Introduction to Marketing Management
Introduction to Marketing Management MKTG 3101
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This 4 page Class Notes was uploaded by Salvador Wilkinson on Thursday September 17, 2015. The Class Notes belongs to MKTG 3101 at University of Connecticut taught by Staff in Fall. Since its upload, it has received 77 views. For similar materials see /class/205794/mktg-3101-university-of-connecticut in Marketing at University of Connecticut.
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Date Created: 09/17/15
Marketing Exam 1 Chapter 1 Creating and Capturing Customer Value Designing a CustomerDriven Marketing Strategy marketing management the art and science of choosing target markets and building pro table relationships with them Building Customer Relationships customer relationship management CRM the overall process of building and maintaining pro table customer relationships by delivering superior customer value and satisfaction customer perceived value total customer value total customer cost customer satisfaction the extent to which a product s perceived performance matches a buyer s expectations Chapter 2 Company and Marketing Strategy Partnering to Build Customer Relationships Flaming Marketing partnering to build customer relationships value chain a series of departments that carry out valuecreating activities to design produce market deliver and support a rm s products value delivery network made up of the company suppliers distributors and ultimately customers who partner with each order to improve performance of the entire system Marketing Strategy and Marketing Mix market targeting the process of evaluating each market segment s attractiveness and selecting other or more segments to enter market positioning the arranging for a product to occupy a clear distinctive and desirable place relative to competing products in the minds of the target consumer Managing the Marketing Effort market planning the development of marketing plans to achieve company objectives marketing strategy consists of the specific strategies for target markets positioning the marketing mix and marketing expenditure levels Chapter 4 Managing Marketing Information to Gain Customer Insights Developing Marketing Information markets obtain information from intemal databases electronic collections of consumer and market information obtained from data sources within the company network marketing intelligence the systematic collection and analysis of publicly available information about consumers competitors and developments in the marketplace marketing research the systematic design collection analysis and reporting of data relevant to specific marketing situation facing an organization developing a research plan outlines of existing data spells out the specific research approaches contact methods sampling plans and instruments to gather data research approaches observational research gathering primary data by observing relevant people actions and situations ethnographic research sending trained observers to watch and interact with consumers in their natural environment survey research the most widely used method and is best for descriptive information such as knowledge attitudes preferences and buying behavior exible people can be willingunwilling to answer gives misleading or pleasing answers privacy concerns experimental research best for gathering causal information cause and effect relationships research instruments questionnaires most common administered in person by phone or online exible research must be careful with wording and ordering of questions Chapter 5 Consumer Markets and Consumer Buyer Behavior The Buyer Decision Process information search personal sources family and friends commercial sources advertising intemet public sources mass media consumer organizations experiential sources handling examining using of product purchase decision postpurchase decision the satisfaction or dissatisfaction that the consumer feels about the purchase relationship between the consumer s expectations and product s perceived performance the larger the gap between expectation and performance the greater the consumer s dissatisfaction cognitive dissonance is the discomfort caused by a postpurchase con ict Chapter 6 Business Markets and Business Buying Behavior Business Markets business buying process the process where business buyers determine which products and services are needed to purchase and then find evaluate and choose among alternative brands market structure and demand fewer and larger buyers geographic concentration derived demand nature of the buying unit more decision participants more professional purchasing effort Business Buyer Behavior business buyer behavior the buying behavior of the organizations that buy goods or services for use in production of other products and services that are sold rented or supplied to others major types of buying situations straight rebuy a routine purchase decision such as reorder without any modi cation modi ed rebuy a purchase decision that requires some research where the buyer wants to modify the product speci cation price terms or suppliers new task a purchase decision that requires thorough research such as a new product systems selling involves the purchase of a packaged solution from a single seller twostep process of selling interlocking products system of production inventory control distribution and other services to meet the buyer s need for a smoothrunning operation buying center all of the individuals and units that participate in the business decisionmaking process includes users in uencers buyers deciders and gatekeepers Chapter 7 Customer Driven Marketing Strategy Creating Value for Target Customers Market Segmentation market segmentation the process that companies use to divide large heterogeneous markets into small markets that can be reached more ef ciently and effectively with products and services that match their unique needs Market Targeting selecting target market segments target market consists of a set of buyers who share common needs or characteristics that the company decides to serve choosing a market depends on company resources product variability product lifecycle stage market variability competitor s marketing strategies Differentiation and Positioning product position the way a product is de ned by consumers on important attributes the place the product occupies in consumers minds relative to competing products perceptions impressions feelings choosing a differentiation and positioning strategy identifying a set of possible competitive advantages to build a position choosing the right competitive advantages selecting an overall positioning strategy developing a positioning statement identifying possible value differences and competitive advantages competitive an over F quot gained by offering customers greater value either through lower prices or providing more bene ts that justify higher prices choosing a differentiation and positioning strategy identifying a set of possible competitive advantages to build a position by providing superior value from product service channel people andor image differentiation Chapter 8 Product Services and Brands Building Customer Value What is a Product consumer products products and services for personal consumption classi ed by how consumers buy them convenience products the customer buys frequently immediately and with a minimum comparison and buying effort shopping products customer compares carefully on suitability quality price and style specialty products have unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort unsought products consumer does not know about or knows about but does not normally think of buying industrial products products purchased for processing or for use in conducting business includes capital items materials and parts and supplies and services Services Marketing marketing strategies for service firms serviceprofit chain links service firm profits with employee and customer satisfaction intemal marketing means that the service firm must orient and motivate its customer contact employees and supporting service people to work as a team to provide customer satisfaction interactive marketingmeans that service quality depends heavily on the quality of the buyerseller interaction during the service encounter Chapter 9 New Product Development and Product Life Cycle Stages NewProduct Development Strategy new product development refers to original products product improvements product modifications and new brands developed from the firm s own research and development Managing New Product Development newproduct development strategies customercentered new product development focuses on finding new ways to solve customer problems and create more customer satisfying experiences sequential newproduct development a developmental approach where company departments work closely together individually to complete each stage of the process before passing it along to the next department or stage teambased newproduct development a development approach where company departments work closely together in crossfunctional teams overlapping in the product development process to save time and increase effectiveness systematic newproduct development an innovative development approach that collects reviews evaluates and manages new product ideas