Summary: Marketing Mangament

Read the summary and the most important questions on Marketing Mangament

• 1 Defining Marketing for the New Realities

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• Name 10 types of marketers market entities

  1. Goods
  2. Services
  3. Events
  4. Experiences
  5. Persons
  6. Places
  7. properties (house or stock parts)
  8. Organization
  9. Information (e.g. schools, books, universities)
  10. Idea's (e.g. don't drink and drive)

• Name 8 types of demand states

  1. Negative demand
  2. Nonexistent demand
  3. Latent demand
  4. Declining demand
     
  5. Irregular demand
  6. Full demand
  7. Overfull demand
  8. Unwholesome demand

• Marketing channels: used to reach target markets:

  1. Communication channels: deliver and receive messages with target buyers
  2. Distribution channels: display, sell or deliver product
  3. Service channels: carry out transactions with buyers

• Holistic marketing mix addition

  1. People
  2. Processes
  3. Programms
  4. Performance

• Specific set of tasks that make up a succesful marketing management

  • Developing marketing strategies and plans, develop concrete marketing plans that specify marketing strategy
  • Capturing market insights: monitor your market well
  • Connect with customers
  • Building strong brands: also pay attention to competitors
  • Shaping market offerings: the heart is the products
  • Delivering value
  • Communicating value: communicate with the target market about the value
  • Creating succesfull long-term growth

• 2 Developing Marketing Strategies and Plans

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• Two levels of marketingplan

  1. Strategic
  2. Tactic

• 3 Collecting information and Forecasting Demand

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• 2 methods for area market potential

  1. Market build-up method: identifying all potential buyers in each market and estimating their potential purchases
  2. Multiple factor index method: consumer companies use a straightforward index because there are to many consumers to list

• 4 Conducting marketing research

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• Marketing research firms fall into 3 categories

  1.  Syndicated-service research firms: gather consumer and trade information and sell them for a fee
  2. Custom marketing research firms: firms who are hired to carry out specific projects, they design the study and report the findings
  3. Specialty-line marketing research firms: provide specialized research services, like a field service firm who sells field interview services

• Shortcomings of marketing-mix modelling

  - Focus on incremental growth instead of baseline sales or long-term effects. - Important metrics like customer satisfaction, awareness and brand equity is limited.
  - Generally fails to incorporate metrics related to competitors, trade or sale force

• 5 Creating Long-Term Loyalty Relationships

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• If a customer chooses the competitor's product while yours has higher customer value, there are 3 possibilities

  1. Buyer might be under order to buy at the lowest price
  2. Buyer doesn't see competitor's product will be more expensive in operating costs
  3. Buyer enjoys long-term friendship with competitor