Mktg 360 Ch. 1,2,3 Book Notes PDF

Marketing is managing profitable customer relationships.-

The aim of marketing is to create value for customers and to capture value in return.-

Understanding Customer Needs○

Designing customer-driven marketing strategies and programs○

Building customer relationships○

Capturing value for the firm (I only saw 4)○

5 Steps in Marketing:-

THEME: Creating-Customer-Value-To-Capture-Value-In-Return-

One-way communicator with customers has changed to "a starter of conversations and a solver of consumers' problems"

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Marketing is no longer about "telling and selling"-

What is Marketing?Marketing, more than any other business function, deals with customers.-

Marketing is managing profitable customer relationships.-

Attract new customers by promising superior value○

Keep and grow current customers by delivering satisfaction○

Goals of Marketing:-

Large for-profit firms, such as Procter & Gamble, Toyota, Target, Apple, and Marriott○

Not-for-profit organizations such as colleges, hospitals, museums, symphony orchestras, & churches○

Seen everywhere: shopping mall, TV, magazines, mailbox, web pages, home, school, work, play○

Sound marketing is critical to the success of every organization.-

Behind it all is a massive network of people and activities competing for your attention and purchases.-

Marketing Defined"selling and advertising" = "tip of iceberg" about marketing-

Satisfying customer needs-

Understands consumers needs○

Develops products and services that provide superior customer value○

Prices, distributes, and promotes products effectively○

If the marketer does the following, their products will sell easily:-

Peter Drucker, "The aim of marketing is to make selling unnecessary."-

Selling and advertising are only part of a larger "marketing mix."-

"Marketing Mix" = a set of marketing tools that work together to satisfy customer needs and build customer relationships.

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Marketing is a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others.

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Broad Definition-

Marketing involves building profitable, value-laden exchange relationships with customers.○

Narrower Definition (BUSINESS CONTEXT)-

Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

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Marketing is 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.

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The Marketing Process

Understand consumers1.Create customer value2.Build strong customer relationships3.Reap the rewards of creating superior customer value4.

5-Step (I only see 4)-

By creating value for consumers, they in turn capture value from consumers in the form of sales, profits, and long-term customer equity.

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First Step: understanding customers, building customer relationships, and capturing value from customers-

Second & Third Step: Designing marketing strategies and constructing marketing programs-

Understanding the Marketplace and Customer Needs

Needs, wants, and demands1.5 Core Customer and Marketplace Concepts:-

Marketing: Creating and Capturing Customer ValueCh. 1 Book Notes

MKTG 360 Ch. 1,2,3 Book Notes Page 1

Marketing Offers (products, services, and experiences)2.Value and satisfaction3.Exchanges and relationships4.Markets5.

Customer Needs, Wants, and Demands

Physicalneeds for food, clothing, warmth, and safety○

Social needs for belonging and affection○

Individual needs for knowledge and self-expression○

Human needs are states of felt deprivation. (Basic part of human make -up. Marketers did not create this.)-

Wants are the form human needs take as they are shaped by culture and individual personality. Wants are shaped by one's society and are described in terms of objects that will satisfy needs.

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Demands are human wants that are backed by buying power. Given their wants and resources, people demand products with benefits that add up to the most value and satisfaction.

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Outstanding marketing companies conduct consumer research and analyze mountains of customer data. Their people at all levels - including top management - stay close to customers.

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Market Offerings - Products, Services, and Experiences

Physical products○ Services○ Persons○ Places○

Organizations○ Information○ Ideas○ Etc.○○

Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want.

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Marketing myopia is the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.

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Smart marketers look beyond the attributes of the products and services they sell. By orchestrating several services and products, they create brand experiences for consumers.

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Customer Value and SatisfactionCustomers form expectations about the value and satisfaction that various market offerings will deliver and buy accordingly.

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Satisfied customers buy again and tell others about their good experiences.-

Dissatisfied customers often switch to competitors and disparage the product to others.-

If marketers set expectations too low, they may satisfy those who buy but fail to attract enough buyers.-

If marketers set expectations too high, buyers will be disappointed.-

Customer value and customer satisfaction are key building blocks for developing and managing customer relationships.

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Exchanges and RelationshipsMarketing occurs when people decide to satisfy needs and wants through exchange relationships.-

Exchange is the act of obtaining a desired object from someone by offering something in return.-

Marketing consists of actions taken to build and maintain desirable exchange relationships with target audiences involving a product, service, idea, or other object.

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The GOAL is to retain customers and grow their business with the company.-

MarketsA market is the set of actual and potential buyers of a product. These buyers share a particular need or want that can be satisfied through exchange relationships.

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Marketing means managing markets to bring about profitable customer relationships.-

Search for buyers○

Identify buyers' needs○

Design good market offerings

Creating these relationship require work. Sellers must-


Design good market offerings○

Set prices for products○

Promote products○

Store and deliver products○

Consumer Research○

Product Development○

Communication Distribution○

Pricing○

Service○

Core Marketing Activities-

Consumers do marketing when they search for the goods they need at prices they can afford○

Company purchasing agents do marketing when they track down sellers and bargain for good terms○

Marketing is carried on by sellers AND buyers-

Marketing involves serving a market of final consumers in the face of competitors.-

Research the market and interact with consumers to understand their needs and obtain their inputs○

Assemble and send their respective market offerings and messages to consumers○

The company and competitors -

Demographic○

Economic○

Physical○

Technological○

Political/Legal○

Social/Cultural○

All of the actors in the system are affected by major environmental forces-

Designing a Customer-Driven Marketing StrategyMarketing management is the art and science of choosing target markets and building profitable relationships with them.-

The marketing manager's aim is to find, attract, keep, and grow target customers by creating, delivering, and communicating superior customer value.

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What customers will we serve (what's our target market)?○

How can we serve these customers best (what's our value proposition)?○

Marketing manager must answer two important questions:-

Selecting Customers to ServeThe company must first decide who it will serve.1.Divide the market into segments of customers ( market segmentation)2.Select which segments the company will go after ( target marketing)3.Marketing managers know that they cannot serve all customers in every way. By trying to serve all customers, they may not serve any customers well. The company wants to select only customers that it can serve well and profitably.

