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marketing

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the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value to for customers, clients, partners and society at large.

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core aspects of marketing

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1. Create Value 2. Occurs in many settings 3. About satisfying customer wants and needs 4. Performed both by individuals and organizations. 5. Requires Product, Price, Place, and Promotion. 6. Entails an exchange.

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exchange

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the trade of things of value between buyer and seller so that each is better off as a result

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Product

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Creates value through a variety of offerings including goods, services and ideas, to satisfy customer needs.

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Marketing Mix/The Four P's

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Product, Price, Place, Promotion. The controllable set of decisions/activities that the firm uses to respond to the wants of its target markets.

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Good

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Items that you physically touch. (i.e. Beer or an iphone or shoes)

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Services

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Intangible customer benefits that are produced by people or machines and cannot be separated from the producer. (i.e. Getting your eyes examined or getting a massage)

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Ideas

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Include concepts, opinions, and philosophies. (i.e. marketting the "idea" of bike helmet safety.

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Price

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Captures value. Everything the buyer gives up (money, time, energy) in exchange for a product.

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Place

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Delivering the Value. Consists of supply chain or marketing channel management to put the product where the customer wants it in the most efficient way possible.

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Promotion

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Communicating the value proposition. Inform, persuade and remind consumers of the product or service to influence their opinion and elicit a response.

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B2C

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Businesses sell to consumers.

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B2B

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Businesses sell from one business to the other.

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C2C

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Consumer to consumer such as resell on Craigslist or Ebay.

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Production Oriented Era

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Earliest, believed that a good would sell itself. Manufacturers concerned with product innovation not satisfying the needs of the individual customers, and retail stores simply held the merchandise until the customer wanted it.

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Sales-Oriented Era

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1920-1950. Second era. Production and distribution techniques became more sophisticated, heavy doses of personal selling and advertising.

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Market-Oriented Era

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Third. After WW2. Consumers were king. Manufacturers begin to care about the wants and needs of the customers before they design products. Now they are discovering marketing.

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Value-Based Marketing

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Last, Now. Firms figure out that they must provide better value than their competitors.

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Value

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Relationship of benefit to cost or what you get for what you give.

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Four steps to becoming more value driven

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Share information, Balance benefits and costs, Build relationships with customers, Connect with customers through social media.

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Relational Orientation

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Must think about customers in terms of relationships not transactions.Focus on lifetime profitability not making money off of one transaction.

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Customer Relationship Management (CRM)

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Collecting information about customers needs and then using that information to target their best customers with the products services and special promotions that appear most important to them.

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Why is marketing important?

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Expands firms global presence (sell your products all over the globe), Pervasive across channel members (the supply chain requires marketing to gain members of each step of the process), Enriches society (becoming socially responsible and making "greener decisions") and it can be entrepreneurial (small startup companies with great ideas have to get their name out.)

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entrepreneur

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People who organize, create and assume the risk of a business venture.

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Marketing Strategy

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Identifies (1) A firms target market (2) a related marketing mix (3) and the bases on which the firm plans to build a sustainable competitive advantage.

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Sustainable competitive advantage

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An advantage over the competition that is not easily copied and thus can be maintained over a long period of time.

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Customer Excellence

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Customer Value that focuses on retaining loyal customers and excellent customer service.

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Operational Excellence

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Customer Value that is achieved through efficient operations and excellent supply chain and human resource management.

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Product Excellence

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Customer Value consisting of having products with high perceived value and effective branding and positioning.

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Locational Excellence

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Customer value consisting of having a good physical location and Internet presence.

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Marketing Plan

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A written document composed of an analysis of the current marketing situation, a SWOT analysis, identifying opportunities, implementing the 4 P's, and then evaluating performance through marketing metrics.

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Step 1 of Marketing Plan

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Define the business mission. Compose a mission statement and figure out what the hell you are trying to accomplish.

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Step 2 of Marketing Plan

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Conduct a situation analysis. Provide a SWOT Analysis: Strengths Weaknesses Opportunities and Threats. As well as changes in CDSTEP: Cultural Demographic Social Technological Economic and Political.

