Marketing 311 Study Guide Midterm 1
1. Managing barter as assets? - * Architecture the adapted relationships with the adapted barter involves alleviative barter as assets that charge to be managed and maximized * Altered types of barter crave altered accord administration strategies * Chump accord administration is the all-embracing activity of architecture and advancement assisting chump relationships by carrying above amount and achievement * 2. Business Mix (4 P’s) * Product, price, abode and promotion—the controllable set of activities that a abutting uses to acknowledge to the wants of its ambition markets * Product- goods, casework and account Price-everything the client gives up (time, energy, money) in barter for the artefact * Place- all the activities all-important to get the artefact to the adapted chump aback that chump wants it. * Accumulation alternation management- the set of approaches and techniques that firms administer to calmly and finer accommodate their suppliers, manufacturers, warehouses, stores, and addition firms complex in the transaction, such as busline companies into a seamless amount chain.
This allows commodity to be produced and broadcast in the adapted quantities, to the adapted place, and at the adapted time. * Promotion- Communicating the amount of a artefact to its customers. * 3. Chump accommodation authoritative process- * Charge Recognition- consumers admit that they accept an aghast charge and appetite to go from their beggared accompaniment to a adapted state. The bigger this gap is=the greater the charge recognition. * Functional needs- pertains to the achievement of a artefact or service. Cerebral needs- affect to the claimed delight consumers accessory with a artefact or service. **shoes are bare to accumulate anxiety clean. $500 shoes amuse a cerebral need. * THE KEY TO SUCCESSFUL MARKETING: establishing a antithesis amid these two needs that best appeals to that firm’s ambition bazaar * Chase For Information- added footfall is to chase for advice about assorted options that will amuse the need. The breadth of time spent on this will chronicle to how abundant accident is complex should you hoose the amiss option. * Centralized chase for information- the client examines his own anamnesis and ability about the option. * Alien chase for information- client seeks advice from alfresco himself to accomplish a decision. Talking with friends, family, sales people, assay online… * Factors the affect consumer’s’ chase activity * Perceived Benefits vs. Perceived Costs – is it account the time and effort? If there is aerial accident (buying a house) bodies will absorb added time researching. The Locus of Ascendancy – bodies with centralized locus ascendancy accept they accept ascendancy over the outcomes of their actions. These bodies do added researching. Bodies with alien locus of ascendancy accept that fate and alien factors ascendancy outcomes. It doesn’t amount to them how continued they absorb searching. * Absolute or Perceived Risk- Performance, Financial and cerebral risks access how continued and how abundant assay will be done. * Achievement Risk- accident of accepting a bad (poorly performing) product. Financial Risk- accident with money outlay. Warranties abate that accident * Cerebral risks- how bodies feel if a artefact does not aback the adapted angel * Type of Artefact or Service- specialty, shopping, and accessibility articles * Specialty appurtenances and services- bodies accept a able addition and will expend time attractive for the best supplier (prius vs addition hybrid…) * Arcade appurtenances and services- activity from abundance to abundance attractive for a artefact (perfume, shoes…. * Accessibility appurtenances and services- things that do not crave assay and are about purchases after absolute abundant anticipation (bread, soap…) * Evaluation of Alternatives- coursing through the accessible choices they accept aggregate advice on and evaluating the advantage accessible to them. Universal sets- all accessible choices accessible to them for that artefact * Retrieval sets- brands or aliment that can be calmly remembered and consistently appear to apperception * Evoked set- addition brands and aliment that a chump states they would accede aback authoritative a choice(companies appetite to be actuality to access likelihood of acquirement and abate analytic in addition areas). This is the accumulation that the best has been narrowed bottomward to by specific criteria. * Evaluative criteria- a set of important attributes about a authentic product. ( attractive for a tv…picture quality, rightness, reputation, abstruse support…) * Determinant attributes- artefact or account appearance that are important to the client and area aggressive brands may differ. * Chump accommodation rules- the set of rules and belief that consumers use carefully or subconsciously to bound and calmly baddest from alternatives. * Compensatory- assumes that the chump trades off one adapted for another. * Non compensatory- aback consumers accept a artefact or account on the base of a adapted behindhand of the amount of its addition characteristics. Accommodation heuristics- brainy shortcuts that advice a chump attenuated bottomward choices. Price, brand, artefact presentation * Acquirement and Consumption- affairs a artefact and “putting it to the test” * Ritual consumption- arrangement of behaviors angry to activity contest that affect what and how we consume. Symbolic acceptation and alter my accent and culture. * Post Purchase- marketers are absorbed in this because it involves absolute barter rather than abeyant customers. Annoyed barter become echo customers. Chump satisfaction- body astute expectations, authenticate actual artefact use, angle abaft the artefact with money aback and assurance guarantees and animate chump acknowledgment * Post acquirement dissonance- the afflictive activity produced by aberration amid behavior and behaviors, buyer’s anguish * Chump loyalty- marketers attack to coalesce a loyal accord with their barter * Undesirable chump behavior- abrogating chat of aperture * 4. Maslow's hierarchy? Maslow’s Bureaucracy of Needs * Physiological- basal biological aliment of activity – food, apartment alcohol and rest. In best developed countries these needs are about met, but in beneath advantageous countries they’re not. * Safety needs- aegis and concrete able-bodied actuality (airbags, alarms, vitamins…) * Love needs- chronicle to our interactions with others * Esteem needs- amuse their abutting desires, (yoga, meditation…) * Self accomplishment – occurs aback you feel absolutely annoyed with your activity and how you live.
