flows Information flows Promotional flows Channel/Supply chains are easy to enter but painful to exit Some basic channels/supply chain rules apply universally: If a Firm performs the function itself, it pays more but has more control over the performance of the function. If the Firm engages another firm in its channel/supply chain, the Firm will pay less but have less control over the performance of the function. Supply chain functions Matching o Bringing buyers and sellers together to match supply with demand Negotiating o Negotiations relate most often to final prices and product placement within retail settings and generally performed on behalf of manufacturers by various agents or manufacturers’ salespersons only Allocating o “Breakingbulk” o Creating the “right sized” product assortment Accumulating o “Makingbulk” o Involves buying units of the same product from multiple sources of supply to create larger quantities that will be sold to customers preferring to buy in large amounts. Sorting o A function typically performed by assemblers once “bulk” has been accumulated. o When products are sorted, they are separated into categories based on differences in “grade” or some other aspect of “quality.” Assorting o Means combining a variety of different products together to offer variety to customers. Storage and Inventory Management o When products must be held for significant time periods before they are sold o The storage function creates time utility for customers o Distribution centers store products just long enough to perform any required accumulating, sorting, and allocating functions that are needed to make them available to the next channel member Transportation (shipping) o Involves the physical movement of finished goods, raw materials, and component parts. o Each shipping medium is called a transportation mode. o Intermodal transportation is used when multiple transportation modes— trains, planes, automobiles, trucks, pipelines, barges, etc.—are employed to ship any item Communications o The most fundamental reason for communication up and down the supply chain is to create exchanges; actual buying and selling results in the transfer of ownership of products from one channel member to the other. Financing and Risk Taking o By accepting ownership a supply chain member is risk taking, accepting some degree of risk. If products don’t sell, spoil while in storage, or are otherwise damaged during shipment or storage, losses are incurred. o A number of businesses entities provide financing to members of the supply chain, making it possible for them to engage in the myriad of supply chain functions. Supply chain members add value by bridging the time, place, and possession gaps that separate products and services from those that would use them. Two primary chain designs exist. They are: Vertical Marketing Systems o More highly integrated channels/supply chains where one is ”in charge” of or owns all the other firms in the system o Corporate vertical marketing system In which one member of the supply chain has vertically integrated, either forward or backward (or both), to own and control much of the supply chain. o Contractual Vertical Marketing Systems In which there exist contractual agreements between supply chain members dictating how relationships between members should be conducted Conventional Marketing Systems o Everything is sold at the retail level and is produced by some other channel partner and is partially shipped and stored by another chain of Firms Three Major Supply Chain DesignRelated Decisions Types of Intermediaries to Use o The general menu of choices includes manufacturers; intermediary firms, including shippers and transportation specialists; wholesalers; warehouses; agents; retailers; and various marketing firms that specialize in delivering either branding, advertising, or promotional management functions. How Many Supply Chain Intermediaries to Use o Direct channels are most common in B2B supply chains. o Indirect channels are more common in B2C supply chains. o Distribution intensity Intensive distribution: convenience goods Selective distribution: shopping goods Exclusive distribution: specialty goods Number and Types of Supply Chain Functions to be Performed o Determining which supply chain functions must be performed and which intermediaries are best suited to perform these functions. Logistics Logistics o May be defined as “inventory in motion or at rest throughout the supply chain.” o Logistics are about my Firm or your Firm, but only my or your Firm. o Is about my Firm’s inbound and outbound and throughbound flows of raw materials, component parts, finished products, financial resources, and ultimately information. The major logistics functions that must be performed include warehousing, order processing, and transportation. “Materials management” is the movement of parts, materials, and other resources into the manufacturing process. “Physical distribution” is the movement of finished goods from manufacturers to ultimate users. The channel of distribution consists of the set of organizations and people through which finished goods move from producers to consumers o Typically consist of producers, wholesaling, intermediaries, retailers, and consumers Logistics is about “me.” Supply chain is about “us.” The supply chain management process involves planning, implementing, and controlling the flow and storage of products, services, and related information from point of origin to point of consumption, with the end goal of satisfying customer needs at the lowest possible cost. Supply chains are where the most strategic marketing decisions occur. Decisions are made about: o How many products to make or develop o Which markets or customers that should be targeted o How to price, distribute, and promote products’ unique values Economies of scale are cost advantages that the Firms obtain due to their size, output, or scale of operation. “Dirttodirt” o You have eaten, worn, or typed on nothing today that did not originate in the dirt and dirt is also exactly the place to which each thing you’ve eaten, worn, or typed on will eventually return. Logistical and supply chain processes are each driven by two factors: the derivation and sharing of information, and the development and application of the proper metrics. Walmart: Almost Always a Special Case Supply chain relationships offer the last best chance for most Firms to achieve sustainable competitive advantage. Walmart’s competitors have rarely been able to match the competitive advantages that the Firm has generated through its adroit and often ruthless supply chain management practices. In Walmart’s mercilessly rational supply chains, functioning as “Channel Captain” dictates that: o Suppliers will lower their prices in exchange for their receipt of value known as higher sales volume available by selling through Walmart o Suppliers will track the status and location of each product throughout entire supply chain o Drivers will never let trucks idle for more than 30 seconds. Unions will stay out, thus lowering employeedriven costs inside supply chains. EDLP strategy Everyday low prices Walmart has cultivated Customer Intimacybased advantages for its brand in selected consumer market segments Formal Procedural Steps for Negotiating Conflict Identify and Define the Problem Generate Possible Solutions Evaluate possible solutions Select solution Evaluate the results Ch. 15: Pricing and Price Management Price o Is the amount of money charged for a product or service. o Is the sum of all the values that consumers exchange or give up for the benefits associated with having or using a product, service or idea. Good pricing decisions should begin with an understanding of how customer’s perceptions of the product’s value impact their perception of what to the customer represents an acceptable or unacceptable pricing level, or an acceptable amount to giveup in order to get Marketing success or failure is based on the willingness of both parties to engage freely in an exchange—or a getting and a giving Prices have always mattered a lot to both marketers and customers but marketers should do everything possible to make prices matter less to customers. Price is the only element in the marketing mix that produces revenue for the Firm. Everything else in the marketing mix represents a cost to the Firm. o Price is highly flexible o Price is the easiest element to change When possible, companies should avoid reducing prices too far too fast to secure quick sales. Price should be used as a tool that creates and captures customer value. Valuebased pricing—uses customers’ perceptions of value, rather than marketers’ costs, to establish prices. Often, the best pricing approach is to price above the competition and convince customers the higher price is worth it. Costbased pricing is product—call this the IKEA approach to pricing o The pricing strategy begins with a set—a preestablished—price in mind Costplus pricing—involves adding a standard markup to whatever it costs to make and market a product. Walmart pioneered EDLP—Everyday low prices Key Issues or Factors that Should Impact the Pricing Decisions of Firms: Impact of Marketing Mix: Pricing decisions/levels must be consistent with what the firm is doing with the other three elements in its marketing mix. o FAB (Features, attributes, benefits) Impact of Strategy: Pricing decisions should be based on whether a Firm wants to: prevent new competitors from entering market, cultivate higher margins, retain or grow its market share o Higher prices will attract competitive entry against your Firm o Higher prices will improve margins and profits o Lower prices may produce more total revenue o Lower prices may prevent or at least discourage market entry by competitors o Lower prices may allow Firms to retain higher share of market, but the Firm’s profit margins will be skinnier Impact of Market Conditions: the type of market in which your Firm is competing should be considered when establishing prices. o Pure competition Farms o Monopolistic competition its ability to raise prices usually depends on how much actual or perceived differentiation a Firm can achieve o Oligopoly These market conditions usually lead to situations where competitors bunchup at approximately the same pricing levels and play a “follow the leader” pricing game o Monopoly only competitor in a given market, enjoy extreme pricing power Impact of overall environmental trends o Encourage Firms to raise or lower their prices Market Skimming