Marketing Management

Front 1

what does it take to be successful in marketing?

Back 1

-ethical behavior/social responsibility
-continuous monitoring
-excellent customer service
-consistent message through mult. channels
-competitive advantage
-understanding of the customer
-creative ads
-be flexible and adaptable

Front 2

value

Back 2

must create customer value
= benefit - cost

Front 3

current market conditions:

Back 3

-barriers to entry (highly competitive but low legal obligations)
-strategic relationships (partnerships)
-globalization
-accelerating changes in environment
-knowledgeable customers
-customizing
-technology dependent/capable
-eco-friendly
-fierce competition

Front 4

How to be successful?

Back 4

flexible, know your customers, competitive advantage, and know your competition

Front 5

Market drive strategy

Back 5

1.) continuously strive to increase customer value
2.) continuously gathering information on customers, competition, and market
3.) cross-functional coordination

Front 6

international focus

Back 6

new trend towards china india and russia due to population growth potential large land amounts with natural resources

Front 7

technology

Back 7

traditional forms of marketing are unwanted by consumers ex: commercials

Front 8

Challenges of setting quotas

Back 8

1.) keeping reps motivated WRT quota levels
2.) territories are not equal (potential)
3.) products not equal vary by territory
4.) dealer changes/personal changes
5.) competition
6.) what behavior are you motivating?

Front 9

successful incentive programs

Back 9

-relatively simple easy to explain
-measure what you want done-reward
-want reps to earn incentives

Front 10

rapids changes in market:

Back 10

technology, competition, globalization, trends change faster, reduced barriers to entry, availability of information (greater access)
-customers more demanding

Front 11

Kodak

Back 11

from 2001 to 2007 lost 50% of revenue did not adapt to changes in the market (digital) or competition

Front 12

Marketing Myopia

Back 12

1963
railroad industry believed would never die lost market share to trucks which were now preferred
used railroads because they were the best at that time benefit

Front 13

Decision making process
-consumer

Back 13

1.) define problem
2.) search alternatives
3.) evaluate alternatives
4.) purchase
5.) post purchase

Front 14

Decision making process
-business or organization

Back 14

-more bulk purchases for better deals
-look at what competitors are doing as references
-decision have bigger impact on many people
-need based not want based
-contract based
-longer time period to make decision

Front 15

Buying roles

Back 15

user, decider, influencer, initiator, information gatherer, and purchaser.

Front 16

value chain

Back 16

from raw materials to end consumer all things/people need to have same value
-good relationships, pay for better service outsourcing cheaper

Front 17

competitive model forces

Back 17

1.) rivalry exists
2.) threat new entries
3.) threat substitutes
4.) bargining power of suppliers
5.) bargining power of buyers

Front 18

forecasting sales

Back 18

-industry trends, company trends, company objectives, sales force opinions, executives opinions, model analysis

Front 19

segmentation

Back 19

limited resources waste time on other targets different customer needs market to many segments with different approaches

Front 20

mass marketing

Back 20

all people with the same approach

Front 21

differentiated marketing

Back 21

each as own strategy

Front 22

concentrated marketing

Back 22

one segment targeted but exposed to all, given to all segments

Front 23

niche marketing

Back 23

small group zoned in on within a segment

Front 24

customized marketing

Back 24

one person or business must be very profitable

Front 25

mass customized marketing

Back 25

ex: DELL or Nike

Front 26

ways to segment a market
consumers

Back 26

age, income, geography, needs, personality, price point, martial status, gender/race, belief, usage, values, behaviors, life cycle, occupation, education, and frequency

Front 27

ways to segment a market
business

Back 27

life cycle stage, needs, size of business, usage purpose, geography, industry, price point, and frequency

Front 28

effective segmentations

Back 28

-differentiable respond differently
-identifiable
-actionable
-cost > benefit
-stable over time
-differentiate standout

Front 29

Identification of segments

Back 29

-pick characteristics and form segments
-analyze behaviors and patterns build from data, data mining

Front 30

perceptual map

Back 30

see where you are compared to competition
cluster=high competition
two qualities usually price and quality.

Front 31

Achieving A1 quality

Back 31

-customize relationships with customers
-focus on customer service and reward programs
-send thank-you notes give suggestions
-customer database updated continuously and track

Front 32

customer lifetime value

Back 32

recognize these customer 60% more successful investment in relationships

Front 33

80/20 rule

Back 33

20 percent of customers yield 80 percent of the profits important to find high value customers which are a small part of customer base

Front 34

retention

Back 34

really important to keep customers coming back, do not ignore existing customers, repeat customers generate 2x the profit that new customers do

Front 35

total commitment

Back 35

entire organization all work together part of the company culture

Front 36

cross-functional teams

Back 36

key to success
from all parts of the organization form a team, line workers, ceo, marketing rep, human resource rep all come together.

Front 37

International call centers

Back 37

paying for call centers in india costs less outsourcing customer service

Front 38

Marketing Sensing Processes

Back 38

ask questions open minded to change look at competitors listen to all employees find hidden needs

Front 39

Learning Organizations

Back 39

mind set or philosphy always becoming better how to get better, commit resources to this est. funds and MR
-CLOs, and CKOs