Final study.docx - Dan Brosseau Principles of Marketing Final Chapter 1 What is Marketing ● The process by which companies create value for customers

Final study.docx - Dan Brosseau Principles of Marketing...

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Dan Brosseau 10/8/18 Principles of Marketing: Final Chapter 1: What is Marketing? The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return What is the goal of Marketing Research Understanding the Marketplace and Customer Needs Marketing Myopia Focusing on the product rather than the customer needs market offering some combination of products, services, information, or experiences provided to consumers to satisfy a need or want. Marketing Management Orientations Production Focus on improving production and distribution efficiency (ex. Ford) Product Focus on continous product improvements (ex. Apple) Selling Aggressive techniques for overcoming customer resistance (ex. Tupperware) Marketing Focusing on satisfying consumer needs and wants better than competitors (ex. Disney) Societal Marketing Focus on satisfying consumer needs and wants while enhancing individual and societal well-being (ex. Breast Cancer Awareness products) STP and the 4 P’s Segmentation Identifying meaningful different groups of customers Targeting Selecting which segment(s) to serve Positioning
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Implementing chosen image and appeal to chosen segment 4 P’s Controllable variables that the company puts together to satisfy the target market Product Goods, services, ideas Price What buyer must give up to obtain product Most flexible, easily copied Place Product availability where and when consumers want them Promotion Goal to bring about exchanges with target market Dual goals of Marketing Attract new customers by producing superior value Keep and grow current customers by delighting them Mass marketing Vaguely aims at everyone with the same marketing mix Expectancy Disconfirmation model Customer satisfaction = perceptions - expectations Customer equity Combined customer lifetime values of all current and potential customers Chapter 2: Company and Marketing Strategy Company-wide strategic planning Developing and maintaining fit between company’s goals and the changing marketing environment and opportunities Strategic Business Unit (SBU) Basically a offspring company Structure Umbrella Everything is a part of one company (Ex. Google)
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Individual brand Like Coca-Cola products Business portfolio Collection of businesses and products that make up the company SWOT analysis Internal Strengths Weaknesses External Opportunities Threats Chapter 4: Managing Marketing Information to Gain Consumer Insights Marketing Research Process 1. Define research problem and set research objectives a. Exploratory - gain better understanding of situation. Qualitative b. Descriptive - define characteristics, estimate, predict. Quantitive c. Causal - to test cause and effect. Through experiments 2. Developing Marketing Reseach plan a. Primary - collected for the specific purpose b.
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  • Spring '19
  • Ryan Corser

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