Marketing Topics Details for preparation of exam

8/9/2019 Marketing Topics Details for preparation of exam

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1. Definition of Marketing:The process by which companies create value for customers and buildstrong customer relationships in order to capture value from customersin return.

Needs: states of felt deprivation

Wants: the form human needs take as shaped by culture andindividual personality.Demands: Human wants that are backed by buying power.

2. Market Offering:Some combination of products services information or experiencesoffered to a market to satisfy a need or want.

3. Marketing Myopia:The mistake of paying more attention to the specific productsaccompany offers than to the benefitrs and experiences produced bythese products.

4. Exchange:The act of obtaining a desired object from someone by offeringsomething in return.

5. Market:The set of all actual and potential buyers of a product or service.

Chapter 1

Nature and scope of marketing

1. Marketing management:The art and science of choosing target markets and building profitablerelationships with them.Evolution of marketing

a. Product orientation stage: the idea that consumers will favorproducts that offer the most quality performance and featuresand that organization should therefore devote its energy tomaking continuous product improvements.

b. Sales orientation stage: the idea that consumers will not buyenough of the firms products unless it undertakes a large-scaleselling and promotion effort.


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c. Market orientation stage: the marketing managementphilosophy that achieving organizational goals depend onknowing the needs and wants of target markets and deliveringthe desired satisfactions better than competitors do.

2. The market conceptImplementation the marketing concept

a. Customer Orientationb. Relationship

A company marketing program

3. Ethics and marketing

What is Ethical Behaviour?Ans:

Manners are Ethics.

Ethics differ person to person depends upon culture and society.

Marketers are responsible for to a variety of groups.

4. PESTELP: PoliticalE: Economical

S: SocialT: TechnologicalE: EnvironmentalL: Legal

5. SwotS: StrengthW: WeaknesO: OppurtunityT: Threats

Importance of marketing

a. Globallyb. Domesticallyc. Organizationally


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Chapter 2

1. Environmental Monitoring: The actors and forces outsidemarketing that affect marketing managements ability to buildand maintain successful relationships with target customers.

Two types of marketing environments:a: Microenvironmentb: Macroenvironmet

a. External Macro Environment:The larger societal forces thataffect the following microenvironment:

Demographics: Human population in terms of size,density, location, age, gender, race, occupation and otherstatistics.

Economic Environment: Factors that affect consumerbuying power and spending patterns.

Competition:

Social and cultural forces: Institutions and other forcesthat affect societys basic values perceptions preferencesand behaviors.

PoliticalEnvironment: Laws, government agencies, and

pressure groups that influence and limit variousorganizations and individuals in a given society.

Technological Environmental: Forces that create newtechnologies creating new product and marketopportunities.

b. External Micro Environment:The actors close to the companythat affect its ability to serve its customers-the companysuppliers marketing intermediaries customer marketscompetitors and publics.

The Market: In designing market plans, marketingmanagement takes other company groups into account-groups such as top management, finance, research anddevelopment, purchasing, operations and accounting.

Suppliers: Customer value delivery system

Marketing Intermediates: Firms that help the companyto promote sell and distribute its goods to final buyers;


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they include resellers physical distribution firms, marketingservice agencies and financial intermediaries.


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Chapter 4

1. The consumer market:The buying behavior of finalconsumers-individuals and households who buy goodsand services for personal consumption.

Geographic distribution The rural population

The urban population

2. Consumer demographics Age

Education and income

Race and ethnicity

3. Consumer decision making / Consumer Buying

Behaviour

A) The Consumer Buying Behavior process:The consumer buying behavior is in situations

Need Recognition: The Consumer is moved to action by a need ordesire

Identification of Alternatives: The consumer identifies alternativeproducts and brands and collects information about them.

Evaluation of alternatives: The consumer weighs the poors and consof the alternatives identification.

Decisions: The consumer decides to buy or not to buy and makes otherdecisions related to the purchase.

Post purchase behavior: The consumer seeks reassurance that thechoice made was the correct one.


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Chapter 5

1. Nature and the scope of the business market

2. Components of the business market The agricultural market

The reseller market The government market

The service market

The nonbusiness business market:

The international market

3. Characteristics of business market demand Demand is derived:

Demand is inelastic

Demand fluctuates

Buyers are well informed

4. Determinants of business market demand Describing business markets

Profile of buyers

Size of business buyers

Regional concentration of business buyers

Vertical and horizontal business markets

5. Buying power of business

Measures of manufacturing activity Measures of mining activity

Measures of agricultural activity

6. Business buying behavior The importance of business buying

Buying decision process in business

Motives of business buyers

7. Types of buying situations Multiple buying influences the buying center Buyer seller relationships

8. Buying practices of business users Direct purchase

Frequency of purchase

Size of order

Length of negotiation period

Service expectation

Dependability of supply

Leasing


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Chapter 6

1.An overview of market segments and targetmarkets

Market segmentation

Benefits of market segmentation

The process of market segmentation

Ultimate consumers and business users the first cut

2. Segmentation consumer market Geographic segmentation

Regional population distribution

3. Demographic segmentation4. Psychographic segmentation

Personality characteristics

Lifestyle

Values

5. Behavior segmentation Benefit desired

Usage rate

6. Segmentation business market

Customer location

Customer type

Industry

Size

Organization structure

Purchase criteria

7. Transaction conditions Buying situation

Usage rate

Purchase procedure

8. Target market strategies Aggregation strategy

Single segment strategy

Multiple segment strategy

9. Positioning10. Forecasting market demand


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11. Basic forecasting terms Market share

