Studied by 17 peopleDescribe marketing functions and related activities.
"Business is Traffic and Marketing get's leads" 8 functions of Marketing: Finding the Best Distribution Channels, Financing, Deep Market Research, Setting Prices, Product and Service Management, Promotional Channels, Selling, PR
Explain the nature of marketing plans.
A marketing plan is a detailed file that guides marketing strategy for a period of time. Elements of a marketing plan include an executive summary, situation analysis, objectives, marketing strategies, implementation decisions, evaluation measures and appendices.
Explain the concept of marketing strategies
Marketing strategies are plans to coordinate marketing mix activities in order to effectively sell the product/service to your identified target market. The product positioning and key points of difference must be taken into account when developing these strategies.
Explain the concept of market and market identification.
Market: a place where two parties can gather to facilitate the exchange of goods and services. Process of a marketer -> identifying the most profitable areas to offer a new product = method to sort potential clients for sales and marketing campaigns
Identify the company's brand promise.
Statement made to customers to identify what they should expect out of a product/service Also called a slogan
Communicate core values of product/service.
What your "product/service" stands for
The values it embraces
Explain the nature and scope of channel management
Channel management is the supervision of a good or service through the manufacturing process to the final user. This process can include manufacturers, wholesalers, retailers, direct and indirect distribution and agents. As a good or service moves in this process, channel management can include the selection of transportation systems and services as well as inventory storage.
Explain the relationship between customer service and channel management.
Customer satisfaction is the goal of any profitable business. In order to meet the needs and wants of customers, channel management must work effectively to deliver a product at the right time to the right place. This includes a business's ability to select a good channel.
Coordinate channel management with other marketing activities.
the company develops various marketing techniques as well as sales strategies to reach the widest possible customer base. The channels are nothing but ways or outlets to market and sell products
Explain the nature of direct marketing channels.
Direct marketing refers to when a seller sells straight to the buyer without intermediaries. They can often be less expensive, but the business needs the expertise. Indirect is with intermediaries like agents wholsalers
Identify ways to track marketing-communications activities.
Collection of customer data, Sales, CONVERSION RATE, customer testing
Describe factors that affect the business environment.
SLEPT: Social, Legal, Economical, Political, Technological
Identify factors affecting a business's profit.
DEEP: Demand, Expense, Economy, Price
Describe the functions of prices in markets.
Price is the value in money placed on a good or service. One function of price is that it can affect the value that a customer places on an item. Price helps establish a company's or product's image—many customers use price as a gauge to make judgments about products and companies. Another function of price is that it can give a competitive edge. Thirdly, the price of an item is part of the business' end goal of making a profit.
Explain factors affecting pricing decisions
Internal: Company objectives, Organization structure, Marketing mix, External, Demand, Competition, Buyers, Suppliers, Economic conditions, Government regulations
Identify product's/service's competitive advantage.
There are 3 types of competitive advantage: Cost, Product/service differentiation, Niche: unique requirements, customers, products (shoes for nurses in the women's shoe market)
Generate product ideas.
Tools used to generate product ideas can include brainstorming, creative thinking processes and problem solving sessions. A company can generate product ideas by conducting consumer and sales force focus groups. Market consumer trends, Competition, effective customer feedback channels, employees,
Develop a positioning concept for a new product idea.
The ability to influence customer perception Marketing position model ("+") STP: Segmentation, Targeting, positioning
Explain how organizations adapt to today's markets.
SWOT Analysis and environmental scans to identify ways the business can improve
Describe the need for marketing data.
Used to analyze various metrics of consumers within a market: Demographics, Psychographics, Geographics / determines a target market, to whom they will tailor their marketing strategies / determines customer behaviour, product development, effective marketing strategies
Identify data monitored for marketing decision making.
Demographics - age, sex, race, etc. / Geographics - location, culture, etc. / Psychographics - attitudes, lifestyles, etc. / physical behaviour: CONVERSION RATE, BOUNCE RATE
Explain the nature and scope of the pricing function.
Price = value in money placed on a good or service. Creates customer's value of product / establishes company's or product's image / a gauge to make judgments about product / gives a competitive edge / part of business profit
Describe the role of business ethics in pricing decisions.
