...FUNDAMENTALS OF MARKETING Marketing is managing profitable customer relationships. The twofold goal of marketing is to attract new customers by promising superior value and keep and grow current customers by delivering satisfaction. Marketing as the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Needs States of felt deprivation. Wants The form human needs take as they are shaped by culture and individual personality. Demands Human wants that are backed by buying power. Market offerings Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Marketing myopia The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. Exchange The act of obtaining a desired object from someone by offering something in return. Market The set of all actual and potential buyers of a product or service. Marketing management The art and science of choosing target markets and building profitable relationships with them. dividing the market into segments of customers (market segmentation) and selecting which segments it will go after (target marketing). Five alternative concepts under which organizations design and carry out their marketing strategies: Production concept The idea that consumers will favour products that are available...
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...1. Define marketing and discuss how it is more than just “telling and selling.” 2. Marketing has been criticized because it “makes people buy things they don’t really need.” Refute or support this accusation. 3. Discuss the two important questions a marketing manager must answer when designing a winning marketing strategy. 4. How should a manager approach finding answers to these questions? 5. What are the five different marketing management orientations? Which orientation do you believe Apple follows when marketing products such as the iPhone and iPad? 6. Explain the difference between share of customer and customer equity. Why are these concepts important to marketers? 7. Discuss trends impacting marketing and the implications of these trends on how marketers deliver value to customers. 1. Marketing is defined as the activity, set of institutions and processes for creating, communicating, delivering, and exchanging goods that have value for customers, clients, partners, and society at large. Marketing is not just about transactions. It is concerned on how to respond to the demand of a customer. It is also concerned on how to promote the product so that more customers will buy the product. Marketing makes sure that products are available so that it may satisfy the customer’s need or want. 2. Marketing supplies to customer’s demands, it may be a necessity or a desire. They aim for customer’s satisfaction. If they saw that the majority of a group wanted...
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...Name: Date: MARKETING -- TEST #1 Chapters 1-7 Total points – 100 Note: This exam consists of your response to a case analysis and discussion questions Case Analysis: Please respond to the questions at the end of the case titled, “Sweetest Dreams Inn”, page 655 of your text. You can provide any other remarks you wish since your points will be determined in large part by the comprehensiveness of your analysis (Breadth, Depth, and Application). Points = 15 Evaluate Mai Phan’s present strategy. What should he do? Explain. Answer: One thing for sure, he has to get market visibility. Some research is already completed by the Regional Tourist Bureau which confirms most of what he suspects; he has to change to draw in more vacationers. 78% of visitors indicated that recreational facilities were important. He is going to have to utilize the 5-Step Approach to Marketing Research to help define the problem and what information is needed (p.208) 1. Define the Problem 2. Analyze the situation. 3. Getting Problem-Specific Data. 4. Interpreting the data. 5. Solving the problem. The information provided by the research by the tourist bureau is a good starting point and he will have to get primary (information specifically collected to solve the current problem) and secondary data (information that has been collected or published already)(p.210). The best place to start is on the Internet by using search engines and databases. These provide lists of...
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...Chapter 2: 1) Market oriented mission statement defined in terms of satisfying basic customer needs. Important questions that should be taken into consideration are what is our business, who is the customer, what do customers value and what should our business be? 2) Business portfolio planning involves two steps (1) the company must analyze its current business portfolio and determine which business should receive more, less, or no investment. (2) it must shape the future portfolio by developing strategies for growth and downsizing. First marketing provides a guiding philosophy- the marketing concept that suggests the company strategy should revolve around building profitable relationships with important consumer groups. Second marketing provides inputs to strategic planners by helping to identify attractive market opportunities and assessing the firm’s potential to take advantage of them. Finally within individual business units, marketing designs strategies for reaching the unit’s objectives. 3) True market orientation does not mean becoming marketing driven; it means that the entire company obsesses over creating value for the customer and views itself as a bundle of processes that profitably define, create, communicate, and deliver value to its target customers to create value. 4) Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs. Involves...