Market factor

Market potential sales potential and sales forecasting


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Chapter 7

1. The market research function

Uses of marketing research

2. What is marketing research?3. Scope of marketing research activities4. Marketing information systems

Designing a marketing information system

Global marketing information system

Decision support systems

Databases data warehouses and data mining

5. Major data sources Marketing research projects

Analyze the data and present a primary report

Ethical issues in marketing research

Status of marketing research


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Chapter 8

1. Classification of products Consumer and business product

Classification of consumer goods

Convenience goods

Shopping goods Specialty goods

2. Classification of business goods Raw material

Fabricating materials and parts

Installation

3. Importance of product innovation Development of new products

Product criteria for new products New product adoption and diffusion

Chapter 9Product Mix and Line:

All products of Nestle which are offered to consumers.

Product Line: No. of all products of Nestle.

Product Breadth: No. of all products of Nestle milk.

Product Depth: No. of all products of Nestle in Product Line.

Positioning the Product:

Positioning in Relation to a Competitors:

Positioning by Price and Quality:

Product Mix Extension:Product Line Extension:

Product Mix Contraction:

Trading Up and Trading Down:

1. Product mix and product line2. Product Mix Strategies3. Positioning and product

4. Product mix expansion


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5. The product life cycle

Length of product life cycle

Life cycle is related to a market

Life cycle management6. Planned obsolescence and fashion

Nature of planned obsolescence

Nature of style and fashion


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Chapter 12

1. Meaning of price2. Importance of price

In the economy

In the consumer mind

In the individual firm

3. Pricing objectives Profit orientated goals

Sales orientated goals

Status quo goals

4. Factors influencing price Determination Determination demand

Competitive reactions

5. Cost plus pricing Prices based on marginal costs only

6. Break even analysis7. Prices based on marginal analysis8. Prices set in relation to market alone9. Pricing below competition

Pricing above competition


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Chapter 14

Channels of Distribution

1. What is Distribution? Flow of goods through

manufacture and consumer.2. Competitor Edge: A betterness of a company. The

quality of a company which differs it from itscompetitors.

3. Middlemen: A middleman is a business firm thatrenders services related directly to the sale and/orpurchase of a product as it flows from producer to

consumer.

There are two types of Middlemen:a. Merchant middlemen: take title to the products theyhelp to market

4. Middlemen and distribution Channels:A distribution channel consists of the set of people andfirms involved in the transfer of title to products as theproduct moves from producer to ultimate consumer orbusiness user.

A channel of distribution always includes both theproducer and the final customer for the product in itspresent form as well as any middlemen such as retailersand wholesalers.

5. Major Channels of Distribution:

a. Distribution of consumer goods: Five channels arewidely used in marketing tangible products to ultimate

consumers:

i) Producer to consumer:The shortest simplestdistribution channel for consumer goods involves nomiddlemen.

ii) Producer to retailer to consumer: Many largeretailers buy directly from manufactures andagricultural producers. Middlemen is involved.


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iii) Producer to wholesaler to retailer to consumer:The traditional channel for consumer goods. Smallmanufacturers and retailers find this channel.

iv) Producer to agent to retailer to consumer:Instead of wholesalers, many producers prefer to relyon agent middlemen to reach the retail market,especially large-scale retailers.

v) Producer to agent to wholesaler to consumer:To reach small and large scale stores producers oftenuse ages tans middlemen.

b.Distribution of Business Goods:

i) Producer to user: All large scale channels such asjet engine, helicopters are usually sold directly tousers.

ii) Producer to Industrial Distributor to user:Producers of operating supplies and small accessoryequipment frequently use industrial distributionchannels to reach their markets.

iii) Producer to industrial distributors to resellerto user:This channel is common for computerproducts and related high-tech items.

iv) Producer to agent to user: A company that wantsto introduce a new product..

v) Producer to agent to industrial distributors touser:This channel is similar to the preceding one.

c. Distribution of Services: services creates specialdistribution requirements.

i) Producer to consumer: Because a service isintangible, the production process and sales activityoften require personal contact b/w producer andconsumer.

ii) Producer to agent to consumer: Agentsfrequently assist a services producer with transfer ofownership (the sale task)..

Marketing Topics Details for preparation of exam

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