Businesses have the responsibility to ethically price to earn profits but to not defraud competitors or consumers.
Explain key factors in building a clientele
3 main factors that must be considered: Sale: activities that sales representatives perform when interacting with consumers during the selling process. After-sales activities: order processing and payment, the customer's departure from the store, follow-up after the purchase, customer service and tracking, and evaluation of employee performance. Customer relationship management: seeking out customers and keeping them satisfied with the use of technology and customer loyalty techniques.
Describe factors used by marketers to position products/services.
price, quality, features, benefits, competition, relation to another product.
Analyze the impact of technology on marketing.
Technologies such as the web, mobile phones, social media, and customer relationship management systems greatly affect modern marketing.
Marketers must develop digital skills to communicate effectively with customers. Three areas of marketing which have been transformed by digital are the
speed relevance reach
Explain the role of customer service as a component of selling relationships.
The building, maintaining and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships.
Discuss motivational theories that impact buying behavior.
Abraham Maslow's Hierarchy of Needs. The Hierarchy of Needs identifies five areas of needs including physiological, security, social, esteem and self-actualization
Thorndike's law of effect: if something positive happens based on an action, we will repeat it (e.g. customer service and quality)
Family decision-making model: user, influencer, preparer, gatekeeper, buyer, decider
Explain the nature of a promotional plan.
A promotional plan is a specific set of steps that is used to outline all necessary components of a promotion. Any proposed promotion must have a plan before it can be implemented, so that all the employees have a clear understanding of the steps. A promotional plan is a description of the promotional mix decisions for a business. The promotional plan includes relevant market information, details about the target market, identifies promotional objectives and budget and defines the mix of promotional tools. The promotional plan has a common theme and takes a purposeful planning approach.
Coordinate activities in the promotional mix.
PPADS Personal selling: representatives Public relations: company's image Advertising: promote Direct Marketing: advertising to a targeted group Sales promotion: offers, coupons, sales
e.g. For our company, I'd like to propose the following promotional plan. For personal selling, we will have employees stationed in every department of our store. For public relations, we will release updates regarding our product lines in the form of press releases every 6 months. For advertising, we will utilize traditional media (e.g. TV and radio ads, newspaper, etc.) as well as social media via our Facebook page and Twitter feed. For direct marketing, we will promote a 30% discount for seniors during the Monday-Friday 9am-4pm period. Finally, for sales promotion, we will hold a 3-week contest for a Caribbean cruise, for customers with purchases over $50. By releasing these promotions over a time period of approximately 4 months, we can regulate the flow of customers and steadily draw in potential customers for the business.
Identify communications channels used in sales promotion.
Word of mouth Standard media Online websites Product placement Point of purchase displays
Generate marketing communications ideas
Understand your market/target market. Analyze and identify effective communication channels
Understand Your Target Audience Define your Unique Selling Proposition (USP) Determine the channels you can use Define Branding elements
Identify opportunities in the social-media space.
Social media provides an entire brand new communication channel
directly target customers with marketing campaigns. promote new products or services. build brand awareness. personally interact with existing and potential customers analytics
Describe factors used by businesses to position corporate brands.
price, quality, features and benefits and relationship to the competition Marketing position model ("+") STP: Segmentation Targeting positioning
Explain the role of promotion as a marketing function.
any type of marketing communication used to inform or persuade target audiences of the relative merits of a product, service, brand or issue the aims of promotion is to increase awareness, create interest, generate sales or create brand loyalty
Reinforce service orientation through communication.
Employees should make it clear that their intention is to help the customer. Respond to customer inquiries. Customer inquiries should be responded to with all necessary and relevant information in an assertive and friendly manner
Explain the nature of a communications plan.
Communication plan is to utilize marketing tools to educate and persuade people to buy ("communicate")
Develop a communications plan.
Understand Your Target Audience Define your Unique Selling Proposition (USP) Determine the channels you can use Define Branding elements Define Success metrics Execution Evaluation
Employ communication styles appropriate to target audiences.
