Marketing Management Exam Notes

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MARKETING MANAGEMENT
UNIT 1 – INTRO TO MARKETING – A STRATEGIC PERSPECTIVE
1. What is marketing?
2. Why is marketing important?
3. Key Concepts of marketing
* Needs
* Wants
* Demands
* Products
* Exchange
* Transactions
* Market
4. The evolution of marketing
* Production orientation
* Product Orientation
* Selling orientation
* Market Orientation
* Societal Orientation
5. Adopting a marketing orientation – customer focus, market research, customer satisfaction * Response to: decline in sales, changing customer wants, react to emerging competition 6. Goals of marketing – max consumption, max consumer satisfaction, max choice, max life quality 7. Role of marketing in corporate strategy – create, capture and sustain value for existing and new customers 8. Marketing Process: Analysis (5C’s) identify opportunities -> Design Marketing (STP) Create Value -> Design tactics (4/7 Ps) Capture Value -> Customer acquisition & retention (sustain value) -> Financial value for firm 9. The 5 C’s: Company(SWOT), Competitors (Porters 5 forces), Collaborators, Context (PESTLE), Customers 10. STP: Who, which groups to target, positioning offering in minds of customers and against competitors 11. Marketing Mix/Tactics: Product, Price, Place, IMC/Promo, People, Physical Evidence, Process 12. Goal/outcome to acquire new customers, retain existing customers and delivering long term customer satisfaction promoting loyalty. Requires implementation and control measures

UNIT 2 – PRODUCTS – GOODS, SERVICES, BRANDS
1. Product Definition – goods or service offering to satisfy needs and wants. A value exchange Includes goods, services, experiences, events, persons, places, properties, organisation, info, ideas 2. Types of Product Categorisations

a. Durability/Tangibility: Durable (e,g whitegoods), Services (activities, benefits, experiences) b. Consumer products: Convenience (staples, impulse, emergency), Shopping (homogenous/heterogeneous), Speciality (specific brands), Unsought c. Business/industrial products: Installations, Accessories, Raw materials, components, supplies, Professional services 3. The nature of services

d. What are Services?
e. How services differ from goods? Intangibility (physical cues), Inseparability, Variability, Perishability (instantaneous consumption – means forecasts demand must be accurate) f. Classification of services: Equipment based vs People based (skilled/un-skilled/prof.serv) 4. Marketing Issues for service organisations

g. Service orgs are market driven (PULL Strategy) rather than operations-lead (PUSH) h. Differences between marketing in physical product vs service industries i. External marketing, internal marketing, interactive marketing ii. E-Sat: C-sat : EBITDA/PAT

i. Critical factors in services marketing
iii. Differentiation: offer, delivery, brand
iv. Service quality: customer service training
v. Productivity:
5. Marketing implications for services – problems and solutions for four factors 6. Marketing for non-for-profit and public sector orgs: clients, funding bodies, & donors – non-financial, and break even 7. Why adopt a marketing orientation in public sector

j. International environment – public sector efficiency k. Social environment – public perceptions of public agencies l. Stakeholder ubiquitously organised – define who customers are and what they want 8. BRAND MANAGEMENT

m. What is a brand?
n. 5 levels of brand familiarity
o. Elements of brand management
vi. Essence and core values
vii. Positioning
viii. Name (distinctiveness, relevance, memorability, flexibility) ix. Architecture (branded house,sub-brands,endorsement,house of brands x. Design &...
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