Pricing Involves setting initial prices high and then progressively lowering prices over tie as products progress through their life cycles Competitors would typically experience reduced access to markets under conditions where: o Key technologies are patent protected o Access to key raw materials is limited o Economies of scale with associated large capital investments are high o Access to necessary supply chain relationships are limited o Strong band differentiation and preferences exist. Market Penetration Pricing The objective of market penetration pricing strategies is to employ low prices to stimulate rapid demand for associated products. Penetration pricing is more appropriate when: o The market is highly price elastic, meaning that customers are sensitive to price changes and will be attracted by lower prices. Adjusting Prices Price adjustments should be enacted to account for customer differences and changing marketing conditions. Price adjustments should reward customers for certain responses, or incent customers to engage in certain responses, such as: o Paying early, buying in high volume, buying out of season Allowances Promotion Allowances o Are reductions to list price that compensate intermediaries for promoting the manufacturer’s products in local media o The assumption is that the promotion allowance will be “spent” on local promotion activities Stocking (Slotting) Allowances o Incentives provided, generally to supermarkets, to allocate shelfspace to the manufacturer’s products. o Retailers often demand slotting allowances to offset their costs of stocking new merchandise. Tradein Allowances o Are price reductions granted for tradingin older, used items when purchasing new products of the same type. Push Money Allowances (PMs) o Manufacturers and wholesalers sometimes provide monetary allowances, or “spiffs,” to retailers. Tradein allowances Psychological Pricing Strategies Quality Pricing o Most people assume that higher prices reflect higher quality in products o Consumers are more likely to infer quality from price under the following circumstances. When it is difficult to judge products on their own characteristics. When consumers lack experience with the product category, they may not know what to look for and are much more likely to employ simple cues to make their decisions. The use of price as an indicator of quality is particularly likely when buyers perceive that substantial differences in quality do exist between brands. Prestige Pricing o Prestige pricing is a psychological pricing strategy that is closely related to quality pricing. Demand for prestigious brands is price inelastic. Reference Pricing o Moderately priced products are displayed next to higher priced versions of the same product in the retail setting. o Retailers display “reference prices” for brands on their shelves. These reference prices are the prices charged for the same or similar brands by competing retailers. Loss leader Pricing o Generally used to generate store traffic o The retailer promotes certain key items for sale at “value” prices. Customers are lured into the store to take advantage of these loss leaders but end up buying other items at regular prices Bait and Switch Pricing o Bait and switch pricing is unethical o With bait pricing, retailers promote low, highly attractive prices for products that are actually available in limited supply or which are not present at all inside the store o The idea is to attract—“bait” or “lure”—customers into retail settings and then switch the customer to higher priced, higher margin product. Everyday Low Pricing o Everyday low pricing (EDLP) means prices are offered at consistently low levels with few or no additional price reductions. HighLow Pricing o A form of systematic discounting that entails alternating price between high and low levels. Aggressive promotional tactics are employed in conjunction with the sales prices to solidify consumers’ perceptions that prices are indeed “low.” Reference Pricing o Moderately priced products are displayed next to higher priced versions of the same product in the retail setting. o Retailers display “reference prices” for brands on their shelves. These reference prices are the prices charged for the same or similar brands by competing retailers. Price Elasticity Of demand expresses the degree to which changes in price affect changes in quantities demanded/sold and the associated revenues produced. When total revenue increases as a result of lowering price, demand is price elastic. If demand is unaffected, it is price inelastic. The Range of Pricing Objectives Pricing objectives fall into four categories: o Profitfocused objectives In which price is set to help the Firm achieve some specific level of profit o Salesfocused objectives In which price is set to achieve some desired level of sales revenue o Competitionfocused objectives In which price is set to avoid competitors’ reactions, or to elicit some specific response from competing Firms in the industry o Sociallyfocused objectives In which price is set to achieve a desirable societal state or to avoid a negative state Decisions to Change Prices Firm experiences falling market share Firm experiences declining levels of competition Firm is operating under conditions where