Morgan Bendele - Marketing Chapter 2 Notes
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Marketing Chapter 2 Notes & Activity
Strategic Planning: the managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities
How do we plan to have the best product for people to buy
Strategic Business Units (SBUs): a subgroup of a single business or collection of related businesses within the larger organization
●
A distinct mission and a specific target market
●
Control over its resources
●
Its own competitors
●
A single business or a collection of related businesses
●
Plans independent of the other SBUs in the total organization.
Strategic Alternatives: Several tools are available that a company, or SBU, can use to manage the strategic direction of its portfolio of businesses.
Things that you can use to create a portfolio for a business Models used for marketing
Ansoff’s Strategic Opportunity Matrix-
Market penetration: a marketing strategy that tries to increase market share among existing customers
Market Development: a marketing strategy that entails attracting new customers to existing products
Product Development: a marketing strategy that entails the creation of new products for present markets
Diversification: a strategy of increasing sales by introducing new products into new markets
Innovation Matrix-
Core Innovation: Represented by the yellow circle these decisions implement changes that use existing assets to provide added convenience to existing customers and potentially entice customers from other brands
Adjacent Innovation: Represented by the orange arc these decisions are designed to take company strengths into new markets. This space uses existing abilities in new ways
Transformational Innovation: Represented by the red arc in these decisions result in brand-new markets, products, and often new businesses.
Portfolio Matrix- a tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate
Stars: in the portfolio matrix, a business unit that is a fast-growing market leader
Cash cows: in the portfolio matrix, a business unit that generates more cash than it needs to maintain its market share
Problem children: in the portfolio matrix, a business unit that shows rapid growth but poor profit margins
Also called a question mark
Dogs: in the portfolio matrix, a business unit that has low growth potential and a small market share
Four basic strategies for allocate future resources-
Build: if an organization has an SBU that it believes has the potential to be a star (probably a problem child at present), building would be an appropriate goal.
Hold: If an SBU is a very successful cash cow, a key goal would surely be to hold or preserve market share so that the organization can take advantage of the very positive cash flow.
Harvest: This strategy is appropriate for all SBUs except those classified as stars. The basic goal is to increase the short-
term cash return without too much concern for the long-run impact.
Divest: Getting rid of SBUs with low shares of low-growth markets is often appropriate. Problem children and dogs are most suitable for this strategy.
Marketing Plan
-
Video
Planning: the process of anticipating future events and determining strategies to achieve organizational objectives in the
future
Marketing Planning: designing activities relating to marketing objectives and the changing marketing environment
Marketing Plan: a written document that acts as a guidebook of marketing activities for the marketing manager
Elements of a Marketing Plan-
Mission statement: a statement of the firm’s business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions
Marketing myopia: defining a business in terms of goods and services rather than in terms of the benefits customers seek
SWOT Analysis- identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)
S - internal strengths
W - weaknesses
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Related Questions
Create a new product for Kellogg's company that could be an extension of an existing brand(family branding) or totally new branded product(individual branding)
In order to assist in developing the marketing plan, the report should cover the following sections
1. introduction
2. Business mission statement (Source either from the company or your decision)
3. Marketing environmental analysis
External environmental analysis
Macro-environment: PESTLE analysis
Micro-environment: Porter’s Five Forces
Internal environmental analysis: SWOT and TOWS analysis (both in a table format listing a few key points – the SWOT and TOWS tables are not included in the word count)
Optional: BCG Matrix (not included in the word count)
4. Marketing objectives ( develop SMART objectives based on marketing environment analysis)
Based on UK marketing. Please use your own words.
Many thanks
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foodservice or nutritional services to illustrate your definition.
a. Product:
In the context of non-commercial foodservice or nutritional services, the product
component refers to the actual food items or services offered to consumers. This
could include the variety of menu options available, the quality and nutritional
value of the food, as well as any additional services such as dietary counseling or
meal planning provided by the foodservice establishment.
b. Price:
Price in this context refers to the cost associated with the food or nutritional
services offered. This includes menu pricing for individual items or meal plans, as
well as any discounts, promotions, or pricing strategies implemented to attract
customers while ensuring profitability for the foodservice provider.
c. Promotion:
Promotion involves the communication and marketing efforts used to raise
awareness and attract customers to the…
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6
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● Describe the relationship between the target market and the 4 P’s
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Please explain the photo attached
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a. Explain the literature review on customer buying behaviour.
b. Explain the literature review on product quality.
c. Explain the literature review on product price.
d. Explain the literature review on product promotion.
