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Marketing

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The activity, set of institutions, and processes of creating, delivering and exchanging offerings that have value for costumers, clients, partners and society at large.

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Marketing

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Is about creating customer value

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Value

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The benefits a customer receives from buying a good or service.

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Value from customer's perspective

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A bundle of benefits consumers seeks to satisfy needs or wants relative to costs.

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Value from seller´s perspective

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Lifetime value of a customer

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Lifetime value of a costumer

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Total profit from a particular customer for a firm over his/her lifetime.

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Stakeholders

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Buyers, sellers, investors, community residents, citizens, consumers

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Marketing concept

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Identifying and satisfying consumer needs to ensure long-term profitability

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Needs

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Difference between an actual state and an ideal state

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Wants

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Desire to satisfy needs in specific ways that are culturally or socially influenced

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Demand

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Desire for products coupled with the resources to obtain the,

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Market

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A group of consumers with a common need that can be satisfied by a product

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Target Market

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The group(s) of consumers a company choose to serve

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Marketplace

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Any location or medium used to conduct an exchange

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Modern marketplace

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Takes many forms: Physical, online, or virtual

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The heart of marketing

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An exchange relationship

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Exchange

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Transfer of value between a buyer and a seller

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Exchange

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Buyer receives an object, service, or idea that satisfies a need

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Exchange

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Seller receives something of equivalent value

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Marketers

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Come from different backgrounds

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Marketers

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Work in many locations

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Marketers

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Maintain cross-functional relationships within the firm

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Marketers

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Enjoy exciting, diverse careers

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All that can be market

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Any products

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Marketing as a decision making process

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Understand the opportunity-environment analysis

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Marketing as a decision making process

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Develop marketing strategy- segmentation, targeting,, positioning

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Marketing as a decision making process

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Design marketing mix 4ps

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Marketing as a decision making process

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Realise value- implementation/evaluation

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Segmentation

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Divide the overall market into groups of consumers, with consumers within a group sharing similar needs, wants, preferences, and behaviours

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Targeting

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Decide how many market segments to focus on

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Positioning

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Arrange the brand to be known by customers as being different and better than competitors

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Distinctive competency

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What a brand does really well, and better than its competition

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Differential benefit

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What is the benefit that is uniquely offered by the brand

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Brand personality

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What is the distinctive, desirable image of the brand

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The 4ps

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Product Price Promotion Place

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Value Chain

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A series of activities involved in designing, producing, marketing, delivering and supporting any product

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Triple Bottom Line

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Is a perspective that emphasises the need to maximise three components

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Financial Bottom Line

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Financial profits for stakeholders

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Social bottom line

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Contributing to the communities

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Environmental bottom line

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Creating sustainable business practices that preserve the environment

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CRM

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Involves systematically tracking consumers' needs in ways that also benefit society and delivers profit to the firm

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Social marketing concept

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Management philosophy that marketers must satisfy customers' needs in ways that also benefit society and deliver value to the firm

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Sustainable development

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Creating products that meet present needs and ensuring that future generations can meet their needs

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Green marketing

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Is one type of sustainable business practice

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ROI (return on investment)

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Measures value

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Product Orientation

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A management philosophy that emphasises the most efficient ways to produce and distribute products

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Product Orientation

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Obsesses with low costs in production and distribution

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Product Orientation

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Nor concerned with how to best satisfy consumers' needs

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Product Orientation

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Focus on products rather than consumers

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Selling Orientation

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A managerial view of marketing as a sales function, or a way to move products out of a warehouse to reduce inventory

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Selling Orientation

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Focus on aggressive selling, building, sales volumes, rather than satisfying consumers' needs

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Selling Orientation

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When product availability exceeds demand, businesses may focus on a one´time sales of goods rather than repeat business

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Consumer Orientation

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A management philosophy that emphasises satisfying customers' needs and wants

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Consumer Orientation

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More progressive than selling and product orientations

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Consumer Orientation

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Emphasise that marketers need to be proactive and responsive in identifying and satisfying consumers needs'

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Business Ethics

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Rule of conduct in an organisation

