MMK277 Marketing Management Summary Notes
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1 MMK277 Marketing Management Summary Notes Topic 1: Definitions: Marketing: [p. 4 ]. The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Needs: [p. 6 ]. States of felt deprivation. -Needs can by physical, social or individual needs. Wants: [p 6 ]. The form human needs take as shaped by culture and individual personality. Demands: [p. 6 ]. Human wants that are backed up by buying power. -Given their wants and resources, people demand products with the benefits that add up to the most satisfaction. Marketing management: [p. 10]. The art and science of choosing target markets and building profitable relationships with them. Demarketing: [p. 10]. Marketing in which the task is to temporarily or permanently reduce demand. Unwholesome demand: [p. 11]. Is when unwholesome products attract an organised effort to discourage their consumption. The marketing task is to get people who like something to give it up. Such tools include fear messages, price hikes, etc. Customer relationship management: [p. 19]. The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
2 Customer perceived value: [p. 19]. The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers. Customer satisfaction: [p. 19]. The extent to which a product's perceived performance matches a buyer's expectations Not-for-profit marketing: [p. 27]. Marketing as practiced by a variety of organisations whose aim is to make surpluses so as to continue their operations, but who do not seek to make profits for shareholders. Sustainable marketing: [p. 17]. Socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. Conceptual Understanding: What is marketing? Simply put, marketing is the process of building profitable customer relationships by creating value for customers and capturing value in return. Write down what you (as a consumer) consider are three effective marketing campaigns. Why do you think they were successful? 1. Iphone: Camera, gaming, siri 2. Carlton draft beer: 'it's a big add' 3. Coles: down, down, prices are down *These campaigns were successful because they considered the needs, wants and demands of customers. That is they marketed the benefits and experiences produced by the products. Rather than the mistake of paying more attention to the products themselves. Do you believe that customers are becoming more demanding? Customers have become increasingly more demanding due to having gained exposure from the internet and other media forms of how important they are to an organisation and what benefits they can receive in return (also due to array of many goods to choose from). If organisations focus their time and effort to customers that are too demanding they may lose lots of time and money. This time and money could have been put to better use by strengthening relationships with customers who have a strong fit between their needs and the organisations needs. Distinguish between market orientation and marketing orientation. Market orientation: Is a chosen philosophy that is to guide marketing efforts. Marketing orientation: Concept that holds that achieving organisation goals depends on determining the wants and needs of target markets and delivering satisfaction more effectively and efficiently than
3 competitors. Explain the difference between a societal concept and societal well-being. Provide examples. Societal marketing concept: The idea a company's marketing decisions should consider consumer wants, the company's requirements, consumer's long run interests and society's long run interests. EG. Johnson & Johnson stresses honesty, integrity and putting people before profits. Societal well-being: Means to consider human welfare when marketing decisions. Journal Article Discussion: According to Theodore Levitt (1960), companies must avoid the fate of the many industries he mentions. What specifically does he counsel? Levitt, T. (1960), Marketing Myopia. Harvard Business Review, 38(4), The article suggests that if there is no demand for the product people are not going to buy it!! -Need to concentrate on the needs of the consumer before producing the product. Should not overemphasize production or the product itself. Hot Topic: AEG's Kimberly Kriss on putting the science back into marketing: We need to bring the science back into marketing. This is because people are now viewing marketing as more of an art than science. This means the modern marketer should try to represent key understanding who their consumers are, what their behaviours are, and what their preferences are, and what channels they are using (eg. twitter, Facebook). We need to scientifically analyse and use new social media channels to organise an appropriate marketing strategy in response. The key is to understand which channels customers are using, on what devices, and at what times during the day. Topic 2: Definitions: Strategic planning: [p. 44]. The process of developing and maintaining a strategic fit between the organisation's goals and capabilities and its changing marketing opportunities. Mission statement: [p. 45 ]. A statement of the organisation's purpose - what it wants to accomplish in the larger environment. Growth-share matrix: [p. 49].
4 A portfolio-planning method that evaluates a company's strategic business units (SBUs) in terms of its market growth rate and relative market share. SBUs are classified as stars, cash cows, question marks, or dogs. Product/market expansion grid: [p. 51 ]. A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development or diversification. Value delivery network: [p. 53]. The network made up of the company, suppliers, distributors and, ultimately, customers who partner with each other to improve the performance of the entire system. Marketing strategy: [p. 54]. The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships. Market segmentation: [p. 55]. Dividing a market into distinct groups of buyers who have different needs, characteristics or behaviours, and who might require separate products or marketing programs. Market targeting: [p. 55 ]. The process of evaluating each market segment's attractiveness and selecting one or more segments to enter. Market positioning: [p. 58]. Arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers. Marketing mix: [p. 58]. The set of controllable tactical marketing tools - product, price, place, promotion, people, process and physical evidence - that the firm blends to produce the response it wants in the target market. Return on marketing investment: [p. 65 ]. The net return from a marketing investment divided by the costs of the marketing investment. Macroenvironment: [p. 79 ]. Larger societal forces that affect the microenvironment - demographic, economic, natural, technological, political and cultural forces. Microenvironment: [p. 76 ]. Actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors and publics.
5 Demographic environment: [p. 80]. The study of human populations in terms of size, density, location, age, gender, race, occupation and other statistics. Economic environment: [p. 87 ]. Factors that affect consumer purchasing power and spending patterns. Natural environment: [p. 89 ]. Natural resources that are needed as inputs by marketers or that are affected by marketing activities. Technological environment: [p. 92 ]. Forces that create new technologies, creating new products and market opportunities. Political environment: [p. 93 ]. Laws, government agencies, and pressure groups that influence or limit various organisations and individuals in a given society. Cultural Environment: [p. 97 ]. Institutions and other forces that affect a society's basic values, perceptions, preferences and behaviours. Proactive: [p. 100 ]. Means to take a proactive stance towards the marketing environment. Rather than simply watching and reacting, firms take aggressive actions to affect the publics and forces in their marketing environment. -EG. Hire lobbyist, run advertorials, etc. Conceptual Understanding: The Boston Consulting Group (BCG) growth-share matrix can be used as an approach to classify all strategic business units (SBU) of a company. Do you think there are limitations involved to this approach? The question which arises is in an increasingly competitive environment with the product life cycle become shorter, can companies still use this type of matrix to plot their product portfolios? Are there limitations to this approach? -There are limitations with the growth share matrix approach because management may find it hard to define SBUs, and measure market share and growth. -These approaches focus on classifying current businesses but provide little advice for future planning. (Limitation). -As product life cycles become shorter companies may find it hard to use this matrix to plot their product portfolios as there may be limited opportunities to develop stars and cash cows. Most businesses or products will instead by question marks or dogs.
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