Satisfying Customer Needs and Wants While Meeting Objectives
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Marketing Review1. Production – Internal Capabilities of the firmSales – Aggressive sales techniques and the belief that high sales result in high profitsMarket – Satisfying customer needs and wants while meeting objectivesSocietal – Satisfying customer needs and wants while enhancing individual and societal well-being2. (1) Sales – Marketing – (2) Sales – Marketing – (3) Sales – to everyone or to the average customer Marketing – to certain ones—recognizes differences and speaks to that!(4) Sales – Volume: Making the sale is more important than building a long- term relationshipMarketing – Value: Value will result in customer satisfaction, which leads to long-term relationships(5) Sales – Promote, Promote, Promote, Promote Marketing – Product, Price, Promote, Place: Interfunctional3. Corporate social responsibility is a business’s concern for society’s welfare. ?????????PART 2?????????Pyramid – Economic performance is the foundation – as the business pursues profits it is expected to obey the law, to do what is right, just and fair and to be a good corporate citizen. Just look at many corporate websites today – many are highly vocal of their philanthropic responsibilities[pic 1]4. Social – Attitudes, Values , Lifestyles: What do they influence? Family could sway a buyer to buy a mini van instead of a small car for the extra space. Demographic – Where someone lives, their age, etc. Tweens and teens (Ages 9-14), Gen. Y (1979-1994), Gen. X (1966-1978), Baby Boomers (1947 – 1965). You wouldn’t market a new Smartphone to a Baby Boomer because they are less likely to use it then Gen. Y or teens, therefore you would spend your money to market it to them instead.
Geographic – Economic – Economic areas of greatest concern: Incomes, Inflation, Recession. People with low incomes are not going to buy a Cadillac because they can not afford it, they will buy a ford or something of that sort because it is cheaper.Political/legal – Marketing managers must be aware of the differences in each province’s legal environment. They also need a sound understanding of federal legislation that affects their industry. The Privacy Act (PA) and the Personal Information Protection and Electronic Documents Act (PIPEDA): Protect the privacy of personal information and Ensure that its collection, use, and disclosure are legal and ethical. You have to do your business legally otherwise you could get in a lot of trouble. Technological – External technology is important to managers for two reasons: The firm may be able to operate more efficiently or create a better product, and New technology may render existing products obsolete. Cellphone company has to stay up to date other wise their product will be looked at as old and no one will buy it. Competitive – You need to know what other companies like yours are doing so you can make more people come to your store instead of theirs. Example: Walmart and Target. The competitive environmentNumber of competitorsRelative size of competitorsDegree of interdependence within industryManagement has little control over competitive environment5. Descriptive – Gathering and presenting factual statements (What percent of kids play video games?) Diagnostic – Explaining Data (?????????)Predictive – Addresses “what if” questions (addressing what would happen if a new design of product was released.6. Identify and formulate the research issue, problem/opportunity – Plan the research design and gather primary data – Specify the sampling procedure – Can’t interview/watch/experiment with everyone. Have to select a sampleCollect the data – Use a field service firm: specialize in interviewing respondents. subcontractedAnalyze the data – Purpose — to interpret and draw conclusions from the mass of collected dataPrepare and present the report – Key Step, Must convince the Marketing Manager that the research has been done credibly, Written report and oral presentationFollow up – 7. DescriptionAdvantageDisadvantageUndifferentiatedTargetingAssumes that individual customers have similar needs that can be met through a common marketing mixPotential Savings on Production/Marketing costs- Unimaginative product offerings- Company more susceptible to competitionConcentrated TargetingSelect a market niche (one segment of a market)-Concentration of resources-Can better meet the needs of a narrowly defined segment-Allows some small firms to better compete with larger firms-Strong positioning- Segments too small, or changing- Large competitors may more effectively market to niche segmentMultisegment TargetingTwo or more well-defined market segments. A distinct marketing mix for each-Greater financial success-Economies of scale in producing/marketing-High costs-Cannibalization