Marketing Strategy Notes
In 2005, the AMA changed the definition of marketing to better reflect the realities of competing in today’s marketplace: Marketing is an organizational function and a set of processes for creating,communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders tresses two critical success factors in marketing: value and customer relationships (33) Marketing Strategy Notes By monomaniac Basic Concepts: Market: a collection of buyers and sellers (33) Metatarsi is a cluster of closely related goods and services that center around a specific consumption activity.
Intermediary provides a single access point where buyers can locate and contact many different sellers in the metatarsi. Exchange: process of obtaining something of value from someone by offering something in return; this usually entails obtaining products for money. Conditions to be met (35): 1 . There must be at least two parties to the exchange 2. Each party has something of value to offer the other party. 3. Each party must be capable of communication and delivery 4.
Each party must be free to accept or reject the exchange 5. Each party believes it is desirable to exchange with the other party Product: something that can be acquired via exchange to satisfy a need or a want. This definition permits us to classify a broad number of “things” as products: Goods: tangible items ranging from canned food to fighter Jets, from sports memorabilia to used clothing. Services are intangible products consisting of acts or deeds directed toward people or their possessions.
Ideas include platforms or issues aimed at promoting a benefit for the customer Marketers of information include websites, magazine and book publishers, schools and universities, research firms, churches, and charitable organizations Digital products, such as software, music, and movies are among the most The individual promotion of people, such as athletes or celebrities, is a huge business around the world (exchange and trading of professional athletes) Marketing of places is quite diverse.
Cities, states, and nations all market themselves to tourists, businesses, and potential residents. Experiences and Events: marketers can bring together a combination of goods, services, ideas, information, or people to create one-of-a-kind experiences or single events (37) Real or Financial Property: exchange of stocks, bonds, and real estate, once marketed completely offline via real estate agents and investment companies (increasingly occurs online) (38) There products are not mutually exclusive.
For example,firms that sell tangible goods almost always sell services to supplement their offerings; Daytona 500, combine people (drivers), a place (Daytona), an event (the race), organizations (sponsors), and goods (souvenirs) Utility: ability of a product to satisfy a customer’s desires. 5 types (38): 1 . Form utility have attributes or features that set them apart from the competition. 2. Time utility: are available when customers want them. Owe not later (grocery stores open round the clock) 3. Place utility are available where customers want them, which is typically wherever the customer happens to be at that moment (such as grocery delivery to a home) or here the product needs to be at that moment (such as florist delivery to a workplace). 4. Possession utility deals with the transfer of ownership or title from marketer to customer (easier to acquire; furniture stores that offer easy credit terms and home delivery) 5.
Psychological utility deliver positive experiential or psychological attributes that customers find satisfying (Sporting events with intense competition) some managed to Manhattan creative in economy Walter Hull (41) Major Marketing Activities and Decisions Strategic Planning tragedy outlines the organization’s game plan for success Tactical planning concerns itself with specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets marketing plan provides outline for how the organization will combine product, pricing, distribution, and promotion decisions to create an offering that customers will find attractive also concerns itself with the implementation, control, and refinement of these decisions. Social Responsibility and Ethics Social responsibility: an organization’s obligation to maximize its positive impact on society while minimizing its negative impact; addresses the total effect of an organization’s marketing activities on society.
A major part of this responsibility is: marketing ethics: principles and standards that define acceptable conduct in marketing activities. Ethical marketing can build trust and commitment and is a crucial ingredient in bulldogging-term relationships with all stakeholders. Another major component of impact on society is the degree to which it engages in philanthropic activities. (42) Research and Analysis Customer analysis is vital, but marketers need 3 other types of info too: 1 . Internal analysis: objective review of internal information pertaining to the firm’s current strategy and performance, as well as the current and future availability of resources. 2. Analysis of the competitive environment, increasingly known as competitive competing businesses. 3.
Analysis of the external environment, also known as environmental scanning, involves the analysis of economic, political, legal, technological, and cultural events and trends that may affect the future of the organization and its marketing efforts. Some marketing planners use the term situation analysis to refer to the overall recess of collecting and interpreting internal, competitive, and environmental information Developing Competitive Advantage competitive advantage is something that the firm does better than its competitors that gives it an edge in serving customers’ needs and/or maintaining mutually satisfying relationships with important stakeholders (43) Marketing Strategy Decisions marketing strategy is a plan for how the organization will use its strengths and capabilities to match the needs and requirements of the market. An be composed of one or more marketing programs; each program consists of woo elements: 1 . Target market or markets 2. Marketing mix (sometimes known as the four As of product, price, place, and promotion) Market Segmentation and Target Marketing: result of the market segmentation process. Marketers engage in market segmentation when they divide the total market into smaller, relatively homogeneous groups or segments that share similar needs, wants, or characteristics.