Marketing Study Guide

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Marketing Study Guide.

1. MK323: 1 (Intro) * Marketing – is an organizational function and a 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 * Marketing helps create value, satisfies customer needs and wants, entails an exchange, requires the 4 Ps, can be performed by individuals or organizations, occurs in many settings * Entails an exchange: From sellers (goods/services) communication and delivery buyers (customers/consumers) $ and information to sellers * Value = benefit - cost * Key marketing Questions: * Who triggers the decision to buy * Who in the family makes the decision to buy * Who actually buys * Where does the person buy * Who in the family uses and how do they use it * What features do users want in a new product that might make them switch from an old product * 4Ps (1) Product: value= creating (2) Price: value= capturing (3) Place= delivering (4) Promotion= communicating * Product: Creating Value the fundamental purpose of marketing is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs * Price: Capturing Value Price is everything a buy gives up (money, time, energy) in exchange for the product; the key to determining prices is to figure out how much customers are willing to pay and assess whether a profit can be made at that point * Promotion: Communicating Value Promotion is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response * What’s good about marketing * Seeks to be successful by focusing on satisfying consumer desires/needs * Tries to deliver customers what they want, when they want it, and at a price they are willing to pay * Informs consumers of important products (health care, product safety) * Provides product details to consumers for more informed decision making * Entertains consumers (at times) * Advertising can deliver important cultural messages * Value Based Marketing * Value driven companies * Share information across their organization * Build relationships with customers * Balance customers benefits and costs 2. MK323: 2 (Strategy and Environment) * Strategy Process Plan * Step One: Business Mission and Objectives * Step Two: Situation Analysis (SWOT) * Step Three: Identify Opportunities segmentation, targeting, positioning

* Step Four: Implement Marketing Mix * * * Step Five: Evaluate Performance using Marketing Metrics * A metric is a measurement system that quantifies a trend, dynamic, or characteristic * Metrics are used to explain why things happed and project the future

* * * Business Objectives results to achieve within a specific time frame Must be (1) specific (2) achievable (3) measurable * Marketing Strategies and Tactics * Marketing strategy – is a means by which a marketing goal is to be achieved, usually characterized by a specific target market and a marketing program to reach it * Marketing tactics – are detailed day-to-day operational decisions essential to the overall success of marketing strategies

* Strategy: * * * A Marketing Environment Analysis Framework * * * Really know this – read in book * Current Social Trends going green * Cooperative advertising – brands pay to be featured * Boston Consulting Group Matrix Stars (MS: H, MG: H), Question Marks (MS: L, MG: H), Cash Cows (MS: H, MG: L), Dogs (MS: L, MG: L) * Cash Cows: Tide Detergent * Question Mark: Probiotics * Dogs (1) Divest –