Marketing Management Study Guide
Marketing: “A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.” “Managing profitable customer relationships”. Creating, delivering, and communicating superior customer value
Evolution: Production (none), sales (one way, marketing (two way)
What can be marketed: Goods, Services, Places, Persons, Ideas, Events, Organizations, Information, Experiences.
Mkt Myopia: Focusing on short-term profits instead of long-term customer relationships.
CLV: NPV of all profits over lifetime of customer.
Needs: Basic human requirements. Become wants when directed to specific objects. Demands wants for specific products
Segmentation: distinct, operational, profitable. Bases and profiles. Demographics (Value and Lifestyles (VALS)), industrial markets. Motivation and resources. Benefits sought
Market segmentation: niche, local, individual.
Targeting: develop measures. Single segment, product specialization, market, full market coverage.
Positioning: mtg mix.
3 C’s: Customer, company, competition
4 P’s: Price, Promotion, Place(distribution), Product (lifecycle)
Profit Impact = (Unit Contribution × Units Sold) – Fixed Costs
Value Proposition: Net value= total benefits – total costs.
Making a decision: Conjuctive(good at everything), Lexicographic (best at what matters most), Disjunctive (really good at something)
Multi-dimensional scaling (MDS) a perceptual map. Identify attributes. Links segmentation and targeting/positioning
Conjoint Analysis: Uses real decisions to infer the way that attributes are traded off by consumers
Perceptual Biases: Context Effects, Dominating Options, Anchoring. Marketers should be aware that consumer perceptions & decision processes are often biased
Economic Value to the customer (EVC): Compared to reference product, includes savings and incremental value. Competitive advantage and customer inducement. Variables: intensity of
Evolution: Production (none), sales (one way, marketing (two way)
What can be marketed: Goods, Services, Places, Persons, Ideas, Events, Organizations, Information, Experiences.
Mkt Myopia: Focusing on short-term profits instead of long-term customer relationships.
CLV: NPV of all profits over lifetime of customer.
Needs: Basic human requirements. Become wants when directed to specific objects. Demands wants for specific products
Segmentation: distinct, operational, profitable. Bases and profiles. Demographics (Value and Lifestyles (VALS)), industrial markets. Motivation and resources. Benefits sought
Market segmentation: niche, local, individual.
Targeting: develop measures. Single segment, product specialization, market, full market coverage.
Positioning: mtg mix.
3 C’s: Customer, company, competition
4 P’s: Price, Promotion, Place(distribution), Product (lifecycle)
Profit Impact = (Unit Contribution × Units Sold) – Fixed Costs
Value Proposition: Net value= total benefits – total costs.
Making a decision: Conjuctive(good at everything), Lexicographic (best at what matters most), Disjunctive (really good at something)
Multi-dimensional scaling (MDS) a perceptual map. Identify attributes. Links segmentation and targeting/positioning
Conjoint Analysis: Uses real decisions to infer the way that attributes are traded off by consumers
Perceptual Biases: Context Effects, Dominating Options, Anchoring. Marketers should be aware that consumer perceptions & decision processes are often biased
Economic Value to the customer (EVC): Compared to reference product, includes savings and incremental value. Competitive advantage and customer inducement. Variables: intensity of