marketing management

• Revenue - expenses = profit (increase sales)

• Revenue = Sales (amount) X Price

•  (STP) = segmentation/targeting/positioning

• What is marketing management = The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

• What is marketing? = Discovering the needs and wants of customers and satisfy those needs and wants

• Marketing = The key to achieving both objectives is the idea of exchange, think transactions

• Utility consists of benefits or customer value received by users of the product

• Utility is the want-satisfying power of a good or service.

• Four types of utility

  • Forms - Conversion of raw materials and components into finished goods and services

  • Time - Availability of goods and services when consumers want them ig. 

  • Place - Availability of goods and services for convenient transactions

  • Ownership - Ability to transfer the title to goods and services from the marketer to the buyer

• Five Cs

  • Company

  • Competition

  • Customer

  • Collaborator

  • Context

• What is smart

  • Specific -> Intention

  • Measurable-> Intention

  • Attainable -> Intention

  • Relevant -> Intention

  • Time-Based -> Time

• Generic strategies

• Cost Leadership 

• EX. Walmart- Lower cost

• Differentiation

• EX. Apple - how much of a difference/ separate a customer feel compared to other companies

• ***Gross Strategies

  • Market Penetration - Increasing sales with existing/old product and existing/ old market - Use the four 4 Ps

  • Market Development - Old Product, New Market

  • Product development - New Product, Existing Market

  • Diversification - Selling two different products in two different markets

• 4 ps

  • Place, promotion, product, and Price

• Marketing Strategy Formulation Process

• Analysis - company, competition, customer, collaborators, and competitors. Aspiration - what value to whom - STP. action plan - product + promotion + place = value, price = value. Outcomes asp= acquisition, retention, brand ambassador. Act = sales, profit, and franchise

DMP process -Problem recognition, perceiving a need -> info search, seeking value -> alternative evaluation, assessing value -> purchase decision, buying value -> post purchase behavior, realizing value

Influencers, info searcher, decision maker, purchasers, user

• Perceptual Maps: Identify important attributes for a product or brand class, detect customer ratings for competing products or brands across these attributes, and determine customer ratings for your company’s products or brands across these attributes.

• List of Formulas:

  • Final Price List Price - (Incentives + Allowances) + Extra Fees

  • Value = Perceived Benefits / Price

  • Profit =Total Revenue - Total Cost

  • Profit (Unit Price x Quantity Sold) - (Fixed Cost + Variable Cost)

  • Price Elasticity of Demand (E) = Percentage Change in Quantity Demanded / Percentage Change in Price

  • Breakeven Point (in units) = Total Fixed Cost / Per-Unit Contribution to Fixed Cost

  • Breakeven Point (in dollars) Total Fixed Cost / 1- Variable Cost per Unit Price

  • Breakeven Point (including specific dollar target return)

  • Total Fixed Cost + Profit Objective / Per-Unit Contribution

  • Return investment =Profit / cost

• Primary vs. secondary

  • Primary -You conducting to answer a specific research question that you have

  • Secondary - Gathering info/data from other sources that were conducted before to answer your own research question.

• Five stages of DMP - The five stages of the consumer decision-making process, often used in marketing, are: need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase evaluation.

• Social identity theory (Tajfel, 1979)

  • Social meaning, social bonding (with other consumers)

• Meaning Transfer (McCracken, 1986)

  • Relationship that fostered years (relationship marketing) 

• Functional tangible aspects

  • Functional = does the product deliver what it's supposed to promise, given the price range?

• Symbolic, emotional, and intangible aspects

  • Symbolic, emotional = an image that makes it “creative”, what's innovative?

• Which 5 C's can utilize the BCG matrix?

  • Company

• Which of the following participants is NOT part of the buying process (DMP and DMU)?

  • Follower

• Provide a definition of Brand and Brand Equity.

  • Brand definition means that when a company wants customers to know who they are, such as names, designs, or symbols that make a company different from others. a brand is an identity, sometimes people will recognize the company due to how relatable it is or with emotions

  • Brand equity definition means that the brand has a value to it that can be unique, a function that a product has that is unlike what the other competitors have, and that can mean people tend to use it more than the others because they have brand loyalty and perceive this new feature as better.

  • Brand equity is commercial value perceived by the consumer to the brand

• Which marketing mix captures the value that a company creates?

  • Price

• You work for Amazon.com and you are charged with building consumer awareness for the latest version of the firm’s Kindle reader. What type of digital advertising campaign should you run?

  •   Impression-based display ad campaign

• Thomas Bonoma lays out 6 major roles in DMU.  Which matches with the description: ".... act as problem or product experts and control information and access to other members of the DMU." ?

  • Gatekeepers

• What is a measure of customer attrition? 

  • Churn

• What does PSI stand for? And what was the organization's main goal?

  • Population Service International is a nonprofit organization. Nonprofits are focused on improving communities, not making a profit, PSI had a goal to help make sure that people were given proper family planning information and to make contraception products at a reasonable price. They had another goal, which was they wanted to reach the largest number of people possible.

• The difference between needs and wants

  • Needs are what everybody has that is essential

    • Need - thirst

  • Wants is a preference

    • Wants - apple juice

• Northeastern article uses criteria to evaluate research

  • Survey obs. 

  • Survey questions

  • Pretesting

  • Sample design

    • Random and non random

  • Response rate

    • Non response bias and response bias

• Measures

  • Impression - measures brand awareness

  • Click through - sales lead

  • Sales for the revenue

  • 3d party for the validity

Case studies

• Pyramid pizza obj.

  • Not a great strategy, does not have the plan to grow. Didn't try to use growth strategy and the alignment between aspiration plan and action plan. They had segmentation and targeting but the 4ps didn't line up with the positioning.

• PSI obj.

  • Consumer objective and a rebranding strategy

  • Rural vs urban

  • Five cs analyst was the main focus

    • Identify the problems which were consumer, company, competition

  • Social marketing

    • Operate a business to influence voluntary behavior changes for the betterment of individuals and society, rather than for financial gain.

    • PSI social marketing was population control

• Marketing Math

• Natrueview obj.

  • Growth strategy

  • Dispusution

  • Budget

  • Calculated profit margin

• Three options to choose

  • 8 oz - market development

  • 32 oz - market development

  • Multi children pack - product development

• Profit margin = profit/revenue

• Northeastern

  • Part of the 5cs but more about the evaluation of the 5cs, more interests in customer

  • Market research

    • Validity- what the results will look to everyone not just the sample of people

• Mednet objs

  • Trying to measure success (not really possible)

  • Values involve

  • Measurement in order to utilives consumers objs

  • General website plan vs niche plan

• BBVA objs

  • Offline and online advertisement for customer interaction

  • The interaction between the two

  • Customer acquisition - more at problem recognition and info search rather than the rest of the process

• Acquisition funnel process

  • Ad $$

  • Impression

  • Clicks though

  • Start app

  • Finish app

  • Approved

  • Active 

  • remain

• Mountain man brew co.

  • Light beer introduction

    • Product development- new product old market

    • New demographic/ old demographic issues

  • Branding / branding equity

    • Weather it hurts the company's core values or not

  • Strategies of how to achieve the brand equity while introducing new product

  • Environmental changes

  • Cannibalization

• Four Ps - marketing mix