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When buyers and sellers need to find and satisfy eachother (conduct exchanges)

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Marketing Match

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Marketing is the anticipation, management and satisfaction of demand through the exchange process

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Marketing

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1) Goods and Services 2) People 3) Organizations 4) Places 5) Ideas 6) Hospitals/Medical Centers

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Marketing can be used for....

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To make consumer desires fit the features of the product.

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What is the Role of Sales Force and Advertising?

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Examining consumer needs

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Consumer Orientation

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Being aware of the structure of the marketplace (competitors)

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Market Driven Approach

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Offering g&s that consumers perceive to having superior value relative to cost and competitor offerings

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Value-Based Approach

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All activities relating to the goods and services are coordinated (inventory, research & development, finance, production, engineering, marketing)

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Integrated Marketing

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Employs marketing to achieve long and short term goals (cures for disease- Susan G Komen; increased tourism- Expos; elections- Debate 2012; better company image- JCPenney

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Goal-Oriented

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Where buyer and seller consider impact on both society and environment

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Ethical Exchanges

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Refers to final and organizational consumers

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Consumer Demand

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Refers to needs of unions, employees, stockholders and general public

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Public's Demand

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v>Feedback<v v Consumer need evaluation v Integrating marketing effort v Consumer satisfaction v Achievement of organizational goals v ^^

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Focus of Marketing Philosophy

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A way for companies to build customer satisfaction and increase longterm customer loyalty

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Relationship Marketing

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1) Manufacturer/service provider 2) Final consumer 3) Organizational consumer 4) Marketing specialist 5) Retailer 6) Wholesaler

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Marketing Performers

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1) Controllable factors 2) Uncontrollable factors 3) Organization's level of success/failure in reaching objectives 4) Feedback 5) Adaptation

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5 Parts of the Marketing Environment

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1) Consumer 2) Competition 3) Suppliers/distributors 4) Government 5) Economy 6) Technology 7) Independent media

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Uncontrollable Marketing Factors

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Refers to the broad demographic, societal, economic, political and technological forces that an organization faces

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Macroenvironment

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Refers to the forces close to the organization that have a direct impact on its ability to serve customers

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Microenvironment

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1) Line of business 2) Overall objectives 3) Role of marketing (importance in company, functions, integration) 4) Role of other business functions (production, finance, accounting, engineering, purchasing) 5) Corporate culture (promotions from within, centralized/decentralized, customer service orientation, etc)

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Top Management Controls...

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Top management must look at general category of the business, functions, geographic coverage, type of ownership, etc

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Factors in Line of Business

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1) Selection of target market 2) Marketing objectives 3) Marketing organizations 4) Marketing mix 5) Performance assessment

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Marketing Dept. Controls...

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Involves subdividing a market into clear subsets of customers with similar needs. It is often used in deciding a target market.

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Market Segmentation

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Consist of the firm's unique features that attract consumers. These include: - A distinctive image - New products/features - Product quality - Customer service - Low prices - Availability

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Differential Advantages

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*Product *Distribution (Place) *Promotion *Price

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Marketing Mix

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*Solutions that meet consumer needs *Integrated cross-channel presence *Focus on value: benefits vs. price *Providing relevant information

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New Marketing Mix

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1) Monopoly 2) Oligopoly 3) Monopolistic competition 4) Pure competition

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Types of Competition

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When one firm sells a good or service and has a lot of control over its marketing plan

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Monopoly

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When a few firms, usually large ones, account for most industry sales and engage in nonprice competition

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Oligopoly

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Several firms in an industry, each trying to offer a unique marketing mix. *Based on Price*

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Monopolistic Competition

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When many firms sell virtually identical goods and are unable to create differential advantages. Occurs rarely.

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Pure Competition

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*Passive* -either no response or slight response -will back off from a fight -low resources/product category is small & marginally profitable *Tiger* -aggressive stance to discourage competitors gaining advantage -will use all resources in the longterm

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Competitors

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Total annual value of all g&s produced in a country less net foreign investment. Changes in GDP reflect a country's economic growth.

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GDP

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*Competitive rivalry *Bargaining power of consumers *Bargaining power of suppliers *Threat of new entrants *Threat of substitutes

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Porter's Five Forces Model

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Amount earned in a year adjusted for inflation

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Real Income

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-Limited view of competition -Narrowmindedness -Unwillingness to change/adapt -Stems from feeling invincible -Ineffective marketing approach

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Marketing Myopia

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STRENGTHS WEAKNESSES OPPORTUNITIES THREATS

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SWOT

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It is imperative, when collecting and analyzing marketing information, to use the scientific method- OAT- and to be: *Objective *Accurate *Thorough

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The Scientific Method/OAT

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Set of procedures & methods designed to generate, analyze, disseminate and store anticipated marketing decision information on a regular, continuous basis.