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Some marketers may even seek fewer customers and reduced demand. In these cases of excess demand, companies may practice demarketing to reduce the number of customers or to shift their demand temporarily or permanently.

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Marketing managers must decide which customers they want to target and on the level, timing, and nature of their demand.

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Marketing management is customer management and demand management.-

Choosing a Value PropositionThe company must also decide how it will serve targeted customers - how it will differentiate and position itself in the marketplace.

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A company's value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs. This answers the question to "Why should I buy yoru brand rather than a competitor's?"

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Marketing Management Orientations


Marketing Management Orientations

Production - the idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency.

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Product - the idea that consumers will favor products that offer the most quality, performance, and features that the organization should therefore devote its energy to making continuous product improvements.

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Selling - the idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort. (inside-out perspective)

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Marketing - The marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. (outside-in perspective)

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Societal Marketing Concepts - the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests. (short-run wants vs. long-run welfare)

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5 alternative concepts under which organizations design and carry out their marketing strategies:-

Customer-driven companies research current customers deeply to learn about their desires, gather new product and service ideas, and test proposed product improvements. Such customer -driven marketing usually works well when a clear need exists and when customers know what they want.

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Customer-driving marketing is understanding the customer needs even better than customers themselves do and creating products and services that meet existing and latent needs, now and in the future. In many cases, customers don't know what they want or even what is possible.

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Preparing an Integrated Marketing Plan and ProgramThe company's marketing strategy outlines which customers the company will serve and how it will creat value for these customers.

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Next, the marketer develops an integrated marketing program that will actually deliver the intended value to target customers.

2.

The marketing program builds customer relationships by transforming the marketing strategy into action, which consists of the firm's marketing mix, the set of marketing tools the firm uses to implement its marketing strategy.

3.

Product - to deliver on its value proposition, the firm must first create a need-satisfying market offering.○

Price - the company must decide how much it will charge for the offering○

Place - the company must decide how it will make the offering available to target consumers○

Promotion - the company must communicate with target customers about the offering and persuade them of its merits

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4 broad groups (major marketing mix tools, 4 P's)-

The firm must blend all of these marketing mix tools into a comprehensive integrated marketing program that communicates and delivers the intended value to chosen customers.

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Building Customer RelationshipsFourth step: build profitable customer relationships-

Customer Relationship ManagementCustomer relationship management (CRM) is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

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Relationship Building Blocks: Customer Value and SatisfactionSatisfied customers are more likely to be loyal customers and to give the company a larger share of their business.-

Customer ValueCustomer-perceived value is the customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

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Customer SatisfactionCustomer satisfaction is the extent to which a product's perceived performance matches a buyer's expectations.-

Smart companies aim to delight customers by promising only what they can deliver, than delivering more than they


Smart companies aim to delight customers by promising only what they can deliver, than delivering more than they promise. (yet not to maximize satisfaction) The purpose of marketing is to generate customer value profitably.

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Delighted customers not only make repeat purchases (customer loyalty), they become "customer evangelists," who tell others about their good experiences with the product.

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Customer Relationship Levels and ToolsCompanies can build customer relationships at many levels, depending on the nature of the target market.-

A company with many low-margin customers may seek to develop basic relationships with them.-

A company with few customers and high margins, sellers want to create full partnerships with key customers. (ex: Customer is a large retailer such as Wal -Mart)

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Frequency marketing programs rewards customers who buy frequently or in large amounts.-

Club marketing programs offer members special benefits and create member communities.-

To build customer relationships, companies can add structural ties as well as financial and social benefits. Ex: A business marketer might supply customers with special equipment or online linkages that help them manage their orders, payroll, or inventory.

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The Changing Nature of Customer RelationshipsRelating with More Carefully Selected CustomersSelective relationship management mean to target fewer, more profitable customers-

Many companies now use customer profitability analysis to weed out losing customers and to target winning ones for pampering.

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Once the company identify profitable customers, firms can create attractive offers and special handling to capture these customers and earn their loyalty.

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A company should "fire" customers that are too unreasonable or that cost more to serve than they are worth. -

Ex: Best Buy recently rolled out a new "Customer-Centricity" strategy that distinguishes between its best customers (angels) and less profitable ones (demons). Lower advertising to demons. Add more assistance to angels. 5 groups: Barrys (high-income men), Jills (suburban moms), Buzzes (male technology enthusiasts, Ray (young family men on a budget), & small business owners. "The biggest thing now is to build better relationship with [our best] customers."

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Relating More Deeply and InteractivelyRather than relying only on one-way, mass-media messages, today's marketers are incorporating new, more interactive approaches that help build targeted, two-way customer relationships.

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Technology helps. New communication tools create relationships -building opportunities for marketers-

Challenges: Consumers have greater power and control.-

In building customer relationships, companies can no longer rely on marketing by intrusion. Companies must practice marketing by attraction, creating market offerings and messages that involve consumers rather than interrupt them.

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Many companies are participating in online social networks or creating online communities of their own.-

Consumers are now creating brand conversations and messages on their own. Companies are even inviting consumers to play a more active role in shaping brand messages and ads.

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Consumer-generated marketing is marketing messages, ads, and other brand exchanges created by consumers themselves, both invited and uninvited.

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Partner Relationship ManagementPartner relationship management is working closely with partners in other company departments and outside the company to jointly bring greater value to customers.

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Partners Inside the CompanyMarketing no longer has sole ownership of customer interactions. Every functional area can interact with customers, especially electronically. The new thinking is that every employee must be customer focused.

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Firms are linking all departments in the cause of creating customer value.-

Marketing Partners Outside the FirmMost companies today are networked companies, relying heavily on partnerships with other firms.-

Marketing channels consist of distributors, retailers, and other who connect the company to its buyers.-

The supply chain describes a longer channel, stretching from raw materials to components to final products that are carried to final buyers.

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Supply chain management is being strengthened.-

Capturing Value from CustomersThe final step involves capturing value in return, in the form of current and future sales, market share, and profits. By creating customer value, the firm creates highly satisfied customers who stay loyal and buy more.

