Marketing Management Concepts

• What are the core concepts that shape marketing strategies?
• Marketing channels
• Supply chain
• Competition
• Marketing environment
• Marketing planning
• Needs, wants, and demands
• Target markets, positioning, segmentation
• Offerings and brands
• Value and satisfaction
• What are the different organization marketing orientations?
• Production
• Product
• Selling
• Marketing
• What is the difference between market-oriented and sales-oriented organizations?
Sales-oriented focuses on the needs of the seller; mark-oriented focueses on the needs of the buyer. Sales oriented is practiced most aggressively with unsought goods. Market-focused is the right product for your customer.
• What activities facilitate an exchange?
anything that will promote or facilitate the exchange; communication, delivery, etc.
• What are the elements of the marketing mix?
Product, Price, Place, and Promotion
• How do the “4 Ps” of the marketing mix match up to the consumers’ “4 Cs”?
Product=Consumer
Price=Cost
Place=Convenience
Promotion=Communication
How does the value creation process relate to strategic and tactical marketing practices?
First, choosing the value represents the “homework” marketing must do before any product exists. Marketers must segment the market, select the appropriate target, and develop the offering’s value positioning.The formula “segmentation, targeting, positioning (STP)” is the essence of strategic marketing. The second phase is providing the value. Marketing must determine specific product features, prices, and distribution. The task in the third phase is communicating the value by utilizing the sales force, Internet, advertising, and any other communication tools to announce and promote the product.
How would you describe the value chain?
a tool for identifying ways to create more customer value.
How does an organization-wide focus on customer satisfaction affect business success?
a high level of employee satisfaction, which leads to higher effort, which leads to higher-quality products and services, which creates higher customer satisfaction, which leads to more repeat business, which leads to higher growth and profits, which leads to high stockholder satisfaction, which leads to more investment, and so on.
What is a strategic business unit?
a single business or collection of related businesses that can be planned separately from the rest of the company, with its own set of competitors and a manager who is responsible for strategic planning and profit performance. EX: Kraft Mac N’ Cheese vs. Kraft Singles.
How does Marketing shape Strategic Business Unit strategy development?
Assists in developing a game plan for achieving each SBU’s long-run objectives.
What is the difference in the three growth strategies: intensive, integrative, and diversification?
Intensive Strategy: Identify growth within current businesses
Integrative Strategy: Identify opportunities to build or acquire businesses related to current business.
Diversification Strategy: Identify opportunities to add attractive, unrelated businesses.
How would you explain the Ansoff Matrix?
Alternative business growth strategies; 1: Market Penetration within existing markets and existing products. 2: Product development within new and existing markets and products. 3: Market development within new markets and existing products. 4: Diversification within new products and new markets.
What is the purpose of the SWOT analysis?
to get managers thinking about everything that could potentially impact the success of a new project.
• How is Porter’s five forces model used to examine the attractiveness of a marketing opportunity?
Determine the attractiveness of a market. The larger the force, the less attractive the industry or market would be.
What factors should be considered when analyzing an industry?
What factors should be considered when analyzing competitors?