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BCOR 2001

by: James McDaniel

BCOR 2001 BCOR 2003

James McDaniel
GPA 3.0
Principles of Marketing and Management
Stefanie Johnson and Emily Edwards

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About this Document

Study guide for BCOR 2001 Marketing midterm 1.
Principles of Marketing and Management
Stefanie Johnson and Emily Edwards
Study Guide
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This 8 page Study Guide was uploaded by James McDaniel on Sunday September 27, 2015. The Study Guide belongs to BCOR 2003 at University of Colorado taught by Stefanie Johnson and Emily Edwards in Summer 2015. Since its upload, it has received 171 views. For similar materials see Principles of Marketing and Management in Business at University of Colorado.


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Date Created: 09/27/15
Chapter 1 Marketing the activity for creating communicating delivering and exchanging offerings that bene t its customers the organizations its stakeholders and society at large Marketing does two things discovers the needs and wants of prospective customers and to satisfy them Achieving these two objectives leads to an exchange where the buyer and seller trade things to make each other better off Environmental forces Social Economic Technological Competitive Regulatory Alliances Other OrganizationsRampD departments Manufacturing department Ownership Shareholders ownershuman resource departmentinformation systems department Partnership Suppliers manufacturing department Finance department Relationship Customers Marketing departmentinformation systems department What is needed for marketing to occur 1 Two or more parties with unsatis ed needs 2 A desire and ability to have their needs met 3 A way for the parties to communicate 4 Something to exchange Suggestions for meeting consumer needs for new Products 1 Focus on what they customer bene t is 2 Learn from past mistakes Marketing tries to satisfy consumer needs and consumer wants Organization marketing department focuses on discovering consumer needs by researching what consumer needs are and Satisfying consumer by designing a marketing program that properly implements the 4 P39s Promotion Price Place Product Customer value The unique combinations of bene ts received by targeted buyers that includes quality convenience on time delivery and before sale and after sale service at a speci c price Firms deliver outstanding customer value by implementing one of three values strategies 1 Best Price 2 Best Product 3 Best Service Relationship marketing links organization to its individual customers employees suppliers and other partners for their mutual long term bene t Marketing Program a plan that integrates the marketing mix to provide a good service or idea to prospective buyers Market Segments relatively homogeneous groups of prospective buyers that have common needs and will respond similarly to marketing action 3 fundamental ideas about marketing 1 Exchange identify consumer wantsneeds and satisfying consumer wants and needs 2 Communicatingdelivering The marketing mix 4 P39s 3 Bene t Value Possession utility time utility Form utility Place utility service utility The role of central markets is to provide time utility place utility and possession utility Chapter 2 Marketing Strategy Strategy is a business39 long term plans made to achieve speci c goals what a company will do and what a company hopes to accomplish The organization why is primarily affected by our values mission and culture 0 Culture what do people dobelieve when other people or organizations are not around to monitor them norms of behavior 0 A company with good culture can have tangible bene ts Strategic Planning 0 How will we achieve the mission o How should resources be allocated The 5 C39s 1 Company 2 Customers 3 Competition 4 Collaborators 5 Context climate Direction what what type of business are we in what are our goals Strategic Planning how 5 C39s analysis SBUs and portfolio analysis SWOT analysis Product and Market Alignment SBU39s Strategic business units These are smaller divisions of a company that is designated a speci c goal and marketing strategy This can be planned independently from other company businesses THE BCG MATRIX Market growth vs relative market share Stars generates high cash at a high market growth rate Cash Cows generates high cash as a slow market growth rate Question marks Generates low cash at a high market growth rate Dogs generates low cash at a low market growth rate Investment options Stars build or maintain Cash cows maintain or harvest Question marks build or harvest Dogs Harvest or Divest SWOT Analysis Strengths Build and enhance Weaknesses resolvereduce Opportunities Exploitexpand Threats AvoidThwart Internal Strengths and Weaknesses External Opportunities and threats Diversi cation analysis a technique that helps a rm search for growth opportunities from along current and new markets as well as current and new products Market Penetration is a strategy that focuses on increasing sales of current products in current markets ghapter 7 Global trade What are some key bene ts of Global trade Should we trade globally Cheaper price goods Allows for specialization in country Access to more goods Foster good relationship with other countries World trade imports and exports are complementary economic ows Yes we should trade globally Comparative advantage and the opportunity to specialize in making a product is the main reason why trade can work Things that hinder world trade Tariffs increase prices Quotas limit supply Sanctions restrict trade from countries Protectionism the theory or practice of shielding a country39s domestic industries from foreign competition by taxing imports In order to market effectively one must consider the key similarities and differences between consumers of other countries in these 5 key areas 1 Values what rules or beliefs does the