Midterm review
Midterm: what you need to know • Everything we’ve covered thus far (chapters 1 -10, lectures, discussions, cases) may appear on the exam • The only item that will not be covered on the midterm is chapter 8 (Global Marketing) • The exam is open book and notes • You need to be on Zoom (lecture time link) at your chosen timeslot in order to do the exam • 40 mins, 50 multiple choice question mostly about situations (book and notes are not going to be useful if you did not understand the concepts we covered in class) 2
Marketing Definition (CH 1) American Marketing Association (AMA) – Definition of ‘Marketing’ is : the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. 3
What is Marketing? (CH 1) Helps create value Is about Affects satisfying many consumer needs entities Marketing Entails an Performed both by exchange individuals and organizations Requires 4p’s : Product, Price, Place, Promotion 4
Marketing Requires Product, Price, Place, and Promotion Decisions (CH 1) Marketing Mix PRODUCT PRICE PLACE PROMOTION 5
B2B, B2C, and C2C (CH 1) Marketing is performed both by individuals and organizations Retailer (Sells PCs & Consumer B monitors) B2C B2B C2C Manufacturer Consumer A (Makes monitors) 6
Marketing strategy (CH 2) A marketing strategy: 1. Identifies a firm’s target markets 2. Identifies a related marketing mix (4 Ps) 3. Identifies bases on which to build a sustainable competitive advantage 7
Marketing strategy (CH 2) A marketing strategy: 1. Identifies a firm’s target markets 2. Identifies a related marketing mix (4 Ps) 3. Identifies bases on which to build a sustainable competitive advantage Advantage over the competition that cannot be easily copied 8
Marketing strategy (CH 2) Advantage over the competition that cannot be easily copied CRMs Customer Provide what excellence customers want, when they want, and at the right price Locational Customer Operational excellence excellence value Product Data excellence analytics High-perceived value 9
Marketing Plan (CH 2) Step 1 : Business mission & objectives Planning Phase Step 2 : Situation analysis SWOT Step 3 : Identify opportunities Segmentation Targeting Positioning Marketing Implementation strategy Phase Step 4: Implement marketing mix Product Price Place Promotion Step 5: Evaluate Control performance Phase using marketing metrics 10
Growth Strategies (CH 2) 11
Growth Strategies (CH 2) (Sales, promotions, ads) Netflix Iphone 5C Zipcar university (Highest risk) 12
Social Media Marketing Campaign (CH 3) Identify Identify Campaign: Monitor & Allocate strategies target Experiment change budget and goals audience and engage Functions of social media marketing: 1. Engage 2. Experience 3. Listen 13
Marketing Ethics (CH 4) • Firms must decide what is more important, e.g., – Profit vs user privacy – Environment vs increase production – Deceptive advertising vs real promotion Research can help find alternative solutions! • Find better ways to analyze data • Create products using less resources • Nike: https://www.youtube.com/watch?v=D2t6yc1t9KY 14
Ethical Decision Making (CH 4) A Framework for Ethical Decision Making Critical in all situations that involve ethical decision making!! Particularly in high-stress, high-pressure situations!! 15
The big picture (CH 5) Competition Marketing analysis Corporate (understanding Company CONSUMERS partners your business) Segment Targeting Positioning Creating value Place Promotion Product Capturing Price value Customer retention Customer acquisition PROFIT 16
The big picture (CH 5) SWOT Competition Marketing Immediate analysis environment Corporate (understanding CONSUMERS Company partners your business) Macroenvironmental factors Culture, demographics, social trends, tech. advances, economic situation, political/regulatory situation 17
Macroenvironmental factors: Demographics (CH 5) Provides an easily understood snapshot of the typical consumer in a specific target market How do these generations differ? 18
Consumer decision process (CH 6) You must understand how this process works in your specific industry … 19
Consumer decision process (CH 6) You must understand how this process works in your specific industry … Step 1: Functional vs Psychological needs Step 2: Internal vs external, benefits vs costs Step 3: Consumer decision rules Attribute sets (universal, retrieval, considered) • Determinant attributes • Step 4: Conversion rate / why not purchase? Step 5: Listen and fix problems if any 20
2. Search for information Factors affecting search processes Perceived Perceived costs benefits (not just price!) 21
Factors Influencing the Consumer Decision Process (CH 6) • Product • Motives • Price • Attitudes • Place • Perceptions • Promotion • Learning • Lifestyle Marketing Psychological mix factors Consumer Decision Process Social Situational factors factors • Family • Purchase situation • Reference groups • Shopping situation • Culture • Temporal state 22
B2B Marketing B2B Marketing : The process of buying and selling goods or services to be used in the production of other goods and services, for consumption by the buying organization, or for resale by wholesalers and retailers to consumers. The distinction between B2B and B2C is NOT the product or service itself BUT the ultimate use of the product or service 23
B2B vs B2C (CH 7) 24
B2B Markets (CH 7) Resellers Manufacturers B2B Institutions and Markets Service Providers Government 25
STP Process (CH 9) 26
STP Process (CH 9) Step 1: Segmentation strategy must be consistent with firm objectives Step 2: Segmentation methods: geo/demo/psycho/benefits/behavioral Step 3: Segment attractiveness: substantial/reachable/etc. Step 4: Undiff/diff/concentrated/micro Step 5: Unique value proposition 27
Step 2: Segmentation Methods Segmentation Method Sample Segments Continent: North America, Asia, Europe, Africa. Within the United States: Pacific, mountain, central, south, mid- Geographic Atlantic, northeast Demographic Age, gender, income Psychographic Lifestyle, self-concept, self-values Benefits Convenience, economy, prestige Behavioral Occasion, loyalty 28
STP Process (CH 9) There are several targeting strategies Several segments Mass market Targets are small several offerings One market all effort (consumers groups/individuals (lower risks) are all equal) Undifferentiated Concentrated Differentiated Micromarketing Targeting broadly Targeting narrowly 29
STP Process (CH 9) What sets your product or service apart from the others (unique value proposition)? You already offer what they offer, but your company takes it to the next level! Positioning methods: Value - e.g., relationship price-quality • Salient attributes (that are most important to the target • market) Competition - some firms choose to position themselves • against the competition Symbol – well-known symbols can be used as a • positioning tool 30
Marketing Research DATA Decision Collecting Analyzing Interpreting Making 31
The Marketing Research Process (CH 10) 32
The Marketing Research Process (CH 10) Step 1: What are you trying to accomplish Step 2: Type of data/research Step 3: Survey/experiments/scrape Step 4: Datamining/ML/Deep learning Step 5: Summary + short presentation 33
Step 2: Designing the Research (CH 10) Type of data • Qualitative • Quantitative Type of research • Over time Panel data : repeated observations of the same individual over time • One instance Cross-sectional data • The age of your car (Quantitative). • The number of files on your PC (Quantitative). • The softness of a cat (Qualitative). • The color of the sky (Qualitative). • The number of pennies in your pocket (Quantitative). 34
Secondary Data – A Closer Look at Some Examples (CH 10) Syndicated data are data available for a fee Syndicated from commercial research firms such as Information Resources Inc. (IRI), National Data Purchase Diary Panel (now NPD Group), and Nielsen. Scanner data is a type of quantitative data Scanner Data obtained from scanner readings of UPC codes at check-out counters ( receipts ). https://www.npd.com/wps/portal/npd/us/home/ http://www.iriworldwide.com/ http://www.nielsen.com/us/en.html 35
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