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Outcomes of creating customer value: customer loyalty and retention, share of market and share of customer, and customer equity

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Creating Customer Loyalty and RetentionCustomer Loyalty & Customer Delight = important


Customer Loyalty & Customer Delight = important-

Customer lifetime value is the value of the entire stream of purchases that the customer would make over a lifetime of patronage.

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"golden rule" = sell good merchandise, treat your customers like human beings, and they'll always come back for more.-

Growing Share of CustomerShare of customer is the portion of the customer's purchasing that a company gets in its product categories.-

Building Customer EquityCompanies want not only to create profitable customers, but to "own" them for life, capture their customer lifetime value, and earn a greater share of their purchases.

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Customer equity is the total combined customer lifetime values of all of the company's customers. Ultimate Company Aim: Produce HIGH customer equity

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Not all loyal customers are good investments. Some loyal customers can be unprofitable and some disloyal customers can be profitable.

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"Keep the consistent big spenders and lose the erratic small spenders"-

"What about the erratic big spenders and the consistent small spenders?"-

Strangers: show low potential profitability and little projected loyalty (Companies shouldn't invest anything in them)○

Butterflies: potentially profitable but not loyal. (Companies should use promotional blitzes to attract them, create satisfying and profitable transactions with them, and then ease investing in them until the next time around)

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True Friends: are both profitable and loyal. (Companies wants to make continuous relationship investments to delight these customers and nurture, retain, and grow them.) True Friends > True Believers who tell friends about company

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Barnacles are highly loyal but not very profitable. (The company might be able to improve their profitability by selling them more, raising their fees, or reducing service to them. If companies cannot be made profitable, these customers should be "fired.")

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Figure 1.5 classifies customers into one of four relationship groups, according to their profitability and projected loyalty.-

Different types of customers require different relationship management strategies. The goal is to build the right relationships with the right customers.

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The Changing Marketing Landscape

Digital Age○

Rapid Globalization○

Call for more ethics and social responsibility○

Growth of not-for-profit marketing○

4 Major Developments:-

The Digital AgeInternet is a vast public web of computer networks, which connects users of all types all around the world to each other and to an amazingly large information repository

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Beyond competing in traditional marketplaces, they now have access to exciting new marketspaces.-

First internet failed. "Second coming" = success, aka. Web2.0-

Web 2.0 involves a more reasoned and balanced approach to marketing online.-

In addition to the "click-only" dot-coms, most traditional "brick-and-mortar" companies have now become "click-and-mortar" companies. They have ventured online to attract new customers and build stronger relationships with existing ones. Business-to-business e-commerce is also booming.

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Rapid GlobalizationIn an increasingly smaller world, many marketers are now connected globally with their customers and marketing partners.

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partners.Companies are not only trying to sell more of their locally produced goods in international markets, they also are buying more supplies and components abroad.

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The Call for More Ethics and Social ResponsibilityThe social-responsibility and environmental movements will place even stricter demands on companies in the future. Some companies resist these movements, budging only when forced by legislation or organized consumer outcries. More forward-looking companies readily accept their responsibilities to the world around them. They seek ways to profit by serving the best long-run interests of their customers and communities.

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"Caring capitalism" is being civic-minded and responsible. They are building social responsibility and action itno their company value and mission statements.

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The Growth of Not-for-Profit MarketingMarketing has become a major part of the strategies of many not -for-profit organizations, such as colleges, hospitals, museums, zoos, symphony orchestras, and even churches.

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Sound marketing can help them to attract membership and support.-

Various government agencies are now designing social marketing campaigns to encourage energy conservation and concern for the environment or to discourage smoking, excessive drinking, and drug use.

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p. 31 Reviewing the Concepts


Company and Marketing Strategy: Partnering to Build Customer Relationships

Companywide Strategic Planning: Defining Marketing's RoleStrategic planning is the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.

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Annual and long-range plans deal with the company's current businesses and how to keep them going.○

Strategic plan involves adapting the firm to take advantage of opportunities in its constantly changing environment.

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Companies usually prepare annual plans, long-range plans, and strategic plans-

The company starts the strategic planning process by defining its overall purpose and mission. 1.This mission then is turned into detailed supporting objectives that guide the whole company.2.Headquarters decides what portfolio of businesses and products is best for the company and how much support to give each one.

3.

In turn, each business and product develops detailed marketing and other departmental plans that support the companywide plan. Marketing planning occurs at the business-unit, product, and market levels. It supports company strategic planning with more detailed plans for specific marketing opportunities.

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Marketing Planning (At the corporate level)-

Defining a Market-Oriented MissionA company has a clear mission and purpose, but then the mission or purpose might drift and become unclear.-

What is our business?○

Who is the customer?○

What do consumers value?○

What should our business be?○

Renew Purpose. Questions to Ask:-

A mission statement is a statement of the organization's purpose - what it wants to accomplish in the larger environment. (acts as an "invisible hand" that guides the organization's people)

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Mission statements should be market oriented and defined in terms of customer needs. Products and technologies eventually become outdated, but basic market needs may last forever.

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A market-oriented mission statement defines the business in terms of satisfying basic customer needs. Ex: Nike's mission is "to bring inspiration and innovation o every athlete"

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"Too long to remember, too vague to be meaningful, and too dull to inspire" = sound good but provide little real guidance or inspiration.

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Ch. 2 Book Notes


Be realistic and specific○

Fit the market environment. Ex: Girl Scouts of America Mission "To prepare young girls for motherhood and wifely duties" VS. "To build girls of courage, confidence, and character, who make the world a better place."

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Base its mission on its distinctive competencies○

Be motivating○

Missions should -

Setting Company Objectives and GoalsThe company needs to turn its mission into detailed supporting objectives for each level of management. Each manager should have objectives and be responsible for reaching them.

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Marketing strategies and programs must be developed to support these marketing objectives.-

Designing the Business ProtfolioBusiness portfolio is the collection of businesses and products that make up the company.-

The best business portfolio is the one that best fits the company's strengths and weaknesses to opportunities in the environment.

