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UT - BUAD 332 - Study Guide - Study Guide

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UT - BUAD 332 - Study Guide - Study Guide

School: University of Tennessee - Knoxville
Department: Business
Course: Demand Management
Professor: Mark Moon
Term: Fall 2017
Tags:
Name: Study Guide
Description: In depth notes on Moon's class
Uploaded: 09/17/2017
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background image Questions?   Email   me:   madie.story96@gmail.com   
8//23/2017 
Chapter
    ● Let's ​ ​say​ ​we're​ ​all​ ​working​ ​for​ ​Anheuser-Busch  ● All ​ ​the​ ​students​ ​on​ ​the​ ​left​ ​hand​ ​side​ ​of​ ​the​ ​room​ ​work​ ​on​ ​the​ ​“demand”​ ​side​ ​of​ ​the  company  ○ What ​ ​do​ ​you​ ​do???  ■ Marketing 
■ You
​ ​are​ ​aiming​ ​to​ ​build​ ​your​ ​brand  ■ Your ​ ​commercials​ ​are​ ​targeting​ ​consumers  ■ Targeting ​ ​retailers​ ​(Walmart….ect.)  ■ Busch ​ ​has​ ​salesmen​ ​talking​ ​to​ ​category​ ​managers​ ​at​ ​walmart….​ ​Want  good ​ ​displays​ ​want​ ​to​ ​have​ ​good​ ​promotions  ■ Research - ​ ​Learning​ ​about​ ​what​ ​is​ ​important​ ​to​ ​your​ ​consumers​ ​and  retailers  ■ Busch ​ ​made​ ​a​ ​low​ ​carb​ ​beer​ ​when​ ​the​ ​​Atkins   Diet ​ ​was​ ​trending​ ​and  people ​ ​didn’t​ ​want​ ​to​ ​drink​ ​beer​ ​due​ ​to​ ​carbs  ■ Suppliers  ● Logistics ​ ​(In-bound​ ​(to​ ​brewery)​ ​&​ ​Out-bound​ ​(to​ ​retailers))  ● Focus ​ ​on​ ​shipping   ● Procurement   ○ Things ​ ​they​ ​need​ ​to​ ​be​ ​able​ ​to​ ​do​ ​what​ ​they​ ​do  ● Need ​ ​to​ ​communicate​ ​with​ ​marketers​ ​and​ ​salesmen-​ ​they​ ​know  how ​ ​much​ ​you​ ​need  ○ Why   don't   we   call   it   “Demand   Maximization”  ■ Need ​ ​to​ ​focus​ ​on​ ​your​ ​consumer​ ​and​ ​have​ ​goods​ ​accordingly  ● Marketing ​ ​is​ ​NOT​ ​synonymous​ ​with​ ​advertising​ ​or​ ​sales   
8/28/2017 
Marketing:
  Creating   and   Capturing   Customer   Value   
What
  is   Marketing?  ● Managing ​ ​profitable​ ​customer​ ​relationships  ● Not ​ ​focused​ ​on​ ​products​ ​or​ ​services  Goals   of   Marketing   Activit  ● Attract ​ ​new​ ​customers​ ​by​ ​promising​ ​superior​ ​value  ● Keep ​ ​and​ ​grow​ ​current​ ​customers​ ​by​ ​delivering​ ​customer​ ​satisfaction  Marketing   Defined  ● A ​ ​social​ ​and​ ​managerial​ ​process​ ​by​ ​which​ ​individuals​ ​and​ ​groups​ ​obtain​ ​what​ ​they​ ​need  and ​ ​want​ ​through​ ​creating​ ​and​ ​exchanging​ ​products​ ​and​ ​value​ ​with​ ​others  Model   of   the   Marketing   Process 
background image ● Create ​ ​value​ ​for​ ​customers​ ​and​ ​build​ ​customer​ ​relationships  ○ Understand ​ ​the​ ​marketplace​ ​and​ ​customer​ ​needs​ ​and​ ​wants  ○ Design ​ ​a​ ​customer-driven​ ​marketing​ ​strategy  ○ Construct ​ ​a​ ​marketing​ ​program​ ​that​ ​delivers​ ​superior​ ​value  ○ Build ​ ​profitable​ ​relationships​ ​and​ ​create​ ​customer​ ​delight  ○ Capture ​ ​value​ ​from​ ​customers​ ​in​ ​return  ○ Capture ​ ​value​ ​from​ ​customers​ ​to​ ​create​ ​profits​ ​and​ ​customer​ ​equity  ■ Example - ​ ​This​ ​is​ ​my​ ​good​ ​friend​ ​Professor​ ​Terry​ ​Esper,​ ​formerly​ ​a  professor ​ ​at​ ​UT,​ ​now​ ​at​ ​the​ ​Ohio​ ​State​ ​University  ■ He ​ ​is​ ​an​ ​Apple​ ​freak  ■ On ​ ​the​ ​day​ ​that​ ​the​ ​ipad​ ​was​ ​introduced​ ​to​ ​the​ ​marketplace,​ ​he​ ​stuck​ ​his  head ​ ​in​ ​my​ ​office​ ​and​ ​announced…​ ​“I​ ​don’t​ ​know​ ​what​ ​it​ ​does,​ ​but​ ​I’m  getting ​ ​one”  ■ Customer ​ ​equity-​ ​the​ ​company’s​ ​brand  So   what   do   we   mean   by   consumers   need   wants   and   demands?  ● A ​ ​need​ ​is​ ​a​ ​state​ ​of​ ​felt​ ​deprivation  ● Needs ​ ​can​ ​be:  ○ Physical ​ ​(food,​ ​clothing,​ ​shelter,​ ​safety)  ○ Social ​ ​(belonging,​ ​affection)  ○ Individual 
○ Example
: ​ ​My​ ​putting​ ​really​ ​stinks…​ ​I​ ​want​ ​a​ ​putter….$22.68  ○ Wants: ​ ​is​ ​a​ ​form​ ​that​ ​a​ ​human​ ​need​ ​takes,​ ​as​ ​shaped​ ​by​ ​culture,​ ​individual  personality ​ ​and​ ​marketing​ ​activity  ○ You ​ ​might​ ​need​ ​a​ ​putter,​ ​but​ ​you​ ​want​ ​a​ ​putter​ ​that​ ​is​ ​excessive  ○ Marketers ​ ​create​ ​want  ● Not   all   wants   represent   real   demand  ○ Not ​ ​real​ ​demand  ○ Wants ​ ​have​ ​to​ ​be​ ​combined​ ​with​ ​buying​ ​power  ○ Marketing   Offer : ​ ​Combination​ ​of​ ​products,​ ​services,​ ​experiences​ ​offered​ ​to  consumers  Whats   a   market?  ● Set ​ ​of​ ​actual​ ​or​ ​potential​ ​buyers​ ​of​ ​a​ ​product​ ​or​ ​service  ● These ​ ​people​ ​share​ ​a​ ​need​ ​or​ ​want​ ​that​ ​can​ ​be​ ​satisfied​ ​through​ ​an​ ​exchange  ● Is ​ ​a​ ​homogeneous​ ​group  Marketing   Tasks  ● Which ​ ​customers​ ​will​ ​we​ ​serve?​ ​Who​ ​is​ ​our​ ​target​ ​market?  ● Market ​ ​Segmentation  ○ Dividing ​ ​the​ ​market​ ​into​ ​segments​ ​of​ ​customers​ ​(Age,​ ​sex,​ ​and​ ​income)  ● Targeting  ○ Selecting ​ ​the​ ​segment​ ​to​ ​cultivate    Value   Proposition   is  ● The ​ ​set​ ​of​ ​benefits​ ​or​ ​values​ ​that​ ​a​ ​company​ ​promises​ ​to​ ​deliver​ ​to​ ​consumers​ ​to​ ​satisfy  their ​ ​needs 
background image ● What ​ ​does​ ​BMW​ ​offer​ ​its​ ​customers?  ○ “The ​ ​Ultimate​ ​Driving​ ​Machine”  ● Customers   never   buy   products  ○ Customers ​ ​buy​ ​solutions​ ​or​ ​a​ ​way​ ​to​ ​achieve​ ​a​ ​goal  Four   Ps   of   Marketing  ● Product  ○ Goods, ​ ​services,​ ​experiences  ● Price  ○ Sacrifice ​ ​customers​ ​have​ ​to​ ​give​ ​up  ● Promotion  ○ Communication… ​ ​how​ ​do​ ​marketers​ ​communicate​ ​what​ ​their​ ​selling​ ​to  consumers?  ● Place ​ ​(Distribution)  ○ How ​ ​are​ ​they​ ​distributed​ ​to​ ​customers  Rapid   Globalization  ● Companies ​ ​spread​ ​their​ ​product​ ​across​ ​the​ ​globe  Digital   Age   
8/30/2017 
“Customer
  Value”   
Customer
​ ​value​ ​and​ ​customer​ ​satisfaction​ ​are…  Different, ​ ​but​ ​closely​ ​related  Critical   Questions  ● What ​ ​is​ ​important​ ​to​ ​our​ ​customers?  ● How ​ ​do​ ​I​ ​know​ ​if​ ​we​ ​are​ ​delivering​ ​value​ ​to​ ​our​ ​customers?  ● How ​ ​do​ ​I​ ​judge​ ​whether​ ​we​ ​are​ ​offering​ ​superior​ ​value​ ​relative​ ​to​ ​competitors?  Nature   of   Customer   Value  ● What ​ ​is​ ​the​ ​nature​ ​of​ ​customer​ ​value?  ● What ​ ​is​ ​a​ ​customer-value-oriented​ ​firm?  ● What ​ ​do​ ​value​ ​strategies​ ​look​ ​like?  