Midterm studyguide MKTG 311
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This 5 page Study Guide was uploaded by Sonia Brosnan on Friday October 30, 2015. The Study Guide belongs to MKTG 311 at University of Oregon taught by Roger Rutan in Fall 2015. Since its upload, it has received 109 views. For similar materials see Marketing Management in Business at University of Oregon.
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Date Created: 10/30/15
Ch 1 Marketing39s Value to Customers Firms and Society Ch Ch 2 3 focuses on marketing activities by an individual business what most people think of in terms of marketing the way the whole marketing system works intermediaries between producers and consumers and other specialists like product testing labs and ad agencies who are collaborators and facilitate marketing functions Through the macromarketing system a marketdirected economy provides consumers with choices the basic philosophy that provides direction to a mktg oriented rm 0 Customer satisfaction total company effort pro tobjective 0 Production oriented rms often forget this making whatever products are easy to produce and then trying to sell them The various departments within a production oriented rm let their natural con icts of interest get in the way of customer satisfaction it is a marketing39s responsibility to make certain that what the rm offers customers really provides them with value that is greater than they can get from somewhere else 0 In today39s competitive markets a rm must offer superior customer value if it wants to attract customers satisfy them and build bene cial long term relationships with them Marketing Strategy Planning must constantly study the mkt environment seeking attractive opportunities and planning new strategies speci es a target market and the marketing mix the rm will offer to provide that target market with superior customer value Marketing mix has 4 major decision areas the 4 Ps Product Place Promotion and Price Usually more potential opportunities than a rm can pursue so possible target markets must be matched with marketing mixes the rm can offer 0 This is a narrowing down process 0 The most attractive strategies are chosen for implementation Marketing programs should recognize total stream of purchases and expected probability of a rm39s current and prospective customers 0 Can help marketing managers demonstrate the nancial value for a rm Controls are needed to be sure that the plan are carried out successfully Evaluating Opportunities in the Changing Market Environment External market environments are important because they present new opportunities as well as problems o includes chances of recession or in ation also affects the choice of strategies Marketing manager must be aware of legal restrictions and be sensitive to changing political climates affects how people behave and what marketing strategies will be successful includes trends in population income and technology usage indicates social trends Managers need procedures for screening and evaluating opportunities 0 Screening criteria planning grids Ch 4 Focusing Marketing Strategy with Segmentation and Positioning It is better to take a broader view than a narrow productorientated view better considers customers39 needs the product type the customer type and the geographic area the process of naming and then segmenting broad product markets to nd potentially attractive markets 0 Some people try to segment markets by starting with the mass market and then dividing it into smaller submarkets based on a few demographic characteristics D can lead to poor results 0 Instead market segmentation should rst focus on a broad product market and then group similar customers into homogenous submarkets Once a broad productmarket is segmented marketing managers use one of three approaches to marketorientated strategy planning 0 picking 1 of the homogenous segments as the rm39s target market o choosing 2 segments and then treating each as a separate target market needing a different marketing mix 0 try to increase the size of their target markets by combining 2 segments Marketers should be segmenters and satisfy some quotvery wellquot rather than combiners and satisfy many quotpretty wellquot 0 provides a focus or theme to the various elements of a differentiated marketing mix that ts the preferences of target customers 0 Good marketers should be experts on markets and likely segmenting dimensions 0 By creatively segmenting markets they may spot opportunities even breakeven opportunities and help their rms succeed against competitors Ch 5 Final Consumers and Their Buvino Behavior 0 Individual consumer is a problem solver in uenced by economic needs psychological variables social in uences and the purchase situation 0 These variables in uence the consumer decision process Ch Ch 6 The consumers experience after the purchase impacts what the consumer will do in the future Each consumer and purchase decision is unique so it isn39t possible to catalog all of the individual possibilities Expensive marketing errors can be made when you assume that other consumers will behave in the same manner as you or your family and friends 0 Why we rely on the social and behavioral sciences for insight about consumer behavior and why marketing research is so important to marketing managers when they are developing a marketing strategy for a particular target market 0 When managers understand how and why consumers behave the way they do they are better able to develop effective marketing mixes that really meet the needs of their target market Business and Organizational Customers and Their Buvino Behavior Organizational buyers rely on economic factors and costbene t analysis to make purchase decisions