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Study Guide: Chapter 1 Saturday, January 14, 2017 1:45 PM Study Guide: Chapter 1 Saturday, January 14, 2017 1:45 PM Chapter 1 Summary CHOBANI CASE STUDY: Positive word of mouth, Youtube channel, Olympic sponsorship Understanding customer food values and reaching customers Marketing is the activity for creating, communicating, delivering, and exchanging offerings that have value for its customers, the orga nization, its stakeholders, and society at large Affects all individuals, all organizations and all industries/countries Facilitate relationship with organization's shareholders, customers, suppliers, and other organizations For Marketing to occur…2 or more parties with unsatisfied needs, desire/ability to solve needs, a way for parties to communicate, something to exchange Discover Consumer needs via survey, tests, research Crowdsourcing website Solicit/eval ideas Focus on what customer benefit is and learn from past mistakes Need vs Want --> Marketing satisfies both Need occurs when a person feels deprived of basic necessities Want is a need that is shaped by a person's knowledge, culture, and personality Markets = people with desire/ability to buy offering Target market = specific group toward which organization directs its marketing program Marketing mix = product, price, promotion, place Controllable factors vs uncontrollable factors (CREST) Customer Value Proposition = cluster of benefits that organization promise to satisfy needs Relationship Marketing = link organization to customer, employee, supplier, other partners Marketing Program Marketing segments = groups that have common desires and similar market response Marketing concept = organization satisfy consumer and reach organization's goal Marketing Orientation = continuous collection of custom info, share info across department, use to create customer value Marketers need to understand what's the value of a product from customers' perspective Study Guide Page 1 Look for correlated patterns of behavior across individuals Analytics can be simple as estimating correlations between viewing habit variables Safe Bet Marketing is the combination of Arts & Science Marketing seeks to Discover the needs and wants of prospective customers Satisfy them Marketing Myopia by Theodore Levitt Some companies fail b/c they focus on product they offer rather than the value they provide to their customers Study Guide Page 2 Customer Relationship Management (CRM) Design customized coupons/catalogs/discount based on your purchases Use club card to keep track of your purchases over the years Who Markets? What is Marketed? Who Buy/Uses What is Marketed? Who Benefits? How Consumer Benefit? Organizational Buyers = ultimate consumer who use products Coke Example = Brand loyalty, scientific approach does not include consumer feelings Netflix Example = use data/science ---> see relationship between 2 variables Study Guide Page 3 Study Guide: Chapter 2 Sunday, February 5, 2017 11:18 PM Chapter 2 Summary (1) for profit organization (2) non-profit organization (3) government agencies Strategy = organization's long-term course of action designed to deliver a unique customer experience while achieving its goal Corporate Level What business(es) should the company be in and how to allocate resources? Mission Statement = the essential purpose of the company that differentiates itself from others, with respect to its customers, markets, products, and technologies Strategic Business Unit Level Subsidiary, individual or unit of an organization that markets a set of related offerings to a clearly defined group of customers Single vs Multi BU Functional Level Development and coordination of resources through which strategies can be executed effectively and efficiently Study Guide Page 4 (1) Competencies: what are we really good at? (2) Customers (3) Competitors Marketing Dashboard = visual computer display of info to achieve marketing objective Vertical axis = market growth rate Horizontal axis = relative market share Business portfolio Analysis = technique that managers use to quantify performance measures and growth targets to analyze their firms' strategic business units as though they were a collection of separate investments Diversification analysis = technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products Cash cows = SBU that generate large amounts of cash Star = SBUs with high share of high-growth markets Question Marks = SBUs with low share of high growth markets Dogs = SBUs with low shares of slow growth markets Study Guide Page 5 Market Penetration, market development, product development, diversification Planning Phase Business Portfolio Analysis Analyze each SBU and determine the amount of investment each SBU receives Consider the current status in the market and the potential of the market growth Market-Product Focus and Goal Setting Market Segmentation Points of Differentiation Marketing Program Product, Price, Promotion, Place (Distribution) Strategy The Implementation Phase Obtaining resources Designing the marketing organization Study Guide Page 6 Designing the marketing organization Defining precise tasks, responsibilities, and deadlines Executing the marketing program The Evaluation Phase Comparing results with plans to identify deviations --> planning gap Acting on deviations Exploit positive deviation and correcting a negative deviation Study Guide Page 7 Study Guide: Chapter 3 Monday, February 6, 2017 12:07 AM Chapter 3 Summary Notes Competitive Regulatory Economical Social Technological Market Structures Monopoly Oligopoly Levels of Competition Direct competition Indirect competition Budget competition Protection competition Antitrust act Industry deregulations Government Regulatory Agencies Federal Trade Commission Issue cease and desist orders Order corrective advertising Federal Communications Commission FDA Environmental Protection Agency Study Guide Page 8 Securities and Exchange Commission Study Guide Page 9 Study Guide: Chapter 5 Monday, February 6, 2017 11:25 AM Chapter 5 Summary Notes Consumer Purchase Decision Process The purchase decision process consists of the 5 stages a buyer passes through in making choices about which products and services to buy Problem Recognition Consumer becomes aware of significant discrepancy between the existing situation and the desired situation Advertising and sales people can help to activate the consumer's desire to get a product Information Search Internal search External search Alternative Evaluations Evaluative criteria Consideration set Purchase Decision Where to buy When to buy Postpurchase Behavior Consumers - maybe regret Cognitive dissonance = feeling of post-purchase psychological tension or anxiety consumers may experience when faced with two or more highly attractive alternatives Companies - keep customers satisfied and returning Return/refund policy Handle complaints professionally Involvement = personal, social, and economic significance of the purchase to the consumer High involvement purchase items are… Study Guide Page 10 (1) expensive (2) can have serious personal consequences (3) could reflect on one's social image Study Guide Page 11 Study Guide Page 12 Study Guide: Chapter 6 Monday, February 6, 2017 11:38 AM Chapter 6 Summary Notes Business marketing = involves the marketing of goods and services to companies, governments, or not-for-profit organizations for use in the creation of goods and services that they can produce and market to others Organizational buyers manufacturers, wholesalers, retailers, and gov agencies that buy goods and services for their own use or for resale Study Guide Page 13 Buying Situations Straight Rebuy = buyer routinely reorders something without any modifications Modified Rebuy the buyer wants to modify product specs, prices, terms, or suppliers New Buy = the buyer purchases a product or service for the first time Problem Recognition A make buy decision involves an evaluation of whether components and assemblies will be purchased from outside suppliers or built by the company itself Information Search Value analysis involves a systematic appraisal of the design, quality, and performance of a product to reduce purchasing costs Study Guide Page 14 Study Guide: Chapter 8 Monday, February 6, 2017 11:50 AM Summary Notes Chapter 8 Market Research = the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions Information Collection Primary data = collect info for the specific research project Secondary Data = data already collected Public data Private data Study Guide Page 15 Causal Research = designs identify cause-and-effect relationships between variables and constructs Research is designed to determine whether a change in one variable likely caused an observed change in another Controlled Experiment Widely used in Marketing Research Experimental group = who receive treatment Control group = who did not receive treatment Study Guide Page 16 Study Guide: Chapter 9 Monday, February 6, 2017 11:56 AM Segmentation, targeting and position = key decisions in transforming one's analysis into a coherent set of marketing actions Market Segmentation Customers are heterogeneous in their Needs/preferences and purchasing power Responses to marketing mix offerings Segmentation is the process of dividing the total market into smaller, relatively homogenous groups Homogeneous within the customers in a market segment should be as similar as possible with respect to their needs and responses to market mix offerings
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