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Marketing Management 354 summary

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A comprehensive summary for Marketing Management 354 (Strategic Marketing). This document summarises all Chapters (1 - 21) covered in class and assessed for the final exam. There are also some additional class notes included which are not in the textbook.

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  • August 24, 2024
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,Marketing 354



Table of Contents
Chapter 1: Defining Marketing for New Realities .............................................................. 1

Types of markets ..................................................................................................................... 1

New marketing realities ........................................................................................................... 2
Market forces .................................................................................................................................................2
Market outcomes ...........................................................................................................................................2
Holistic marketing ...........................................................................................................................................2

Role of marketing in the organisation ....................................................................................... 3
Organising the marketing department ...........................................................................................................3
Chief Marketing Officer role in the organisation ...........................................................................................3

The customer-oriented organisation......................................................................................... 4
Building a customer-oriented organisation....................................................................................................5

The market-driven company .................................................................................................... 5

Demand states ......................................................................................................................... 5

Chapter 2: Marketing Planning and Management ............................................................ 5

Developing market offerings .................................................................................................... 6
Marketing tactics ............................................................................................................................................7

Planning and managing market offerings .................................................................................. 8
The G-STIC model ...........................................................................................................................................8

Chapter 3: Analysing Consumer Markets .......................................................................... 9

Consumer behaviour ................................................................................................................ 9
Consumer characteristics ...............................................................................................................................9

Consumer psychology ............................................................................................................ 10
Motivation ................................................................................................................................................... 10
Perception ................................................................................................................................................... 10
Emotions ...................................................................................................................................................... 11
Memory ....................................................................................................................................................... 11

Buying decision process ......................................................................................................... 11
Information search ...................................................................................................................................... 11
Evaluation of alternatives ............................................................................................................................ 11
Purchase decision ........................................................................................................................................ 12
Post-purchase behaviour............................................................................................................................. 12



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,Marketing 354


Intervening factors ................................................................................................................. 12
Perceived risk............................................................................................................................................... 12

Chapter 5: Conduct Marketing Research .........................................................................13

Marketing research process ................................................................................................... 13

Measuring market demand .................................................................................................... 13
Forecasting market demand........................................................................................................................ 13

Measure productivity ............................................................................................................. 14

Chapter 6: Identify Market Segments and Target Customers ...........................................14

Strategic targeting ................................................................................................................. 14
Target compatibility .................................................................................................................................... 14
Target attractiveness ................................................................................................................................... 15

Tactical targeting ................................................................................................................... 15
Define customer profile ............................................................................................................................... 15
Align customer value and customer profile ................................................................................................ 16
Bringing segments to life ............................................................................................................................. 16

Segmentation ........................................................................................................................ 16

Segmenting business markets ................................................................................................ 17

Chapter 7: Value Proposition and Positioning ..................................................................17

Develop a value proposition and positioning .......................................................................... 17

Points-of-parity and points-of-difference ................................................................................ 18
Points-of-parity (POPs) ................................................................................................................................ 18
Points-of-difference (PODs)......................................................................................................................... 18
POPs vs. PODs .............................................................................................................................................. 18

Competitive advantage .......................................................................................................... 19
Sustainable competitive advantage ............................................................................................................ 19
Strategies for creating a sustainable competitive advantage ..................................................................... 19

Communicating positioning .................................................................................................... 19
Creating a positioning statement ................................................................................................................ 19
Communicate category membership .......................................................................................................... 19
Storytelling................................................................................................................................................... 20

Chapter 8: Designing and managing products .................................................................20



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Product classification ............................................................................................................. 20

Product differentiation........................................................................................................... 20

Product design ....................................................................................................................... 21

Product portfolio and product lines ........................................................................................ 21
Lengthening a product line .......................................................................................................................... 21

Product levels ........................................................................................................................ 22

Packaging and labelling .......................................................................................................... 22
Types of packaging ...................................................................................................................................... 22
Packaging objectives.................................................................................................................................... 23

Chapter 10: Building Strong Brands .................................................................................23

Role of brands ....................................................................................................................... 23
For consumers ............................................................................................................................................. 23
For firms ....................................................................................................................................................... 24

Brand equity .......................................................................................................................... 24
Gauging brand equity .................................................................................................................................. 24

Brand power .......................................................................................................................... 24
Measuring brand power .............................................................................................................................. 25

Designing the brand ............................................................................................................... 25
Choosing brand elements ............................................................................................................................ 25

Secondary sources of brand knowledge .................................................................................. 26

Brand portfolio ...................................................................................................................... 26
Managing portfolios .................................................................................................................................... 26

Chapter 11: Managing Price and promotional strategy....................................................27

Understanding pricing ............................................................................................................ 27

Consumer psychology and pricing........................................................................................... 27

Setting the price..................................................................................................................... 27
Product mix pricing ...................................................................................................................................... 30

Price changes ......................................................................................................................... 31
Responding to price changes....................................................................................................................... 31
Responding to competitors’ prices.............................................................................................................. 31




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