Multiple in uences are important in buying decisions 0 Marketing managers must recognize and attend to the needs of all members of the buying center Buying behavior and marketing opportunities may change when there39s a close relationship between a supplier and a customer Ecommerce plays a key role in organizational buying and B2B marketing Organizational buyers buy for resale or to produce other goods and services 0 Includes manufacturers farmers distributors retailers government agencies nonpro ts Understanding how organizations buy can help marketing managers identify logical dimensions for segmenting markets and developing marketing mixes Variations by product may provide additional segmenting dimensions to help a marketing manager netune a marketing strategy improving Decisions with Marketing Information Marketing managers face dif cult decisions in selecting target markets and managing marketing mixes but they rarely have all the information they would like to have before making those decisions Even less information may be available in international markets Both large and small rms can take advantage of Internet and intranet capabilities to develop MIS that help to ensure routinely needed data is available and quickly accessible Marketing research should be guided by the 0 De ning the problem Analyzing the situation Obtaining data Interpreting data Developing and implementing a solution OOOO Ch Ch 8 9 This objective and organized approach helps to keep problem solving on task reduces the risk of doing costly and unnecessary research By nding and focusing on real problems researchers and marketing managers may be able to move more quickly to a useful solution during the situation analysis stage without the costs and risks of gathering primary data questioning observing conducting experiments Qualitative data often provides initial insights or hypotheses which might be tested with more representative samples and quantitative approaches Elements of Product Planning for Goods and Services may be a good or a service or some combination of both A rm39s Product is what it offers to satisfy the needs of its target market which may include the customer s experience before and after the purchase The right Product area strategy decisions required for branding and packaging can add value for customers and give a product a competitive edge Customers view a brand as a guarantee of quality which leads to repeat purchases lower promotion costs higher sales gures and greater customer equ y Packaging offers promotional opportunities and informs customers Variations in packaging can also help a product appeal to different segments of the market Packaging can help protect the product anywhere in the channel of distribution Warranties can play an important role in strategy planning by reducing buying risk 0 Customers see warranties as a signal of quality The brand familiarity a product earns is a measure of the marketing manager s ability to carve out a separate market 0 Brand familiarity affects Place Product Price and Promotion decisions Strategy planning for the marketing mix will vary across based on how consumers think about and shop for products and based on how buyers think about products and how they39ll be used Product Manaoement and NewProduct Deve0pment shows why new products are so important to growth in markets and also helps to explain why different strategies needs to be developed over time Innovators that successfully bring new products to market are usually the ones who achieve the greatest growth in customer equity In today39s highly competitive marketplace it is no longer pro table to sell quotme tooquot products New products help a company appeal to new target markets by appealing to unmet needs New products can encourage current customers to purchase more New products can help retain customers by adapting to changing customer needs Just because a product is new to a company doesn39t mean that it is a really new innovations and starts a newproduct life cycle 0 A product is new to a rm if it is new in any way Many new products fail but the newproduct development process helps to prevent this 0 A newproduct39s success requires a total company effort not the just the people from RampD or marketing To help a product or brand grow managers usually recommend way to adjust all of the elements of a marketing mix with an emphasis on Promotion Poor product quality results in dissatis ed customers 0 So marketers look for ways to design better quality into new products and to improve the quality of ones they already have 0 Marketer must focus on the aspects of quality that really matter to the target customer 0 Otherwise the cost of quality offered may be higher than what target customers are willing to pay Ch 10 Place and Develooment of Channel Svstems Place decisions are important because they may be dif cult and expensive to change Product classes and the product life cycle are related to Place objectives 0 Helps to determine how much a rm should rely on indirect channel systems with intermediaries or direct systems Marketing specialists and channel systems develop to adjust discrepancies of quantity and assortment o Adjusting discrepancies provides opportunities for creative marketers Channels of distribution work best when there is cooperation among the members of a channel 0 Con ict is avoided Channel systems compete with each other and vertical marketing systems seem to be winning Channel planning requires rms to decide on the degree of market exposure they want 0 Intensive sell it where they buy it can be everywhere 0 Selective sell it where it sells best 0 Exclusive selling through only M intermediary in a particular geographic area
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