MKT301 review Essay

3642 Words15 Pages
Ch1 Marketing: The Art and Science of Satisfying Customers
1. Define marketing, explain how it creates utility, and describe its role in the global marketplace.
Marketing is an organizational function and a set of processes for: creating, communicating, and delivering value to customers.
Newer marketing involve managing customer relationships in ways that benefit the organization and its shareholders.
Marketing's Utility: Time, Place, Ownership Time: Availability of goods when customers want them Ex) Making appointments, UPS Overnight Place: Availability of goods at convenient locations Ex) Banks in grocery stores, on-site day care Ownership: Availability to transfer title of goods to buyer Ex) Retail sales (in exchange
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Strategic planning is done by Top Management: Identifying and organization's primary objective and devising a course of action towards these objectives.
Tactical planning is done by the Middle Management: Guides the implementation of specific activities to achieve primary objectives.
2. Explain how marketing plans differ at various levels in an organization.
Top Management: focuses on the strategy planning of the organization
Middle Management: focuses on setting tactical plans for their units
Supervisory Management: focuses on meeting tactical goals and works on stream lining
3. Identify the steps in the marketing planning process.
Corporate Level: Define the Mission of Organization Define Objective Assess organizational resources and evaluating environmental risks and o opportunities
Business Unit Level: Formulating strategy Implement strategy through Operating Plans Monitor and adapt strategies when necessary based on feedback
4. Describe successful planning tools and techniques, including Porter’s Five Forces model, first and second mover strategies, SWOT analysis, and the strategic window.
Porter's five competitive factors that affect strategy: potential new entrants, bargaining power of buyers, bargaining power of suppliers, threat of substitute products, and rivalry with competitors
First mover movers creates a new product and attempts to captures the largest market share.
Second movers observes the first
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