Marketing

• 1. Company Objectives. (Profit, Sales or Competitor orientation, Marketing Penetration Pricing)
• 2. Customers. ( Demand Curve, Elasticity etc..., Psychological Factors)
• 3. Costs. (Variable, Fixed etc...)
• 4. Competition. (Oligopolistic, Monopolistic, Pure, Price War, Price Fixing)
• 5. Channel Members. (Manufacturers, Wholesalers, Retailers)

• Psychological Factors
• Reference Price (Price against buyers compare)
• External Reference Price (A higher price to compare)
• Internal Reference Price (Price in consumer's memory)
• Everyday Low Price (Strat to emphasize continuity of discounts)
• High/Low Pricing.(Strat to temporarily discounts)

• Differences Services / Goods
• Intangible
• Inseparable (produced and consumed at the same time)
• Variable (quality varies becouse its provided by humans)
• Perishable (cannot be stored)

• Ways to improve services.
• 1. Reliability. (Ability to perform services formaly and accurately)
• 2. Responsiviness. (Prompt Service)
• 3. Assurance. (Courtesy)
• 4. Empathy. (individualized attention)
• 5. Tangibles. (Appearence of Physical facilities)

• 1. Observation
• 2. Brainstorming.
• 3. Prototyping.
• 4. Refining.
• 5. Implementation.

• Types of Buyers.
• Innovators - Early Adopters - Early Majority - Late Majority - Laggards

• Value of Branding.
• ● Facilitates Purchasing
• ● Establishes Loyalty
• ● Protects from Competition
• ● Reduces Marketing Costs
• ● Represents an Asset
• ● Impacts Market Value

• Brand Equity.
• 1. Brand Awareness. (How many customers are familiar with thw product)
• 2. Perceived Value (Benefits - Costs)
• 3. Brand Association. (Links with Key product attributes)
• 4. Brand Personality. (Set of Human Charecteristics associated with a brand)
• 5. Brand Loyalty. (Repeated Buying)

• Product Line Breadth - #of product lines (line = associated items)
• Product Line Depth - # of Categories in each line.
• Category Depth - # of SKUs withing a Category.
• SKUs - smalles unit aviable for inventory control.

• Branding Elements.
• Name.
• Domain URL.
• Characters.
• Slogans.
• Jingles.

• Research Process
• Step 1 Defining Objectives.
• Step 2 Design Research Process. (Secondary, Primary, Syndicated Data)
• Step 3 Data Collection Process.
• Exploratory Research. (Observation, In Depth Interviews, Focus Group Interviews)
• Conclusive Research (Survey, Questionaire, Estatistics)
• Step 4. Analyzing Data.
• Step 5 Presenting Results.

• How retailers create Value
• Pulling it together for you.
• Succesfully Competing on a Value driven World
• Using the Four Ps to create Value (Product, Price, Place, Promotion)

• Step1. Establish overall objectives. (Segmentation Types: Undifferentiated, Differentiated, Concentrated, Micromarketing)
• Step 2. Describe Segments.
• Step 3. Evaluate Segment Attractiveness.
• Step 4. Select Target Market.
• Step 5. Develop Positioning Strategy.

• Positioning Steps:
• 1. Determine Consumer perceptions in relatrion to competitors.
• 2. Identify competitors positions.
• 3. Determine consumer preferences.
• 4. Select the position.
• 5. Monitor the positioning strategy.

• Decision Process Steps.
• Step 1 Need Recognition. ( Functional, Psychological Need)
• Step 2 Search for Information. (Internal Information Search, External Information Search)
• Step 3 Evaluation of Alternatives. (Mental shortcuts: - Price, - Brand, - Product presentation)
• Step 4 Purchase and Consumption (Value based consumption, Ritual consumption)
• Step 5 Post Purchase. (Satisfaction and Loyalty)

• Types of Buying Decisions
• Limited Problem Solving
• Extended Problem Solving
• Habitual Buying.

• Step 1 Assess
• current situation by examining the firm’s strengths and weaknesses.

• Step 2 Assess
• what would impact firm by examining the firm’s opportunities and threats

• Step 3 Identify
• the alternative scenarios that might happen in the next three to five years.

• Step 4 Apply
• the marketing mix to the different scenarios

• Step
• 5 Assess the profitability of each
• scenario

• Types of growth strategies:
• 1. Market Penetration Strategy – Use the existing market mix and focus on existing customers.
• 2. Market Development Strategy – Use the existing product to new markets both domestic and international
• 3. Product Development Strategy – Offer a new product to the current market of the company.
• 4. Diversification Strategy – Introducing a new product to a new market.

• Macro Environmental Factors:
• ● Culture
• ● Demographics
• ● Social Trends
• ● Technological Advances
• ● Economic Situation
• ● Political/Regulatory Environment

• Planning Phase
• Step 1 – Define Mission Statement
• Step 2 – Conduct a Situation Analysis (SWOT)
• Step 3 – Identify and Evaluate Opportunities using STP (Segmentation-Targeting-Positioning)
• Step 4 – Implement Market Mix (Product - Price - Place - Promotion), and Allocate Resources
• Step 5 – Evaluate Performance and Make Adjustments

• Evolution of marketing
• ● Production Era – Before 1930 all focus was on production with the belief that products would sell themselves
• ● Sales oriented Era – From 1920 to 1950 manufacturing capacity exceeded demand so companies had to become much more sales oriented
• ● Market Oriented Era – After world war II consumers had choices so they began making decisions based on quality, convenience and price
• ● Value Based Marketing Era – By 1990 the emphasis moved to building relationships, serving long term needs and creating alternatives that match customer needs.

• Why Marketing is Important
• Expands global presence
• ● Requires understanding customers
• ● Often promotes same product in different countries
• Is pervasive across the organization
• ● Marketing works with all functional areasIs pervasive across the supply chain
• ● Each step in the supply chain involves marketing
• ● All members in supply chain must focus on creating value for end user consumer
• Provides choices and opportunities
• ● Expands product choices to consumers
• ● Creates employment opportunities in diverse fieldsEnriches society
• ● Fosters participating in the community
• Can be Entrepreneurial

Marketing is an organizational function and a set of processes for creating, capturing, communicating and delivering value to customers and for managing customer relationship in ways that benefit the organization and its stakeholders.

• 1. Satisfying customer needs and wants.
• 2. Creating an exchange or trade.
• 3. Making Ps decitions. product, price, place and promotion.
• 4. Performing by individuals and organizations.
• 5. Occurring in many settings.
• 6. Helping create value.