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...CHAPTER OBJECTIVES 1. Define what marketing is and discuss its core concepts. 2. Explain the relationships between customer value, satisfaction, and quality. 3. Define marketing management and understand how marketers manage demand and build profitable customer relationships. 4. Compare the five marketing management philosophies. 5. Analyze the major challenges facing marketers headings into the next century. CHAPTER OVERVIEW Marketing is part of all of our lives and touches us in some way every day. To be successful each company that deals with customers on a daily basis must not only be customer-driven, but customer-obsessed. The best way to achieve this objective is to develop a sound marketing function within the organization. Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Marketing is a key factor in business success. The marketing function not only deals with the production and distribution of products and services, but it also is concerned with the ethical and social responsibility functions found in the domestic and global environment. Marketing and its core concepts, the exchange relationship, a brief description of marketing management, the five major philosophies of marketing thought and practice, marketing challenges in the new millennium, marketing’s relationship to the information technology boom...
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...REVIEW STRUCTURE OF THE CHAPTER The chapter opens with a brief description of the main forms which marketing communications take. A framework for developing marketing communication strategies is presented and much of the remainder of the chapter is structured around this framework. The framework depicts the marketing communications programme as a sub-component of the overall marketing strategy in social media communication. It shows the sequence of decisions to be made in designing a promotional programme along with the factors which will impinge upon those decisions and the shape of the promotional programme which will eventually emerge. The chapter also features a fairly detailed discussion of the relative roles of each element of the promotional mix in the overall marketing communication process concentrating specifically on the marketing communication, the revolution of social media, and the integration of social media in marketing communication. This is followed by a review of the main approaches used in setting communications budgets. The chapter concludes with a brief view 0f the success and challenges of social media as a marketing tool. MARKETING COMMUNICATIONS According to Robert Hisrich (2009), Marketing communications are intended to both inform and persuade a target audience, with a view to influencing the behavior of that group. In fact, without effective marketing communications the consumer remain unaware of products and services they need, who might supply them...
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...Chapter 1: CONSUMERS RULE CHAPTER OBJECTIVES When students finish this chapter they should understand that: • Consumers use products to help them define their identities in different settings. • Consumer behavior is a process. • Marketers need to understand the wants and needs of different consumer segments. • The Web is changing consumer behavior. • Consumer behavior is related to other issues in our lives. • Consumer activities can be harmful to individuals and to society. • A wide range of specialists study consumer behavior. • There are two major perspectives on understanding and studying consumer behavior. CHAPTER SUMMARY After reading this chapter, students should understand that: Consumers use products to help them define their identities in different settings. A consumer may purchase, use, and dispose of a product, but different people may perform these functions. In addition, we can think of consumers as role players who need different products to help them play their various parts. Consumer behavior is a process. Consumer behavior is the study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and desires. Marketers need to understand the wants and needs of different consumer segments. Market segmentation is an important aspect of consumer behavior. Consumers can be segmented according to many dimensions, including product usage...
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...LEARNING OBJECTIVES Moses Gerard Shyne CHAPTER 3 1. Explain why nations and companies participate in international trade. Because no national economy produces all the goods and services that its people need. 2. Describe the concepts of absolute and comparative advantage. A nation has an absolute advantage if (1) it’s the only source of a particular product or (2) it can make more of a product using the same amount of or fewer resources than other countries. Because of climate and soil conditions, for example, comparative advantage , which exists when a country can produce a product at a lower opportunity cost compared to another nation 3. Explain how trade between nations is measured. We determine a country’s of trade by subtracting the value of its imports from the value of its exports. If a country sells more products than it buys,it has a favorable balance, called a trade surplus . If it buys more than it sells, it has an unfavorable balance, or a trade deficit 1. Define importing and exporting. Importing involves purchasing products from other countries and reselling them in one’s own. Exporting entails selling products to foreign customers. 2. Explain how companies enter the international market through licensing agreements or franchises. Foreign direct investment (FDI) refers to the formal establishment of business operations on foreign soil. 3. Describe how companies reduce costs through contract manufacturing and outsourcing...
