Free Sample: Marketing Management Review paper example for writing essay

Marketing Management Review - Essay Example

Environment, actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships. Micro, actors close to the company that affects the ability to serve customers (company, suppliers, marketing Intermediaries, customer markets, competitors, public) Macro, larger societal forces that affect the micromanagement, demographic, economics, natural, technological, political, cultural forces) understand a firm’s growth strategies: market development strategy, product development strategies, diversification, and market penetration strategy.

Market development, a strategy for company growth by identifying and developing new racket segments for current company products. Product development, ; offering modified or new products to current markets. Diversification, through starting up or acquiring businesses outside the company’s current products and markets. Market penetration, ; Increasing sales of current products to current market segments without changing the product. Understand the methods to achieve competitive advantage: differentiation, cost leadership, diversification.

Differentiation, differentiating the market offering to create superior customer value. What Is marketing mix? (ups) understand each one of them. Marketing MIX. He set of controllable tactical marketing tools (product. Price, place. And promotion) Product, good and services combination the company offers to the market. Price, amount of money customers must pay to obtain the product. Place, activities that make the product available to target customers. Promotion, activities that communicate the merits of the product and persuade target customers to buy it. Understand that the customer orientation Is the focus of today’s firms and organizations, and long-term relationship will bring firms and organizations more profits and more satisfaction to customers. Customer orientation, and relationship, OF 7 delivering superior customer value and satisfaction. Understand BCC box. Chi. Marketing Research What is marketing research? Marketing Research, systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Marketing research helps marketers to better adapt the products according to consumers’ need, better segment markets, and more efficiently communicate with consumers. Steps of marketing research starts from the purpose of the research. What are those purposes? Defining the problem and research objectives. Exploratory, research to ether preliminary information that will define problems and suggest hypothesis. Descriptive, describe marketing problems, situations. Causal, research to test hypothesis about cause- and – effect relationships. What is quantitative research and qualitative research?

Qualitative Research, aimed at gaining a deep understanding of a specific organization or event. Quantitative: is to develop and employ mathematical models, authorities/or hypotheses pertaining to phenomena. What is primary data and what is secondary data? Understand advantage and disadvantage of primary and secondary data Primary data, collected for the specific repose at hand. Secondary data, info that already exists somewhere, having been collected for another purpose. Sometimes secondary data is inefficient Understand survey, interview, focus groups, experimental, and observational research.

Their advantages and disadvantages. Observational Research, gathering primary data by observing relevant people, actions and situations. Survey, gathering primary data by asking people questions about their knowledge, attitudes, and preferences. Experimental, by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking differences in ropes responses. Focus group Interviewing, interview that involves inviting 6 to 10 people, gathered to talk about a product, service, or organization. Chub.

CB What is culture and what is subculture? Culture – One of the most basic influences on an individual’s needs Cultural values are transmitted through three basic organizations (cultural agents) Family Educational institutions Subcultures – Exist when people have more frequent interactions than with the population at large and thus tend to think and act alike in some respects Age subcultures (teen, generation X, Y, baby boomer, senior) Ethnic subcultures: Hispanic, Africa American, Asian What are cultural agents, ‘e. Organizations that cultural values are transmitted.

Cultural values are transmitted through three basic organizations (cultural agents) Family Religious organizations Understand the indicators of social class. What is the best single indicator? Social class, relative permanent and ordered divisions in a society whose members share similar values, interests and behaviors. The best indicator income. Understand American’s social class. Be able to identify the different characteristics of each social class. Upper class (1%), social elite who live on inherited wealth they give rage sums to charity, own more than one home, expensive homes, educations, and cars.

Upper Middle class (12%), professionals, independent businessperson, and corporate managers. Believe in education. Middle class (32%), average pay white and blue-collar workers. Buy popular products and keep up with trends. Working Class (38%) lead whatever their income, school background, or Job. Depend heavily on relatives for economic and emotional support. Up lower class (9%) the working poor, just above poverty, often lack of education, poorly paid for unskilled work. Low lowers (7%), visibly poor, often poorly educated unskilled laborers. Often depend of public assistance. (day to day existence) .

Understand consumers’ different kinds of needs. Self-actualization: self-development and actualization Esteem needs: recognition, and status Social Needs: sense of belonging, love Safety needs: security, protection Physiological needs: hunger, thirst Understand the factors that affects consumer behavior. (social influence, situational influence, marketing influence, psychological influence) Social Influence: Society relatively permanent and ordered divisions whose members share similar values, interests, and behaviors. Measured by a combination of occupation, income, education, wealth, and other variables.