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The company must analyze its current business portfolio and decide where businesses should receive more, less, or no investment

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The company must shape the future portfolio by developing strategies for growth and downsizing.2.

Business portfolio planning involves 2 steps-

Analyzing the Current Business PortfolioThe portfolio analysis is the process by which management evaluates the products and businesses making up the company.

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Strategic business unit (SBU) is a unit of the company that has a separate mission and objectives and that can be planned independently from other company businesses. An SBU can be a company division, a product line within a division, or sometimes a single product or brand.

i.Identify the key businesses making up the company. 1.

Most companies are well advised to "stick to their knitting" when designing their business portfolios.

i.

It's usually a good idea to focus on adding products and businesses that fit closely with the firm's core philosophy and competencies.

ii.

Assess the attractiveness of its various SBUs and decide how much support each deserves2.

2 steps-

The purpose of strategic planning is to find ways in which the company can best use its strengths to take advantage of attractive opportunities in the environment.

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The attractiveness of the SBU's market or industry○

The strength of the SBU's position in that market or industry○

2 important decisions to evaluate SBUs-

Growth-share matrix is a portfolio-planning method that evaluates a company's strategic business units in terms of their market growth rate and relative market share.

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Market growth rateprovides a measure of market attractiveness-

Relative market shareserves as a measure of company strength in the market-

Stars: high-growth, high-share businesses or products; heavy investment to finance rapid growth; SBU's are classified as-


Stars: high-growth, high-share businesses or products; heavy investment to finance rapid growth; eventually growth slows down and turns into cash cows

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Cash Cows: low-growth, high-share businesses or products; established and successful; less investment to hold market share; helps pay bills and other SBUs investment

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Question Marks: low-share business unities in high-growth markets; require a lot of cash to hold their share (or increase it); management must think hard about which question marks should be turned to stars or phased out

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Dogs: low-growth, low-share businesses and products; may generate enough cash to maintain themselves but do not promise to be large sources of cash

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10 Circles: represents a company's 10 current SBUs. Boston Consulting Group (BCG) has 2 stars, 2 cash cows, 3 question marks, and 3 dogs. The areas of the circles are proportional to the SBU's dollar sales.

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The company can invest more in the business unit in order to build its share. ○

It can invest just enough to hold the SBU's share at the current level.○

It can harvest the SBU, milking its short-term cash flow regardless of the long-term effect.○

Or the company can divest the SBU by selling it or phasing it out and using the resources elsewhere.○

Once the company has classified its SBUs, the company must determine what role each will play in the future. -

Start as question marks1.Move to stars, if they succeed2.Later becomes cash cows as market growth falls3.Finally, die off or turn into dogs toward the end of their life cycle4.

SBU life cycle:-

The company needs to add new products and units continuously so that some of them will become stars and cash cows that will finance other SBUs.

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Problems with Matrix ApproachSuch centralized approaches have limitations-

Can be difficult, time consuming and costly to implement-

Management might find the matrix difficult to define SBUs and measure market share and growth.-

These approaches focus on classifying current businesses but provide little advice for futureplanning.-

Because of such problems, many companies have dropped formal matrix methods in favor of more customized approaches that are better suited to their specific situations.

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Strategic planning has been decentralized. Companies are placing responsibility for strategic planning in the hands of cross-functional teams of divisional managers who are close to their markets.

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Developing Strategies for Growth and DownsizingBeyond evaluating current businesses, designing the business portfolio involves finding businesses and products the company should consider in the future. Need "profitable growth"

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Marketing must identify, evaluate, and select market opportunities and lay down strategies for capturing them.

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Product/market expansion grid is a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification

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Market penetration is a strategy for company growth by increasing sales of current products to current 1.


Market penetration is a strategy for company growth by increasing sales of current products to current market segments without changing the product. It might add new stores, drive-thru, and wireless internet.

1.

Demographic markets, add new people groups to store○

Geographical markets, expand locations○

Market development is a strategy for company growth by identifying and developing new market segments for current company products.

2.

Product development is a strategy for company growth by offering modified or new products to current market segments.

3.

Diversification is a strategy for company growth through starting up or acquiring businesses outside the company's current products and markets. Ex: Starbucks sells music.

4.

Downsizing is to reduce the business portfolio by eliminating products of business units that are not profitable or that no longer fit the company's overall strategy.

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Managers should focus on promising growth opportunities, not fritter away energy trying to salvage fading ones.

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Planning Marketing: Partnering to Build Customer Relationships

Marketing○

Finance○

Accounting○

Purchasing○

Operations○

Information Systems○

Human Resources○

Major functional departments in each unit:-

These departments much work together to accomplish strategic objectives.-

Provides a guiding philosophy, the marketing concept, that suggests that company strategy should revolve around building profitable relationships with important consumer groups.

1.

Provides inputs to strategic planners by helping to identify attractive market opportunities and by assessing the firm's potential to take advantage of them

2.

Within individual business units, marketing designs strategies for reaching the unit's objectives. Once the unit's objectives are set, marketing's task is to help carry them out profitably.

3.

Marketing-

In addition to customer relationship management, marketers must also practice partner relationship management. They must work closely with partners in other company departments to form an effective value chain that serves the customer. They must partner effectively with other companies in the marketing system to form a competitively superior value delivery network.

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Partnering with Other Company DepartmentsValue chain is the series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products.

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A company's value chain is only as strong as its weakest link.-

Marketing takes the consumer's point of view, so sometimes the other departments will disagree with the marketing department for profitability reasons. But other departments need to think for the customer as well. Thus, they just need to work together.

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Partnering with Others in the Marketing SystemIn the company's quest to create customer value, the firm needs to look beyond its own value chain and into the value chains of its suppliers, distributors, and customers.

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Value delivery network is the network made up of the company suppliers, distributors, and ultimately customers who "partner" with each other to improve the performance of the entire system.

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Competition takes place between the entire value delivery networks created by competitors.-

Marketing Strategy and the Marketing MixMarketing strategy is the marking logic by which the business unit hopes to create customer value and achieve profitable customer relationships.