Customer   Value   Defined  ● The ​ ​customer’s​ ​perception​ ​of​ ​what​ ​they​ ​want​ ​to​ ​have​ ​happen​ ​in​ ​a​ ​specific​ ​use​ ​situation,  with ​ ​the​ ​help​ ​of​ ​a​ ​product​ ​or​ ​service,​ ​in​ ​order​ ​to​ ​accomplish​ ​a​ ​desired​ ​purpose​ ​or​ ​goal  ○ “Customer’s ​ ​perception”-​ ​customer’s​ ​point​ ​of​ ​view  ○ “Specific ​ ​use​ ​situation”-​ ​things​ ​change​ ​depend​ ​on​ ​your​ ​surroundings...what​ ​you  are ​ ​doing  ○ “Desired ​ ​purpose​ ​or​ ​goal”-​ ​products​ ​and​ ​services​ ​help​ ​you​ ​achieve​ ​your​ ​goals  ○ What ​ ​is​ ​important​ ​to​ ​customers….​ ​Not​ ​the​ ​value​ ​of​ ​the​ ​product  Difference   between   Customer   value   and   satisfaction  ● Customer   Satisfaction  ○ About ​ ​falling​ ​short​ ​of​ ​or​ ​exceeding​ ​expectations 
background image ○ Can ​ ​a​ ​customer​ ​be​ ​MORE​ ​SATISFIED​ ​at​ ​a​ ​Motel​ ​6​ ​than​ ​he/she​ ​is​ ​at​ ​a​ ​Ritz  Carlton?.........YES  ○ Expectations ​ ​can​ ​influence​ ​satisfaction  ○ (Motel ​ ​6​ ​and​ ​Ritz​ ​Carlton​ ​example)  ○ Companies ​ ​set​ ​realistic​ ​expectations​ ​that​ ​companies​ ​know​ ​they​ ​can​ ​meet  ○ Performance  ● Customer   Value  ○ =Importance 
○ 5
  Different   Characteristics   of   Customer   Value  ■ Customer ​ ​Value​ ​is​ ​a​ ​Tradeoff  ● What ​ ​I​ ​get​ ​-​ ​What​ ​I​ ​give​ ​up​ ​=​ ​X  ● Customers ​ ​objective​ ​is​ ​to​ ​maximize​ ​X​ ​for​ ​themselves​ ​among  perceived ​ ​alternatives  ● “What ​ ​I​ ​get”​ ​hopefully​ ​is​ ​“what​ ​I​ ​seek”​ ​which​ ​are​ ​benefits  ● “What ​ ​I​ ​give​ ​up”​ ​are​ ​sacrifices  ■ Customer ​ ​Value​ ​is​ ​interactive  ● Buyer’s ​ ​values​ ​and​ ​goals  ● Use ​ ​situation​ ​and​ ​occasion  ● Product ​ ​and​ ​service  ● Judgment ​ ​of​ ​value​ ​is​ ​in​ ​the​ ​middle​ ​of​ ​all​ ​three  ● EXAMPLE: ​ ​in​ ​1978​ ​there​ ​was​ ​a​ ​23​ ​year​ ​old​ ​guy​ ​(Moon)​ ​who  totaled ​ ​his​ ​car​ ​and​ ​needed​ ​a​ ​new​ ​car.​ ​Bought​ ​a​ ​MGB.​ ​The​ ​car​ ​had  three ​ ​windshield​ ​wipers.   ○ Product ​ ​and​ ​Service-​ ​Driving  ○ Use ​ ​situation​ ​and​ ​occasion-​ ​Fun​ ​to​ ​drive…​ ​cool​ ​car...drive  around ​ ​in​ ​the​ ​fall  ○ Buyer’s ​ ​values​ ​and​ ​goals….​ ​Young​ ​wanting​ ​to​ ​wheel  chicks  ■ Relative  ● To ​ ​competitors,​ ​individuals,​ ​and​ ​situations  ● How ​ ​does​ ​my​ ​judgment​ ​of​ ​his​ ​car​ ​change​ ​if​ ​compared​ ​to​ ​a  corvette?  ■ Goal ​ ​driven  ● By ​ ​customer’s​ ​desired​ ​attributes​ ​desired​ ​outcomes​ ​and​ ​end​ ​goals  ○ Customer’s ​ ​goals​ ​(Value​ ​Hierarchy)  ■ Product ​ ​Attributes​ ​(Physical​ ​product/service  characteristics  ■ Customer;s ​ ​Desired​ ​Consequences​ ​(What​ ​I​ ​want​ ​to  happen)  ■ Customer’s ​ ​goals​ ​and​ ​purposes​ ​(Peace​ ​of​ ​mind)  ■ EXAMPLE : ​ ​Wine​ ​coolers  ● Went ​ ​out​ ​and​ ​asked​ ​what​ ​about​ ​the​ ​wine  coolers ​ ​were​ ​important 

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Join more than 18,000+ college students at University of Tennessee - Knoxville who use StudySoup to get ahead
School: University of Tennessee - Knoxville
Department: Business
Course: Demand Management
Professor: Mark Moon
Term: Fall 2017
Tags:
Name: Study Guide
Description: In depth notes on Moon's class
Uploaded: 09/17/2017
17 Pages 61 Views 48 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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