Exam (elaborations)
Foundation of Marketing Peregrine Global
- Course
- Institution
Foundation of Marketing Peregrine Global
[Show more]
Seller
Follow
Victorious23
Reviews received
Content preview
Foundation of Marketing PeregrineGlobal
Marketing - -Marketing is an exchange between a firm and its customers.
The company offers benefits to its customers and seeks profits.
-Why is Marketing Important? - -Marketing is the business; it should
permeate the entire organization. Marketing and customer satisfaction is
everyone's responsibility to maintain those relationships
-American Marketing Association - -define marketing as "the activity, set of
institutions, and processes for creating, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and
society at large.
-Classical marketing - -is a philosophy which guides the attitude of
everyone in a firm to stimulate and satisfy the needs and wants of every
customer.
-Competitive marketing - -a strategy involves product strategy, pricing
strategy, integrated marketing communications, channels, and logistics
strategy. It needs to offer value to the target market
-5 C's - -Marketing Framework Part 1
Examining the External Environment
Customers: Who are they? What are they like? Do we want to draw different
customers?
Company: What are our strengths and weaknesses? What customer benefits
can we provide?
Context: What is happening in our industry that might reshape our future
business?
Collaborators: Can we address our customers' needs while strengthening our
business to business (B2B) partnerships?
Competitors: Who are the competitors we must consider? What are their
likely actions and reactions?
This helps marketers assess any business problem or opportunity in terms of
a general analysis of the entire business situation. The customer and
company are central players in the marketing exchange. The context
,includes the macro-environment: the economy, legal constraints, cultural
differences, and global segments.
-STP - -Marketing Framework Part 2
Strategic Marketing Planning
Segmentation: Customers aren't all the same; they vary in their preferences,
needs, and resources.
Targeting: Attracting some of those customers makes better sense than
going after others.
Positioning: Communicate your benefits clearly to your intended customers.
Refers to the fact that businesses or organizations are unlikely to be all
things to all people, so it is best to identify groups or segments of customers
who share similar needs and wants. When the different segments'
preferences are understood, then the organization can identify the targeted
segments.
-4 P's - -Marketing Framework Part 3
Marketing Tactics
Product: Will customers want what your company is prepared to produce?
Price: Will customers pay what you would like to charge?
Place: Where and how will customers purchase your market offering?
Promotion: What can you tell your customers, or do for them, to entice them
to purchase?
Then starts marketing efforts, A relationship is developed with that target
segment by positioning products in the marketplace via the questions above
-Convenience purchases - -Staples (standard, frequently consumed goods
such as bread or gas) and impulse purchases (candy or National Enquirer
available near the check-out stand). (B2C low)
-Shopping purchases - -Going online to Citysearch.com to find a restaurant
and make reservations when heading out of town. (B2C moderate)
-Specialty purchases - -A new car, fashion shows, an expensive laptop
computer. (B2C high)
, -Straight rebuy - -You're out of toothpaste and you mindlessly pop a tube of
your usual brand into your basket. (B2B low)
-Modified rebuy - -You reach for your brand of toothpaste but you try a new
flavor. ( B2B Moderate)
-New buy - -You're buying teeth whitening strips for the first time and think
what attributes must you consider. (B2B High)
-Low customer involvement - -Customers don't care and won't spend time
thinking about brands. They will typically be somewhat price sensitive.
-Moderate customer involvement - -Some effort is expended prior to
purchase to obtain good value.
-High customer involvement - -For expensive purchases, brand, uniqueness
and quality matter.
-Customer Involvement - -It's not the type of product or purchase that
matters. It's the type of customer behavior (consumer or business level of
involvement) that is relevant and the marketing actions and reactions.
-Lexicographic method - -A customer compares brands by the most
important attributes or dimensions. Brands that make the cut on the first
dimension go into the customer's consideration set. The customer then
compares the brand on the next important attribute and so forth, until only
one brand is left.
-Average method - -This method uses averages so one attribute can't make
or break a brand. If a brand is strong on one attribute and average on
another, it will still dominate a brand that was just average on all its
attributes.
-Attribute importance - -Models can be made more complex by bringing in
weights to express how important the attributes are to the customer. Those
important weights underpin how segments of customers differ.
-Marketing Science of Customers Behavior - -The factors influencing
customer behavior include external (opinion leaders, family, culture, social
class, reference groups); internal (attitudes, motivations, learning,
perceptions, lifestyle); and situational (physical environment, purpose of
purchase, time constraints).
-Roles in Big, Complicated Business Purchases - -Initiator: an administrative
assistant who notices a printer in the office frequently needs repairs.
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 Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now