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Guided by marketing strategy, the company designs an integrated marketing mix made up of factors under its control - product, price, place, and promotion (the four P's).

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Marketing analysis○

Planning ○

Implementation○

Control○

To find the best marketing strategy and mix, the company engages in -


Customer-Driven Marketing Strategy

Divide up the total market (market segmentation)1.Choose the best segments (market targeting)2.Design strategies for profitably serving chosen segments (differentiation and positioning)3.

Each company must-

Market SegmentationMarket Segmentation is to divide a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing programs.

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Market segment is a group of consumers who respond in a similar way to a given set of marketing efforts.-

Market TargetingMarket Targeting is the process of evaluating each market segment's attractiveness and selecting one or more segments to enter.

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Most companies enter a new market by serving a single segment, and if this proves successful, they add segments.

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Market Differentiation and PositioningDifferentiate its market offering for each targeted segment and develop positions the company wants to occupy in those segments.

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Positioning is arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

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Differentiation is actually differentiating the market offering to create superior customer value.-

In positioning its product, the company first identifies possible customer value differences that provide competitive advantages upon which to build the position.

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Developing an Integrated Marketing Mix

Product means the goods-and-services combination the company offers to the target market.○

Price is the amount of money customers must pay to obtain the product.○

Place includes company activities that make the product available to target consumers.○

Promotion means activities that communicate the merits of the product and persuade target customers to buy it.

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Marketing mix is the set of controllable tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market.

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Concern: 4 Ps concept takes the seller's view, not the buyer's view. Thus, 4 Cs.-

Marketers would do well to think through the 4 Cs first and then build the 4 Ps on that platform.-

Managing the Marketing Effort

Analysis○

Planning○

Implementation○

Control○

Managing the marketing process requires the 4 marketing management functions:-

Develop companywide strategic plans and translate them into marketing and other plans for each division, product, and brand. (planning)

1.

Turn the plans into action. (implementation)2.Measure and evaluate the results of marketing activities and taking corrective action where needed. (control)3.Provide information and evaluations needed for all other marketing activities. (analysis)4.

Marketing AnalysisSWOT analysis is an overall evaluation of the company's strengths (S), weaknesses (W), opportunities (O), and threats (T).

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Strengths include internal capabilities, resources, and positive situational factors that may help the company to serve its customers and achieve its objectives.

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Weaknesses include internal limitations and negative situational factors that may interfere with the company's performance.

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Opportunities are favorable factors or trends in the external environment and the company may be able to exploit to its advantage.

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Threats are unfavorable external factors or trends that may present challenges to performance.-


Marketing PlanningMarketing planning involves deciding on marketing strategies that will help the company attain its overall strategic objectives.

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Marketing strategy consists of specific strategies for target markets, positioning, the marketing mix, and marketing expenditure levels.

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Marketing ImplementationMarketing implementation is the process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives.

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Marketing planning = what and why-

Marketing implementation = who, where, when, and how-

Implementation = "doing things right" is more than or just as important as strategy = "doing the right things"-

Marketing Department OrganizationChief marketing officer (CMO) who heads large marketing organizations-

Under functional organization, different marketing activities are headed by a functional specialist, who is a sales manager, advertising manager, marketing research manager, customer-service manager, or new-product manager.

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Modern marketing departments can be arranged in several ways:-


new-product manager.Geographic organization is used when a company sells across the country or internationally. Its sales and marketing people are assigned to specific countries, regions, and districts. Geographic organization allows salespeople to settle into a territory, get to know their customers, and work with a minimum of travel time and cost.

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Product management organization is used when a company has many very different products or brands. A product manager develops and implements a complete strategy and marketing program for a specific product or brand.

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Market or customer management organization is used when a company sells one product line to many different types of markets and customers that have different needs and preferences. Market managers are responsible for developing marketing strategies and plans for their specific markets or customers. This system's main advantage is that the company is organized around the needs of specific customer segments.

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Combination of the functional, geographic, product, and market organization forms is used when large companies produce many different products flowing into many different geographic and customer markets.

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Marketing ControlMarketing control is the process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved.

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Set specific marketing goals1.Measure company's performance in the marketplace2.Evaluate the causes of any differences between expected and actual performance3.Take corrective action to close the gaps between its goals and its performance. (may change action programs or change goals)

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4 Steps of Marketing Control-

Operating control involves checking ongoing performance against the annual plan and taking corrective action when necessary. Its purpose is to ensure that the company achieves the sales, profits, and other goals set out in its plan. It also involves determining the profitability of different products, territories, markets, and channels.

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Strategic control involves looking at whether the company's basic strategies are well matched to its opportunities.

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Marketing audit is a comprehensive, systematic, independent, and periodic examination of a company's environment, objectives, strategies, and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company's marketing performance.

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The marketing audit covers allmajor marketing areas of a business. It assesses the marketing environment, marketing strategy, marketing organization, marketing systems, marketing mix, and marketing productivity and profitability. Management then decides which actions make sense and how and when to implement them.

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Measuring and Managing Return on Marketing InvestmentReturn on marketing investment (marketing ROI) is the net return from a marketing investment divided by the costs of the marketing investment. Yet, this is hard to measure.

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A company can assess return on marketing in terms of standard marketing performance measures, such as brand awareness, sales, or market share.

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Marketing dashboards are meaningful sets of marketing performance measures in a single display used to monitor strategic marketing performance.

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Increasingly, beyond standard performance measures, marketers are using customer-centered measures of marketing impact, such as customer acquisition, customer retention, and customer lifetime value.

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More marketing investments = improved customer value and satisfaction = increased customer attraction and retention = increased individual customer lifetime values and the firm's overall customer equity

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Increased customer equity, in relation to the cost of the marketing investments, determines return on marketing investment.

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"Marketing ROI is at the heart of every business"-

"[We added another P to the marketing mix] - for profit and loss or performance. We absolutely have to … quantify the impact of marketing on the business. You can't improve what you can't measure."

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Analyzing the Marketing Environment

Marketing environment is the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers.

