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This 14 page Class Notes was uploaded by Qiu Jiawei on Thursday January 28, 2016. The Class Notes belongs to 22364 at Arizona State University taught by Detra Montoya in Spring 2016. Since its upload, it has received 42 views. For similar materials see Marketing & Bus Performance in Marketing at Arizona State University.
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Eugh...this class is soo hard! I'm so glad that you'll be posting notes for this class
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Date Created: 01/28/16
Chapter one Beginning: The customers is the most important product. Marketing two elements: 1. Organizational function 2. Collection of processes Organizational function: CEO: Marketing has a role within an organization. One department that communicates with consumers. . Finance . marketing . human resource . production Collection of processes . Assemble . price . promote Create value for customers Concept check: Different between need and want: we have to determine what customers need? a) Need is essential. Need? Is something that marketers can help create Want? For example, I need the transportation but I want the car. Need communication, but I want the phone to text Marketing is about creating value for customers: six elements. Which keeps customers coming back, and generates a profit. a) Events: football game b) Products: tangible c) Services: intangible, dentist, insurance. Insurance makes service more tangible by creating brand awareness. d) People: president Obama e) Places: las vegas f) Causes / Ideas: Do not use your cell phone while driving. “help A kid out”. Persuade to adopt new ideas. Tangible products can be touched, seen, smelled, tasted. For example: beer, car and pen. How can we try to make something that is so intangible something? More tangible for us. Intangible service: insurance, 服服服服服服 What is the Marketing concept? And how has marketing change?: The Marketing Concept is an organizational philosophy dedicated to understanding and fulfilling consumer needs through the creation of value. a) It creates the value and what does that do for us? It develops stronger customer relationships and it also builds loyalty with those customers. b) c) Commitment to delivering superior customer satisfaction. The seller’s market and buyers’ market . Seller market: a) Production orientation: - Favor production that are availed and affordable - Few competitors - Henry Ford , model T b) Sales orientation - Whatever company produced, they would sell it. - Heavy focus on sales Buyer’s market a) Consumer orientation - Companies seeking ways to understanding customers need and wants. - Market research began b) Relationship orientation - Companies seeking ways to deliver value and form long term relationship with customers. What are marketing functions? Who performs them? 1. Activities performed to create value. 2. Exchange: - Promote and enable transfer of ownership of produts. 3. Physical - Allow from flow of goods from buyer to consumer. 4. Facilitating - Assist in exchanging and physical marketing functions. - Marketing information research - CRM 5. 6. a) Board of Directs b) Top management c) Other business departments d) Marketing department The 4 P’s of Marketing服 customer, the value of marketing a) Product服 a set of benefits from which customers derive value. not a set of feature (tangible things that it is) b) Price: Choose price to maximize long run profit. c) Place(distribution): Deliver the value proposition most effectively to customers. d) Promotion: people are excited to go to sun devil football game. Communicate your value proposition. Marketing functions: are activities performed within organizations that creat value for specific products or services. a) Physical: allow for the flow of goods from processor to consumer b) Exchange: c) Facilitating: assist in the execution exchange and physical function. Internal marketing participants: a) Board of direction b) Top management c) Ptjer business departments d) Marketing management Product: i. A set of benefits from which customers derive value ii. Not a set of features (tangible things that it is) Place: a) Deliver the value proposition most effectively to customers Price b) Choose price to maximize long-run profit 服 The proce is going to be revenue generate Promotion服 c) Communicate your value proposition Chapter 3 and 11 Understand how company’s determine and manage their goals Learn the basics of marketing plans Planning Process： 1. The Planning Process is the series of steps businesses take to determine how they will achieve their goals. Markting plays apart in business planning For both and short term and long term. 2. For example, ping-pong. We want to go to ping-pong industry. 3. Strategic Planning (exam)determines the overall goals of the business and the steps it will take to achieve them. Top management: nike: seek opportunities to grow golf market , decisions an golf shoes, glaves and so on. a) b) Mission Statement：should be market- oriented and defined in terms of customer needs. Relevant and current. i. “What is the purpose of the organization?” ii. Should be market-oriented and defined in terms of customer needs iii. Should not be too broad or too narrow iv. Should be relevant and current v. Facebook: Facebook’s mission is to give people the power to share and make the world more open and connected. vi. Google: Google’s mission is to organize the world‘s information and make it universally accessible and useful. vii. Microsoft: Microsoft’s mission is to enable people and businesses throughout the world to realize their full potential. viii. Where the purpose of the business. The current purpose. c) Business Portfolio i. Collection of businesses (SBUs): is a strategic business unit: and products that make up a company. ii. Should fit the company’s overall strengths and weaknesses iii. Collection of business (SBU)and products that make up company. d) Develop profile: 1. Collection of products and services of company. 