Market Scarcity exists Firm operations in market where there is more demand than supply for the product Ch. 16 An Introduction to Marketing Communications—The Last “P” The Role Promotion Plays as Part of the Marketing Mix Advertising o Is any form of communication that is conveyed via a “nonpersonal medium,” meaning a medium that does not employ personal facetoface contact, and is paid for by some sponsor. Personal selling o Is an oral, oneonone, often facetoface communication between prospective buyers and sellers. o Primary purpose is to “close” sales Sales Promotion o Supports and augments advertising and personal selling efforts. o Consists of activities that provide shortterm incentives aimed at inducing desired responses from customers, the Firm’s salespersons, and supply chain intermediaries. Publicity and Public Relations o Any message about a product, organization, person, or event that is communicated via nonpersonal media and is not paid for by a sponsor Honor the “Cs” of Good Communication When messaging, marketers usually should explain their product/brand and the core differentiating values it delivers as Clearly, Concisely, and Compellingly as possible Clearly can be easily understood Concisely features both soul and wit Compelling deliver compelling value propositions Integrated Marketing Communication (IMC) Was introduced in response to environmental and technological changes and the marketing communication challenges that those environmental and technological changes wrought. Involves every department in the Firm becoming involved in developing and communicating messages to customers, channel members, other stakeholders, and publics to create a unified image of the organization and its products. Lies in the twoway communications that are emphasized between the Firm and all relevant audiences Is a communication process that was developed to ensure that all elements of a Firm’s marketing communications process that was developed to ensure that all elements of a Firm’s marketing communications are fully integrated with one another. IMC delivers o The use of IMC fundamentally requires that consistent brandrelated messaging be delivered across traditional and digital marketing communication channels. Determining the IMC Budget Percentage of Sales Method o The budget is set at some fixed percentage of the previous year’s sales or next year’s forecasted sales. o Most commonly employed technique for its simplicity o Drawback is that expected sales drive the size of the promotion budget or anticipated sales revenue determines or causes promotion expenditures. Competitive Parity Method o When budgets are established with this method, the size of the budget is driven by how much one’s competitors are spending. All You Can Afford Method o The communications budget is equal to any money left over after all other expenditures have been met Objective and Task Method o Budgets are set by first identifying exactly what communications objectives are being pursued and then setting the budget to achieve them. The Hierarchy of Communications Objectives Generating Customer Awareness o The objective of creating awareness is easier when distinct consumer wants and needs exist that are, essentially waiting to be satisfied. Structuring Brand Beliefs, Attitudes, and Differentiating the Brand o Additional customer knowledge must be imparted about product/brand characteristics, benefits, availability, prices, new values, etc. Creating, Liking, Preference, and Desire o Continuing to solidify customers’ beliefs and attitudes toward brands should walk these customers closer to trial and purchase. o At this stage, marketers are establishing the consumer’s “want.” Stimulating Trial and Purchase o Inducing trail is most easily accomplished for low involvement products via the use of coupons, free samples, displays, and other POS techniques. o Inducing trial for higher involvement products is more difficult because of the relatively high costs and inherent risk associated with the purchase and use of such products. Establishing Brand Conviction o Successfully inducing trial and purchase is essential for ultimate conviction to a brand. Positive rewards based on purchase and use of a brand positively reinforce the brand purchase decision, walking the consumer one step closer to conviction and brand loyalty. o Successful reminders, callstoaction, leads to the creation of brand equity, and brand loyalty. Communication Goals Remind Inform Persuade Strengthen customer relationships Characteristics of the Target Market Type of Customer o Ultimate—or final—consumers are typically reached via ads and sales promotions. A “pull” promotion strategy tends to predominate in order to create demand for consumers for products. o Personal selling, sales promotions, and trade advertising are employed to reach intermediaries. The primary objective is to convince intermediaries to stock products or to emphasize their sales. Type of Buying Decision o When consumers engage in highinvolvement, extensive decision making, promotional mixes must b structured to provide consumers with ample info related to the product’s characteristics, brand performance, availability, and price. o Consumers engaged in low involvement decisions are much less receptive to