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...in Marketing BBA 66 Huntsville 12/5/2009 | CHAPTER 1 Marketing’s Value to Consumers, Firms and Society Questions and Problems: 1. List your activities for the first two hours after you woke up this morning. Briefly indicate how marketing affected your activities. The first thing in the morning after wakening up, I wash my face with Clean and Clear by Johnson & Johnson , take a shower with Caress, brush my teeth with Arm and Hammer toothpaste. Breakfast consist of a cup of Folgers coffee and bowl of Post Cereal. All of these items are marketed to address what is appealing to the potential consumer, with slogans, such as slickening body wash, facial scrub with bursting beads to wake you up and gently exfoliates skin, or advanced white clinically proven to whiten teeth, one hundred percent pure coffee, post cereal advertising deliciously sweet apple pieces and caramel baked oat clusters. The marketing and advertising persuaded me to try the products that I use daily. 2. If a producer creates a revolutionary new product and consumers can learn about it and purchase it at a website on the Internet, is any additional marketing effort really necessary? Explain your thinking. I would think the more marketing of a product the more people will learn about it and would want to buy it. Not everyone has a computer and connected to the internet. More people lessen to radio and look at TV than any other medium. It would be wise to expand ones marketing efforts...
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...chapter 1 Marketing in a Changing World: Creating Customer Value and Satisfaction ROAD MAP: Previewing the Concepts Fasten your seat belt! You’re about to begin an exciting journey toward learning about marketing. To start you off in the right direction, we’ll first define marketing and its key concepts. Then, you’ll visit the various philosophies that guide marketing management and the challenges marketing faces as we move into the new millennium. The goal of marketing is to create profitable customer relationships by delivering superior value to customers. Understanding these basic concepts, and forming your own ideas about what they really mean to you, will give you a solid foundation for all that follows. After studying this chapter, you should be able to 1. define what marketing is and discuss its core concepts 2. explain the relationships between customer value, satisfaction, and quality 3. define marketing management and understand how marketers manage demand and build profitable customer relationships 4. compare the five marketing management philosophies 5. analyze the major challenges facing marketers heading into the next century Our first stop: Nike. This superb marketer has built one of the world’s most dominant brands. The Nike example shows the importance of — and the difficulties in — building lasting, value-laden customer relationships. Even highly successful Nike can’t rest on past successes. Facing “big-brand backlash,” it must now learn how to be both big...
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...chapter 1 Marketing in a Changing World: Creating Customer Value and Satisfaction ROAD MAP: Previewing the Concepts Fasten your seat belt! You’re about to begin an exciting journey toward learning about marketing. To start you off in the right direction, we’ll first define marketing and its key concepts. Then, you’ll visit the various philosophies that guide marketing management and the challenges marketing faces as we move into the new millennium. The goal of marketing is to create profitable customer relationships by delivering superior value to customers. Understanding these basic concepts, and forming your own ideas about what they really mean to you, will give you a solid foundation for all that follows. ᭤ After studying this chapter, you should be able to 1. define what marketing is and discuss its core concepts 2. explain the relationships between customer value, satisfaction, and quality 3. define marketing management and understand how marketers manage demand and build profitable customer relationships 4. compare the five marketing management philosophies 5. analyze the major challenges facing marketers heading into the next century Our first stop: Nike. This superb marketer has built one of the world’s most dominant brands. The Nike example shows the importance of — and the difficulties in — building lasting, value-laden customer relationships. Even highly successful Nike can’t rest on past successes. Facing “big-brand backlash,” it must now learn...
