Exam 1 Flashcards
What is marketing?
- for creating, communicating, and delivering value
- managing customer relationships in ways that benefit the organization and its stakeholders
marketing management
- an art and a science
- using 6 disciplines to create superior value
The six disciplines
1) choosing target markets
2) building brands
3) creating offerings
4) pricing offerings
4) promoting offerings
5) delivering offerings
key customer markets
- consumer markets
- government markets
- business markets
- global markets
marketing mix
product
price
place
promotion
objective for MKT 805
Integrate the six marketing disciplines in the property to make a holistic marketing strategy
role of strategic planning
- managing business as investment portfolio
- assessing the market’s growth rate and company’s market position
- establishing a strategy
role of strategic marketing
- managing the function of marketing within the business
- including the market perspective in the strategic planning process
- advocating for the voice of the consumer
Two tools for situation analysis (discussed in this class)
- GE / McKinsey matrix
- Boston Consulting Group (BCG) matrix
- SWOT
GE / McKinsey Martix
- x axis: industry attractiveness (low, med, high)
- y axis: business position (low, med, high)
BCG matrix
- x axis: market share
- y axis: market growth
BCG matrix: stars
high market growth
high market share
BCG matrix: question marks
high market growth
low market share
BCG matrix: dogs
low market growth
low market share
BCG matrix: cash cows
low market growth
high market share
marketing research definition
the function that links the consumer, the customer, and the public to the marketer through information
problem identification research
help identify problems which are not apparent but are still likely to exist or happen soon
problem solving research
help solve specific marketing problems
primary data
originated by a researcher for the specific purpose of addressing the problem at hand
secondary data
data that have already been collected for purposes other than the problem at hand (cheaper than primary)
6 steps of the market research process
- define the problem
- develop an approach to the problem
- formulating a research design
- doing field work or collecting data
- preparing and analyzing data
- preparing and presenting the final report
research design definition
a framework or a blueprint for conducting the marketing research project.
two types of research design
- exploratory research design
- conclusive research design
two types of conclusive research design
- descriptive research
- casual research