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Test 1 Notes

by: Becca Englehart

Test 1 Notes Marketing 301

Becca Englehart
Principles of Marketing
Amanda Fine

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About this Document

Chapter one, two, five, six and seven notes that the teacher emphasized in class. Based off the book Marketing by Grewal and Levy.
Principles of Marketing
Amanda Fine
Class Notes
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This 14 page Class Notes was uploaded by Becca Englehart on Monday September 14, 2015. The Class Notes belongs to Marketing 301 at Clemson University taught by Amanda Fine in Fall 2015. Since its upload, it has received 42 views. For similar materials see Principles of Marketing in Marketing at Clemson University.

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Date Created: 09/14/15
082515 Chapter 1 Overview of Marketing What is marketing the activity set of institutions and processes for creating capturing communicating delivering and exchanging offerings that have value for customers clients partners and society at large book definition Price Maker They set the price Vs Price Taker They work off the price set in the market Marketing Mix The Four Ps Product Creating Value 0 Collaboration with suppliers and customers 0 Create offerings that have value 0 Goods services and ideas 0 Price Capturing value only part of marketing where you make money for firm not spend it 0 Trade value for offerings 0 Anything a consumer gives up 0 Tricky understanding what the value is to exchange is difficult Place Delivering Value 0 Get offerings to the consumer o Optimize value supply chain management right product to right customer at the right time 0 Promotion Communicating value 0 Describe offerings 0 Learn from customers inform persuade remind Profitable Exchande Personal value equation o Value benefits price Price costs hassle Marketing Concept Seek to satisfy customer needs amp wants Fundamental Purpose of Marketing 0 Create Value Firm partners customers and society Value Based Marketind 0 Balance benefits with costs 0 Offer excess 0 Share information 0 Build relationships Who Endades in Marketing Forprofit companies o Defined by customer some companies sell to other companies some sell to just consumers some sell to both marketing practices can differ 0 Defined by function who are you in the supply chain 0 Nonprofit organizations 0 Individuals now consumer to consumer Marketing is NOT 0 Just buyers and sellers exchanging money 0 Simply about making a profit 0 Ethical implications 0 A random activity 0 Stick to the marketing plan 082715 Chapter 2 Developing Marketing Strategies amp a Marketing Plan Strategic Planning Within a Firm 0 Corporate Level Plans 0 Top Executives Business Level Plans 0 Strategic Business Units SBU s example in Clemson you could split up colleges as SBU s to achieve top 20 school 0 Functional Level Plans 0 Departmental Strategic Planning Process 0 Document Marketing Plan 0 Function Allocate resources 0 Goals 0 Accomplish objectives 0 Deliver Value 0 Be competitive Marketing Plan Step 1 De ne the Business Mission 0 Mission Statement point of View 0 Purpose of the organization 0 Type of business 0 Goals and objectives to accomplish should stand the test of time overarching goals Sustainable competitive advantage 0 Competitive Advantage what does company a have over company b o something of value dif cult to imitate rare in the marketplace organization can support it Customer Excellence Company Culture how the rm treats its employees Intellectual Property patents trademarks etc Low prices is not usually a competitive advantage but comes as a result of one Operational excellence Product excellence Locational Excellence Social Responsibility 0000000 0000 Step 2 Situation Analysis 0 Assessment of organization s internal amp external environment 0 Tool SWOT Analysis something a company can engage in to see what is going on outside and inside of the company SStrength internal to rm exist only within rm WWeakness internal to rm OOpportunities external to rm TThreats external to rm If you take the rm out of situation does the threat or weakness still exist If it does then it is a weakness or a threat Step 3 Identifying amp Evaluating Opportunities Using STP Segmentation 0 Divide the marketplace Targeting 0 Evaluate attractiveness WHO you target Positioning 0 De ne the marketing mix HOW you target Step 4 Implementing Marketing Mix amp Allocating Resources 0 4 PS 0 Product price place promotion Step 5 Evaluate Performance Using Marketing Metrics Setting Benchmarks for Success 0 Accountability 0 Objectives amp metrics 0 Financial metrics 0 Portfolio Analysis shift resources to something else or keep going The Boston Consulting Group Matrix pg 39 Starsquestion mark market growing Cash CowsDogs market not MARKET GROWTH RATE OOOOO RELATIVE MARKET SHARE your market share compared to leader of the market Success sequence l take money from a cash cow put it into a question mark and turn it into a star Star is high relative market share Question mark is new products Dogs are low relative market share also shrinking market growth rate product is often going to be cut Growth Strategy Chart In book Products and services are offerings Markets do you want to stay in current market or move to new Market Penetration 0 Selling more of the same product to the current