2200 exam paper and plans

2200 exam paper and plans - Chapter 1 What is marketing...

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Unformatted text preview: Chapter 1 What is marketing? What is marketing? Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships. Value: Benefit a customer receives from a good or service in relation to costs. Need: recognition of any difference between a consumer’s actual state and some ideal or desired state. Exchange Relationships: occurs when something is obtained for something else in return, like cash for goods or services Value from the Customer’s Perspective Value proposition includes the whole bundle of benefits the firm promises to deliver, not just the benefits of the product itself Marketing Mix Decisions Product • Tangible good, service, or idea • Satisfies consumer or business needs • Features, functions, benefits, and uses Price • Seller’s assignment of value to a product Place • Availability of product to the customer, at the desired time and location • Channels of distribution Promotion • Communication efforts by a marketer to influence consumers or organizations about goods, services, or ideas Chapter 2 Making strategic marketing decisions The Marketing Planning Process Market Plan: A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy. Marketing as a Decision-Making Process Step 1: Business Objectives • What the firm hopes to accomplish with the long-range business plan • Need to be specific, measurable, and attainable • May relate to sales, profitability, standing in market, return on investment, productivity, product development, customer satisfaction, and social responsibility Step 2: Environmental (Situational) Analysis • Uncontrollable elements of an organization • Factors include Political or Legal Economic Social or Cultural Technological Other: Consumer / Industry / Competitive Internal Environment • Controllable elements inside an organization • Factors include Current strategy — is it working? How effective is the current marketing mix? Financial performance People Facilities The organization: Structure Culture Systems SWOT Analysis • Assessment of external and internal environments. • Often done through a SWOT Analysis: S trengths (internal) W eaknesses (internal) O pportunities (external) T hreats (external) Utilizing SWOT to Develop Strategy Alternatives (the picture is on next page) Step 3:Marketing Strategy: Specify the Value • Marketing Objectives may relate to Sales Growth Improvements in product New brands New markets Competitive advantage: The ability of a firm to outperform the competition, providing customers with a benefit the competition cannot. The Marketing of Value Marketing communicates the value proposition: a marketplace offering that fairly and accurately sums up the value that the customer will realize if he/she purchases the product/service...
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This note was uploaded on 02/07/2011 for the course ADMS 2200 taught by Professor Lao during the Spring '10 term at York University.

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2200 exam paper and plans - Chapter 1 What is marketing...

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