2. mission and vision help determine what products and service will offered. e) version: future, where do u want to be? Where do you want to go in the future? So a business vision is a statement of the company where it wished to become in the future. Statement of where company wants to go in future. Not necessarily made available to public. f) Objective: by product of mission and vision. Specific measureable achievable. Relevant and time band. (Smart) objectives. 4. Strategic business unites(SBUs): single business standing alone from other business. 5. BDG Growth Market Matrix: a) Question mark: new products, not sure what still happen b) Stars: ideal, products that are booming and continuing to grow within an industry. c) Cash cows: generating money, not a lot of growth. d) Dpgs: low market shares and growth, may be one to remove from portfolio. 6. Tactical planning- functional level. What type of products do we need? Marketing is in this level. 7. BCG Growth market matrix: question mark means so it is being evaluated any maker share. So marker share could be you share in the maker, you sales in the marketplace, whether it high or low and marketing growth. Question mark, also called a problem child. Cash cow can generate a a lot of money. 8. Marketing Planning includes those activities devoted to accomplishing marketing objectives. – actives devoted to accomplishing marketing adjctive. a) b) marketing strategies: identify target market. And then create marketing mix. ：：：：(marketing audit)：：“：：：：”：“：：：：”：：：：：：：：：：：：：：：：：：：：：：：：：：：：： ：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：：： ：：：：：：：：：：： 9. SWOT Analysis: SWOT analysis is a marketing audit that considers an organization's strengths, weaknesses, opportunities and threats. A Kind of refresher. ：：：：：：：：：：：：：：：：：：：：：：： 10. Four Pieces of marketing: a) Products: b) Price: maximize long run profit. Revenue generating c) Promotion: communicate your value proposition d) Distribution(place): deliver the value proposition most effectively to customers. 11. The Result: A Marketing Plan! A Marketing Plan is a document that includes an assessment of the marketing situation, marketing, objectives, marketing, strategy, and marketing initiatives. 12. Section of a marketing plan: a) Executive Summary: -Written with senior leadership as the primary audience: - Goals - Recommendations - senior leadership b) Company Description, Purpose, and Goals: Includes historical information on business and products, as well as the company’s core competencies and reason for existence. Who we are, out purpose, and goals. c) Marketing Situation: Contain assessments of: - Customers - Competitors - Product portfolio - Distribution channels - Marketing environment: d) Forecasting: This is the anticipated outcome if marketing objectives are met. Forecast what revenue might be. e) Marketing Strategy: - What actions should be taken to meet objectives: - Target market: who is - Positioning: How to position yourself - Marketing mix: pricing decisions, distribution decisions f) Measurement and Control: How to monitor progress toward meeting objectives? What happen if we do not meet those objective. - Financial factors - Nonfinancial factors 8. if you had a whole strategy in place, that you've got resources to help implement, and you have clear requirements. It's very important when you have a marketing plan, it's realistic, achievable, measured success, you've got resources in place and clear requirements. That's kind of a marketing plan it a nutshell when you think about t you want to make sure you understand what the situation is, what is the opportunity, what is your competitive advantage, we look at the competition, we look at the environment, we look at customers. Chapter 2/ third class：Marketing in the Marketing The Marketing Environment: 1. What are the components of the marketing environments? Macro and Micro 2. How do those elements affect market strategy? The Marketing Environment ：：：：：： is a set of forces, some controllable and some uncontrollable, that influence the ability of a business to create value and attract and serve customers. The pictures of the marketing environment: 1. The company Micro environment: 1. 2. intermediaries: could be like a distributor. It is going to be the entity that helps you facilitate selling. The company’s internal environment: Organization 1. Top management: CEO 2. Finance: 3. R&D 4. Purchasing 5. Operations 6. Accounting The company’s Microenvironment: suppliers 1. Provide the resources to produce goods and services 2. Treat as partners to provide customer value The Company’s Microenvironment: Marketing Intermediaries 中中 1. Help the company to promote, sell and distribute its products to final buyer. So like a retailer, distributor. Media firms. The Company’s Microenvironment: Publics- is any group that has an actual or potential interest or impact on an organization’s ability to achieve its objective. 1. Any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives 2. Examples: Media, Local, Government, Citizen-action publics, etc. Starbucks with ASU. The Company’s Microenvironment: Customers 1. Consumer markets: consist of Individuals. 2. Business markets: they buy goods and services for further processing and use in their production process. 