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Chapters 1-12: Quick Review
M-Marketing
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American Marketing Association (AMA)
Definition of ‘Marketing:
The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing Definition (CH 1)
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What is Marketing? (CH 1)
Marketing
Helps create value
Is about satisfying
consumer needs
Entails an exchange
Affects many
entities
Performed both by individuals and organizations
Requires 4p’s: Product, Price,
Place, Promotion
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Marketing Requires Product, Price, Place, and Promotion Decisions (CH 1)
PRICEPRODUCT
PLACE PROMOTION
Marketing Mix
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B2B, B2C, and C2C (CH 1)
C2C
Consumer B
B2C
Consumer A
B2B
Retailer (Sells PCs &
monitors)
Manufacturer (Makes monitors)
Marketing is performed both by individuals and organizations
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What is a Marketing Strategy?1. Identifies a firm’s target markets2. Identifies a related marketing mix (4 Ps)3. Identifies bases on which to build a
sustainable competitive advantage
Marketing strategy (CH 2)
Advantage over the competition that cannot be easily copied
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Marketing Plan (CH 2)
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PlanningPhase
Step 1: Businessmission & objectives
Step 2: Situation analysisSWOT
ImplementationPhase
Step 3: Identify opportunities
Segmentation Targeting Positioning
Step 4: Implement marketing mix
Place PromotionPriceProduct
ControlPhase
Step 5: Evaluate performance
using marketing metrics
Marketingstrategy
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Growth Strategies (CH 2)
(Sales, promotions, ads)
Zipcar universityIphone 5C
(Highest risk)
Netflix
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Social Media Marketing Campaign (CH 3)
Identify strategies and goals
Campaign: Experiment and
engageMonitor & change
Functions of social media marketing: 1. Engage2. Experience3. Listen
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• Firms must decide what is moreimportant, e.g.,– Profit vs user privacy– Environment vs increase production– Deceptive advertising vs real promotion
Marketing Ethics (CH 4)
Research can help find alternative solutions!• Find better ways to analyze data• Create products using less resources
• Nike: https://www.youtube.com/watch?v=D2t6yc1t9KY
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Ethical Decision Making (CH 4)
A Framework for Ethical Decision Making
Critical in all situations that involve ethical decision making!!Particularly in high-stress, high-pressure situations!!
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The big picture (CH 5)
Company CompetitionCorporate partners
Segment Targeting Positioning
Product Place Promotion
Price
Customer acquisition Customer retention
CUSTOMERS
PROFIT
Marketing analysis
(understanding your business)
Creating value
Capturingvalue
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Marketing analysis (CH 5)
Company CompetitionCorporate partners
Marketing analysis
(understanding your business)
Immediate environment
Culture, demographics, social trends, tech. advances, economic situation, political/regulatory situation
Macroenvironmental factors
SWOT
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Provides an easily understood snapshot of the typical consumer in a specific target market
Macroenvironmental factors: Demographics (CH 5)
How do these generations differ?
(Millennials)
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Consumer decision process (CH 6)
Step 1: Functional vs Psychological needsStep 2: Internal vs external, benefits vs costsStep 3: Consumer decision rules (cereals example)Step 4: Conversion rate / why not purchase?Step 5: Listen and fix problems if any
You must understand how this process works in your specific industry …
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Factors Influencingthe Consumer Decision Process (CH 6)
• Product• Price• Place• Promotion
Marketing mix
• Motives• Attitudes• Perceptions• Learning• LifestylePsychological
factors
• Family• Reference groups• Culture
Social factors
• Purchase situation• Shopping situation• Temporal state
Situational factors
ConsumerDecisionProcess
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B2B vs B2C (CH 7)
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B2B Markets (CH 7)
Manufacturersand
Service Providers
B2BMarkets
Resellers
Institutions
Government
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B2B buying process (CH 7)
Request for Proposals
B2C
B2B
Step 1: Can be generated internally or externallyStep 2: Used by suppliers to develop proposalsStep 3: Solicit info from many suppliersStep 4: Several vendors are negotiating against each otherStep 5: Purchase + paymentStep 6: Quality/Delivery/Customer service/etc.
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Different B2B buying situations require different levels of effort and the involvement of various parties.
Buying Situations (CH 7)
•Purchasing for thefirst time
•Likely to be quiteinvolved
•The buying centerwill probably use allsix steps in thebuying process
•Purchasing a similar productbut changing specifications
•Current vendors have anadvantage
• Buying additionalunits or productsthat have beenpreviouslypurchased
• Most B2Bpurchases fall intothis category
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Chapter 8: Global Marketing
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STP Process (CH 9)
Step 1: Segmentation strategy must be consistent with firm objectivesStep 2: Segmentation methods: geo/demo/psycho/benefits/behavioralStep 3: Segment attractiveness: substantial/reachable/etc.Step 4: Undiff/diff/concentrated/microStep 5: Unique value proposition
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Marketing Research
DATA
Collecting Analyzing Interpreting DecisionMaking
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The Marketing Research Process (CH 10)
Step 1: What are you trying to accomplishStep 2: Type of data/researchStep 3: survey/experiments/scrapeStep 4: Datamining/ML/Deep learningStep 5: Summary + short presentation
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Type of data• Qualitative• Quantitative• Over time• One instance
Step 2: Designing the Research (CH 10)
• The age of your car (Quantitative).• The number of files on your PC (Quantitative).• The softness of a cat (Qualitative).• The color of the sky (Qualitative).• The number of pennies in your pocket (Quantitative).
Type of research
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Secondary Data – A Closer Look at Some Examples (CH 10)
Syndicated Data
Scanner Data
Panel Data
https://www.npd.com/wps/portal/npd/us/home/http://www.iriworldwide.com/http://www.nielsen.com/us/en.html
Scanner data is a type of quantitative data obtained from scanner readings of UPC codes at check-out counters.
Panel data is a type of quantitative data collected from a group of consumers (the panel) over time.
Syndicated data are data available for a feefrom commercial research firms such as Information Resources Inc. (IRI), National Purchase Diary Panel (now NPD Group), and Nielsen.
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Complexity of Products (CH 11)
Actual Product:brand name, packagingquality level, features
CoreCustomer
Value
A BMW is not just a car…• Warranties included• Free car washes at some dealers• Free airport parking in some cities• Free shuttle service to airport• Reputation, image• Financing options
Services:support, warranty,
etc.
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Types of Products (CH 11)
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Product Line Decisions (CH 11)
• How is this changingthe product mix?
• Does it increasebreadth or depth?
• Is this research oradvertising?
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Value of Branding for the Customer and the Marketer (CH 11)
Facilitate Purchasing
Establish Loyalty
Protect from Competition
Reduce Marketing Costs
Brands are Assets
Impact Market Value
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Often overlooked as a marketing tool, packaging helps determine the success of a product.
Packaging (CH 11)
FUNCTIONS: Preserve, protect, inform, promote, etc.
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Why New Products? (CH 12)
WHY DO FIRMS CREATE
NEW PRODUCTS?
Changing Customer
Needs
Market Saturation
New and Different ways of Adding value
Managing Risk
through Diversity
Fashion Cycles
Creating or maintaining a sustainable competitive advantage!!!
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How Firms Develop New Products (Ch 12)
In very general terms, these are the stages of new-product (or service) development:
Step 1: R&D, brainstorming, etc.Step 2: Written description & customers reactions Step 3: Prototype + alpha + betaStep 4: Premarket test + Test marketingStep 5: Convey characteristics + key benefitsStep 6: Measure satisfaction/acceptances/etc.