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...e- Book Series Guide to Writing a Killer Marketing Plan Written by: Steven Fisher Purpose of this book You are either someone that has been doing marketing as a part of your professional career or you look at as that “thing you do to promote your business and attract customers to buy”. Regardless of where you are along that spectrum, you have arrived here because you have been charged by the CEO of the startup you work for to write a marketing plan for your business or you need to create one for your own business. You need to not just write just any marketing plan. You need to write a Killer Marketing Plan. One that your boss will say “awesome, let’s get started” and which will tell all those people who have been looking for a product or service like yours for a long time. This book is written for you. Marketing plans are sexy mistresses that tempt you to include all of the coolest of campaign ideas without the sanity of budgetary constraints. While marketing is one of the more important functions of a small business, it is one that is limited by the budgets of that business and campaigns must demonstrate a return in order to justify their existence. Since I have written more marketing plans than I care to tell you, I can share with you my knowledge and experience of what has worked almost all the time, some of the time and none of the time. While this is not the single tome on marketing plans, I hope that this helps you balance the unlimited creative...
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...Assessments For Develop a marketing communication plan BSBMKG503A Due Date 12. November 2008 Teacher: Executive Summary Find include a Marketing Communication plan for Madam Tussaud’s! What is an Communication plan Why it is important to have an Communication plan. When should you write a communication plan. Which person should get involved? It will include the objectives of the communication plan, an assessment of the characteristics of the product or service and their suitability for each of the four promotions and types of media. At the end there are some recommendations of evaluate a Communication plan. Table of Contents Introduction 3 Methodology 3 Results & Findings 3 COMMUNICATIONS PLAN 3 Document History 4 Purpose 4 Project Description 5 Communication Objectives 5 Interested Party 5 Project Management and Admin 6 Advisory Board 6 Technical 6 Business 7 Information Required 7 Information Required Continued 8 Workflow process 8 Product 10 Target Market 12 Promotion 12 Objective of the Communication Plan 13 Assessment of the characteristics of the product or service and their suitability for each of the four types of media. 13 Advertising 14 Sales Promotion 14 Criteria by which the results of the Communication Plan can be measured 17 Limitations of the research 19 Conclusion 19 Recommendations 19 Appendices 20 Bibliography 21 Introduction Madam Tussauds is a Wax figure exhibition with very famous wax...
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...R A I L E R A N D J I M D I C K I E Patterns of customer behavior have changed. Today, consumers may be well along in their buying process before you get the first whiff of a lead. Consequently, sales organizations should redesign – and in some ways reinvent – the selling process. Understanding What Your Sales Manager Is Up Against F we have conducted an annual survey of chief sales officers – the executives in charge of their companies’ selling efforts. One purpose is to understand what challenges their sales organizations are up against and how those challenges are shifting over time. The 1,275 responses to our 2006 survey indicate an acceleration of trends established over the past several years. Across industries, the selling context has changed, buyers are behaving differently, and the work required of the sales organization is becoming more difficult. Let’s start with the fact that 85% of companies report increases in their product-line breadth, product complexity, and participation in new markets. The impact on the sales organization comes in many forms. It takes longer to get a new salesperson up to full productivity: 62% of companies report a rampOR THE PAST 12 YEARS, up period of more than seven months. The percentage has risen in each of the past four years, but it made its most dramatic one-year jump from 2005 to 2006. The quotas being assigned to salespeople have also gone up substantially. While this is to be expected, given the rebound in the world’s...
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...How to Become an Effective Sales Manager Building Your Sales Plan - Top 10 Assumptions If your business has a strong and achievable sales plan, your sales staff (whether that's you as a small business owner or your employees) will be able to focus on selling to the plan. As a manager of sales people, it's your responsibility to build the sales plan. Building the sales plan means more than just in-putting numbers into a spreadsheet; and that's why many small business owners and sales managers get stumped and why sales plans are often far from reality. Most sales plans are created with only the sales numbers in mind. But to build an effective sales plan, you need to consider more than the numbers. The sales plan needs to be valid and real; you will use it to plan many other aspects of your business (such as cash flow, capital expenditures, hiring, expansion and more). Test your sales numbers against the market: you need to know market size and your share of the market for this to be effective. First, your sales plan must define the time period for your sales forecast (1 year, 2 years, and 5 years). Second, it must consider the products you will sell (and potential new products you will develop and need to sell) over the determined period of time. Third, it must identify the number and type of customers you will sell to. Finally, it will identify the resources (human and equipment) you will need to supply to support your plan. And in these four steps, what must be thoroughly...
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