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Code of ethics

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Written standards of behaviour to which everyone in the organisation must subscribe

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Criticism of marketing

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Marketing corrupts society

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Criticism of marketing

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Marketing and advertising are unnecessary

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Criticism of marketing

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Marketers manipulate consumers

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Criticism of marketing

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Marketers support addictive consumption

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Criticism of marketing

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Marketers exploit people

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Consumerism

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A social movement that attempts to protect consumers from harmful business practices

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Consumers' Association of Canada CAC

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Inform and educate consumers

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Consumers' Association of Canada CAC

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Advocate on consumers' behalf

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Marketing research ethics

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Taking an ethical and above-brard approach to conducting marketing research that does no harm to the participant in the process of conducting the research

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Marketing information system

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Is a process that first determines what information marketing managers need and then gathers, sorts, analyses, stores, and distributes relevant and timely marketing information to system users

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Type of data

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Internal company data

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Type of data

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Marketing intelligence

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Type of data

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Marketing research

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Type of data

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Acquired databases

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MIS

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Types of data

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MIS

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Computer hardware and software

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MIS

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Information for marketing decisions

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Internal company data

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Uses information from within the company to produce reports on the results of sales and marketing activities

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Intranet

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Internal corporate communications network that links company departments, employees, and databases

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Marketing Intelligence system

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A method by which marketers get information about everyday happenings in the marketing environment

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Marketing Intelligence system

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Is gathered via monitoring everyday sources, observation, and discussion with salespeople or others

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Marketing research

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Is the process of collecting, analysing, and interpreting data about customers, competitor, and the business environment to improve marketing effectiveness

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Marketing research

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Syndicated research

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Marketing research

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Custom research

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Aquired Database

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External database

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Aquired Database

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Misuse of databases

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External Databases

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Can be used to collect a variety of information from different sources: non-competing businesses, government databases

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Misuse of Databases

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Can be problematic and has led to "do -not-call" lists and anti-spam laws

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Marketing Decision Support System MDSS

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Is a system of data, analysis software, and interactive software that allows managers to conduct analyses and find the information they need for decision making

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Is an enhancement to MIS

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MDSS

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MDSS

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Makes it easy for marketing managers to access the MIS and find answers to their questions

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Data mining

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Is sophisticated analysis techniques to take advantage of the massive amount of transaction information now available

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Data warehouse

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Companies need o build ir for complex operation of data mining

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Reality mining

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Market products based in specific phone users' location and calling habits

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Use of data mining

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Customer acquisition

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Use of data mining

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Customer retention and loyalty

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Use of data mining

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Customer abandonment

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Use of data mining

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Market basket analysis

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First step in marketing research process

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Define the research problem

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Second step in marketing research process

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Determine the research design

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Third step in marketing research process

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Choose the method to collect primary data

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Fourth step in marketing research process

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Design the sample

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Fifth step in marketing research process

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Collect data

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Sixth step in marketing research process

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Analyse and interpret the data

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Seventh step in marketing research process

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Prepare the research report

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Define the research problem

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Means managers need to clearly understand what information is needed, includes: Specify the research objectives, identify the consumer population if interest, place the problem in an environmental context

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Determine the research design

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Is a plan that specifies what information marketers will collect and what the of study they will do

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Secondary research

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Data that have been collected for some purpose other than the problem at hand

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Internal sources

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Company reports, previous company research, salesperson feedback, customer feedback

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External sources

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Published research, trade organisations, syndicated research, government sources

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Primary research

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Data from research conducted to help make a specific decision

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Exploratory research

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Customer interviews, focus groups, projective techniques, case studies, ethnographic

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Descriptive research

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Cross-sectional, longitudinal

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Casual research

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Laboratory research, field studies

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Exploratory research

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Techniques generate insights for future, more rigorous studies

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Type of exploratory research

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Focus groups

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Type of exploratory research

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Case studies

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Type of exploratory research

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Ethnography

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Descriptive research studies

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Prove systematically into the problem

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Descriptive research studies

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Base conclusions on large numbers of observations

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Descriptive research studies

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Typically expresses results in quantitative terms

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Descriptive research studies

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Often use cross-sectional design