information. Little active info search and alternative evaluation occurs with low involvement decisions. Stage in the Product Life Cycle During introduction, the Firm’s main promotion objectives are to generate primary demand for the product category by informing consumers of the product’s existence During the growth stage, as competitors enter the market, promotion objectives shift to building selective demand by differentiating the brand from competitive brands The maturity stage of the PLC is the most expensive from a promotion standpoint. The promotional focus remains on fostering selective demand for the brand but the communication effort is intensified During the decline stage, promotional efforts are generally lowered in an effort to “harvest” remaining profits from the nowold brand. Promotions are usually pruned to cut costs and increase profit margins. Ch. 17 Advertising, Sales Promotion, Publicity, Public Relations, And Personal Selling Direct Marketing Direct marketing includes various types of direct communications initiated with and targeted toward B2C or B2B customers. Direct contacts are initiated to produce requests for additional info, visits to the soliciting retailer, or actual order to purchase brands being promoted through direct marketing efforts. Other Communication Elements Great product designs generally feature an intriguing blend of form and functionality. The prices of product/brands also communicate volumes about the brand The distinctive shapes or styles of products similarly send messages about the quality, panache, and spirit of respective brands The retailers, or supply chain partners, through which manufacturers/marketers choose to distribute their brands, speak directly about those brands Pull Promotions Describes informative, reminder or persuasive supply chain communications that are targeted directly at enduse consumers. Goal: to stimulate the desire for a specific product/brand among final users or ultimate consumers. Pull promotional strategies presume that, when they are properly motivated or incentivized, ultimate consumers can dramatically influence and stimulate the flow of products throughout entire supply chains Pull strategies are often used during new product launches Pull strategies occasionally prove so effective that their use resurrects marketing dinosaurs, which are products or brands from another era that have long since lost their buzz. Push Promotions Target promotional mix efforts directly at the next downstream intermediary, as opposed to enduse consumers themselves. Supply chins exist as actual linkedtogether networks of buyerseller relationships Push sales promotions are typically launched by manufacturers and aimed at intermediaries, or resellers. The success of push promotions depends on how receptive intermediaries are to the promotional message and/or incentives. The use of push promos allow supply chain members to exercise great control over what is said and how things are said about their products. Four major Decisions must be made by any firm that Advertises: Establishing Objectives o The advertising objectives that marketing managers choose to emphasize should be based on what is happening with respect to: Other elements of the Firm’s marketing mix The Firm’s general positioning strategy The nature of the Firm’s intended targeted audience The life cycle stage of the product featured in the advertisement Setting the Advertising Budget o Allyoucanafford method Spending all the money on advertising that they can afford o Percentageofsales method Firms set aside a preset percentage of their revenues earned during a particular period and spend that amount on advertising. o The competitive parity approach Entails emulating what competitors are doing o Objective and Task Method The best, set a communication goal, and determine what it will take, advertising spending wise, to reach the goal. Developing an Advertising Strategy o 1) Entails selecting the proper advertising channel/source/media o 2) Requires the best possible message, the most memorable, believable, distinctive, sticky, and/or contagious message, be developed for and delivered through the ad itself. Some Key Advertising Appeals Fear Appeals are employed to scare people into buying or not buying and using certain products. Sex Appeals are intended to either make one feel more attractive by using a product, attack sexual imagery to the product, or employ a “sexy” celebrity to endorse the product. Humor Appeals are employed to gain attention and hopefully, create a positive “affective” response to the ad that can rub off on the product. Slice of Life appeals show the product being used by the “typical consumer” in a normal setting. Lifestyle appeals show the product being used within the context of someone enjoying a specific lifestyle orientation to experience. Demonstration ads show the product actually being used. The objective is to specifically highlight key benefits or features. Testimonial ads attempt to use endorsers who appear likable and believable to attest to the product’s utility and value. Personality Symbols are essentially trade characters that have been created to represent the product. Emotional appeals build a mood or image surrounding the product and its use. All that