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1. Determine Needs and Wants 2. Design customer-driven marketing strategy (involving marketing management, selecting customers, and choosing a value proposition) 3. construct marketing program that delivers superior value 4. build relationships and delight the customer 5. Capture Value from customer to achieve profits

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Marketing Process

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1. Production concept- consumers will favor products that are available and affordable 2. Product concept- consumers will favor products that offer the most quality, performance and innovative features 3. Selling concept- consumers will not buy enough without a large scale selling and promotion effort 4. Marketing concept- focus on satisfying the needs and wants of target markets (3 POINTS: needs/wants satisfied, research to uncover them, making a profit) 5. Societal Concept: how does it help society

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Marketing Management Orientations

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the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

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Marketing Definition

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Product (What is being marketed), Place(Where is the consumer going to find it), Promotion(How is the Consumer going to find it), Price(How much will it cost)

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Marketing Mix

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1. new consumer frugality and focus on supplying value to the customers 2. people are connected to each other and information worldwide in the digital age 3. Marketers have new tools to communicate with customers

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The Changing Marketing Landscape

question

what is the organization's purpose and what does it want to accomplish, using: 1)marketing opportunities and 2)the organization's capabilities

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strategic planning

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1. Define the mission 2. Set objectives 3. Design a business portfolio 4. Plan marketing strategies

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Strategic Planning Steps

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a set of activities that a firm operating in a specific industry performs in order to deliver a valuable product or service for the market

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Value Chain

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Segmenting the market

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Market Segmentation

question

choosing which segment of the market you want to sell to

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Market Targeting

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creating an image for the product based on its intended audience

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Market Positioning

question

each function is headed by a specialist

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functional organization

question

for companies that are located all over, each area is responsible for something different

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geographic organization

question

developing plans for one product segment of a brand

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product management organization

question

having different branches to focus on individual customers segments

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customer management organization

question

the net return from a marketing investment divided by costs of the marketing investment. Marketing ROI provides a measurement of the profits generated by investments in marketing activities

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Return on Marketing Investment

question

includes the actors and forces outside marketing that affect marketing management's ability to build and maintain relationships with customers.

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The Marketing Environment

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consists of actors close to the company that effect its ability to serve its customers, the company, suppliers, marketing intermediaries, customers markets, competitors, and publics

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Microenvironment

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reacting and adapting to forces in the environment

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uncontrollable marketing environment

question

agressive actions to affect forces in the environment. *Most desired*

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proactive marketing environment*

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watching and reacting to forces in the environment

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reactive marketing environment

question

top management, finance, R;D, purchasing, operations, accounting

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The company's microenvironment

question

resellers, physical distribution firms, marketing services agencies, financial intermediaries

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Types of Marketing Intermediaries

question

technological environment, economic environment, demographic environment, natural environment, political/legal environment, cultural environment

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Macroenvironment

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the study of human populations

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demography

question

born between 1946 and 1964. The most affluent Americans

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baby boomers

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born between 1965 and 1976. High parental divorce rates, cautious economic outlooks, less materialistic, family comes first

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Generation X

question

born between 1977 and 2000. Comfortable with technology

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Generation Y

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A type of marketing involving the cooperative efforts of a for-profit business and a non-profit organization for mutual benefit

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cause-related marketing

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persistent and are passed on from parents to children and are reinforced by schools, churches, businesses and government

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Core beliefs and values

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more open to change and include people's views of themselves, others, organization, society, nature and the universe

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Secondary beliefs and values

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consists of people and procedures for: assessing the information needs, developing needed information, helping decision makers use the information for customers.