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Step 3 of Marketing Plan

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Identify and evaluate opportunities. Use the STP: Segmentation, Targeting, and Positioning.

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Market Segment

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A group of consumers who respond similarly to a firms marketing efforts.

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Market Segmentation

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The process of dividing the market into groups of customers with different needs, wants, or characteristics who therefore might appreciate products or services geared especially for them.

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Target Marketing

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Deciding which segment is attractive and specifically targeting them with a certain marketing strategy.

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Market Positioning

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Upon deciding and targeting a segment, finding a way to clearly present a desirable understanding of your product to the customer in comparison to competitors.

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Step 4 of Marketing Plan

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Implement Marketing Mix and allocate resources. Use the Four P's to allocate products and services appropriately.

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Step 5 of Marketing Plan

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Evaluate your performance through Marketing Metrics. Can determine why it did or did not achieve its goals and therefore decide where to go from there.

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Metric

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A measuring system that quantifies a trend, dynamic, or characteristic. Used to explain why things happened and to project the future.

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Portfolio Analysis

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Evaluate a firms various products and businesses (its portfolio) and allocates resources according to which products are expected to be the most profitable. Usually performed at the SBU.

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SBU

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Strategic Business Unit. Can be sectioned into regions of the globe or country. Used to split up market areas to be managed specific sales.

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Market Share

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Percentage of a market accounted for by a specific entity and is used to establish the products strength in a particular market.

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BCG Matrix

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Stars, Question Marks, Cash Cows and Dogs

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Relative Market Share

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One firms products relative strength compared to that of the largest firm in the industry.

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Market Growth Rate

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Annual rate of growth of the specific market in which the product competes.

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Stars

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High growth markets with high market share products. Often require a heavy resource investment to fuel rapid growth.

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Cash Cows

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Low growth markets but are high market share products. Have excess resources that can be used to help the products that need it.

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Question marks

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High growth Markets but have relatively low market shares. Require significant resources to maintain and potentially increase market share. Either put in the resources to become cash cows or dump them entirely.

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Dogs

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Low growth Markets and low market shares. May be sustainable but either need to help boost the sales of other products or be dumped entirely.

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Market Penetration Strategy

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Employs the existing marketing mix and focuses the firms efforts on existing customers. Attracting new consumers to the firms current target market or encouraging current customers to patronize the firm more often or buy more merchandise each visit.

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Market Development Strategy

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Employs the existing marketing offering to reach new market segments whether domestic or international. International is riskier than domestic.

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Product Development Strategy

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Offers a new product or service to a firms current target market.

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Diversification Strategy

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Introduces a new product or service to a market segment that currently is not served.

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Related Diversification

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The current target market and or marketing mix shares something in common with the new opportunity.

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Unrelated Diversification

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The new business lacks any common elements with the present business.

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Social Media

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Content distributed through online and mobile technologies to facilitate interpersonal interactions.

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The 4E's

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Excite, Educate, Experience, and Engage.

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Excite the Customer

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Use social media applications to provide relevant offers to customers. Such as Groupons or making a True Blood app that will turn you into a vampire to get you interested and excited again for a new season.

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Educate the Customer

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Educate them once them have arrived at their page through social media on values and benefits to develop a sustainable advantage.

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Experience the Product

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Get the ability to test out or somewhat physically try the product either through song previews or video reviews.

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Engage the customer

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Taking action and building a relationship or even gaining loyalty or commitment.

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Categories of Social Networkers

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Creators, Bonders, Professionals, Sharers.

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Creator

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Cutting edge, use social media for everything and are always looking for interactive new ways.

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Bonders

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Social butterflies who use social media to enhance and expand relationships, which they consider crucial to living.

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Professionals

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Efficient, on the go users who use social media to demonstrate how smart they are.

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Sharers

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Looking to help others by sharing genuine insights on social media.

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Social Networking Sites

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Facebook, LinkedIn, and Google+. Provide excitement and reach users.