Effective communication relies on selecting an appropriate communication channel for your message. Factors to consider when selecting a communication medium include the need for feedback, the customer or target market, and the purpose of your message. You must identify the people you want to communicate with, research how they obtain information, consider the complexity of the message you want to communicate, and calculate the cost of communicating and decide whether you want the communication to be interactive
Build and maintain relationships with customers.
Employees should communicate with customers and have a positive attitude to keep bringing them back.
Communicate. As a key to any good relationship, communication is an essential way to build customer relationships. ... Exceed expectations. Your customers expect great products or services from you. ... Ask for feedback. ... Connect. ... Show appreciation.
Discuss the nature of information management.
Information management is the concept of storing information on various data and applying it to business sectors such as marketing and finance.
capture data from various organization functions (accounting, finance, purchasing, crm, inventory, warehouse,...) and process it to useful information
Explain the nature of e-mail marketing tactics
Direct channel of communication with prospects and customers for sales promotion in the form of an e-mail
Describe considerations in using databases in marketing communications.
Databases play a crucial role in information management. **databases have ethical and operational costs
Maintain databases of information for marketing communications.
Continue to reach out and keep connecting with clientele to maintain the database
Storing information in databases comes with operational costs, security costs and data may change as a company continues to adapt.
Mine databases for information useful in marketing communications.
Find relevant information in databases DATABASE MARKETING PROCESS
https://www.google.com/search?q=database+marketing+process&safe=strict&authuser=3&source=lnms&tbm=isch&sa=X&ved=2ahUKEwjJx7PRuuHpAhWKY98KHY-4Df0Q_AUoAXoECBQQAw&biw=840&bih=884#imgrc=Pbejt0FgN-7pjM
Explain factors that influence customer/client/business buying behavior.
External: Culture, values, social class, reference groups, opinion leader Internal: perceptions, attitude, motivation, lifestyle, learning and roles, loyalty
Discuss actions employees can take to achieve the company's desired results.
Look at objectives in a plan and see which activities they can perform to contribute to a company's desired results
Explain how businesses can use trade-show/exposition participation to communicate with targeted audiences.
Trade shows are a form of a direct channel and promotion to the target audience. The target audience would already be at the trade show
Participate in the design of collateral materials to promote special event.
Have what you want to communicate be the main message, include visuals "eye catchers"
Identify common channels used in sales.
Personal selling Sales outsourcing Retail (& automated) Ecommerce Resellers White label Direct marketing Parts suppliers Wholesale Agents
Explain the concept of product mix.
A product mix is all the products that a company makes or sells.
Market lining: Length: products in each line Width: total lines Depth: variations (colour, size) Consistency: similarity between products
Explain the need for professional and ethical standards in marketing.
Unethical marketing leads to inappropriate, misleading, deceptive and scamming marketing material This provides unhappy customers, illegal actions and bad PR Fulfill the core principles of business ethics: Making a profit, bringing meaningful goods/services
Explain employment opportunities in marketing.
One could manage quality control and inventory, market research and their databases, be a market planner, pricing economist, product/service manager, promotional specialist, or professional salesperson.
Rank: entry-level, career-sustaining, marketing specialist, marketing supervisors and managers and CEOs/owners. There are 21 areas or applications within the field of marketing including advertising, entrepreneur, market research and retail management.
Explain the nature and scope of the product/service management function.
involves any activities that focus on obtaining, developing, maintaining, and improving products and services based on market research. It is a crucial role in setting the future direction of a company. They identify where the market is going, future needs, etc.
(Profile)
Identify the impact of product life cycles on marketing decisions.
Product life cycles basically indicates what stage the product is at and helps influence decisions on profitability, price, sales, goals, competition
https://www.google.com/search?q=identify+the+impact+of+product+life+cycles+on+marketing+decisions&sxsrf=ALeKk03H91eQrrJFDMF7wzkWDnJl5IYFkA:1591046124608&tbm=isch&source=iu&ictx=1&fir=qkmi6T2qvx2LFM%253A%252Cik-9eVYJwuWi2M%252C_&vet=1&usg=AI4_-kT9DmU8HzaARE2X3i27xTo_AWjR8g&sa=X&ved=2ahUKEwjJ6c_YxOHpAhWwY98KHcFPAOsQ9QEwAHoECAYQAw#imgrc=qkmi6T2qvx2LFM
Describe the use of technology in the product/service management function.
