Marketing 101 Book Notes

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Marketing Book Notes chapter 18
Marketing Impact
* The basic objective
* To satisfy consumer needs as the consumers see them
* Marketing’s effectiveness must be measured by how well I satisfies consumers * Many firms such as J.D. Power and Associates, marketing research firm, studies consumer satisfaction Marketing Success

* Firms that fail in satisfying consumers and thus failing in making products is high * Lack of foucs on 4Ps and customer orientation
* Example Cola Blak
* Inability to target and win over new markets is a major failure as well * Market and consumer oriented strategy planning is key to success

Criticism
* Macro-marketing system leads to unfair distribution of income * Helps create monopoly and monopolistic competition
* However, monopolistic competition also allows for potential entry and more investment and growth. * Based on materialistic values

Logic and Creativity
* Developing a good marketing strategy and turning the strategy into a marketing plan requires creative blending * Strategic
* Product
* Physical good
* Service
* Warranty
* Branding
* Place
* Channel type
* Intermediaries
* Etc
* Promotion
* Objectives
* Sales people
* Advertising
* Publicity
* Price
* Objectives
* Flexibility
* Level over product lifecycle
* Discounts
* Allowances
Challenges
* Welcome international competition
* Use technology wisely
* If it ain’t broke, improve it
* Change is the only thing that’s constant

Summary Outline of Marketing Plan
Situation Analysis
* Company analysis
* Objective
* Resources
* Product-market opportunity, ROI, profitability
* Customer analysis
* Dimensions
* Target
* Size
* Nature of relationship
* Competitor Analysis
* current or persepctive
* Context analysis
* Economic
* Political
* cultural
* Collaborator analysis

Marketing Strategy
* Product
* Place
* Promotion
* Price

Tactical:

Chapter Summary: BS

Chapter 1-3: What is marketing?
Why is Marketing Important
* Trendsetting
* Encourages research and innovation
* Important job market

Micro and Macro Views
* Micro view
* A set of activities performed by organizations and also from a macro view as a social process * Macro view
* A social process
* Is a social process that directs an economy’s flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society. * Emphasis on how the whole marketing system works

* Marketing helps overcome distance between production sector and consumption sector * Discrepencies in quantity
* Assortment
* Separation in space
* Time
* Information
* Values
* Ownership
* Players in the field
* In addition to producers and consumers there are intermediaries as well * For example collaborators like advertising agencies, marketing research firms. * Through innovation, economies of scale, and specialization, marketing intermediaries are able to perform marketing functions better than producers or consumers Economy Systems

* Command econmy
* Government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why. * Command economies are called “planned” economies * Still partially how it is operated in countries like North Korea, cuba, iran. * Market directed economy

* Producers and consumers make the macro-level decisions for the whole economy * Price is measure of value
* Greatest freedom of choice...
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