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Media Sharing Sites

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Share content that they have generated. To experience and engage the product. Instagram, YouTube, Flickr.

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Thought-Sharing Sites

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Consist of blogs. Educating, and engaging.

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Blog

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Online journalling of sorts that allows you to type long thoughts and share them to the internet.

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Corporate Blogs

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Created by companies themselves and have the highest degree of control because they can control the content posted to them.

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Professional Blogs

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Written by people who review and give recommendations on products and services. Marketers can offer free stuff to reviewers to give positive reviews.

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Personal blogs

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Lowest level of control. Consist of normal people speaking their mind for no benefit.

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Microblog

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Shorter everything. Twitter is the main.

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Gamification

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Apps that use GPS functions to allow to check-in such as Foursquare use gamification to build loyalty and make patronage to the game.

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Three steps of engaging customers using social media

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Listen, Analyze and Do

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Listen

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Listening to what consumers are saying on social media and monitoring what they are doing. See what products are favorable and unfavorable.

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Sentiment Analysis

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Allows marketers to analyze data from social media sources to collect consumer comments about companies and their products.

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Analyze

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Measuring Hits, Page Views, Bounce Rates, Click Paths, and Conversion Rates.

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Hits

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Number of visits to a particular site.

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Page Views

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The number of times any pages gets viewed by any visitor.

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Bounce Rate

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Number of times a visitor immediately leaves the site.

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Click Paths

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Shows how users proceed through information on a website. How well they flow through the information.

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Conversion Rate

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Percentage of visitors or potential customers who act as the marketer hopes.

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Keyword Analysis

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An evaluation of what keywords people use to search on the Internet for their products or services.

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Do

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Upon Listening and Analyzing you must make a move and implement a campaign that can help generate business. Involves a 5 step plan.

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Identify Strategy and Goals

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First step of Social Media Campaign. What exactly do you what to achieve through your campaign?

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Identify a target audience

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Second step of Social Media Campaign. Who exactly are you trying to market this campaign to?

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Develop the campaign

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Third step of Social Media Campaign. Create images and posts that are eye catching and will work well for what you are trying to achieve.

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Develop the budget

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Fourth step of Social Media Campaign. Decide where your price points need to be and how to spend the right amount of money to get the campaign out there. Consider that of your competitors as well.

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Monitor and Change

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Fifth and Final step of Social Media Campaign. Based on feedback, decide what you need to change or improve.

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Social Reach

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How many people a person influences. Number of friends or connections on a social network.

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Social Influence

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How much of your reach actually reads and is influenced by your media.

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Extended Network

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The influence of the cumulative number of members. Friends of friends and so on.

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Social Media Strategist

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High Paying. Create social media marketing campaigns and then measure the results.

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Community Manager

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Responsible for handling corporate forums and blogs and increasing traffic to the site.

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Blogger

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Highly soughtafter. Post articles on relevant websites.

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Social Media Marketing Specialist

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Use strong online marketing skills to distribute promotional channels.

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Search engine marketing associate

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Increase the search rankings for a website.

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Online customer feedback representative

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Give feedback to those in needs almost at all times.

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Business Ethics

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Moral or ethical dilemmas that arise in a business setting.

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Marketing ethics

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Business ethical issues specifically in marketing.

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Ethical climate

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The set of values within a marketing firm or in the marketing division of any firm that guide decision making and behavior.

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Corporate Social Responsibility (CSR)

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Voluntary actions taken by a company to address the ethical social and environmental impacts of its business operations and the concerns of its stakeholders.

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Steps in ethical decision making

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Identify issues, gather information and identify stakeholders, brainstorm alternatives, choose a course of action.

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Identify Issues

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Step 1 of Ethical Decision Making. Why would the decision be unethical?

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Gather Information and Identify Stakeholders

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Step 2 of Ethical Decision Making. Gather all facts that are important to the ethical issue including all relevant legal information. Also decide who your stakeholders are.

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Stakeholder

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A firms employees and retired employees, suppliers, the government, customer groups, stockholders, and members of the community.