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Marketing Information System (MIS)

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1. Define the problem/objectives 2. Develop a research plan 3. Implement: collect/analyze data 4. Interpret and report findings

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Marketing Research Process

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observational, ethnographic, Survey, Experimental; Collected for new research plan, tailored to new problem, costly, takes time

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Primary Research

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Collected for different purposes; On-Hand; Easy, Cheap; Risk of Being Old, Outdated Irrelevant

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Secondary Research

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1. Collect Information 2. Process Information 3. Analyze Information 4. Interpret Findings 5. Draw Conclusion 6. Report to Management

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Implementing Research Project

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the buying behavior of final consumers, individuals, and households, who buy goods and services for personal consumption

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Consumer Buyer Behavior

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All of the personal consumption of final consumers

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Consumer Market

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the interaction of stimuli, consumer characteristics, decision process and consumer responses

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Buyers' Black Box

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Cultural(culture, subculture, social class), social(reference groups, family, roles and status), personal (age and life cycle stage, economic, situation, lifestyle, personality and self-concept), psychological(motivation, perception, learning, beliefs and attitudes)

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Factors Influencing Consumer Behavior

question

answer

Maslow's Hierarchy of Needs

question

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Types of Buying Decision Behavior

question

1. Need Recognition 2. Search 3. Evaluation/Choice 4. Purchase 5. Post-purchase Behavior

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Buyer Decision Process

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The adoption process is the mental process an individual goes through from first learning about an innovation final regular use

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Buyer Decision Process of NEW PRODUCTS

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1. Awareness 2. Interest 3. Evaluation 4. Trial 5. Adoption There are: - innovators - early adopters - early mainstream - late mainstream - lagging adopters

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Adoption Process for NEW PRODUCTS

question

- relative advantage - comparability - complexity - divisibility - communicability

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Influence of Product Characteristics for NEW PRODUCTS

question

A situation in which an increase or a decrease in price will not significantly affect demand for the product

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inelastic demand

question

small changes in consumer demand create large changes in business demand. EX: a small shift in consumer demand for flights creates a large change in production of planes

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fluctuating demand

question

fewer but larger purchases, geographically concentrated, more decision participants

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business buyers

question

straight rebuy: routine purchase of same products modified rebuy: shopping around for suppliers with better offers. Or new needs for products already being bought new-task buy: new task and new purchases needed. No previous experience to base decisions.

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Buying Situations

question

influenced by environmental, organizational, interpersonal, and individual factors

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Business buyer behavior

question

Price, Service, Emotion

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major Influences on Business Buyers

question

all of the individuals and units participating in the business decision-making process including: users (person on consuming end), influencers (have expertise), buyers (execute the purchase), deciders (make the ultimate decision), and gatekeepers (control flow of decision-making)

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Buying Centers

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1. Problem Recognition 2. General Need Description 3. Product Specification 4. Supplier Research 5. Solicit Proposal 6. Select Supplier 7. Order-routine specification 8. Perfromance Routine

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Buying Process

question

Geographic, Demographic, Psychographic, Behavioral

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Segmenting Consumers

question

-Segment size and growth -Segment structure attractiveness -Company objectives and resources An attractive segment would not have a lot of aggressive competition, a lot of control over prices, not too many substitutes

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Evaluating Segments

question

measurable, accessible, substantial, differentiable, and actionable

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To be Useful Market Segments Must Be...

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involves tailoring products and marketing programs to the needs and preferences of individual customers

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individual marketing AKA: one-to-one marketing, mass customization, markets-of-one marketing, micromarketing

question

the extent that a company can position itself above others using greater value, lower prices, better quality and more benefits

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Competitive Advantage

question

1. Identify competitive advantages 2. Choose the right competitive advantage 3. Select the positioning Strategy

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Choosing a positioning strategy

question

the way a product is defined by consumers on important attributes- the place the product occupies in consumers' minds relative to competing products. Based on: perceptions, impressions, feelings

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Differentiation and Positioning

question

answer

Value Proposition

question

Core product which is all the benefits the product will provide. Actual Product which is the good plus features of the product that are appealing to the consumer Augmented Product which is the product plus features such as warranty, repair, and other add-ons that add value for the consumer