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Marketing research and marketing intelligence, for collecting information about the marketing environment○

Marketers have 2 special aptitudes-

By carefully studying the environment, marketers can adapt their strategies to meet new marketplace challenges and opportunities.

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Microenvironment is the actors close the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors, and publics

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Macroenvironment is the larger societal forces that affect the microenvironment - demographic economic, natural, technological, political, and cultural forces.

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The Company's MicroenvironmentThe CompanyTop management sets the company's mission, objectives, broad strategies, and policies.-

Marketing managers make decisions within the strategies and plans made by top management.-

Other departments have an impact on the marketing department's plans and actions.-

Under the marketing concept, all of these functions must "think consumer."-

They should work in harmony to provide superior customer value and relationships.-

SuppliersSuppliers provide the resources needed by the company to produce its goods and services.-

Supply shortages / delays○

Labor strikes○

Other events○

Marketing managers must watch supply availability. Supplier problems can seriously affect marketing-

These events can cost sales in the short run and damage customer satisfaction in the long run.-

Marketing managers also monitor the price trends of their key inputs. Rising supply costs may force price increases that canharm the company's sales volume.

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Good partner relationship management results in success for the company, suppliers, and its customers.-

Marketing Intermediaries

Resellers are distribution channel firms that help the company find customers or make sales to them, includes wholesalers and retailers. Selecting and partnering with resellers is not easy. Big organizations frequently have enough power to dictate terms or even shut smaller manufacturers out of large markets.

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Physical distribution firms help the company to stock and move goods from their points of origin to their destinations. (Moving the goods)

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Marketing services agencies are the marketing research firms, advertising agencies, media firms, and marketing consulting firms that help the company target and promote its products to the right markets.

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Financial intermediaries include banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods.

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Marketing intermediaries are firms that help the company to promote, sell, and distribute its goods to final buyers.-

This is important to the value delivery system.-

The company must partner effectively with marketing intermediaries to optimize the performance of the entire system. Sometimes, intermediaries provide more than just sell the products. Ex: Coca-Cola provides marketing research & the beverage.

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Customers

Consumer markets consist of individuals and households that buy goods and services for personal consumption.○

Business markets buy goods and services for further processing or for use in their production process○

Reseller markets buy goods and services to resell at a profit○

Government markets are made up of government agencies that buy goods and services to produce public services or

5 Types of Customer Markets-

Ch. 3 Book Notes


Government markets are made up of government agencies that buy goods and services to produce public services or transfer the goods and services to other who need them.

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International markets consist of those buyers in other countries, including consumers, producers, resellers, and governments.

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CompetitorsCompanies must gain strategic advantage by positioning their offerings strongly against competitors' offerings in the minds of consumers. (companies need to try to show that their products are better)

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Every firm has a different good strategy.-

PublicsPublic is any group that has an actual or potential interest in or impact on an organizations ability to achieve its objectives.-

Financial publics influence the company's ability to obtain funds. Ex: Banks, investment houses, and stockholders○

Media publics carry news, features, and editorial opinion. Ex: Newspapers, magazines, radio, and tv○

Government publics. Government developments are important because marketers must often consult the company's lawyers on issues of product safety, truth in advertising, and other matters.

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Citizen-action publics. A company's marketing decisions may be questioned by consumer organizations, environmental groups, minority groups, and others. Its public relations department can help it stay in touch with consumer and citizen groups.

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Local publics include neighborhood residents and community organizations. Large companies usually appoint a community relations officer to deal with the community, attend meetings, answer questions, and contribute to worthwhile causes.

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General public. A company needs to be concerned about the general public's attitude towards its products and activities. The public's image of the company affects its buying.

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Internal publics. Large companies use newsletters and other means to inform and motivate their internal publics. When employees feel good about their company, this positive attitude spills over to external publics.

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7 Types of publics-

The Company's MacroenvironmentThe company and all of the other actors operate in a larger macroenvironment of forces that shape opportunities and pose threats to the company.

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Demographic EnvironmentDemography is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.

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Our population is GROWING!-

China's one-child policy created a large spending on cherished child and much more needed senior education, leisure clubs, and homes. (1 child may not be able to care for parents. Sometimes people don't want kids)

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Changing Age Structure of the Population

Baby boomers○

Generation X○

Millennials○

U.S. population contains several generational groups. (Changing age structure)-

Baby BoomersBaby boomers are the 78 million people born during the babyboom following World War II (1946) and lasting until 1964.-

30% of population, spend about $2.3 trillion annually, and hold three-quarters of the nation's financial assets.-

Youngest boomers = early-to-mid forties Oldest = entering their sixties-

Maturing boomers are rethinking the purpose and value of their work, responsibilities, and relationships.-

As they reach their peak earning and spending years, the boomers constitute a lucrative market for financial services, new housing and home remodeling, travel and entertainment, eating out, health and fitness products, and just about everything else. (BIG spenders)

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Boomers are not really aging and slow. Boomers spend $30 billion/year on anti-aging products and services. Retire later and work more even after retirement.

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work more even after retirement.Although boomers didn't grow up with the internet, they learn to use it for planning vacations. They watched tv, but embraced TiVO and VCRs and other technologies. They even use iPods.

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Need financial help because will get money from parents, who phase out, and retirement funds.-

Retirement: 6-15 years = dream, After = liberation(connecting with family, returning to hobbies)-

Generation XGeneration X are the 45 million people born between 1965 and 1976 in the "birth dearth" following the baby boom.-

They lie in the shadow of the boomers and lack obvious distinguishing characteristics.-

Increasing parental divorce rates and higher employment for their mothers made them the first generation of latchkey kids. -

Having grown up during times of recession and corporate downsizing, they developed a more cautious economic outlook.-

Xers care about the environment and respond favorably to socially responsible companies.-

Seeks success but Xers are less materialistic. Prize experiences and not acquisition.-

Cautious romantics who want a better quality of life and are more interested in job satisfaction than in sacrificing personalhappiness and growth for promotion. "Family first, career second."