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Descriptive research studies

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Sometimes a longitudinal design is used instead

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Casual research

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Is a technique that attempts to understand cause-and-effect relationships

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Casual research

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Experiments test predicted relationships among variables in a controlled environment

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Casual research

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Independent variables are factors that might cause a change

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Casual research

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Dependent variables are those which measure chance in outcome

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Method of primary data collection

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Survey

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Method of primary data collection

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Observation

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Survey methods

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Are used to interview respondents

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Example of survey method

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Questionnaires

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Observation research

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Data collection method where the researcher records consumers' behaviours, often without their knowledge

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Type of observation research

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Personal observation

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Type of observation research

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Mechanical observation

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Types of online research

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Gathering information via consumer surfing, gathering information via online sources

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Cookies

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Allow marketers to track people's web browsing behaviour

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Validity

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The extent to which research actually measures what it was intended to measure

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Reliability

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The extent to which research measurement techniques are free of errors

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Representativeness

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Th extent to which consumers in a study are similar to a larger group in which the organisation has interest

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Probability sampling

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Each member of the population has some known chance of being included

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Probability sampling

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Sample is representative of population, and inferences about population are justified

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Type of probability sampling

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Simple random sampling

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Type of probability sampling

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Systematic sampling

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Type of probability sampling

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Stratified sampling

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Non-probability sampling

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Personal judgement is used to select respondents

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Non-probability sampling

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Some members of the population have no chance of being included so samples is not representative of the population

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Type of non-probability sampling

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Convenience sampling

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Type of non-probability sampling

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Quota sampling

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Garbage collector in and out

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Marketers must train and supervise interviwers

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Challenge to gather data in foreign countries

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Very costly

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Challenge to gather data in foreign countries

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Local customs and cultural differences

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Challenge to gather data in foreign countries

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Language problems

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Tabulation

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Arranging data in a table or other summary form to get a broad picture of overall responses

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Cross-tabulation

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Examining data by subgroups to see how results vary between categories

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Section a research report contains

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Executive summary

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Section a research report contains

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Description of research method

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Section a research report contains

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Discussion of study results

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Section a research study contains

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Limitations of study

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Section a research study contains

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Conclusions and recommendations

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Value proposition

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The benefits a consumer will receive when buying the product

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A product

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tangible good

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A product

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intangible products

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Good

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A tangible product, something we can see, touch, smell, hear, taste or possess

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Intangible products

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Services, ideas, people, places

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Products

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A bundle of attributes

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Durable products

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Provide benefits over a period of months, years, decades

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Durable products

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Furniture, appliances, cars.

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Non-durable products

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Are consumed in the short term

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Non-durable products

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Newspapers, beverages, printer cartridges

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Convenience Products

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Are low priced, widely available, and purchased frequently with a minimum of comparison and effort

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Convenience Products

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Marketers make the products easily obtainable for consumers

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Type of convenience product

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Staples

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Type of convenience product

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Impulse products

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Type of convenience product

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Emergency products

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Shopping products

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Are purchased with considerable time and effort

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Speciality products

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Have unique characteristics important to buyers almost any price

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Unsought products

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Are those in which consumers have little interest or awareness until a need arises

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Equipment

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Products used by organisations in daily operations

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Maintenance repair, and operating products

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Goods that business customers consume in a relatively short time

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Raw materials

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Products of the fishing, lumber, agricultural, and mining industries that organisational customers purchase to use in their finished products

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Processes materials

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Products created when firms transform raw materials from their original state

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Component parts

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Manufactured goods or subassemblies of finished items that organisations need to complete their own goods

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Services

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Acts, efforts, pr performances exchanged from producer to user without ownership rights

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Intangibility

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Customers can't see, touch, or smell good service

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Perishability

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It is impossible to store for later sale or consumption

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Perishability

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Firms match supple and demand via capacity management

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Variability

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Even the same service performed by the same individual for the same customer can vary

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Inseparability

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It is impossible to separate the production of a service from the consumption of that service

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Service encounter

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The actual interaction between the customer and the service provider

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Service encounter

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To avoid bad service encounter, firms turn ro disintermediation

