Summary
Summary - Marketing Management 214 (MM214)
- Institution
- Stellenbosch University (SUN)
Comprehensive notes for Marketing Management that can assist with A1, A2, A3 and the project. Used these notes and achieved a final mark of 76%
[Show more]
1 review
By: miamarx04 • 9 months ago
Content preview
MARKETINGMANAGEMENT 214
(SEMESTER 1)
SUMMARIES
1
,Table of Contents
Chapter 1: An overview of marketing.........................................................................................................................1
Introduction............................................................................................................................................................1
What is Marketing?................................................................................................................................................1
Customer Satisfaction.............................................................................................................................................2
Measuring Customer Satisfaction.......................................................................................................................2
Customer satisfaction or customer dissatisfaction?...........................................................................................3
The benefits of customer satisfaction and loyalty..............................................................................................3
The Concept Of Exchange.......................................................................................................................................3
Five conditions must be satisfied for any kind of exchange to take place:.........................................................3
Marketing Management Philosophies....................................................................................................................4
Production orientation.......................................................................................................................................4
Product orientation............................................................................................................................................4
Sales orientation.................................................................................................................................................4
Consumer orientation........................................................................................................................................4
Societal marketing orientation...........................................................................................................................4
Relationship marketing orientation....................................................................................................................5
Implementing the marketing concept in existing firms..........................................................................................5
Changes in authority and responsibility.............................................................................................................5
The importance of new opportunities................................................................................................................5
The firm's business.............................................................................................................................................6
The importance of a competitive advantage......................................................................................................6
Service quality as competitive advantage...........................................................................................................6
Customer value as competitive advantage.........................................................................................................6
Customer satisfaction can also be used as a competitive advantage.................................................................6
Well-trained employees as competitive advantage............................................................................................7
Employee empowerment as competitive advantage.........................................................................................7
Teamwork as a competitive advantage..............................................................................................................7
Other ways to establish a competitive advantage include:................................................................................7
The position and role of marketing in the firm.......................................................................................................8
Why are there critics of marketing?.......................................................................................................................8
Why study marketing?............................................................................................................................................8
Chapter 2: Analysing the marketing environment......................................................................................................9
Marketing’s influence in the marketing environment............................................................................................9
Understanding the external environment............................................................................................................10
Methods of environmental scanning....................................................................................................................10
Environmental management................................................................................................................................10
i
, Social factors....................................................................................................................................................11
Demographic factors........................................................................................................................................12
Universal Living Standards Measure (LSM).......................................................................................................12
Using LSM and other demographic factors to understand the markets...........................................................12
Economic factors..............................................................................................................................................12
Technological factors........................................................................................................................................13
Political factors.................................................................................................................................................13
Legal factors.....................................................................................................................................................15
Chapter 3: Understanding consumer decision-making.............................................................................................16
Model of consumer behaviour.............................................................................................................................16
A model of consumer behaviour......................................................................................................................16
The consumer decision making process...............................................................................................................18
Types of consumer buying decisions and consumer involvement........................................................................20
Factors determining the level of consumer involvement.....................................................................................21
The marketing implications of consumer involvement.....................................................................................21
Individual factors influencing consumer buying decisions....................................................................................22
Maslow’s Hierarchy of Needs...........................................................................................................................23
Values, beliefs, and attitudes............................................................................................................................24
Personality, self-concept, and lifestyle.............................................................................................................24
Social factors influencing consumer buying decisions..........................................................................................25
Culture values in South Africa...........................................................................................................................25
The influence of the purchase situation on buying decisions...............................................................................27
Buying “New to the World” products...................................................................................................................27
Chapter 4: Analysing the competitive situation........................................................................................................29
competitors according to the degree to which they compete for a buyer’s choice.........................................30
Customer-based approach...............................................................................................................................30
Strategic-group approach.................................................................................................................................30
The competitive arena..........................................................................................................................................31
The competitive structure of an industry.............................................................................................................32
Porter’s Five forces Model................................................................................................................................32
Threat of substitute products...........................................................................................................................33
Bargaining power of buyers..............................................................................................................................33
Bargaining Power of Suppliers..........................................................................................................................33
Rivalry among existing competitors..................................................................................................................33
Analysing key competitors....................................................................................................................................34
Understanding current competitors.................................................................................................................34
Evaluating competitors’ strengths and weaknesses.............................................................................................35
The Key success factor (KSF) model..................................................................................................................35
Step 2: Rate firm and competitors on each KSF................................................................................................35
ii
, Step 3: Consider the implications for competitive strategy..............................................................................36
Anticipating competitors’ actions.........................................................................................................................36
Deciding which competitors to attack and which to avoid...................................................................................36
Chapter 5: Information for marketing decision-making and marketing research.....................................................38
The need for managerial information...................................................................................................................38
Marketing decision support systems....................................................................................................................38
Database marketing and micro-marketing...........................................................................................................39
The importance of database marketing................................................................................................................39
The role of marketing research............................................................................................................................39
The functions of marketing research....................................................................................................................39
The relationship between marketing research and DSS...................................................................................40
Management uses of marketing research........................................................................................................40
The steps in a marketing research project............................................................................................................41
STEP 1: Define the marketing problem.............................................................................................................41
STEP 2: Conduct a situation analysis STEP 3: Formulate the research objective..............................................41
STEP 4: Exploratory research by collecting secondary data..............................................................................41
STEP 5: Planning the research design...............................................................................................................43
Data collection techniques...............................................................................................................................43
Questionnaire design........................................................................................................................................43
Questionnaire design principles:......................................................................................................................43
Measuring perception and attitudes................................................................................................................44
STEP 6: Collecting the data STEP 7: Analysing the data....................................................................................45
STEP 8: Preparing and presenting the report....................................................................................................45
When should marketing research be conducted?................................................................................................45
Characteristics of good research..........................................................................................................................45
Chapter 6: Segmenting and targeting markets.........................................................................................................46
The nature of market Segmentation....................................................................................................................46
The importance of market segmentation.............................................................................................................46
The criteria for successful Segmentation..............................................................................................................46
1. Segmentation enables marketers to identify groups of customers with similar needs and analyse the
characteristics and buying behaviour of these groups.....................................................................................46
3. Segmentation is consistent with the marketing concept - satisfying customers wants................................47
Bases for segmenting consumer markets.............................................................................................................48
Single-variable segmentation...........................................................................................................................48
Multiple-variable segmentation.......................................................................................................................48
Behavioural segmentation................................................................................................................................48
Geographic segmentation................................................................................................................................49
Demographic segmentation.............................................................................................................................49
Psychographic segmentation............................................................................................................................49
iii
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 EFT, credit card or Stuvia-credit 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 this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller thaahirsamsodien3108. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R125,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
66902 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 15 years now