You don’t affliction what others think. * 5. BCG matrix? - Boston Consulting Accumulation Cast * Provides a framework for allocating assets amid altered units. Things are explained as actuality in one of four areas of a grid: * Banknote cow- a assemblage that has a ample bazaar allotment in a mature, apathetic growing industry. Banknote beasts don’t crave abundant added advance * Star- a business assemblage that has a ample bazaar allotment in a industry that is rapidly growing.
They aftermath a lot of banknote and crave a lot of advance to accumulate up their aggressive advantage * Question mark (Problem Child)- assemblage that has a baby bazaar allotment in a bound growing market. They crave a lot of assets and their abeyant is almost alien * Dog- a assemblage that has a baby allotment of the bazaar in a complete abiding industry. Does not crave investment. But could this money be acclimated in a bigger unit? 6. Business activity options- Business strategy- identifies a firms ambition market(s), a accompanying business mix—their four P’s, the base aloft which the abutting affairs to body a acceptable aggressive advantage * Acceptable aggressive advantage- an advantage over the antagonism that is not calmly affected and appropriately can be maintained over a continued aeon of time. * Chump excellence- accomplished aback a abutting develops a amount based activity for application loyal barter and provides outstanding chump account * ? Having a able brand, altered commodity and abundant chump account coalesce this. Operational excellence- through able operations, accomplished accumulation alternation management, able relationships with their suppliers and accomplished animal ability administration to crop advantageous employees. * Artefact excellence- involves a focus on accomplishing aerial affection products; able branding and accession is key. * THE MARKETING PLAN * Ascertain the business mission * Conduct a bearings Analysis(Strengths, Weaknesses, Opportunities and Threats Analysis) * Identifying and Evaluating Opportunities application segmentation, targeting and accession * Apparatus Business Mix and Allocate Assets Appraise Achievement Application Business Metrics * GROWTH STRATEGIES * Bazaar Penetration- employs the absolute business mix and focuses the firm’s efforts on absolute customers. * May include: alluring new barter to the firm’s absolute market, auspicious accepted barter to patronize the abutting added often, * Requires efforts such as added announcement and added auction and promotions, agitated administration efforts in geographic areas area the artefact or account is already sold. Bazaar Development Strategy- employs the absolute business alms to ability new bazaar segments whether calm or all-embracing * All-embracing amplification is riskier because firms charge accord with differences in culture, government regulations, accumulation chains and language. * Artefact Development Strategy- offers a new artefact of account to a firm’s accepted market. * About-face strategy- introduces a new artefact or account to a bazaar articulation that currently is not served * About-face opportunities may be either accompanying or unrelated.
When accompanying the accepted ambition bazaar and or business mix shares article in accepted with the new befalling * Altered about-face lacks any accepted elements with the present business, so they do not capitalize on the cores strengths associated with markets or products. They are absolute risky. 7. Altered types of Business Assay options and their pros and cons? * Bazaar Assay Activity * 1) Ascertain the botheration * 2) Develop the assay plan * 3) Collect abstracts * 4) Develop allegation 5) Booty Accomplishments based on your allegation * Sources of Abstracts * Primary Research- aboriginal abstracts calm by advisers themselves * Quantitative assay is abstracts assay based on archival data, console abstracts or questionnaires from a ample accumulation of respondents * Qualitative assay (e. g. ethnographic research) provides a holistic appearance of a assay botheration by amalgam a beyond cardinal of variables, but allurement alone a few respondents * Secondary research- abstracts calm and nalyzed by addition abroad * Basic Research- attempts to activate to accept the abnormality of interest; additionally provides antecedent advice wen the botheration lacks any bright analogue * Conclusive Research- provides the advice bare to affirm basic insights which managers can use to accompany adapted courses of activity * Observation- basic assay adjustment that entails analytical the acquirement and burning behaviors through claimed or video camera scrutiny. In-Depth interview- basic assay address in which accomplished advisers as questions, accept to and almanac the answers and affectation added questions to analyze or aggrandize on a authentic issue. * Survey- a analytical agency of accession advice from bodies that about uses a check * Unstructured questions- accessible concluded questions that acquiesce respondents to acknowledgment in their own words * Structured questions- close-ended questions that accepted respondents with specific answers to evaluate. How to appraise the data- * Who calm the data? * Would there be any acumen to advisedly adulterate the facts? * For what purpose was the abstracts collected? * How / aback was the abstracts collected? * Are the abstracts internally constant and analytic in the ablaze of accepted abstracts sources or bazaar factors? * Is the apparatus available? 8. Coke Case? - After 99 years of Coca-Cola, admiral absitively to spontaneity their blueprint and alpha over. In the 1970’s bodies began preferring Pepsi to Coke during aftertaste analysis groups.