3. Government markets: are for services and transfer the goods and services to other who need them. 4. International markets: just marketing buying for other countries. The Company’s Macro environment ： 1. The Company’s Macro environment: Demographic 1. Demographic trends: shifts in age, family structure, geographic population, educational characteristics, and population diversity： For example: targeting Bady Boomers. The Company’s Macro environment: Demographic/Social/Cultural More people are: 1. Divorcing or separating 2. Choosing not to marry 3. Choosing to marry later 4. Marrying without intending to have children 5. Increasing number of working women 6. Increasing number of stay-at-home dads Changes in the Workforce a) More educated b) More white collar Markets are becoming more diverse The Company’s Macro environment: Economic 1. Economic environment consists of factors that affect consumer purchasing power and spending patterns. For example, Rising wages. The Company’s Macro environment: Natural 1. Natural environment: natural resources that are needed as inputs by marketers or that are affected by marketing activities. Increase the pollution. The Company’s Macro environment: Technological. For example BNB, UB, Amazon deliver and online streaming. 1. Most dramatic force in changing the marketplace 2. New products, opportunities 3. Concern for the safety of new products The Company’s Macroenvironment: Political & Social 1. Laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society. Obamacare The Company’s Microenvironment: Competitors 1. Firms must gain strategic advantage by positioning their offerings against competitors’ offerings. Breakfast wars: MCd nad taco bell Consumer vs. Business Markets ：cosumer and business Consumer Markets are the end user of the product or service, and include individuals and households that are potential or actual buyers of products or services. Business Markets include individuals and organizations that are potential or actual buyers of goods and services that are used in, or in support of,the production of other products or services that are supplied to others. For example, I bought the plastic and then I can make the water bottle. 1. Manufacture 2. University 3. Intermediaries 4. Government The different between the business market and consumer market: You are buying a product, the processing of some produt that you will be selling or provide. Chapter six Value for Customers How do marketers create customer value? What are the benefits of having satisfied customers? How do companies establish, develop, and enhance mutually beneficial relationships with customers? Customer Value is the difference between the benefits a customer receives and the total cost incurred from acquiring, using, and disposing of a product. Expected benefits: 1. Functional 2. Brand 3. Service Expected costs: 1. Purchase price 2. Usage costs 3. Maintenance 4. Disposal Customer Satisfaction is the degree to which a product meets or exceeds customer expectations. Negative: Dissatisfied and defect Neutral: Satisfied and Switchable Positive: Delighted and loyal Highly satisfied / delighted customers: Amazon prime membership. 1. Measuring Customer satisfaction: 1. Customer loyalty: We can see degrees of loyalty. The Value of a customer: Customer Lifetime value: The present value of all profits expected to be earned in the future from a customer. The formula about the customer lifetime value: long term. Customer Retention: keep current customers. Service Recovery Paradox: Highly effective service recovery can result in higher levels of customer satisfaction than in cases where a service failure did not exist. Service recovery paradox, where again you can have higher levels of customer satisfaction after they recover. Relationship Marketing: is the organizational commitment to developing and enhancing long-term, mutually beneficial relationships with profitable or potentially profitable customers. Customer relationship: 1. loyalty and 2. retention: it costs less to keep your current customers than to go out and recruit new ones. EXAM: Customer Relationship Management(CRM): is comprised of the activities that are used to establish, develop, and maintain customer sales. Maintaining relationships: sales force is one of the more popular software program for CRM. Customer relationship management: exam Very first step is to identify the customer. We have to identify the customers if we're going to collect information about them. So demographic information, purchase information, how often they come in, how much they're spending, when they spend. We want to be able to identify who our customers are. So I know many of you go to Starbucks and you get those gift cards and they ask you to register those cards. Why do they do that? Because they want to track information. So you have a Starbucks card. What happens, do you get emails from them from time to time? What do you get emails for? Coupons, free drinks. Sometimes they're the drinks that you're buying. So I buy more coffee there than I do food, but I get an email that says hey, come on in and you just bought this sandwich, come on in and buy this sandwich and we'll give you a dollar off. So they're identifying their customers through tracking information. Second, you differentiate them, so you see which ones are profitable. So they see I come in pretty regularly, or maybe there's a gap, I haven't been in in two weeks. I notice that too, I haven't been in in a while, I'll get a coupon. Hey, come on back. Come buy that sandwich or that favorite drink that you like. Then you establish the dialogue. We identify who the customers are, tracking information, differentiate, so look at who those profitable or very profitable customers are. Establish a dialogue with them. So I'll start sending emails or connect with them. Then finally I'm able to customize products for the customer. Establish dialogue, now I know that I can create a product or service that is great for you. I understand. And that's great marketing. That's what customer relationship management allows you to do, identify, track information, differentiate customers, establish dialogue and customize profits.