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Marketing
An organizational function and set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
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Marketing Mix
- (4 Ps)
- Product, Price, Place, Promotion
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Product Decisions
What to create? Goods, Services, Ideas
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Price Decisions
How much are we requiring for our product? Money, Time, Energry
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Place Decisions
How are we going to organize suppliers, manufacturers, warehouses, stores, and other firms to distribute the right quantities to the right places?
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Promotion Decisions
How they will that inform, persuade, and remind potential buyers about a product or service to influence their opinions or elicit a response
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History of marketing
- Production Oriented
- Sales Oriented Era
- Market Oriented Era
- Value Based Marketing Era
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Production Oriented Era
Focus on creation, not satisfaction
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Sales Oriented Era
Need to persuade people to buy the products they are producing
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Market Oriented Era
Focused on what consumers wanted before they designed, made, and sold
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Value Based Marketing Era
Focused on more than what the customers needed and wanted. Needed to provide greater value than their competitors to succeed
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Transaction Orientation
The mindset that seller-buyer interaction is a series of individual interactions and anything that happened before or after are of little importance.
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Relationship Orientation
The ideology that the buyers and sellers should develop a long-term relationship and that lifetime profitability trumps individual transaction profit.
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CRM
Customer Relationship Management: a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the valued customers
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Non-traditional marketing
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Exchange
The trade of things of value between the buyer and the seller so that each is better off as a result.
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Utility
- How the product or service will be used and the degree to which it is useful
- Form utility
- Time utility
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Value proposition
How the company states that they will create value and what they tell the buyers the reason they should buy their product is. Not always quality, sometimes convenience or service.
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Market
- Indivuduals groups or organizations with
- Must possess all three:
- Need or want
- Ability to purchase
- Willingness to purchase
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Market segmentation
- Dividing the market into groups with distinct attributes
- Must have similar needs
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Target market
- Has to be identifiable
- Have a definable need
- It is not just anyone who will buy the product
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Marketing strategy
A plan for how a firm plans to carry out their marketing needs to meet the needs of the consumer and themselves
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Demographics
Information about a group of people that can be used to segment the group
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Planning Process: (strategic, tactical, marketing)
- Define the mission/vision
- Perform Situational Analysis
- Identify and Evaluate opportunities
- Implement a marketing mix and resources
- Evaluate Performance
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Strategy meaning
A plan to achieve a certain desired outcome
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Alternative strategies
Back up plans in case your current one doesn’t pan out like expected
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Mission statement
A broad description of a firm’s objectives and the scope of activities it plans to undertake
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Sustainable Competitive advantage
Something the firm can consistently do better than its competitors
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SBUs
- Strategic business unit or product line
- Somewhat self sufficient
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BCG matrix
- Boston Consulting Group Matrix
- Stars Question Marks
- Cash Cows Dogs
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Growth strategies
- Growing the company into other markets
- Market Penetration: Current Market/Current Product
- Product Development: Current Market/New Product
- Market Development: New Market/Current Product
- Diversification: New Market/New Product
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SWOT analysis
Strengths Weaknesses, Opportunities, and Threats Analysts
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STP
- Segmentation: Defining the market segments
- Targeting: Choosing the most attractive Segment
- Positioning: Choosing the right marketing mix so customers understand what they have and why to buy from them
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Pricing Models
- Cost Based Pricing
- Competitor Based Pricing
- Value Based Pricing
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Environmental forces
micro and macro
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Microeconomic forces
- suppliers
- competitors
- intermediaries
- publics
- customers
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Macroeconomic forces
- demographics
- technology
- political/legal
- cultural
- natural forces
- economic forces
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Influences of the Internet
- Product substitutes
- Decreases bargaining power of suppliers
- increases power of buyers
- reduces barriers to entry
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Social responsibility
The need to do what is right for the community and help our where possible.
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Ethics
- A code that governs behavior in a manner that is right
- honesty
- integrity
- respect
- trust
- responsibility
- citizenship
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Ethical behavior
What ought one do?
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Pyramid of corporate social responsibility
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Chapter 4- Marketing Environment
- Macro-environmental forces
- Micro-environmental forces
- Intermediaries
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Chapter 5-Consumer Behavior
- Consumer decision making process
- Cultures and subcultures
- Involvement
- Psychological effects on consumer behavior (memory, learning, primacy, recency, perception, subliminal perception, and Elaboration Likelihood Model, are examples of this)
- Beliefs and attitudes
- VALS2
- Roles of consumers
- Compensatory and non-compensatory evaluation models
- Reference groups
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Chapter 6-International
- International marketing
- Dumping
- International trade organizations
- International marketing strategies
- Foreign exchange (restrictions, rates, conversions)
- Globalization
- Foreign direct investment
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Chapter 18 – B2B Markets
- Differences between consumer and organizational purchasing
- Types of demand
- The Organizational Buying Process
- Buying situations
- Share of wallet
- Customer lifetime value
- Supply chain management
- JIT inventory
- Roles of buying centers
- Types of organizations
- Buying centers
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