is desired is to create an emotional response to the ad that may “rub off” on the product. Effective Message Appeals Should be… Memorable “Believable” Distinctive Focused on some determinant feature, aspect, benefit, or problemsolving capability that is associated with the brand/product. Measuring Advertising Effectiveness Reach and frequency are two important success metrics for any advertiser. The metric known as reach captures the percentage of consumers within a targeted market who are exposed to a given message during a specified period of time. Reach measures “how many” The metric known as frequency captures the number of times consumers comprising the targeted market are exposed to a given message during the same specified period of time. Frequency measures “how often?” The threehitrule also exists as an informal but seemingly universal principle. The rule suggests that in order for a “messaging” Firm or individual to influence a recipient’s behavior or teach the recipient something important the recipient must be exposed to the message at least three times. Sales Promotions Tools The most commonly used sales promotion tools are coupons, samples, refunds, or rebates; the use of contests, sweepstakes and games; patronage or loyalty related rewards; and those supply chain incentives that we called spiffs. Coupons are tickets or documents that can be exchanged for price discounts, usually in retail settings. Samples might include a “freebie” portion of food or other products in malls, grocery stores, or your own mailbox. A rebate is a giveback to customers by way of a refund, price reduction, or a return on what has already been paid to purchase a product. Sweepstakes, contests, and games are forms of sale promotion where one or more prizes are granted to the winner or winners. Pointofpurchase (POP) materials are specialized types of sales promotions that include endofaisle displays, window signs, special display racks, shelf coupon dispensers, and displays near, on, or next to checkout counters. o Their purpose is to draw consumers’ attention to new products and products that are on a special offer. Loyalty or patronage sales promotions are used to encourage and incentivize, repeat, or loyal, purchasing behavior amongst key customers, and to offer premiums, special deals or price discounts as purchase grow. The word “spiff” traditionally has been defined as an immediate bonus that is offered in exchange for a sale. The Personal Selling Process Prospecting and Qualifying o Prospecting is the process of identifying prospective customers o The key questions to qualify: Does the prospect need and want the product? Does the prospect have the resources to buy the product? Can the prospective buyer obtain the required financing? o In the case of B2B sales an additional qualifying dimension is the likelihood that the prospect will buy enough to justify investing in a long term relationship PreApproach o The preapproach is primarily a consideration with B2B selling. This is a homework step in which as much is learned about the prospect as possible. Approach o The initial contact with a qualified prospect. Armed with knowledge generated via the last two steps, the seller is prepared to contact the prospect and make an initial presentation Presentation o A formal presentation may not occur on the first visit however, at some point a formal presentation will be made in which a case must be made for why the seller’s product provides differentiation value beyond those values offered by competitors Handling Objections o Objections are offered as reasons why the prospect may be hesitant to commit. Astute sellers will view these objections as opportunities for providing additional info, further confirming the values provided by their products. Close o Asking for the sale o Alternative formats for closing sales The assumptive close assumes the buyer has made a positive decision and only minor points need to be clarified to “finalize the details of the sale” With the standingroomonly close, the seller frames the sale as urgent to receive, for example, a special price or free gift before some deadline passes Using the sharp angle close, the buyer asks for a concession, such as free delivery or additional features. The final objection close is used if the seller is confident that the customer understands and agrees with the differentiating values of the salesperson’s product. The close is initiated by asking the buyer for an objection, one which should not occur if all has gone well to this point. Followup o Includes postsale activities that provide added value to buyers and provide feedback to sellers. Why does anyone buy any publically consumed product, i.e., clothing? Usually, the answer comes down to one of six reasons: 1) Pursuit of Higher Social Standing (you want to make it, socially), 2) Pursuit of Enhanced Personal Branding (Unique items make it easier for others to remember me), 3) Desire to Fit In (Concerned that if you don’t have the right look or the right device (phone?), you will not get or stay ahead), 4) Pursuit of Guilty Pleasures (you want cool stuff), 5) Desire for Quality (you want things that last), 6) Desire for Value (you seek bang for the buck).
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