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Disintermediation

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Customers obtain an outcome without the intervention of a human provider

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Dimension of the service encounter

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Social contact dimension

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Dimension of the service encounter

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Physical dimension

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Dimension of the service encounter

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Customer also plays part in the service encounter

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Goods-dominated products

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Firms that sell tangible products still provide support services

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Equipment-or-facility-based services

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Operational factors, locational factors, and environmental factors are important

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People-based services

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Increasing an importance as people lack he time or expertise to do their own

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Core services

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The basic benefits of having a service performed

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Augmented services

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Additional services that enhance value

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Search qualities

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Characteristics that the consumer can examine before purchase

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Experience qualities

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Characteristics that buyers can determine during or after consumption

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Credence qualities

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Characteristics that are difficult to evaluate even after they have been experienced

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SERVQUAL scale

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Measures customer perceptions of five key dimensions

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Dimension measured by SERVQUAL

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Tangibles

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Dimension measured by SERVQUAL

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Reliability

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Dimension measured by SERVQUAL

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Responsiveness

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Dimension measured by SERVQUAL

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Assurance

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GAP analysis

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A marketing research method that measures the difference between a customer's expectation of a service quality and what actually occurred

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Major GAP identified

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Gap between consumers' expectations and management's perceptions

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Major GAP identified

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Gap between management's perception and quality standards the firm sets

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Major GAP identified

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Gap between established quality standards and service delivery

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Major GAP identified

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Gap between service quality standards and consumers' expectations

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Major GAP identified

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Gap between expected service and actual service

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Critical incident technique

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A method for measuring service quality in which marketers use customer complaints to identify critical incidents- specific face-to-face contacts between consumers and service providers that cause problems and lead to dissatisfaction

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Requirement for maximising the likelihood that a customer will use a service and become a loyal user

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Development of effective marketing strategies

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Requirement for maximising the likelihood that a customer will use a service and become a loyal user

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Fast and appropriate responses to service failures

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New dominant logic for marketing

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Argues that service is the central deliverable in every exchange

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Services will continue to grow due to it

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Changing demographics

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Services will continue to grow due to it

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Globalisation

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Services will continue to grow due to it

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Technological advances

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Services will continue to grow due to it

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Proliferation of information

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Innovation

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A product that customers perceive to be new and different from existing products

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Continous innovation

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A modification of an existing product

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Continous innovation

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Sets a brand apart from the competition

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Continous innovation

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Consumers don't need to learn anything new; change is minimal

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Continous innovation

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A knockoff is a new product that copies, with slight modification, the design of an original product

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Dynamically continuous innovation

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A pronounced modification to an existing product

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Dynamically continuos innovation

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Requires a modest amount of learning a behaviour change

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Discontinuous innovation

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A totally new product that creates major changes in the way we live

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Discontinuous innovation

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No similar products have been on the market

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Discontinuous innovation

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Consumers must learn a great deal to use a discontinuous innovation

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A way to measure innovation

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Firm strategy

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A way to measure innovation

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Firm culture

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A way to measure innovation

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Outcomes of innovation

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New product development

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The phase by which firms develop new products including idea generation; product concept development and screening, marketing strategy development, test marketing, and commercialisation

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Idea generation

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Is the first step in which marketers brainstorm for products that provide customer benefits and are compatible with the company mission

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Product concept development and screening

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Product ideas are tested for technical and commercial success

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Marketing strategy development

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Developing a marketing strategy to introduce the product to the market place

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Business analysis

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These product's commercial viability is assessed

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Technical development

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Even continous innovations may require multiple prototypes and consumer tests as part of the technical development phase

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Test marketing

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The complete plan is tested in a small geographic area similar to the larger market

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Commercialisation

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The new product is launched into the market

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Commercialisation

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Full-scale production, distribution, advertising, and sales promotion are begun

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Product adoption

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Process by which a consumer or business customer begins to buy and use a new good,service, or idea

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Diffusion

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Process by which the product spreads throughout a population

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Tipping point

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In diffusion

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Creating interest

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An attempt to stimulate interest among prospective adopters by showing them how the product satisfies a need

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