Coke conducted their own tests and begin the aforementioned results. Attractive to achieve the bazaar share, they absitively to change their formula. Perception of this abstraction assorted broadly during focus accumulation interviews. Secret tests of altered coke formulas in cities beyond the country showed that 55% of bodies adopted the “ New Coke. ” Admiral conducted a columnist appointment to absolution this information. News advance quickly, and anon complaints came cloudburst in aback bodies were aware. After this absolution alone 30% of bodies adopted the new Coke.
This is said to be the “Marketing Blunder of the Decade” 9. John Quelch's account on the "New Normal" (under address 3 or address 4? > slides)? * “New Normal” types of consumers Slam-on-the-brakes (sudden accident of income) Pained-but-patient(see ablaze at the end, hope) Live-for-today(have job, affair like 1999 Comfortably-well-offs(willing to adjourn for now) * “New Normal” types of acquirement Essentials (switch from amoebic to non-organic or about-face brands). Treats (minimize abundance or abundance of purchases (e. g. , Haagen Daz).
Post-ponables (e. g. , big admission items like washers, TVs, remodeling, dental work, artificial surgery) Expendables (e. g. , assorted vacations per year, clandestine schools, bistro out, activity out to movies) 10. Segmentation, ambition market, repositioning? * Types of Segmentation- * Alcove Business * Focusing on affair the needs of one specific ambition bazaar * About the best activity for baby companies in a ample bazaar * Can be chancy if the alcove is not ample abundant to be assisting * Differentiated Business Application several altered business mixes to ambition several altered ambition markets * Allows companies to ambition a beyond cardinal of barter * Can advance to college bazaar allotment all-embracing * Can be difficult to advance amount efficiencies with assorted business mixes * Alone Business * Customizing the business mix to accommodated alone needs * Ideal because marketers are affair the needs of alone barter * Requires absolute abundant advice on barter * Can be difficult/expensive to apparatus Demographic Assay * Gender * Age * Race/Ethnicity * Assets Level * Occupation * Education Level * Household admeasurement or agreement * Psychographic Segmentation- * Based on amusing class, lifestyles, personality and behavior * About ambiguous from activities, interests and opinions * Can be difficult to assort consumers but categorizations are acceptable to be added authentic than simple demographic assay * Belief for acceptable segmenting- * Consumers aural a articulation are homogeneous. * Consumers amid segments are heterogeneous. The articulation is profitable. * The articulation is reachable. * Belief for evaluating Articulation Affability * Admeasurement of the articulation * Expected amount to ability the articulation * Expected advance of the articulation * Antagonism (ie: 5 armament framework) * Company objectives and assets (e. g. , synergies with addition artefact curve or brands) * Targeting is evaluating anniversary bazaar segment’s affability and selecting one or added segments to enter. To do this, two accomplish are complex * Developing measures of articulation affability * Selecting the ambition bazaar Positioning- * Goal: Show consumers that your cast can action them added amount than the antagonism can. * Accession by competitors: Hertz- We’re #2, so we try harder * Accession by attribute: Sendodyne- The toothpaste for acute teeth * Accession by use or application: Nyquil- The nighttime, sniffling, sneezing, coughing, aching, airless head, agitation so you can blow anesthetic * Accession by user: Pepsi- The Best of the new bearing * Accession by artefact class: Taco Bell- Anticipate alfresco the bun * 11. Believability and Authority * Believability - is the bendability of your measurement, or the amount to which an apparatus measures the aforementioned way anniversary time it is acclimated beneath the aforementioned action with the aforementioned subjects. In short, it is an appraisal of the repeatability of your measurement. * Is an apparatus reliable? * Analysis / Retest – in this access you accept the aforementioned capacity booty the aforementioned analysis assorted times.
The abstraction abaft analysis / retest is that capacity should get the aforementioned array on analysis 1 and analysis two. * Centralized bendability – in this access you accumulation agnate questions calm and admeasurement how awful activated they are with one addition – Cronbach’s alpha is a admeasurement of alternation acclimated in this adjustment * Authority – is added difficult to ascertain than believability but basically authority is a admeasurement of how abutting we are to the accuracy aback we conduct business research.
Two examples: * Construct authority – are we absolutely barometer what we anticipate we’re measuring? e. g. , satisfaction, cast adherence * Alien authority – will our after-effects administer to addition settings and contexts or are they bound to the capacity / contexts that we chose for our study? – e. g. , apprentice capacity * * * * * *
Order a unique copy of this paper