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Please Type response.
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a. Explain the picture about factors influencing brand perception.
b. Explain one underpinning theory based on picture about factors influencing brand perception.
c. Explain the practical significant about brand perception on customer behaviour. (In one paragraph)
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L.How does customer loyalty contribute to long-term business success and profitability?
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Please add more and improve our conclusion in our paper
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Thanks in advance
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Subway Restaurant (Sandwiches, Cookies, Drinks and etc.)
A. Describe what Subway differentiates from its competitors in the market. Please select an attribute important to the consumers and expound why you use the products or avail the services of this brand.
B. Describe a specific target market for this brand and discuss why they are the appropriate segment to target upon to.
C. Elaborate what you think is the value proposition of Subway when it comes to its products or services.
You may perform additional research regarding the brand but the answer should be in own words. Satisfactory answer means a helpful rating! Help me understand this pls.... fulfill all 3 requirements in one long paragraph. Make this very well and do not get other work, i will track those! tenkz
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1 (a) From the perspective of the Marketing department and a Tactical assistant marketing manager, discuss the effect of the PESTLE.
Suggest ONE factor from three of the six external influences (PESTLE) that may be upsetting the business process(es) you have chosen and ONE factor from three of the six external influences (PESTLE) that may interrupt customers’ experiences.
(THREE reasonable factors that may interrupt customers’ experiences)
Request information from TWO other departments (Production, Distribution, Sales, Finance & Accounting, Human Resources) that could assist in your investigation. Please specify both the TYPE, and specific CONTENTS of the report you are requesting.
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Answer 7, not 6
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Please answer in detail
Name and discuss 3 primary types of objections customers typically raise:
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2. Product Objection: Customer voices concerns about some element of product or service or customer might not be familiar with the product.
3. Time objection: Customer considering buying, but needs more time or customer has no intention of buying and wants to get rid of salesperson.
Imagine you are newly employed as an Assistant Vice President (AVP) of Corporate Sales at a marketing organization.
In the upcoming week, your team will be hosting a presentation for a new line of Tennis Rackets for 75 prospects. As you are aware, prospects are going to raise objections about this product.
Using the compensation technique (admits the objection is valid but also discusses other benefits). and the acknowledgment technique (admits the objection is valid) discuss how one can apply these techniques to overcome objections. Why?…
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Q1).
Explain the role of marketing function in the context of contemporary business practice. Your
answer should be backed up by relevant examples relating to the pharmacy sector
Q4). Discuss the field of Risk Management and root cause analysis and their importance in a
business setting. Included in your answer specific examples relating to the pharmacy sector.
Focus
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1. What is new market target of beauty products.
2. What is new market target of food products.
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1.
Product decisions affect customer
a. Cost
b. Benefits
c. Loyalty
d. Convenience
2.
If a consumer buys Charmin bath tissue that is the exact same quality as a generic brand only more expensive, Charmin has created ________ with the consumer.
a. Brand mark
b. Brand name
c. Brand equity
d. Brand
3.
Producing the most efficient and cost-effective version of a product describes what?
a. Production orientation
b. Sales orientation
c. Market orientation
d. Social orientation
4.
Why is research critical to marketing?
a. To pinpoint whether an economy is production or service oriented
b. To determine if marketing activities are effective
c. To determine what’s likely to be the next hot trend in marketing
d. To determine basic consumer needs
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Is there a specific spacing and font for an Buiness Annual Report?
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(d) Investigate what accounted for the success or failure of each example stated in ‘b’ above and provide superior recommendations that would have helped such companies in those Instances to achieve their objectives.
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a. Explain scope time of the influence of brand perception on customer buying action.
b. Explain scope product quality, price and promotion of the influence of brand perception on customer buying action.
c. Explain scope respondent of the influence of brand perception on customer buying action.
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Marketing plan section
(15)
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