Now, technology plays the biggest role in product/service management. Now, technology plays the role of mining, collecting Data, analyzing data and organizing it with databases.
Explain business ethics in product/service management.
Putting the correct and right information in products and marketing. This could lead to health warnings. Like allergy choosing, Use, handling, data for ethical goals of the company ALSO, in product/service, you need to ethically collect and utilize data
Identify product opportunities.
Identifying product opportunities uses marketing information to find problems that can be solved using a product. A product opportunity exists when there is a gap between what is currently on the market and the possibility for new or significantly improved products that result from emerging trends.
Product opportunities come from 4 main sources Potential clients, past leads Customers Competitors Industry trends
https://www.google.com/search?q=product+opportunities&sxsrf=ALeKk01pPhSvl3YSr8YQNdev0tdxNOItWQ:1591047130284&source=lnms&tbm=isch&sa=X&ved=2ahUKEwiVw5W4yOHpAhXWWc0KHSQCD38Q_AUoAXoECA8QAw&biw=1680&bih=971#imgrc=LAUwi4FMGgiGyM
Describe the uses of grades and standards in marketing.
Standards are an indicator of if a certain requirement and level is met and grades are basically different levels of standards. They are an indicator
Explain warranties and guarantees.
A warranty is a guarantee (often written) that specific facts or conditions are true or will happen or that a product will work in the way promised. A guarantee is an agreement assuming responsibility to perform, execute, or complete something and offering security for that agreement. It is a promise or an assurance, especially one given in writing, that attests to the quality or durability of a product or service. Warranties can be implied, express (oral or written), and extended (costs extra).
Identify consumer protection provisions of appropriate agencies.
In Canada, we have organizations such as the Office of Consumer Affairs and the Financial Consumer Agency of Canada. They have enacted the Canada Consumer Product Safety Act, the Competition Act, the Consumer Packaging and labelling Act, the Food Safety and Inspections Related Acts, the Textile Labelling Act, etc. America: Federal Food, Drug, and Cosmetic Act, Fair Debt Collection Practices Act, the Fair Credit Reporting Act, Truth in Lending Act
Describe the nature of product bundling.
Marketers may use product bundling to package two or more complementary goods and services, usually for a lower price than had the products been purchased separately. it creates value and enhances the offer to the customer
Explain the nature of corporate branding.
Corporate branding = promoting the brand name > specific products or services. / broader scope . Trade names identify and promote an entire company or department in a business & are the legal name of the business / used to promote its various activities as an organization. e.g. Procter and Gamble
Identify customer touch points.
A touchpoint is any interaction between the buyer and seller (e.g. customer viewing promotional materials, customer asking about a product/service, customer buying a product/service).
Explain the nature of product/service branding.
Product/service branding is how a product interacts with its customers through design, logo and messaging and how its distinguishes itself from competitors. Branding can identify one product, a family of products, or all products of a company. He importance of branding is to build product recognition and customer loyalty, ensure quality and consistency, and capitalize on brand exposure.
Ex: lays is a product (frito lay is the corporation)
Describe the role of customer voice in branding.
The brand needs to appeal to the consumer, so businesses often use testimonials.
Explain the nature of channels of distribution
A channel of distribution is the road that a product or service takes from production to end user. Products and services may use direct or indirect distribution channels to arrive to a customer. Direct distribution is when the producer sells the product to the end user. Indirect distribution involves one or more intermediaries who aid in moving the product from producer to end user. Factors including whether it is a consumer or industrial product affect what channel of distribution is selected.
Describe the use of technology in the channel management function.
Technology has created a new channel of distribution know as e-tailing where customers and industrial buyers can make purchases using the Internet, allowing more accessibility to products/services
Explain legal considerations in channel management.
Making sure your channels and the process is obeying of laws The Clayton Antitrust Act of 1914 prevents businesses from exclusionary tactics that could keep other companies from accessing a channel of distribution if this would create a monopoly or lessen competition "The black market"
Describe ethical considerations in channel management.
