Summary
Summary Marketing Management 354 A1 & A2 Notes
- Module
- Institution
These notes were made using the class slides, student summaries as well as my own notes from class.
[Show more]
Seller
Follow
jessiparkin
Content preview
Chapter 1: Defining marketing for new realitiesKEY CUSTOMER MARKETS:
1. Consumer markets: companies selling mass consumer goods and services
2. Business markets: companies selling business goods and services
3. Global markets: companies in the global marketplace
4. Non-profit and governmental markets: companies selling to non-profit
organisations
CORE MARKETING CONCEPTS:
Types of needs:
1. Stated needs: the customer wants an inexpensive car
2. Real needs: the customer wants a car whose operating cost, not initial cost, is low
3. Unstated needs: the customer expects good service from the dealer
4. Delight needs: the customer would like the dealer to include an onboard GPS system
5. Secret needs: the customer wants friends to see him as a savvy consumer
Marketing channels:
To reach a target market, a marketer uses 3 different channels
1. Communication channels: deliver and receive messages from target buyers
- Include: newspapers, magazines, radio, television, billboards,
2. Distribution channels: help display, sell, or deliver the physical product or service(s)
to the buyer or user
3. Service channels: to carry out transactions with potential buyers
- Includes warehouses, transportation companies, banks, and insurance
companies
Media:
1. Paid media: Allows marketers to show their ad/brand for a fee
- TV, magazine and display ads
2. Owned media: communication channels marketers own
- Website, blog, Facebook page
3. Earned media: streams in which consumers, the press, or other outsiders voluntarily
communicate something about the brand
Marketing environment:
Task environment: the actors engaged in producing, distributing, and promoting the
offering
,Broad environment: demographic, environment, economic environment, social- cultural
environment, natural environment, technological environment, and political- legal
environment
NEW MARKETING REALITIES:
1. Technology
2. Globalisation
3. Social responsibility
Technology: massive amounts of information and data about almost everything are now
available to consumers and marketers
Globalisation: has made countries increasingly multicultural and changed innovation and
product development
Social responsibility: the private sector is taking some responsibility for improving living
conditions, and firms all over the world have elevated the role of corporate social
responsibility
• Marketers must consider the ethical, environmental, legal, and social context of their
activities
• It’s a way to differentiate from competitors, build consumer preference, and achieve
notable sales and profit gains
THE HOLISTIC MARKETING CONCEPT:
Based on the development, design, and implementation of marketing programs, processes
and activities that recognise their breadth and interdependencies
Acknowledges that a broad, integrated perspective is often necessary
Holistic marketing dimensions:
1. Internal marketing à marketing department, senior management, other
departments
2. Integrated marketing à communications, products/services, channels, prices
3. Relationship marketing à customers, employees, partners, financial community
4. Performance marketing à sales revenue, brand and customer equity, ethics,
environment, legal, social
Chapter 2: Developing marketing strategies and plans
MARKETING AND CUSTOMER VALUE:
1. The value delivery process
2. The value chain
3. Core competencies
4. The central role of strategic planning
,1. The value delivery process:
3 phases of value creation and delivery sequence:
1. Choosing the value: marketers segment the market, select the appropriate target,
and develop the offering’s value positioning
2. Providing the value: marketing must identify specific product features, prices and
distribution
3. Communicating the value: utilising communication tools to announce and promote
the product
The value delivery process begins before there is a product and continues through
development and after launch
2. The value chain:
A tool for identifying ways to create more customer value
9 strategically relevant activities – 5 primary, 4 support – create value and cost
Primary activities:
1. Inbound logistics
2. Operations
3. Outbound logistics
4. Marketing
5. Service
Support activities:
6. Procurement
7. Technology development
8. Human resource management
9. Firm infrastructure
3. Core competencies:
3 characteristics of a core competency:
1. Source of competitive advantage and contribution to perceived customer benefits
2. Applications in a wide variety of markets
3. Difficult for competitors to imitate
To maximise core competencies, businesses may have to realign themselves
Steps:
1. (Re)defining the business concept
2. (Re)shaping the business scope
3. (Re)positioning the company’s brand identity
, 4. Central role of strategic planning:
3 key areas of strategic planning:
1. Managing the businesses as an investment portfolio
2. Assessing the market’s growth rate and the company’s position in that market
3. Establish a strategy
CORPORATE AND DIVISION STRATEGIC PLANNING:
4 planning activities that corporate headquarters undertake:
1. Defining the corporate mission
2. Establishing strategic business units
3. Assigning resources to each strategic business unit
4. Assessing growth opportunities
1. Defining the corporate mission:
What is our business? What should our business be? Who is the customer? What is of value
to the customer?
5 characteristics of a good mission statement:
1. Focus on a limited number of goals
2. Stress the company’s major policies and values
3. Define the major competitive spheres within which the company will operate
4. Take a long-term view
5. Are short, memorable and meaningful as possible
2. Establishing strategic business units:
3 characteristics of an SBU:
1. It is a single business, or collection of related businesses, that can be planned
separately from the rest of the company
2. It has its own set of competitors
3. It has a manager responsible for strategic planning and profit performance
3. Assigning resources to each SBU:
Management must decide how to allocate resources to each SBU
Portfolio planning models: classify each SBU by the extent of its competitive advantage and
the attractiveness of its industry
Shareholder value analysis: value calculations assess the potential of a business based on
growth opportunities from global expansion, repositioning, and strategic outsourcing
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller jessiparkin. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £9.03. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73918 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now