Study notes CH 1-6
Study notes CH 1-6 MKTG 2101 - 005
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MKTG 2101 - 005
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This 10 page Study Guide was uploaded by Roberto Pelucarte on Wednesday September 16, 2015. The Study Guide belongs to MKTG 2101 - 005 at Temple University taught by Craig Atwater (P) in Fall 2015. Since its upload, it has received 228 views. For similar materials see MARKETING MANAGEMENT in Marketing at Temple University.
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Date Created: 09/16/15
Chapter 1 Marketing Creating Value Marketing Resbonsibilities Marketing Strategy Market Research Product Development and Management Brand Management Pricing Distribution Saes and Sales Management Custom Relation Marketing quotSatisfy customer needsquot Marketing Process 1Understand the Marketplace Exchange Occurs when one party gives up something in return for receiving something else Market Actual and potential buyers for a product or services Consumer market Business to Business Market Place Location or median used to facilitate exchange lndustry Group of sellers or producers of similar product Needs Physical Social individual Wants Shaped by culture and personality Demands Backed by buying power Just because people wanted don39t mean they are going to buy it Market Offering Some combination of 1Product 2Service 3Expe ence 4nformation Utility Bene ts that customer receives from use of product 1Form utility 2Pace utility 3Time utility 4Possession utiity Value All bene ts minus all cost of market offering customer receive value Subjective Not all customer view a value as same 2Design Marketing Strategy Selecting which customer to serve 1Market segmentation Divided 2Target Marketing which one we are going to after 3Construct Integrated Marketing Plan 4 Ps Price Product Place and Promotion 4Create Customer Satisfaction How things perform Why Satis ed delighted customer buy again 1Brand loyalty 2Positive Word to Mouth Dissatis ed customer not only wont buy again they will tell many other Product Concept Chooses of products Selling Concept Selling is about getting customer to buy what you have decided to make Hard sell ls need to persuade customer to buy something Chapter 3 Strategic Marketing Planning Strategy Basic longterm goals and objetives Strategy t Matching resources and capacity to get the goal 1Mission Organization purpose What business are we in Which customer should we serve How should be 2Evaluate the Environment Strengths Weaknesses Internal Internal capacities that Internal limitations help a company reach its objectives Opportunities External External factors that the company is affected Internal controllable within the rm External Beyond direct control Key technologies and patents Economy Financial stability and resource Competition Suppliers and intermediaries Technology trends Human capital Sociocultural trends and legalpoliticalethical trends 3Set Objetives Business and Marketing 4Estabilish Business Portfolio Analyzing current SBU Boston Consulting GroupBCG Growth share matrix Market growth rate and relative market share Share of Sales or Revenue Sales in Market total sales in Cash Cow Low market growth High market share Star High Market growth Low market share Question mark Unknown future Dog No good investment 5 Develoo Growth Strategies Existing Product New Product Existing Market Market Penetration Product Development New Market Market Development Diversi cation Problems with BCG matrix approach Difficulty de ning and measuring units Assumes units are independent but may have links or connections Look at current market Chapter 4 Market Research Marketing Information Marketing environment competition and customers Customer Insights Better information to make better decision Developing Marketing Information MIS and Internal databases information about them self Advantages Quick access and almost free Disadvantage May not collect the information and builtin biases External Sources and Databases Advantages Easy access and relatively low cost Disadvantages Needed data may not be available and data may be outdated Sources Government information and commercial databases 3 Marketing Intelligence Information on competition 4 Marketing Research Secondary Research third party collect the data or internal data Primarv Research The company do the research Exploratory research Looking for new opportunities and look around Preliminary information Descriptive research Measure the market Making information to better describe marketing processes situations andor markets Causal research when you do laboratory research quotProcessing uencyquot Human brain gets really jazzed about things that are easy to group Research Method Exploratory 1lnterview Guided 1 on 1 discussion by trained interviewer PurposesAdvantages Ask qualitative open question follow up question and detailed understanding Disadvantages Expensive 2Focus Group Small group discussion 812 people Recruit participant Trainedskilled moderator Group dynamics and interactions are critical PurposesAdvantaoes Reveal consumer perceptions and attitude test concept product and communication Disadvantages Overused and misunderstood Expensive Research Method Observation Observe relevant people action situations Can obtain information people are unwilling or unable to provide But cannot obtain feelings attitudes or motives Mystery shopper Ethnoqraphic research Observation in quotnatural habitatquot Research Method Experiment Explain the cause and affect relationships Design key minimize potential bias Randomly assign subject to different to different group Control Research Method Survey ldeal for gathering descriptive information PurposeAdvantages Measures Characteristic awareness frequencies and intention Relative unexpansive Disadvantages ln exible and sample Survey Contact Method Advantages Disadvantages Mail Lower cost Low response rates Good mail list ln exible Very slow Telephone Fast turnaround Limited to verbal Moderate cost question quotDon39t callquot and caller ld FacetoFace Relative quick interactive lnterviewer sees body Expensive for travel and trained interviewer languages Online Somewhat exible Requires access to Very quick internet Low cost Sample control can be issue Sampling Plan 1Who I to be surveyed Sampe unit 2How many units should be surveyed Precision Sample size 3How should sample be chosen Probabiity vs Nonprobability Ch5 Analytics Customer Relationship Management CRM lmprove the value prepositions Firms get quotUp close and personal quot Capture information at each customer touchpoint One on One marketing includes several steps 1ndentify 2Differentiate 3nteract 4Customize Share of customer Expanding the relationship with the customer Social Media Sources Web scraping Sentiment analysis Meaning brand Corporate Sources CRM 1 Backed Website databases 2 Web analytics Google Analytics 3Accouting Government and NGO Sources US census lndex Economic freedom Bureau of transportation statistics Bureau of labor statistic RecaHs Commercial Entities Companies collectaggregate data in large quantities to sell of to other Partner Databases Two way information exchange between purchasing organization and supplier Bene ts to buyers and sellers 1Realtime demand 2Fewer stockouts 3Track movement Data Mining Process which analytics right through big data to a lot of data identi cation trends Data warehouses Data brokers Intermediary Reality Mining A lt gt i Marketing Analytics enable marketers to collect measure analyze and assess effectiveness Marketing Metrics CostPer Click Advertisers charged only when users click on ad CostPer lmoression Advertisers charged when and shows up on user page Less Expensive not as easy to measure ClickThrouoh rate Conversion rate of result of website visitors Cost per Order Advertising costsOrders CH 6 Understanding consumer and Business Markets Consumer Decision Making Process that individual or group go through to select purchases and dispose of product in order to satisfy their wants and needs Decision Making behavior in uenced by Internal Social and Situational Decision are Not all the same External problemsolving Limited problemsolving Habitual problemsolving Consumer Decision Making Process 1Problem Recognition 2 Information Search 3Evaluate of Alternative Identify small number of product for closer consideration 4Product Chain Retail Analytics 5Heuristics Shortcuts in making decision Price equal quality Brand Loyalty Country of Origen 6Postpurchases Evaluation Consumer satisfaction following purchases of product is critical Cognitive dissonance in common
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