Treating the channels ethically E.g. treating shipping workers ethically
Explain the nature of channel-member relationships.
Channel members are those involved in the channels of distribution. Manufacturer->Intermediaries->consumer
Explain the nature of affinity partner relationships.
Affinity marketing: a partnership between a company (supplier) and an organization that gathers persons sharing the same interests to bring a greater consumer base to their service, product or opinion E.g. a coffee shop selling the bagels from a local bakery
Explain the nature and scope of the marketing-information management function
is all about businesses collecting information about the customers in their target market to make decisions about their respective products and services Product/service management "DATA is GOLD"
Explain the role of ethics in marketing-information management.
The role of ethics in marketing information is huge / weighing the cost and benefits. / collecting data and to use it with their consent and for ethical purposes without misleading them The example that everyone will use is Facebook and cambridge analytica which used info from facebook members for political campaigns
Describe the use of technology in the marketing-information management function.
Technology plays a huge role. Technology is used to hold data, analyze it, collect more more efficiently. E.g. cookies, instagram can track when you scroll and stop scrolling
Describe the regulation of marketing-information management.
government regulation exists to help keep the most important information about a person from becoming public Restaurants cannot pull full credit card number
Explain the nature of marketing research.
Marketing research is a process that involves identifying a problem, gathering and analyzing data, developing solutions, implementing actions and monitoring results. Marketing research is used to understand customer behavior, product uses, learn about competitors, and understand brand awareness.
There are two types of market research: qualitative and quantitative.
https://www.google.com/search?q=marketing+research&tbm=isch&safe=strict&chips=q:marketing+research,g_1:process:SkwUxUBuf8A%3D&rlz=1C1CHBF_enCA706CA706&safe=strict&hl=en&ved=2ahUKEwiytsXDzOPpAhVbGM0KHSwaBBQQ4lYoAXoECAEQFw&biw=1261&bih=967#imgrc=ihQyLimrFEGE0M
Discuss the nature of marketing research problems/issues.
In marketing when collecting data all problems and issues will occur from the nature of demographics to biases
Poor survey design, Biased, mislead, no response, E.g. Youtube How was your experience? Incredible Very good Good Okay Not good
Describe methods used to design marketing research studies (i.e., descriptive, exploratory, and causal).
Exploratory research: "exploring" to find and complete research. It is done to see what is happening or why it is happening. Descriptive research ("what"): Identify the marketing problem, identify characteristics. There are 2 types: Cross sectional (sample of market population at a certain period of time) and longitudinal (panel or fixed sample of element at certain point or time) Casual research: Test a hypothesis
Describe options businesses use to obtain marketing research data (i.e., primary and secondary research).
Primary: is basically data from and conducted by the source Secondary: Data collected from a different source
Discuss the nature of sampling plans (i.e., who, how many, how chosen).
Is a term used in research studies, provides an outline and plan on research Sampling unit(Who) - choose population Sample Size (how many) - number of members in population Sampling Procedure (how chosen) - Method to select members of population
https://businessjargons.com/sampling-plan.html
Describe data-collection methods (e.g., observations, mail, diaries, telephone, Internet, discussion groups, interviews, scanners, tracking tools).
There are many data collection methods, you need to choose the one that best fits our research goals. (e.g., observations, mail, diaries, telephone, Internet, discussion groups, interviews, scanners, tracking tools)
Explain characteristics of effective data-collection instruments.
*validity- refers to the degress to which the tool measures what it is intended to measure. *economy-test can be given in short period of time. *objectivity- means freedom from bias *practicability- simplicity of administration, scoring and interpretations are important factors in selecting a test. *interest-both the researcher and the subject should enjoy the experience of data collection.
Explain techniques for processing marketing data.
One could use a spreadsheet to sort participants into categories, calculate proportions, and design visual aids to represent the findings. These findings could then be presented in a report or slideshow presentation.
Techniques to process data could be dashboards, spreadsheets,
Monitor/measure customer "buzz."
