Marketing 101

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BUAD 307: Marketing Ultimate Study Guide

Marketing Overview
* Marketing and Delivering Value
* One can create value for Customers, Clients, Partners, and Society * Value is defined as: Value = Benefits Received/ Cost * Value Co-Creation: When customers are given the opportunity to help create the product or service. Customized M&Ms, Custom Nike shoes, etc. * Benefits Include:

* Convenience (In usage and in delivery)
* Reliability
* Durability
* Performance
* Prestige
* Costs Include:
* Money
* Time
* Risks
* For a transaction to take place, the benefits received must be greater than costs. * A higher priced product may be a good value to a customer even if the high price is paid, AS LONG AS the perceived benefits are higher than the price. The same can be said for lower prices. * Customer segments differ in what they find valuable. * To have a better value orientation, firms may:

* Share information within the firm
* Balance costs and benefits better
* Have relationship with customers rather than “One shot” transactions * Types of Organizations that Use Marketing
* B2B: Businesses selling to other businesses (Manufacturers) * B2C: Businesses selling to other consumers (Retailers) * C2C: Consumers selling to other comsumers
* Consumer Value (Different Types)
* Form Utility: A product is made available to a consumer in a form that is more useful than the products it is made of. * Place Utility: A product is made available to a customer at a more useful place, or multiple places. * Time Utility: The product is made available when the consumer needs it * Possession Utility: A person can go to a store and buy multiple things without making multiple trips. * Scope of Marketing

MARKETING
ACTIVITY
PROCESSES
INSTITUTIONS
CREATION
COMMUNICATION
DELIVERY
EXCHANGE
OFFERINGS
VALUE
CUSTOMERS
CLIENTS
PARTNERS
SOCIETY
MARKETING
ACTIVITY
PROCESSES
INSTITUTIONS
CREATION
COMMUNICATION
DELIVERY
EXCHANGE
OFFERINGS
VALUE
CUSTOMERS
CLIENTS
PARTNERS
SOCIETY

* “Scarf of the Tiger”
* To be more relatable to others and be associated with the brand * Friendliness lack of teeth and claws
* Reinforces ideas of health and strength
* Red, white, and blue Americanized
Strategy
* Strategy- Purpose and Definition
* Identify a firm’s target market
* Identify a firm’s target mix (Product, Price, Place, Promotion) * Identify a firm’s plans to build a sustainable competitive advantage * Counterintuitive Realities
* A product should not appeal to a majority of customers. Rather, it should appeal to & serve one segment well. * Large segments aren’t the most attractive to serve, they attract the most competition * It is not a good idea to closely imitate successful competitors * If a competitor lowers its price the best response may be to RAISE the price, or else a price war will ensue. * Strategic Objectives (Examples)

* Brand recognition
* Profit level
* Profit growth
* Growth in unit sales, dollar sales, revenue
* Increased brand perception
* Value, quality, innovativeness, reliability
* Product availability

* Market Balance
* Different firms should attempt to offer different forms of value to different segments, or else competition will degenerate into price competition. One firm concentrates on performance, another concentrates on low price, etc. * Sustainable Competitive Advantage

* Building a wall about your position in the market
* Key to long term financial performance
* Macro- Strategies for customer value
* Customer Excellence: Focusing on retaining loyal customers and excellent customer service. *...
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