marketcustomers 0 Can go about this utilizing loyalty programs get people to buy more since there is more reward and incentive incentive can be rinse repeat so you use more product and buy more 0 Starbucks drive through penetrates fast paced business workers 0 Gift cards don t feel like real money so customer spends more Market Development 0 When we take current products and we sell them to new markets 0 NFL pursuing female customers 0 Selling same product to new locations too Product Development 0 You know your current customer base really well and they like you and the maker knows they can make a better product and do better 0 Starbucks selling fruit smoothies instead of coffee for customers who still want to go but don t want coffee Diversi cation 0 New product and services and new customer base Downsizing Eliminate products Abandon markets Why downsize economy changing culture changing or the company grew too quickly and cant support all of them or not relevant anymore to market 09115 Chapter 5 Analyzing the Marketing Environment The Immediate Environment 0 Company capabilities 0 Internal resources 0 Tangible resources Financial physical technological o Intangible resources Brand reputation good will culture intellectual property 0 Human Resources Skills of the people you are hiring and what incentives are you offering them 0 Global Resources International labor of ces and distribution 0 Example Pepsi Strengthsl they are globalinternational brand recognition diversity of markets Tropicana orange juice etc good human capital Competitors 0 Identify competitors Direct Indirect Direct competitor of Delta is Southwest and an indirect competitor is Amtrak 0 Competitive intelligence 0 Proactive vs reactive Corporate Partners 0 Firms are part of alliances o Align with competitors suppliers etc Macroenviornment Opportunities or threats 0 Culture 0 Shared meanings beliefs values morals and customs 0 Country culture 0 Regional culture even within a country 0 Demographics age gender education 0 Are we seeing changes in this 0 Generational cohorts Understanding that people who were born in a certain chunk of time will have had similar experiences which impact their purchasing behavior Baby boomers Gen X Gen Y Gen Z 0 Income Tied to purchasing power Middle class in decline TGIF Red Lobster think this is a threat 0 Education Tired to income and occupation 0 Gender malefemale Men staying home more women making more money 0 Ethnicity 2050 to 2010 census Growth in minority populations are there certain productsbrands that are more popular among them How to target them 0 Social Trends 0 Societal issues values concerns that help to shape culture Green movement Privacy Concerns Timepoor society 0 More and more time spent at work Fair Labor and Wages Nike lots of money to buy a pair but the people making them are almost making nothing Price SensitivityThrift We now brag about good deals we got didn t do that years ago 0 We can compare prices immediately because of internetwant good deal Health and wellness concerns subwayeat fresh farm to table TechnologicalAdvances 0 Improving value of productsservices 0 New forms of communication 0 New retail channels 0 Economic Situation 0 Affects how consumers buy 0 Affects how money is spent 0 Examples ln ann Unemployment Altruism Marketingl devote your company to the wellness of others ie recession Interest rates 0 PoliticalRegulatory Environment 0 Components Political Parties Government Organizations Legislation amp Laws 0 Implications Dictates legal competitive practices Consumer protection Industry speci c regulations 0 1890 Sherman Antitrust Act prohibits monopoly s fair trade free markets 0 1914 Clayton Acts supports Sherman Antitrust Act says you cant conoodle with other companies 0 1936 RobinsonPatman Act prohibited price discrimination when companies are selling to other companies NOT to end users 9315 Chapter 6 Notes Consumer Behavior Consumer Behavior Sociology and psychology Understand consumer actions Develop basic strategies Understand why people buy products or services Types of Problem Solving Skills 0 Degree of Involvement how involved the consumer is when they are making a decision 0 Low Limited problem solving 0 Impulse vs Habitual 0 High Extended problem solving Step 1 Need Recoqnition oStimuli 0 Internal when you yourself realize you have a need 0 External when other people realize you haven t eaten etc Needs 0 Functional relate to performance 0 Psychological about personal grati cation when you use the product 0 Target market might need one or the other or both but you have to know Step 2 Information Search 0 Factor Affecting Information Search 0 Perceived bene ts vs cost of search 0 Locus of control 0 Actual or perceived risk 1 Performance risk if risk is high you are more likely to engage in information search does the product function as it is supposed to 2 Financial risk more money you are spending the more risk you are putting into it 3 Psychological risk how others see me for my decision 4 Physiological risk risk to your healthsafety Step 3 Evaluation of Alternatives Attribute Set 0 Universal sets when you have a need everything in the world that could satisfy your need is a universal set Retrieval Sets you in your own search for a product that could meet your needs in your mind is your retrieval set 0Evoked products we are going to consider for meeting our needs green light