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Hard to advertise: Xers listen to "word of mouth" and 63% research products before they consider a purchase-

MillennialsMillennials (or Generation Y) are the 83 million children of the baby boomers, born between 1977 and 2000.-

Tweens (aged 8-12), teens (13-18), young adults (twenty-something)-

The younger Millennials are just beginning to wield their buying power.-

The older ones have now graduated from college and are moving up their careers, significantly expanding both their earning and their spending.

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Millennials = diverse meaning that 45% of Millennials describe their race as something other than white (Baby Boomers = 80% white)

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"digital native" = Utter fluency and comfort with computer, digital, and Internet technology (Gen. X spent a lot of time in front of the tv)

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Millennials = consumers of every imaginable means of communication: TV, radio, cellphone, Internet, video games, OFTEN SIMULTANEOUSLY!!

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Personalization, Self-Expression-

"We want to [reach to these younger buyers] without shouting 'buy this care'" (Keep showing car in youtube, myspace, etc.)-

Generational MarketingSplit baby boomers: leadign boomers, core boomers, and trailing boomers-

Split Millennials: tweens, teens, young adults-

Marketers need to form more precise age-specific segments within each group. Segment people by lifestyle, life stage, or the common values they seek in the products they buy.

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The Changing American FamilyThe "traditional household" consists of a husband, wife, and children (and sometimes grandparents).-

23% Married couples with children

29% Married couples without children

16% Single parents

32% Nonfamily households (single live-alones or adult live-together of one or both sexes)

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More divorce / separation, not marrying, marrying later, or marrying without planning to have kids-

Marketers must increasingly consider the special needs of nontraditional households.-

More women working, 57% of married couples have both husband and wife work (child day care increased & women spending increased)

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More stay-at-home dads (taking care of kids, help with housework, while wife goes to work)-

Busy parents = Peapod-

Geographic Shifts in PopulationAmericans move a lot. (mobile people)-

More people are moving west. Different regions mean different spending habits.-

1950s people move from farms to cities-

Less population crush, traffic jams, crime rates, property taxes○

Today, people move from cities to suburbs / small cities (metropolitan areas)-

The shift in where people live has also caused a shift in where they work.-

Rise of living in suburbs & metropolitan areas = increased telecommunicate (work at home or in a remote office and conduct their business by phone, fax, modem, or the Internet)

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Increase in SOHO (small office / home office) market-

Services such as Kinko's become popular-

A Better-Educated, More White-Collar, More Professional PopulationU.S. population has become more educated (85% high school, 28% college degree, about 2/3 enroll in college within 12


U.S. population has become more educated (85% high school, 28% college degree, about 2/3 enroll in college within 12 months after high school)

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The rising number of educated people will increase the demand for quality products, books, magazines, travel, personal computers, and Internet services.

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More white-collar workers and blue-collar workers declined. (service workers slightly increased)-

More managers & professionals in the work force-

Job growth is now strongest for professional workers and weakest for manufacturers.-

Increasing DiversityCountries vary in their ethnic and racial makeup.-

U.S. have become like a "salad bowl" in which various groups have mixed together but have maintained their diversity by retaining and valuing important ethnic and cultural differences.

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Marketers are facing increasingly diverse markets, both at home and abroad as their operations become more international in scope.

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Allstate slogan was changed for Chinese Americans, "Turn to our hands, relax your heart, and be free of worry." Insurance doubled in 6 months.

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Gay and Lesbian population are abundant in professional work, college-degrees, and spending.-

Marketers are becoming open to gay and lesbian and doing advertisements on the LOGO (Dell, eBay, Sears, etc.) p. 76-

Disabilities (54 million), grand evangelists (tell a lot of people about the product that they love)-

As the population in the United States grows more diverse, successful marketers will continue to diversify their marketing programs to take advantage of opportunities in fast-growing segments.

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Economic EnvironmentThe economic environment consists of factors that affect consumers buying power and spending patterns.-

Some countries have subsistence economies which is to consume most of their own agricultural and industrial output. These countries offer few market opportunities.

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Other countries are industrial economies, which constitute rich markets for many different kinds of goods.-

Following are some of the major economic trends in the U.S.-

Changes in IncomeThroughout the 1990s, American consumers fell into a consumption frenzy, fueled by income growth, a boom in the stock market, rapid increases in housing values, and other economic good fortune. They bought and bought without caution, amassing record levels of debt.

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2000s: recession-

Now: "squeezed consumer"-

Consumers now face repaying debts acquired during earlier spending splurges, increased household and family expenses, and saving ahead for children's college tuition payments and retirement. Thus, spend more carefully.

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Value marketing has become the watchword for many marketers. (right value = right price)-

Marketers need to watch for income distribution and average income.-

At the top are upper-class consumers, whose spending patterns are not affected by current economic events and who are a major market for luxury goods.

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There is a comfortable middle class that is somewhat careful about its spending but can still afford the good life some of the time.

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The working class must stick close to the basics of food, clothing, and shelter, and must try hard to save.○

The underclass (persons on welfare and many retirees) must count their pennies when making even the most basic purchases.

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Income distribution is very skewed. -

The rich got richer. The middle class shrunk. The poor got poorer.-

Changes in Consumer Spending PatternsErnst Engel studied how people shifted their spending as their income rose. As family income rises, the percentage spent on food declines, the percentage spent on housing remains about constant (except for such utilities as gas, electricity, and public services, which decrease), and both the percentage spent on most other categories and that devoted to savings increase.

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Engel's laws are differences noted over a century ago by Ernst Engel in how people shift their spending across food, housing,transportation, health care, and other goods and services categories as family income rises.

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Changes in major economic variables such as income, cost of living, interest rates, and savings and borrowing patterns have alarge impact on the marketplace. With adequate warning, they can take advantage of changes in the economic environment.

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Natural EnvironmentThe natural environment involves natural resources that are needed as inputs by marketers or that are affected by marketing activities.