Social networks, Sales, Impressions, Word of Mouth. White Buzz = (Positive > (Neutral + Negative)). Black Buzz = (Negative > (Neutral + Positive))
Explain the use of descriptive statistics in marketing decision making.
Descriptive statistics are quantities such as mean, median and mode that summarize and describe important aspects of a set of data. In descriptive statistics, we use Central tendency (single value to describe the centre ) Dispersion (degree to data distribution) use range, deviation, variance. "Positive" and "Negative"
Identify sources of error in a research project (e.g., response errors, interviewer errors, nonresponse errors, sample design).
Poor survey design, Biased, mislead, no response,
E.g. Youtube How was your experience? Incredible Very good Good Okay Not good
Evaluate questionnaire design (e.g., types of questions, question wording, routing, sequencing, length, layout).
Should follow the 7 Cs of communication A questionnaire may have open-ended and/or forced-end questions. Questions should be selected based on the goal of the market research
Assess appropriateness of marketing research for the problem/issue (e.g., research methods, sources of information, timeliness of information, etc.).
When looking at/collecting data it is a big importance to assess the right information. So to do that we looked at Market analysis'
Explain the nature of marketing planning.
"Systematic approach to achieving marketing goals"
Market planning relates to analyzing key factors such as PEST and SWOT, as well as determining strategies of touch points and positioning to effectively sell a product/service.
https://www.google.com/search?q=marketing+planning&safe=strict&rlz=1C1CHBF_enCA706CA706&sxsrf=ALeKk03ssb74FZJRZGee4j30wDOmxWksag:1591144838228&source=lnms&tbm=isch&sa=X&ved=2ahUKEwj0m_m2tOTpAhWMWc0KHZjOADUQ_AUoAXoECBgQAw&biw=1278&bih=967#imgrc=9yismJIr5Wct_M
Explain the role of situation analysis in the marketing planning process.
a situational analysis plays a critical role because it defines potential customers, evaluates projected growth, assesses competitors and makes a realistic assessment of your business IN THE COMPANIES CURRENT POSITION
SWOT, PESTEL, Porter's Five Forces
Explain the nature of sales forecasts.
the process of estimating future sales. Accurate sales forecasts enable companies to make informed business decisions and predict short-term and long-term performance. Companies can base their forecasts on past sales data, industry-wide comparisons, and economic trends
Explain the use of technology in the pricing function.
Technology affects all aspects of business. it can improve the manufacturing process, inventory control and automation. It can also take up workers jobs requiring less salary those. Technology can be used to project, tractor, forecast and analyze the functions related to pricing
Explain legal considerations for pricing
When pricing your products and services we have to keep in my legal considerations. Pricing your products illegally leads to legal concerns like lawsuits, fines There are: Unfair trade practices: fraud, misrepresentation Illegal Price advertising: surcharge, bait-and-switch Predatory Pricing: predatory pricing, low cost signaling Price Discrimination: Consumer surplus, Price discriintation Price fixing: collusion, price fixing, deadweight loss
Explain the types of promotion (i.e., institutional, product).
Institutional promotion, also known as brand building or corporate advertising, is used to develop the distinct brand image of your company.
Product promotion is routinely used to attract customers to a product and increase their perception of its value E.g. Procter and Gamble, Pepsi
Identify the elements of the promotional mix
PPADS: Personal selling: representatives Public relations: company's image Advertising: promote Direct Marketing: advertising to a targeted group Sales promotion: offers, coupons, sales
Describe the use of business ethics in promotion.
Marketers have a responsibility for ethical behavior in promotion as it relates to advertising and sales. Marketers should avoid false or misleading advertising for products and services as well as pressure or misleading sales tactics and promotions.
Bait and Swap advertising Sales price manipulation Special prizes and offers High pressure door to door selling
Describe the use of technology in the promotion function.
Makes Promotion more enhance, effective and easier.
Describe the regulation of promotion.
Promotion is regulated through self-regulation, federal-regulation, and state-regulation. Regulation is meant to discourage illegal promotional activities.
Explain types of advertising media
Television, Radio, Print Publications, Internet, Direct Mail, Signage, Product Placement, Mobile Devices, Sponsorships, Other Media Outlets
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