Marketing Study Guide
Marketing Study Guide BUS243
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This 5 page Study Guide was uploaded by Janey Wensel on Friday September 23, 2016. The Study Guide belongs to BUS243 at Chatham University taught by Deborah DeLong in Fall 2016. Since its upload, it has received 16 views. For similar materials see Principles of Marketing in Marketing at Chatham University.
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Date Created: 09/23/16
Marketing: Study Guide Marketing is engaging customers and managing profitable customer relationships. GOALS: Attract new customers & keep and grow current customers Companies create value for customers and build strong relationships from customers Used my for-profits, Target, Nike, Microsoft & Non-profits, hospitals, museums OLD NEW ‘Telling & Selling’ Satisfying customer needs Traditional form, seen at malls, magazines, Websites, phone apps, social media, TV, mailing ads Personalizing to their needs/wants Marketers need to understand needs, wants, and demands. NEEDS- basic physical needs, food, clothes, social needs, self-expressive needs WANTS- shaped by culture and society, fast food turn into DEMANDS Understand Design a Construct a Build Capture the customer marketing profitable value from marketplace driven relations and program to customers Needs, marketing deliver customer to create Wants, strategy superior delight profits Create value for customers and build customers Create value from customers in Needs and wants are fulfilled through marketing offerings, which are return products, services, places, organizations. MARKETING MYOPIA -Occurs when companies pay more attention to a specific product rather than the benefits and experiences produce by the product. Companies must decide how they will position itself in the marketing place. Value proposition is the set of benefits or value it promises to deliver. MARKETING MIX -Price -Place -Promotion -Product First create a need satisfying marketing offering (Product) Then decide how much to charge for offering (Price) How to make the offering available to target customers (Place) Communicate with target audience and persuade them to purchase (Promotion) BUYERS PERSPECTIVE -Acceptability -Affordability -Accessibility -Awareness Building Customer Relationships- Customer Relationship Marketing Maintain customer relationships, developing customer loyalty programs for stronger relationships and creating customer loyalty and retention Relationship Groups Strangers- no gain from these customers Butterflies- capture as much as they can from what little time they spend True Friends- most potential to bring good profit Barnacles- Have high loyalty but not much profit Strategic Planning- adapting the company to take advantage of opportunities in its constantly changing environment MARKETING MISSION STATEMENT It defines the organizations purpose, fits the market environment and is motivating. The statement is for internal employees; it is not a marketing message. Sets the companies objectives and goals... Business Portfolio - the collection of businesses and products of a company SBU (Strategic Business Unit) A business or product of a company that has separate missions and objectives GROWTH-SHARE MATRIX • Stars: high-growth, high-share businesses or products. These are expected to become Cash Cows. • Cash Cows: low growth, high-share businesses or products. They produce a lot of cash that the company uses to support SBUs that need investment. • Question Marks: low-share businesses in high-growth markets. They generally require a lot of cash, so management has to decide which ones to support and which should be shut down. • Dogs: low-growth, low-share businesses and products. Value-Chain: All parts of a company work together and ‘think customer’ to support, produce, design the company’s products Market segmentation refers to dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs. Market segment is a group of consumers who respond in a similar way to a given set of marketing efforts. Market targeting involves evaluating each market segment’s attractiveness and selecting one or more segments to enter. A company should target segments in which it can profitably generate the greatest customer value and sustain it over time. Positioning and Differentiation refers to having a product that’s distinctive and desirable and create superior customer value. SWOT: Marketing Analysis S trengths – capabilities, resources, positive situational factors W eaknesses – negative internal factors & negative situational factors O pportunities – favorable external factors T hreats – unfavorable external factors Marketing Return on Investment (ROI) Net return from a marketing investment divided by the costs of the market investment Measures the profits generated by investments in marketing activities MARKETING ENVIRONMENTS Consist of all the actors and forces that affect management’s ability to maintain successful relationships with target customers Microenvironment- actors close to the company that affect its ability to engage and serve customers –– suppliers, customer markets, competitors, public. Suppliers, provide resources Marketing intermediaries, help to promote, sell, and distribute product Media, Government, Citizen Action, Local, Internal Publics Macroenvironment- large societal forces that affect the microenvironment –– demographic, economic, natural, technological, political, and cultural -Traditional Households are changing -Geographic shifts in population -The population is becoming better-educated -Increasing Diversity ENVIRONMENTS Economic-purchasing power, spending patterns Natural- physical environment, supporting the planet Technology- force affecting our destiny Political- consists of laws, government agencies, that limit organizations Cultural- follows forces that affect basic values and core beliefs SUSTAINABLE MARKETING Socially and environmentally responsible actions that meet the present need of consumers and businesses while also preserving and enhancing the ability of future generations Societal marketing considers the future welfare of consumers Strategic planning considers the future company needs Sustainable marketing considers both Critics have accused marketing of harming consumers through high prices, deceptive practices (Promotions, Packaging, and Pricing) high-pressure selling, shoddy or unsafe products, planned obsolescence and poor service. Deceptive practice have led to legislative actions, the FTC CARU Guidelines for advertisements directed towards children Puffery: exaggerated claim that cannot be proved true or false Consumerism: a movement of citizens and government agencies to improve the rights and power of buyers *fueled seller’s rights A company should make marketing decisions by considering consumers’ wants, the company’s requirements, consumer’s long-term interests, and society’s long-run interests. Deficient products- have neither immediate appeal nor long-run benefits (bad medicine) Pleasing Products- give high immediate satisfaction but may hurt consumers in the long run (cigarettes or junk food) Salutary Products- have low immediate appeal but may benefit consumers in the long run (helmets or insurance) Desirable Products- give both high immediate satisfaction and high long-run benefits (tasty and nutritious foods) ENLIGHTENED MARKETING Customer-Oriented MarketingInnovative Marketing Value Marketing Sense-of-Mission Marketing Societal Marketing Product Life- Cycle Strategies Product Development- finding and development of a new product Introduction- slow sales while introduced to market Growth- rapid market acceptance increasing profits Maturity- sales slowdown, its achieved acceptance Decline- sales and profits drop STYLE- last for generations: formal, business, casual FASHIONS- grow, remain popular for awhile FAD- Trends that come and go quickly
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