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Layers of a Product

question

a group of products that are closely related because they function in a similar manner. Product line length is the number of products in a product line. Product line filling involves adding more products within the present range. Product line stretching is lengthening the product line beyond its current range

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Product Line/Mix

question

depth: how many versions of each product consistency: how similar are they all

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Product Mix

question

-convenience: frequent and immediate -shopping: less frequent and lots of comparing -specialty: less frequent and very specific -unsought: life insurance, blood donations

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Types of Consumer Products

question

materials/parts, capital items, supplies and services

answer

Types of Industrial Products

question

consists of activities undertaken to create, maintain, or change attitudes and behaviors of target consumers toward particular people

answer

Person Marketing

question

consists of activities undertaken to create, maintain, or change attitudes and behaviors of target consumers toward particular places EX: campaign: "Tour Ireland"

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Place Marketing

question

consists of activities undertaken to create, maintain, or change attitudes and behaviors of target consumers toward an organization, both profit and non-profit entities

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Organization Marketing

question

consists of activities undertaken to create, maintain, or change attitudes and behaviors of target consumers for a cause that benefits the wellbeing of society EX: LiveStrong

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Social Marketing

question

intangibility, inseparability, variability, perishability

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Service Characteristics

question

business services, private not-for-profit organizations, government

answer

Services Marketing

question

differentiation, service quality, service productivity

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Marketing Tasks

question

marketing within a company to treat employees well to motivate them to interact well with customers

answer

Internal Marketing

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pertains to the service and employee-customer relations

answer

Interactive Marketing

question

1. internal Service Quality: superior employees/work environment 2. Productive Employees 3. Greater Service Value 4. Satisfied Loyal Customers 5. Growth and Profit

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Service-profit Chain

question

quality, features, style/design

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Product/Service Attributes

question

Attributes, Benefits, Beliefs. The must be built on in order to build a strong brand and position is firmly

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Brand Strategy

question

The differential effect that knowing the brand name has on customer response to the product or its marketing

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Brand Equity

question

-suggets benefits -be easy to read, say and spell -be distinctive -be extendable -work worldwide -be able to be legally protected

answer

A good brand name should...

question

- Manufacturer's Brand: brand name - Private Brand: generic - Licensed Brand: Coca-Cola Sweater - Co-Brand: Reese's Peanutbutter Bryer's Ice-Cream

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Brand Sponsorship

question

answer

Brand Development

question

1. Idea generation- systematic research for new ideas 2. Idea screening- spotting and dropping ideas efficiently 3. Concept development and testing- find out what customers think of different ideas 4. Marketing strategy development- designing an initial strategy for introduction to market 5. Business analysis- review of the costs and projections to see if they satisfy objectives 6. Product development- creation and testing of physical versions through R;D 7. Test marketing- testing products to see viability in market (standard, controlled and simulated) 8. Commercialization- introducing the product into the market

answer

Stages of New Product Development

question

when it is a new product with a large investment and there is uncertainty about a product of marketing segment

answer

When firms will test the market

question

when it is a simple line extension, a copy of a competitor's product, costs are low, and there is a lot of management confidence

answer

When firms will not test the market

question

an approach where departments work closely together in cross-functional teams

answer

Team-Based New Product Development

question

an approach that collects reviews and evaluates and manages new product ideas, creates an innovation-oriented culture and yields a large number of ideas

answer

Systematic New Product Development

question

finding ways to solve customers' problems and create more customer-satisfying experiences

answer

Customer-Centered New Product Development

question

introduction: first chance to purchase good growth: sales increase while profits increase and peak maturity: longest phase. Sales peak and then level off while profit margins narrow decline: decrease in product category sales

answer

Product Life Cycle

question

Style: basic and distinctive mode of expression Fashion: currently accepted or popular style Fad: temporary periods of unusually high sales driven by customer enthusiasm of a brand or produt

answer

Product Life Cycle Strategies

question

answer

PLC for Style VS. Fashion VS. Fad

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