Marketing 340 Exam 1

marketing strategy
identifies a firms target market, a related marketing mix (its 4 Ps), and the basses on which the firm plans to build a sustainable competitive advantage
sustainable competitive advantage
an advantage over the competition that is not easily copied and can be maintained over a long period of time
what makes up customer value
customer excellence, operational excellence, product excellence, locational excellence
customer excellence
is achieved when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service
ex: Disney
operational excellence
is another way to achieve sustainable competitive advantage through efficient operations, excellent supply chain management, and strong relationships with suppliers
product excellence
the third way to achieve a sustainble competitive advantage, occurs by providing products with high perceived value and effective branding and positioning
locational excellence
location is the most important
marketing plan
a written document composed of an analysis of the current marketing situation opportunities and threats for the firm, marketing objectives, and strategy specified in terms of the four Ps, action programs, and projected or pro forma income (and other financial statements)
three major phases of the marketing plan
planning, implementation, and control
social media
online and mobile technologies that distribute content to facilitate interpersonal interactions
4 E’s of social media
-excite
-educate
-experience
-engage
What parts are in the wheel of social media engagement?
information, timeliness, connected, dynamic, network
dynamic effect
twofold-how info is exchanged back and forth to network participants and this promotes engagement which increases the likelihood to buy. this also increases the network effect
three types of social media
social networking sites, media-sharing sites, and thought-sharing sites (blogs)
corporate blogs
created by the companies themselves, they have the highest level of control because they control the content posted on them
three state process of social media engagement
listen, analyze, do
sentiment analysis
allows marketers analyze data from sources to collect customer comments about the company and their products
5 steps of social media marketing campaign
1. identify strategy and goals
2. identify target audience
3. campaign experiment and engage
4. develop budget
5. monitor and change
conscious marketing
entails a sense of purpose for the firm that is higher than simply making a profit by selling products and services
What are the four overriding principles of conscious marketing?
1. recognition of marketing’s greater purpose
2. consideration of stakeholders and their interdependence
3. the presence of conscious leadership, creating a corporate culture
4. the understanding that decisions are ethically based
business ethics
distinguishing between right and wrong actions and decisions that arise in a business setting
marketing ethics
ethical situations that are specific to the domain of marketing including societal, global, or individual customer issues
corporate social responsibility
firms acknowledge that in addition to economic and legal duties, they have responsibilities to society
triple bottom line
economic, social, and environmental performance
difference between conscious marketing and corporate social responsibility
conscious marketing= holistic approach, always ethical, view environment as a stakeholder
CSR= reflects a mechanistic view of business
What are the criteria for being a conscious marketer?
having a caring culture, holistic view
is Walmart a conscious marketer or is it a practitioner of CSR?
Provide a specific example of conscious marketing firm that considers the needs of each of its stakeholders
Ex: not testing on animals and organic products for all the safety of society (no animals harm, customers, environment)
Can conscious marketing be introduced in the planning phase of the marketing plan?
yes, with strong leadership it can be introduced in the mission statement
What is involved in the implementation phase?
how to deliver the 4 Ps and consider potential issues
What ethical questions should a marketing manager consider at each stage of the marketing plan?
Planning: SWOT analysis
Implementation: relocate to another country
Control: react to change
steps to make an ethical decision
1. identify the issue
2. gather information and identify stakeholders
3. brainstorm and evaluate alternatives
4. choose a course of action
Immediate environment
consumers-influenced directly by the immediate actions of the company
macroenvironment
company, competition, corporate partners
What are the components of the immediate environment?
macroenvironmental factors
in the external environment: culture, demographics, social trends, technological advances, economic situation, political/regulatory environment (CDSTEP)
culture
shared meanings, beliefs, morals, values, customs of a group of people
demographics
indicate the characteristics of human populations and segments, especially those used to identify consumer markets
generational cohort
group of people of the same generation that have the similar purchase behaviors because they have shared experiences and are in the same stage of life
generation Z/ Digital Natives
born between: 2001-2014, ages 0-15
Generation Y
born in 1977-2000, age 16-39
generation X
born 1965-1976, age 40-51
baby booms
born in 1946-1964 age 52-70
green marketing
involves a strategic effort by firms to supply customers with environmentally friendly, sustainable merchandise and services
political/regulatory environment
comprises political parties, government organizations and legislation and laws
What are the six key macroenvironmental factors?
culture, demographics, political/legal, economic, technology, social
Differentiate between country culture and regional culture.
country-want universal appeal with specific identities of a country culture
regional- cater to regional preferences ex: McDonald’s have differences
What are some important social trends shaping consumer values and shopping behavior?
health and wellness concerns, greener consumers, privacy concerns