MARK301 Study Guide - Winter 2018, Comprehensive Midterm Notes - Root Mean Square, Marketing Mix, Canada
12 Oct 2018
School
Department
Course
Professor
MARK301
MIDTERM EXAM
STUDY GUIDE
Fall 2018
Intro to Marketing
Different Marketing Strategies
the product strategy focuses on delivering value by creating a need-satisfying consumer good
•the product may also be a behaviour or attitude
the price strategy focuses on the monetary and non-monetary costs of your offering
the place strategy focuses on how you will make the offering available to your target consumers
the promotion strategy focuses on how you communicate with your target audience about the
offering and persuade them of its merits
What is Marketing?
not just advertising and promotions
it is a philosophy of doing business
marketing is set of processes for creating, communication, and delivering value to customers
managing customer relationships in ways that benefit the organization and its stakeholders
it is developed to meet customer needs and wants
The Marketing Process is an Exchange of Value
1. Understand the marketplace and customers needs and wants - what is the economy like,
what are the government regulations, outside forces that can affect spending habits in the
trading area
•research customers and the market place
2. Design a customer-driven marketing strategy - look at all the wants and needs of the
consumer, and pick the specific ones that are associated with a specific target market
•segmentation and targeting; decide on a value proposition
3. Construct a marketing program that delvers superior value - you deciding how your product
is going to be different from the other products available
•Four P’s and branding
4. Build profitable relationships and create customer delight - also build relationships with
partners, and other people in the supply chain, employees
•build relationships with consumers and partners
5. Capture value from customers to create profits and customer equity
find more resources at oneclass.com
find more resources at oneclass.com
•increase loyalty and market share
1. Understand the Marketplace and Customer Needs and Wants
Needs vs. Wants
needs occur when a person feels deprived of basic necessities
shaped by what is around them, ex. in some circumstances a college education can be a want
or a need
•physical - I’m hungry
•social - I’m lonely
•individual - I feel good about myself
wants are needs shaped by culture and individual personality
•jeans vs. a sari
•gelato vs. ice cream
•espresso vs. green tea
necessities of life need to be met before people can consider other benefits
outstanding companies pay attention to needs and wants
when backed by buying power, wants become demands
2. Design a Customer-Driven Marketing Strategy
if people have different wants and needs, how do we market to them?
Segmentation and Targeting
segmentation divides the market into groups of customer with varying needs and wants
•could be by gender, age, education, cultural background
targeting selects the right segments to nurture
how will you serve your target market?
why should I buy your brand rather than a competitors?
Value Proposition
the set of benefits or values its promises to deliver to consumers to satisfy their needs
the company must decide how it will differentiate and position itself in the marketplace
3. Construct a Marketing Program that Delivers Superior Value
tailor these strategies based on the customers needs and wants
consider the Four P’s, the different marketing strategies
4. Build Profitable Relationships and Create Customer Delight
Value and Satisfaction
if performance is higher than expectations, satisfaction is high; you outperformed - satisfaction
if performance is lower than expectations, satisfaction is low; you under performed -
dissatisfaction
5. Capture Value from Customers to Create Profits and Customer Equity
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Share of customers the share a company gets in the customer"s purchasing in their product category e. g. westjet wants all your travel purchases to be with them. Consumer/customer equity all the consumer or customer purchases, like lifetime value but all customers instead of one. Eras of marketing these management philosophies are still used today. Product concept similar to production with the difference that you are focusing on the quality, performance, and the innovation of the product not just affordable, but also a good quality product with longevity consumers like quality, performance, and innovation. Steps in strategic planning (new product) an iterative process - may need to go back and revise steps as you go on and learn more: background, objectives, and goals - mission statement, current environment, set objectives. The marketing mix (4 p"s) the set of controllable, tactical marketing tools that the rm blends to produce the response it wants in the target market.