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Shortages of raw materials○

Increased pollution○

Increased government intervention (right now gov't have little funds & little will)○

Marketers should be aware of several trends in the natural environment-

U.S. Law: Environmental Protection Agency (EPA) was created in 1970 to set and enforce pollution standards and to conduct pollution research. Instead of opposing regulation, marketers should help develop solutions to the material and energy

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pollution research. Instead of opposing regulation, marketers should help develop solutions to the material and energy problems facing the world.Green movement resulted from the concern for the natural environment.-

Companies are going beyond EPA standards. They are developing environmentally sustainable strategies and practices in an effort to create a world economy that the planet can support indefinitely.

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Companies are recognizing the link between a healthy ecology and a healthy economy. They are learning that environmentally responsible actions can also be good business.

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Technological EnvironmentTechnological environment is the forces that create new technologies, creating new product and market opportunities.-

New technology replace old, so good & bad business will happen.-

Inventions are by research & not by sole inventors.-

The challenge is to make practical, affordable versions of products. (3D tv, space colonies, etc.)-

As products and technology become more complex, the public needs to know that these are safe. Gov't agencies investigate and ban potentially unsafe products.

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The Food and Drug Administration (FDA) has set up complex regulations for testing new drugs.-

The Consumer Product Safety Commission sets safety standards for consumer products and penalizes companies that fail to meet the standards.

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Political EnvironmentPolitical environment consists of laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society.

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Legislation Regulating BusinessEven the most liberal advocates of free-market economies agree that the system works best with at least some regulation.-

Gov'ts develop public policy to guide commerce - sets of laws and regulation that limit business for the good of society as a whole

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Increasing Legislation

Protect companies from each other (prevent unfair competition)○

Protect consumers from unfair business practices (prevent lies in advertising & bad products)○

Protect the interests of society against unrestrained business behavior (companies must take responsibility for their social costs)

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Business legislation has been enacted for a number of reasons:-


social costs)

Changing Government Agency EnforcementInternational marketers will encounter dozens, or even hundreds, of agencies set up to enforce trade policies and regulations.-

In recent years, Federal Trade Commission (FTC) has added staff marketing experts (to the lawyers & economists), who can better understand complex business issues.

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Increased Emphasis on Ethics and Socially Responsible ActionsBeyond written laws and regulations, business is also governed by social codes and rules of professional ethics.-

Socially Responsible BehaviorEnlightened companies encourage their managers to look beyond what the regulatory system allows and simply "do the right thing"

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Case-Related MarketingTo exercise their social responsibility and build more positive images, many companies are now linking themselves to worthwhile causes. (corporate giving, ex: buy Easy button at Staples, Staples will donate $5 to Boys & Girls club of America)

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Companies using cause-related marketing might find themselves walking a fine line between increased sales and an improved image, and facing charges of exploitation.

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If handled well, cause-related marketing can greatly benefit both the company and the cause.-

Cultural EnvironmentCultural environment is made up of institutions and other factors that affect society's basic values, perceptions, preferences, and behaviors.

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Persistence of Cultural ValuesPeople in a given society hold many beliefs and values. Their core beliefs and values have a high degree of persistence.-

Core beliefs and values are passed on from parents to children and are reinforced by schools, churches, business, and government.

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Secondary beliefs and values are more open to change.-

Ex: Believing in marriage is a core belief; believing that people should get married at a young age is a secondary belief-

Shifts in Secondary Cultural Values


Shifts in Secondary Cultural ValuesAlthough core values are fairly persistent, cultural swings do take place.-

The major cultural values of a society are expressed in people's views of themselves and others, as well as in their views oforganizations, society, nature, and the universe.

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People's views of ThemselvesPeople vary in their emphasis on serving themselves vs. serving others. Some people seek personal pleasure, wanting fun, change, and escape. Others seek self-realization through religion, creation, or the avid pursuit of careers or other life goals. People use products, brands, and services as a means of self-expression, and they buy products and services that match their views of themselves.

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Do-It-Yourself & Adventurers (do crazy things)-

Marketers can target their products and services based on self-views.-

People's Views of OthersObservers have noted several shifts in people's attitudes toward others. Many trend trackers have seen a new wave of "cocooning," in which people are going out less with others and are staying home more to enjoy the creature comforts of home and hearth-from the networked home office to home entertainment centers.

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Improve home to make into "castle"-

"home, sweet home" for family and friends-

People's Views of OrganizationsPeople vary in their attitudes toward corporations, government agencies, trade unions, universities, and other organizations.-

Many people today see work not as a source of satisfaction but as a required chore to earn money to enjoy their nonwork hours. This trend suggests that organizations need to find new ways to win consumer and employee confidence.

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People's Views of SocietyPeople vary in their attitudes toward their society; patriots defend it, reformers want to change it, malcontents want to leave it.

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People's orientation to their society influences their consumption patterns and attitudes toward the marketplace.-

September 11 = national pride-

Don't wave flag, unless for triumph or tragedy-

People's View of NaturePeople vary in their attitudes toward the natural world. Some feel ruled by it, others feel in harmony with it, and still others seek to master it.

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People have realized that nature is finite and fragile, that can be destroyed or spoiled by human activities.-

People's Views of the UniversePeople vary in their beliefs about the origin of the universe and their place in it.-

People have been moving away from materialism and dog-eat-dog ambition to seek more permanent values (family, community, earth, faith) and a more certain grasp of right and wrong.

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"Americans are on a spiritual journey, increasingly concerned with the meaning of life and issues of the soul and spirit"-

Responding to the Marketing Environment3 kinds of companies: make things happen, watch things happen, wonder what's happened-

They passively accept the marketing environment and do not try to change it. ○

They analyze the environmental forces and design strategies that will help the company avoid the threats and take advantage of the opportunities the environment provides.

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Many companies view the marketing environment as an uncontrollable element to which they must react and adapt. -

These firms take aggressive actions to affect the publics and forces in their marketing environment. Ex: hire lobbyists to influence legislation affecting their industries and stage media events to gain favorable press coverage

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Other companies take a proactive stance.-

Some companies must settle for simply watching and reacting to the environment.-

Whenever possible, smart marketing managers will take a proactive rather than reactive approach to the marketing environment.

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Documents

Mktg 360 Ch. 1,2,3 Book Notes PDF