MARKETING Essay

Marketing

1 Marketing Definitions

A Definition of Marketing

Marketing is creating, developing, communicating, delivering, and providing offerings, including goods, services, and experiences, that have value for consumers and society at large

5 Marketing Management Orientations in Historical Order

Production orientation Product orientation Sales orientation (a.k.a., inside-out orientation) Market orientation (a.k.a., outside-in orientation) Societal orientation

2 Marketing Strategy

SWOT Analysis

The BCG Growth Share Matrix: 4 Categories of SBUs

Product-Market Expansion Grid: 4 Strategies for Growing Businesses

The Marketing Mix

3 Marketing Environments

Marketing Environments

Micro-environment (company)

Meso-environment (market)

Macro-environment (society) Political Economic Social Technological Environmental Legal

4 Marketing Research

Types of Data

Primary data are data collected by the investigators for their current research project, e.g., via depth interviews or focus groups

Secondary data are data those that were not expressly collected for the current project, e.g., financial databases or newspaper archives

Ethnographic research

Focus groups

Interviews

Survey research

Experimental research

Popular Research Methods

5 Consumer Behavior

All the Factors Influencing CB

NOT on exam

4 Types of Consumer Buying Decision Behavior

NOT on exam

5 Stages of the Buyer Decision Process

5 Stages of the New Product Adoption Process

Awareness

Interest

Evaluation

Trial

Adoption

5 Adopter Categories Based on Time of Adoption of Innovations

Characteristics of New Products that Influence their Rate of Adoption

Relative Advantage

Compatibility Simplicity

Trialability

Observability

6 Business Buyer Behavior

Users

Influencers

Buyers

Deciders

Gatekeepers

5 Participants in the Business Buying Process

7 Customer-Driven Marketing Strategy

4 Major Steps in Designing a Customer-Driven Marketing Strategy

4 Major Segmentation Variables for Consumer Markets

Geographic

Demographic

Psychographic →

Behavioral

5 Requirements for Effective Segmentation

NOT on exam

Segments must be...

Measurable (can be quantified)

Accessible (can be reached)

Substantial (can be profitable)

Differentiable (can be distinguished)

Actionable (can be acted upon)

4 Major Market Targeting Strategies

Undifferentiated (mass) marketing

Differentiated (segmented) marketing

Concentrated (niche) marketing

Micromarketing (individualized) marketing

Relative Value Propositions

Benefits Costs More for more More for the same More for less The same for less Less for much less

8 Brand Strategy

4 Brand Development Strategies

9 New Product Development and

the Product Life Cycle

Stages of NPD

Crowdsourcing

including customers, employees, scientists, and the general public

Product Life Cycle (PLC)

Alternate PLCs NOT on exam

10 General Pricing Strategies

3 Major Pricing Strategies for Any Products

Customer-value-based

Cost-based

Competition-based

11 New Product Pricing Strategies

2 Major Pricing Strategies for New Products

Market-penetration Market-skimming

12 Marketing Channels

Vertical Marketing System

A conventional distribution channel is a channel consisting of one or more independent producers, wholesalers, and retailers, each a separate business seeking to maximize its own profits, even at the expense of profits for the system as a whole.

By contrast, a vertical marketing system is a distribution channel structure in which producers, wholesalers, and retailers, act as a unified system. One channel member owns the others, has contracts with them, or has so much power that they all cooperate.

13 Retailing

The Wheel of Retailing

A concept that states that most new retailers begin as low-margin, low-price, low-status operations but later evolve into higher-priced, higher-service operations, eventually becoming like the conventional retailers they replaced.

14 Integrated Marketing Communications

The Promotion Mix

Advertising Public Relations

Sales Promotion Personal Selling

Direct Marketing Online Marketing Social Media Marketing Mobile Marketing

15 Advertising and Public Relations

Advertising & Public Relations

What is advertising? What is public relations? When is each most needed and why?

NOT on exam

16 Personal Selling and Sales Promotion

Personal Selling & Sales Promotion NOT on exam

What makes a good personal salesperson?

What makes a good sales promotion?

17 Direct, Online, Social Media, and Mobile

Marketing

Direct, Online, Social Media, Mobile, IoT… Marketing

How should BMW allocate its ad spend?

Mail Phone Email Website Social media Mobile apps IoT

NOT on exam

18 Creating Competitive Advantage

3 Winning Competitive Strategies

Cost leadership Offer the lowest price

Differentiation Differentiate your service

Focus Focus on a segment

4 Possible Roles for a Firm in a Market

Market leader (largest market share)

Market challenger (competitor or runner-up)

Market follower (playing it safe)

Market nicher (serving overlooked segments)

Market-Oriented Company

A company that pays balanced attention to both customers and competitors in designing its marketing strategies.

19 The Global Marketplace

3 Ways to Enter Intl. Markets

Exporting

Joint venturing

Direct investment

20 Sustainable Marketing:

Social Responsibility and Ethics

The Triple Bottom Line

People Social responsibility Planet Environmental responsibility Profit Fiscal responsibility