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Brainstorm Alternatives

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Step 3 in Ethical Decision Making. Once you believe you have a plan set, brainstorm alternatives that could also be used to give yourself options.

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Choose a course of action

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Step 4 in Ethical Decision Making. Of the brainstormed decisions, pick one and run with it.

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The publicity test

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Would I want to see this action that I'm about to take described on the front page of the local paper or national magazine?

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The moral mentor test

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Would the person i admire the most engage in this activity?

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The admired observer test

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Would i want the person i admire the most to see me doing this?

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The transparency test

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Could I give a clear explanation for the action i'm contemplating, including an honest and transparent account of all my motives that would satisfy a fair and dispassionate moral judge?

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The person in the mirror test

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Will I be able to look myself in the mirror and respect the person i see there?

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The golden rule test

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Would i like to be on the receiving end of this action and all its potential consequences?

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Rather than being just a random activity, good marketing requires _____ in determining appropriate actions to produce sound decisions.

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Thoughtful planning.

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The ____ addresses how a product will be designed, how much it should cost, how it will be promoted, and how it will get to consumers.

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Marketing Plan

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Understanding consumers' _____ is fundamental to marketing success.

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Needs and Wants

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Crest toothpaste targets different consumer _____ by offering different types of toothpaste for smokers than it does for children, based on their differing needs and wants.

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Segments.

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The goal of the marketing exchange is for the parties to the transaction to be

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Satisfied

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At the most basic level, marketing involves _____ between the buyer and the seller so that each is better off as a result.

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promotions

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The _____ consists of the product, price, place, and promotion of an offering.

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Marketing mix

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When San Pellegrino water creates value through its brand image, it is doing so through which of the following element of the four Ps?

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Product

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Apple's iPad is an example of which of the following types of marketing offerings?

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Goods

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Which of the following marketing mix variables is involved in the capture of value in the marketing exchange?

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Price

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Which marketing mix element deals specifically with retailing and marketing channel management?

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Place

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When marketers communicate the value proposition, it involves the _____ element of the marketing mix.

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Promotion

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Which of the following is one of the core practices among value-oriented marketers?

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Constantly measuring the benefits that customers receive against the costs of offerings

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Recently, it has become important for value-oriented marketers to _____ with customers

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move toward a relational perspective from a transactional orientation

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A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers is known as

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Customer Relationship management

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Which of the following illustrates how marketing has a direct impact on consumers?

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Marketing helps consumers learn about new products and services.

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Because it has been at the center of success for many companies, marketing is considered a cornerstone of

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Entrepreneurship

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According to your text, which of the following is a characteristic of great and distinguished entrepreneurs?

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They have visions of how certain combinations of products and services can satisfy unfilled needs.

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When marketers strive to get their customers the merchandise they want, when they want it, in the required quantities, and at a lower delivered cost than that of their competitors, they are hoping to achieve a sustainable competitive advantage through _______ excellence.

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operational

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Which of the following represents the three major phases of a marketing plan?

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Planning, implementation, and control

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When a firm considers its overall objectives and considers the type of business it is in, it is engaged in which of the following steps of the marketing planning process?

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Defining the mission

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The SWOT analysis is typically conducted during which of the following steps in the marketing planning process?

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Conducting a situation analysis

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After a firm has conducted a SWOT analysis, it would typically progress to the next step of marketing planning, which is _______ and involves using STP (segmentation, targeting, and positioning).

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identifying and evaluating opportunities

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When companies like Toyota develop different models of vehicles to meet the unique wants and needs of different groups of consumers, it is involved in

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market segmentation

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Honda developed its new CR-Z hybrid model for a distinct segment of consumers as a fun, green, sporty hybrid that stands out as being uniquely different from other hybrid models. This is an example of which of the following?

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Market positioning

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To evaluate the effectiveness or performance of a marketing strategy, firms typically use

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Marketing metrics

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What two metrics are used in the BCG portfolio analysis to evaluate the various products of a firm?

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Relative market share and market growth rate

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To get customers excited about a social media-related offer, the offer must be

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relevant and aimed at a target audience.

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