Marketing Learning Objectives Unit 1

2-3 Identify strategic alternatives and know a basic outline for a marketing plan.

1) Ansoff's Strategic Opportunity Matrix: 2) The Innovation Matrix: 3) The Boston Consulting Group Model: 4) The General Electric Model: 5) The Marketing Plan: 6) Why Write a Marketing Plan?: 7) Marketing Plan Elements: 8) Writing the Marketing Plan:

1-4 Describe several reasons for studying marketing

1) Marketing plays an important role in society: marketing allows for items to be available to everyone everyday in USA. 2) Marketing is important in business: Marketing helps business's achieve their fundamental objectives: survival, profits, and growth. 3) Marketing offers outstanding career opportunities: Between 1/4 and 1/3 of the entire civilian workforce in the US performs marketing activities. 4) Marketing in everyday life: Marketing plays a role in your everyday life. As a consumer, you are participating in the marketing process.

1-2 Describe four marketing management philosophies.

1) Production Orientation: a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace. 2) Sales Orientation: the belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits. 3) Marketing Orientation: a philosophy that assumes that a sale does not depend on an aggressive sales drove but rather on a customer's decision to purchase a product; it is synonymous with the marketing concept. 4) Societal Marketing Orientation: the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests.

8-6 List the steps involved in segmenting markets.

1. Select a market or product category for study. 2. Choose a basis or bases for segmenting the market. 3. Select segmentation descriptors. 4. Profile and analyze segments. 5. Select markets. 6. Design, implement, and maintain appropriate marketing mixes.

12-8 Discuss global issues in services marketing.

Competition in international services is increasing rapidly, but many US services industries have been able to join the international business because of competitive advantages. First step towards success is determining the companies core products. Then take into account the 4 P's.

2-6 Identify sources or competitive advantage.

Competitive Advantage: a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition.

2-11 Identify several techniques that help make strategic planning effective.

Effective strategic planning requires continual attention, creativity, and management commitment.

2-10 Explain why implementation, evaluation, and control of the marketing plan are necessary.

Implementation: is the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan's objectives. Evaluation and Control: Evaluation entails gauging the extent to which marketing objectives have been achieved during the specified time period. Control provides the mechanisms for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines.

12-5 Discuss relationship marketing in services.

Level 1 Financial: the firm uses pricing incentives to encourage customers to continue doing business with it. Least effective in long term because other firms imitate prices. Level 2 Social: uses pricing incentives and also builds social bonds with customers-stay in touch with customers to know needs. More effective then level 1. Level 3 Customization: encourages customers loyalty through intimate knowledge of individual customers and the development of one-to-one solutions to fit customers needs. Level 4 Structural: uses financial and social bonds but adds structural bonds as well. Offering value added services that are not offered by other firms.

2-8 Discuss target marketing strategies.

Marketing Strategy: involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.

2-9 Describe the elements of the marketing mix.

Marketing mix refers to a unique blend of product, place (distribution), promotion, and pricing strategies (often referred to as the four Ps) designed to produce mutually satisfying exchanges with a target market.

2-4 Develop an appropriate business mission statement.

Mission Statement: a statement of the firm's business based on a careful analysis benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions. Example:

12-7 Describe non-profit organization marketing.

Non-profits are organizations that exist to achieve some goal other than the usual business goals of profit, market share, or ROI. This is the effort by the organization to bring about mutually satisfying exchanges with target markets.

8-1 Describe the characteristics of markets and market segments.

People or organizations with needs or wants and the ability and willingness to buy. Segments- a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.

12-4 Develop marketing mixes for services.

Product (Service) Strategy: decisions on type of process involved, core and supplementary services, standardization or customization of the service product, and service mix. Place (Distribution) Strategy: convenience, number of outlets, direct vs. indirect distribution, location, and scheduling. Promotion Strategy: Stressing tangible cues, using personal information sources, creating a strong organizational image, engaging in post purchase communications. Price Strategy: revenue oriented- maximizing profits, operations oriented- pricing seeks to match supply and demand, patronage oriented- pricing tries to maximize the number of customers using the service.

2-7 Explain the criteria for starting good marketing objectives.

Realistic: Measurable: Time Specific: Compared to a benchmark:

2-5 Describe the components of a situation analysis.

SWOT analysis: S: strengths W: weaknesses O: opportunities T: Threats

12-3 Describe the components of service quality and the gap model of service quality.

Service quality is measured on reliability, responsiveness, assurance, empathy, and tangibles. The gap model identifies 5 gaps that can cause problems in service delivery and influence customer evaluations of service quality.

12-2 Discuss the differences between services and goods.

Services are intangible, inseparable, heterogeneous, and perish. Goods are tangible, separable, homogeneous, and some don't perish.

12-1 Discuss the importance of services to the economy.

Services involve a deed, a performance, or an effort that cannot be physically possessed. The service industry influences the US economy and accounts for 80% of economic output.

8-3 Discuss the criteria for successful market segmentation.

Substantiality: a segment must be large enough to warrant developing and maintaining a special marketing mix. Identifiability and measurability: segments must be indefinable and their size measurable. Accessibility: the firm must be able to reach members of targeted segments with customized marketing mixes. Responsiveness: markets can be segmented using any criteria that seem logical.

8-2 Explain the importance of market segmentation.

The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups. Helps decision makers to more accurately define marketing objectives and better allocate resources.

12-6 Explain internal marketing in services.

Treating employees as customers and developing systems and benefits that satisfy their needs.

2-2 Define strategic business units (SBUs)

a subgroup of a single business or collection of related business or collection of related businesses within the larger organization

2-1Understand the importance of strategic planning

strategic planning is the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.

1-1 Define the term marketing

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

1-3 Discuss the differences between sales and market orientations.

the differences can be compared in terms of 5 characteristics: the organization's focus, the firm's business, those to whom the product is directed, the firm's primary goal, and the tools used to achieve the organization's goals.