country think is crucial to its culture 2 Customs FCPA foreign Corrupt Practice Act gift giving make sure you know what is considered disrespectful or rude in other cultures 3 Cultural symbols try not to offend any cultures 4 Language make sure products are translated correctly in different cultures 5 Ethnocentricity the belief that buying products from other countries regardless of quality is wrong and unpatriotic Country of origin effects the belief that a product is superior based on beliefs or rationale Global economic considerations 0 Stages of economic devolvement Purchasing power 0 Infrastructure 0 Communications 0 Transportation 0 Financial 0 Exchange rate 0 Volatility Consumer purchasing power Approximately 78 of the world is low income so it is wise for businesses to market to this population Affordability Acceptance Availability Awareness Global market entry strategies Exporting least risk low pro t Licensing little risk small pro t Joint venture medium risk signi cant pro t Direct investment maximum risk maximum pro t Chapter 8 Marketing Research Custom Bike company spark presentation Marketing research is the planning gathering and analysis of information in order to make more informed marketing decisions thereby REDUCING RISK 50 of businesses fail within 5 years 4 risks that we must confront while doing marketing research 1 Technical risk can we make the app 2 People risk will the key players stay together 3 Financial risk Can we keep the company well nanced 4 Market risk can we get people to be interested and buy our product Marketing risk is the most dangerous Marketing research allows us to get closer to our consumers and customers Marketing research process De ne the problem Develop research plan Collect relevant info Develop ndings Take marketing actions Types of research Exploratory open ended exploring that helps give an understanding of vague issues Descriptive measuring quantifying or nding the frequency that something occurs CausalExperimental asses the impact of a variable and determines the impact of one factor on another causation o Exploratory research is used to formulate a hypothesis Descriptive and causal research usually evaluate these hypothesis Ethnographic research Ethnography simply stated is the study of people in their own environment through the use of methods such as participant observation and facetoface interviewing Statistical inference using a probability sample to make generalizations about a larger population Chapter 9 SegmentationI targeting And positioning Ignark presentation TMobile uncarrier Market SegmentationTargeting and positioning Why segment 0 People have different taste preferences and cultural identities For business it is critical to segment the market with similar people with similar taste Framework for Segmentation 1 Divide market into segments 2 Pick focus segments target Markets 3 Position your marketing mix to add value for that segment We want homogeneity within the segment itself It is also equally important that there is heterogeneity between segments The reason for this is that we want segments to act differently to the marketing mix How can I create a unique marketing mix How to form Segments Geographic Demographic income age ethnicity education family Psychographic What I think Attitudes beliefs lifestyle Behavioral What I do usage shopping patterns quot we often combine different criteria to make stronger segments 8020 80 of pro t come from 20 of customers Logic for selecting target Market Segments WNH Homogeneity Similarity of Needs Within a Segment Heterogeneity Difference of Needs Between Segments Potential of a Marketing Action to Reach a Segment Simplicity and CostEffectiveness of Assigning to Segments Potential for Increased Pro t 0 Does my marginal revenue gt marginal cost N0 segmentation on product for all Highly segmented 1 Mass customization for segments of one 2 One product multiple market segments 3 Multiple product multiple market segments Chapter 10 New Product development Innovation nding a new solution to an unmet need Types of innovation 0 Service a Process 0 Business model 0 Channel 80 knee Ted talk Target Amputees in the developing world Need an affordable solution high quality prosthetic knee UNI I U39lIgtLJIJII I Description exible and able to t anyone customizable comfort full range of motion Bene t Mobility affordability Accessibility 0 Cheap affordable solution to a serious problem high quality product that will last for a long time helps make lives easier Apple watch changed its product description and bene t New coke 30 year failure or learning experiment PubHc y When a product fail company has a choice and must react to that failure c There I tremendous value in learning from failures 5565 of all new products fail Failure is inevitable how to mitigate risk Funnel ideas3000raw ideasgt100gtexplored ideas 10gtdeveloped ideas2product launches1 success Commercialization Classifying innovationLevels of newness Continuous innovation very little change Dynamically continuous innovation moderate change in a product Discontinuous innovation extreme change that will require consumers to relearn how to use the product Level 1Product line extension involves the least risk Level 2 Brand extension putting a brand name on a product Level 3 radical invention Completely new product example apple 2 personal computer Why businesses fail They need a new protocol that does three things Identi es a well de ned target market Identi es customers speci c needs wants and preferences What the product will be and do to satisfy its customers Marketing Reasons for new product failures Insigni cant point of difference Incomplete market and product protocol before product is launched Not satisfying customers needs on critical factors Bad timing No economical access to buyers 6 Poor product quality 7 Poor execution of marketing mix 8 Too little market attractiveness


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