MARK 4322 Midterm Review
MARK 4322 Midterm Review MARK
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This 4 page Study Guide was uploaded by Gladys Serrano on Wednesday October 21, 2015. The Study Guide belongs to MARK at University of Texas at Arlington taught by Jeffrey P. Wallman in Fall 2015. Since its upload, it has received 27 views.
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Date Created: 10/21/15
MARK 4322 Jeffrey Wallman MIDTERM REVIEW to Marketing Strategy 0 Peter Drucker Customer Creation 0 Bradley T Gale Customer Value 0 Michael E Porter Industrial Structure strategies that position firm economically in its environment 0 Alfred Rappaport Shareholder Value Principle objective of marketing strategist 0 Peter Drucker AKA the Grandfather of Marketing Strategy Drucker s 5 managerial questions for making a strategy 1 what is my mission ie educate and evaluate you 2 Who is my customer ie students 3 what does my customer value ie jobs grades knowledge 4 What are the results i wish to achieve ie students learn 5 what is our plan ie get them from learning to applying it in real world The Six Questions for Marketing Yourself how to focus on performance amp results 1 analytical tool FEEDBACK analysis write it down amp review it on regular basis 0 compare results with expectations will show you where you may be less competent what deprives you of full benefits of those strengths build performance with strengths 2 analytical tool CONTEXT analysis what context do you succeed in o in what environment do i perform at my best 1 decision maker or advisor 2 subordinate or boss 3 stress or stability 4 alone or in a group 5Bi Or or Small Org 3 analytical tool VALUE Analysis Pros and Cons list Decision Analysis Model 0 to be effective in marketing within an organization your values must be compatible or else you won t produce results 4 be prepared for opportunities successful careers are developed not planned by knowing where you belong you can transform yourself 5 how can i make the greatest contribution to what needs to be done given my strengths performance and values what results do i need to achieve to make a difference 6 establish trust Creating Performance amp Results allows you to be Somebody understand your fields of opportunity where you can contribute where you can make a difference where you can be somebody Characteristics of Tomorrow s Markets 1 Primary Characteristic of Tomorrow s Customer Markets 0 Customization 2 Primary Characteristics of Tomorrow s Capital Markets 0 Plenty of are you going to qualify to get it or not 3 Fundamental Characteristics of Tomorrow s Labor Markets 0 Knowledge Workers 4 Characteristics of Tomorrows Government Markets 0 Buying things Paying for stuff Seven Sources of Innovation 7 methods for anticipating change 1 the most important pursuing it requires a change in mindset 2 differences in the way things are and the way they ought to be 0 think of ways on how should it be 3 identify process opportunities they begin with necessity 0 starts with a job that needs to be done requires a number of conditions in order to succeed 4 unexpected changes in industry structure found in competition bargaining power new entrants rapid expansion leads to inadequately served markets 5 a productive amp dependable source of opportunities easy to predict 6 changes over time today s mean little where in the past they were bigger news ie AT ampT lines 60 years ago 7 the riskiest and most time consuming source of change it takes a long time to develop knowledge about markets requires careful analysis if you want to be an innovator it s not that hard it s a profession that you learn Balancing change and continuity is critical for creating change Anticipating Change is a part of everyone s job description everyone must constantly work to identify opportunities First Principles of Marketing Strategy 1 listen to the customer 2 write it down 3 change the rules 4 weigh the pros and cons 5 position the strength First Three Rules of Marketing Strategy o Niche niche niche Second Three Rules of Marketing Strategy 0 Position position position Components of a Mission Statement products offered to fill need customers seek a package of benefits customer segments customers who are homogeneous in their response to strategy variables geographical or construction segments the ways that a customer need can be satisfied products are examples of applying a technology to a customer need A MISSION IS ABOUT PURPOSE what is your purpose or what needs do you fulfill who do you serve or whose needs do you fulfill how do you serve them or what technology do you use to fill needs Three Policies for Making the Future Leading Change Best wa to manage change is to lead it 1 best way to free up assets biggest asset time 2 the most dependable means for driving change 0 create value by improving performance from perspective of the customer continuous improvement leads to profit and productivity 3 build on past success the low risk way of creating change How to construct and evaluate What are the conditions valid linear additive decision model for supporting MGMT decisionmaking o How to construct a model 0 list the pros and cons list main pros and cons o assign weights check if assigned all 100 0 add weights make sure it adds up to 100 0 compare pros and cons which side wins 0 evaluate is the model valid 0 How to evaluate a model quot can you decide without any attribute list main ones is more better for a pro less for a con is there any double counting does it all add up to 100 pts quot if yes then decision is validated Example of an Essay Question 1 Create a strategy ie creating a strategy for poor man s positioning it will be like a decision analysis problem your boss has created the pros and cons and you have to figure out how to advise your boss on completing the exercise what was the biggest mistake most people made when doing the exercise getting validated Make your boss answer those 5 questions are they all attributes are they independent do they all add up to 100 testing for linearity better for a pro less for a con are you satisfied with the decision it s very important to be satisfied with the decision if you re not then you must reevaluate why because the attributes are wrong or the weights are wrong
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