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Management Information System

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*Targeting customers *Tracking activities *Profiling and sorting *Remote access *Global email/interactive tech documents

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Customer Database

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*Flexible reports *Mass mail *Followup letters *Auto dialing

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Output of Customer Database

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Environment, Company Objectives, Marketing Plans, Marketing Intelligence Network, Implementing Marketing Plans

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A Basic Marketing Information Systems

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Involves collecting, tabulating, and analyzing data about specific issues related to the marketing of goods, services, organizations, people, places and ideas.

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Marketing Research

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This is a result of hightech advances; facilitates the tracking activities of individual consumer households

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Single Source Data Collection

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1) Issue (problem) definition 2) Examination of secondary data 3) Generation of primary data 4) Analysis of data 5) Recommendations 6) Implementation of findings

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Marketing Research Process

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*Precollected. can be internal or external. Previously gathered for purposes other than current research. Should always be reviewed before any new data are generated - Accounts receivable/payable, financial statements, etc -Govt publications, census figures

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Secondary Data

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*Surveys, observations, experiments, simulation. *Relate to a specific marketing issue. *Necessary when available secondary data may be insufficient. Usually required for conclusive research

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Primary Data

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Pros: *inexpensive, available, speedy, confidential info, credible sources, aids exploratory research Cons: *may be obsolete, may lack suitability, questionable methodologies, undisclosed findings, conflicting results, questionable reliability

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Pros/Cons of Secondary Data

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Pros: *precise, current, known methodology, secret, reliability Cons: *high cost, time consuming, perspective may be limited, corporate limitations

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Pros/Cons of Primary Data

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Survey technique using bipolar adjective scales to develop a consumer profile regarding item under consideration.

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Semantic Differential

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Calculate summary data for each response category.

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Tabulations

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*Firm's future actions are based on research findings *The report is written in language for the intended audience *Incorporate rationale and findings *Kept in firm's data warehouse for future use

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Recommendations

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Encompasses a wide range of activities and focuses on the relations of firms and their customers.

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Role of Consumerism

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Assures consumers that a product will meet certain standards

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Warranty

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Has several enforcement tools if products do not meet certain standards *Product recall *Class action suit can be filed on behalf of many consumers

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Consumer Product Safety Commission (CPSC)

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*Right to be informed *Right to be safe *Right to choose *Right to be heard

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JFK- Consumer's Basic Rights

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...and protected against fraudulent, deceitful, and misleading ads, labels, etc; to be educated how to use financial resources wisely

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Right to be Informed

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...and protected against dangerous/unsafe products

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Right to be Safe

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...from among several available goods and services

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Right to Choose

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... by government and business regarding unsatisfactory or disappointing practices

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Right to be Heard

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Inputs: background, experiences, social influences, job, etc. -Individual & the ethically questionable issue -Possible alternative actions -Decision -Behavior -Consequences of action

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Ethical Decision/Action Process

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-Egoism -Utilitarianism -Duty-based -Value ethics

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Range of Ethical Theories

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Assumption that individuals act exclusively in their own self interest

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Egoism

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Individual and organizational actions are proper only if these actions yield the greatest amount of good for the most people

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Utilitarianism

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Rightness of an action is not based on consequences: it is based on premise that certain actions are proper because they stem from basic obligations

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Duty-Based Ethical Theory

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Theory stating that actions should be guided by and individual's or organization's seeking of goodness and virtue

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Value Ethics

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Involves honest and proper conduct

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Ethical Behavior

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Form of socioecological marketing where longterm environmental ramifications of g&s are considered

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Green Marketing

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Marketing practice that capitalizes on shortrun material wear out, style changes, and functional product changes. *Short product life *Convenient products *Growing social awareness of throwaway items

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Planned Obsolescence

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*Reducing consumption *Improving efficiency *Limiting disposables *Lengthening product life

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Resource Depletion Can be Slowed By...

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Designing products for disassembly in a more environmentally friendly manner at end of lifespan. Use recyclable materials, fewer parts, etc.

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Design for Disassembly (DFD)

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Considers: -All stages of a product's lifespan including disposal -The rights of voluntary and involuntary consumers

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Socioecological View of Marketing

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