Class notes
MKT 3000 All Lecture Notes
- Course
- Mkt 3000
- Institution
- Baruch College
This is a comprehensive and detailed note that covers lectures 1-18. *Essential Study Material!!
[Show more]
Content preview
Chapter 1● Marketing: an organizational function and set of processes for creating,
capturing, communicating, and delivering value to customers and for managing
customer relationships in ways that benefit the organization and its stakeholders
● Marketing Plan: specifies the marketing activities for a specific period of time
● Core Aspects of Marketing:
1) Marketing is about satisfying Customer Needs and Wants.
2) Marketing entails an exchange: the trade of things of value between the
buyer and seller so that each is better off as a result.
3) Marketing requires Product, Price, Place, and Promotion Decisions
(Marketing Mix/The Four P’s): the controllable set of activities that a firm
uses to respond to the wants of its target markets.
a) Product: creating value
i) Goods: items you can physically touch
ii) Services: intangible benefits that are produced by people or
machines and cannot be separate from the producer
iii) Ideas: thoughts, opinions, and philosophies
b) Price: capturing value
i) Everything the customer gives up (money, time and/or
energy) in exchange for the product
c) Place: delivering the value proposition
i) All the activities necessary to get the product to the right
customer when that customer wants it
d) Promotion: communicating the value proposition
i) Informs, persuades, and reminds potential buyers about a
product/service so as to influence their opinions and elicit a
response
4) Marketing can be performed by individuals and organizations.
a) Business-to-consumer (B2C) marketing
b) Business-to-business (B2B) marketing
c) Consumer-to-consumer (C2C) marketing
5) Marketing affects various stakeholders (Ex: supply chain partners, society
at large)
6) Marketing helps create value\
a) Production-oriented era (turn of 20th century): believed goods
would sell itself
b) Market-oriented era (1950-1990): manufacturers/retailers focused
on what customers wanted/needed before they designed, made or
attempted to sell their product/services
, c) Value-based marketing era (1990-present): firms learned to give
customers greater value than their competitors did in order to
compete successfully
i) Value: what the consumer gets for what he/she gives;
relationship between benefits and costs
ii) Value Cocreation: customers act as collaborators with a
manufacturer or retailer to create the product/service
● How Marketing Firms Become More Value Driven:
○ Share info. About customers and competitors with their own organization
and other firms that help get their products to the marketplace.
○ Strive to balance their customers’ benefits and costs.
○ Concentrate on building relationships with customers.
○ Take advantage of new technology and connect with their customers using
social and mobile media.
● Relational Orientation: marketers realize they need to build long-term
relationships with customers
● Customer Relationship Management (CRM): set of strategies, programs, and
systems that focus on identifying and building loyalty among the firm’s most
valued customers
● Importance of Marketing:
○ Marketing expands firm’s global presence
○ Marketing is pervasive across marketing channel members
Marketing Channel/Supply Chain: consists of all the institutions and
marketing activities in the marketing process
○ Marketing enriches society
○ Marketing can be entrepreneurial
Entrepreneur: a person who organizes, operates, and assumes the risks
of a new business venture.
,Chapter 2
● Marketing Strategy: a firm’s target market, marketing mix, and method of
obtaining a sustainable competitive advantage
● Sustainable Competitive Advantage: something the firm can persistently do
better than its competitors
○ Customer Excellence: focuses on retaining loyal customers and excellent
customer service
○ Operational Excellence: achieved through efficient operations and
excellent supply chain/human resource management
○ Product Excellence: having products with high perceived value and
effective branding/positioning
○ Locational Excellence: having a good physical location and Internet
presence
● Marketing Plan: composed of an analysis of the current marketing situation,
opportunities and threats for the firm, marketing objectives and strategies, action
programs, and projected income (3 Phases: planning, implementation, and
control)
1) Define the business mission
a) Mission Statement: a broad description of the firm’s objectives and
the scope of activities it plans to undertake
2) Conduct a Situation Analysis
a) SWOT Analysis: a method in which both the internal environment
with regard to its Strengths and Weaknesses and the external
environment in terms of its Opportunities and Threats are examined
3) Identify and evaluate opportunities using STP
a) Segmentation, Targeting and Positioning (STP): processes used to
identify and evaluate opportunities for increasing sales and profits
b) Market Segmentation: process of dividing the market into groups of
customers with different needs, wants, or characteristics - who
therefore might appreciate products/services especially geared for
them
c) Target Marketing: process of evaluating the attractiveness of
various segments and deciding which to pursue as a market
d) Market Positioning: process of defining the market mix variables os
that target customers have a clear, distinctive, desirable
understanding of what the product does or represents in
comparison to competing products
4) Implement Marketing Mix and Allocate Resources
, a) Product: firms develop products and services that customers
perceive as valuable enough to buy
b) Price: firms provide a product/service in exchange for money
c) Place: firms must make their products/services readily accessible
when and where the customer wants it
d) Promotion: encompasses a variety of communication disciplines to
provide clarity, consistency, and maximum communicative impact
5) Evaluate performance using marketing metrics
a) Metric: a measuring system that quantifies a trend, dynamic, or
characteristic; they explain why things happened and also project
the future
b) Product Line: group of associated items, such as those that
consumers use together or think of as part of a group of similar
products
c) Market Share: % of a market accounted for by a specific entity
d) Market Growth Rate: annual rate of growth of the specific market in
which the product competes
6) Growth Strategies:
a) Market Penetration Strategy: employs the existing marketing mix
and focuses the firm’s efforts on existing customers
b) Market Development Strategy: employs the existing marketing
offering to reach new market segments, whether domestic or
international
c) Product Development Strategy: offers a new product/service to a
firm’s current target market
d) Diversification Strategy: a firm introduces a new product/service to
a market segment that it does not currently serve
i) Related Diversification: the current target market and/or
marketing miox shares something in common with the new
opportunity
ii) Unrelated Diversification: a new business lacks any common
elements with the present business
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller anyiamgeorge19. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
71498 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now