products lnert products we don t like or dislike but are aware of yellow light products lnept products we don t like red light products 0 What made you put one product in one category over another The attributes of the product characteristic of the product Evaluation criteria 0 Determinant attributes the deal breakers the things that are the most important to the consumer and how you differentiate between products 0 Decision heuristics somatic markers shortcuts that we have developed since birth that in uence our behavior shortcuts that help us make decisions of what to buy Common shortcuts we use 1Brand 2Price 3Packaginglabel Step 4 Purchase Decision and Consumption Choice made 0 Value bene ts vs cost is ultimate decision Step 5 Post purchase Behavior oCustomer Satisfaction o Difference between customer expectations and perceived performance o Marketers know that you cannot set expectations SUPER high because then customers are upset o If customers are upset you have to have a good system for customers to complainreturn so that their satisfaction goes up again 0 Post purchase cognitive dissonance 0 Cognitive dissonance is when our beliefs are out of line with our behavior 0 Post purchase cognitive dissonance is buyers remorse bought something and now you don t feel good about it 0 Higher the perception of risk the more likely you will feel this 0 And the less likely you buy this product the more likely you will feel this 0 Customer Loyalty oNegative word of mouth amp or reviews o Something where some companies try to learn from negative review to help serve customers better 0 Negative reviews can have good result LL Bean if a product gets 6 or more negative reviews the price is dropped or they take it off the market Factors In uencing the Consumer Decision Process 00 132 1 Psychological Factors Motives when need becomes intense 0 Basic needs food thirst hunger sex 0 Safety o Social love want to be with others o Esteem 0 Self Ful llment Attitudes 0 Cognitive what we believe we know to be true 0 Affective based on what we believe to be true we like or dislike something 0 Behavioral if we like or dislike something we act a certain way 0 Attitudes are really tough to change oPerception 0 Selecting organizing and interpreting information Learning o Changing behavior through experiences or reasoning oLifestyle 0 Marketing brand or product as a lifestyle is huge 0 Activities 0 Interests 0 Opinions 2Social FacTors Family single most important buying organization in America spend a lot of money family units are becoming closer Reference groups peers compare look to make decisions reward self esteem feel better about yourself Culture learn from societyfamily 3 Situational Factors can override psychological factors or social factors 0 Purchase situation not typical certain situation 0 Shopping situation experience got you to buy it 0 Temporal situation state of mind Chapter 7 BusinesstoBu iness Marketing BZB Markets 0 Manufacturers or producers Resellers o Wholesaler distributer retailer 0 Do not signi cantly alter goods buy from manufacture and resell to another entity Institutions 0 Universities religious organization museum 0 Government 0 The largest purchaser in BZB market Characteristics of Organizational Buying oDemand characteristics o Consumer demand vs derived demand Consumer demand consumer demands manufacturer to produce something Derived demand links consumer demand to what the company must do to meet that demand order raw materials supplies oSize of the orderpurchase oThe difference between consumer and business is that the purchase of a business is much larger o So companies have to monitor how much money is spent at each sbu level oNumber of potential buyers 0 Much fewer potential buyers in BZB o Loose one manufacturer and it could put huge dent in your sales oOrganizational buying objectives o If their mission statement is to be sustainable they have to do BZB buying more green BZB Selling Process 0 Stage 1 Need Recognition o Unful lled need Internal External 0 Stage 2 Product Speci cations 0 Direction to suppliers 0 Collaborate Stage 3 Request for Proposals Process o RFP a formal request for suppliers to make bids to meet consumers need 0 Suppliers bid suppliers say this is what we can provide to you at this cost 0 Stage 4 Proposal Analysis Vendor Negotiation and Selection 0 Evaluate proposals multiple given to rms 0 Negotiate proposal with each vendor against vendors o Selective criteria price customer service delivery warranties Stage 5 Order Speci cation 0 Order placed Details speci ed how much product ordered when will it be delivered at what price what happens if somebody is in violation 0 Stage 6 Vendor Analysis 0 Formal evaluation of performance Renew Factors In uencing the Buvind Process 0 The buying center DON T NEED TO KNOW THE SPECIFICATIONS IN BOOK OF THESE THREE o The number of employees who are involved in the decision the more complicated the decision is oOrganizational culture o Who gets the nal say and how many of the people who are involved really have input o Is one person making the decision Or multiple HOW is the decision made oBuying situation o Fist time you purchased something Or have you purchased it before o If it s the rst time we are more likely to go through each step above o If we have bought it before we are more likely to skip steps


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