Occupation, Education, and income (Income is a) b) c) d) e) f) Area of residence Possessions Family background Social interactions Inherited status (derived from parents at birth) Earned status (acquired from personal achievements) Situational Influence: Physical features – Most readily apparent features of a situation (e. G. , queue, store environment) Personal circumstances (e. G. , age) Time – imagine the last minute gifts situation. Task features – Include intent or requirement to select, shop for, or obtain information about a purchase (gift to a friend or a boss? Current conditions – e. G. DOD Marketing Influence: Product influences – marketers differentiate their products from their competitors and create perception of a worthwhile product purchase Price Influence – Today’s value-conscious consumers may buy products more on the basis of price than other attributes (internet helps consumer to compare prices) Promotion Influence – Marketing communications plays a critical role in informing consumers about products and services Place influences (brick and click, monster methods) Psychological Influence: Product knowledge – Refers to the amount of information a consumer has stored in is or her memory about a product (internal knowledge) Product involvement – A consumer’s perception of the importance or personal relevance of an item (imagine your involvement of purchasing a car and purchasing a breakfast) What are consumer heuristic cues? Examples include high price indication and country of origin. Mental Shortcut What are the sources of information: internal, external, and experiential sources.

Internal: Internal sources – Experience with, and stored information about products External: Group sources – Communication from other people Marketing sources – Advertising, salespeople, dealers, packaging and displays Public resources – Publicity from article, independent ratings Experiential sources – Handling, examining and perhaps trying the actual product What is reference group? Primary reference groups – Include family and close friends Secondary reference groups – Include fraternal and professional organizations (opinion leader, online social networks) Family constitutes an important reference group his or her memory about a product (internal knowledge) Understand low-involvement and high-involvement products (Imagine your involvement of purchasing a car and purchasing a breakfast). Understand three levels of decision making: limited, Routine. Extensive. (UP#27) Chi. Business, government purchases What BOB? B, or business-to-business, is a type of commerce transaction that is based on the exchange of products and services from business to business, rather than business to consumer. A typical supply chain often involves multiple BOB transactions, as companies need to purchase components and raw materials for its manufacturing processes. What is an intermediaries? What are the other names they are called? Marketing intermediaries, also known as middlemen or distribution intermediaries, are an important part of the product distribution channel. Intermediaries are individuals or businesses that make it possible for the product to make it from the manufacturer to the end user, essentially facilitating the sales process.

According to Business Dictionary, the four basic types of marketing intermediaries are agents, wholesalers, distributors and retailers. Understand three types of purchase involves reordering from the same suppliers. New Buy: A situation requiring the purchase of a product for the first time. Modify Rebury: A situation where the purchaser wants some change in the original good or service. Straight Rebury: A situation in which the researchers reorders the same goods or services without looking for new information or investigating other suppliers. Compared to consumer markets, greater emphasis is on personal selling in the market of organizational buyers. Understand why the postprocessor evaluation of a vendor and of the product is necessary.

The theory of cognitive dissonance states that when a person is confronted with inconsistencies among attitudes and behaviors, he or she will take some action to resolve this “dissonance,” perhaps by changing an attitude or modifying a behavior. Chi. Segmentation Understand STEP. (segmentation, target, and positioning). Segmentation: A segment is a group of customers who share certain relevant characteristics and respond in a similar way to a give set of marketing efforts. Segmentation involves finding out what kinds of consumers with different needs generally depend on several factors. First, how well are existing segments served by other manufacturers?

It will be more difficult to appeal too segment that is already well served than to one whose needs are not currently being served well. Secondly, how large is the segment, and how can we expect it to grow? Thirdly, do we have strengths as a company that will help us appeal particularly to one group of nonusers? Positioning involves implementing our targeting. Positioning can be achieved through any one of these strategies: Superiority to competitive products on one or more product attributes (e. G. , Volvo for safety, Bose for quality) Positioned in terms of particular types of users (e. G. , through celebrity endorsers) Positioned relative to a product class.

Positioned directly against particular competitors (Netters vs.. AOL, AT vs.. Cable) What is a marketable segment? A market segment-?a group of customers who share a similar set of needs and wants (Homogeneous preferences) What is a target market? A target market is a group of customers towards which a business has decided to aim its marketing efforts and ultimately its merchandise. A well-defined target market is the first element to a marketing strategy. The marketing mix variables of product, place (distribution), promotion and price are the four elements of a marketing mix strategy that determine the success of a product in the marketplace.