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Marketing (Week 4 - Consumer and Business Buying Behaviour Consumer and…
Marketing
Week 4 - Consumer and Business Buying Behaviour Consumer and Business Buying Behaviour
Consumer buying behaviour
Buying decision process
5 steps
Involvement
Types of problem solving
Factors influencing buying decision process
3 factors
5 for situational
6 for psychological
6 for social
Consumer behaviour - digital era
Business buying behaviour
Business buying decision process
5 steps
B2B transactions characteristics
Characteristics of business customers
Types of business purchases
Participants in Business transactions
Factors influencing business buying decision process
Week 9 - Distribution decisions
Distribution concept
Marketing channel concept
6 Functions
exchange efficiency
4 Types
3 Organisations
Issues
5
6 factors affecting market channel selection
Marketing intermediaries
Retailers and wholesalers
2 types of retailers
8 general merchandise
3 specialty retailer
issues in retailing
2 types wholesalers
Direct marketing
5
Direct selling
Physical distribution
Week 1 - General overview of marketing
Definition: exchanging offerings that give values to customers
Definition: maximising returns for stakeholders by exchanges with valued customers and creating an advantage for them
Definition of exchange: transfer of products for something of value.
1) needs at least two people to participate
2) must have something of value
3) must provide a benefit for both
4) must have confidence in each other's products
5) must meet expectations
Marketing mix
Defintiion: Strategic variables controlled by a company to satisfy the needs of their customers
Product
Place
Price
Promotion
Marketing concept
Philosophy
Evolution
Sales orientation
Product orientation
Market orientation
Exam
definitions
surveys
qualitative first then quantitative (close ended)
expanded marketing mix
similarities and differences between business and consumer buying
unintended consequences of diversity management
Week 6 - Branding and product vs services
Branding
5 characteristics
why is it important to develop a brand
Value of branding
To buyers
To sellers
Brand Equity
4 elements
selecting a brand name
Brand strategy decisions
5 types of strategies
Products
Service aspect of products
6 characteristics
marketing challenges from those characteristics
Nature of services
Goods Service continuum
Total product offering
Types of products
Consumer products
4 subdivisions
Business products
7 subdivisions
What is a product
Week 5 - STP not examinable
Market segmentation
Target market
Target market selection process
5 steps
targeting strategies
segmentation variables
4 variables
Market segment profile
Evaluate market segments
3 ways to evaluate
Select specific target market
Product positioning
Product repositioning
Perceptual mapping
Week 3- Marketing research and information systems
Marketing research
Marketing research process
5 steps
Data colleciton methods
2 types of data
4 methods for primary
3 for exploratory
4 for survey
MIS
Ethics in marketing research
Week 7 - Product decisions
Product life cycle (PLC)
New product development process (NPD)
Product adoption process
5 adopter groups
Product management
Product line decisions
Line extension
Product mix decisions
Individual product decisisions
Product differentiation
Week 10 -Promotion decisions
Definition
Communication process
9 terms
Marketing communications mix
7
ad campaign, media plan, evaluating effectiveness,2 types of advertising
4 PR tools, sponsorship
2 sales promotion methods
IMC
3 factors
Objectives of promotion 3
Message appeal style 3
Selecting elements for the marketing communications mix
5 but focus on push and pull policies?
product life cycle and promotion strategy
IMC and promotion definition
IMC tools advantages and disadvantages
Week 8 - Pricing decisions
Price definitions
Factors that affect pricing decisions
7 factors
organisational and marketing objectives
types of pricing objectives
Customer interpretation and response to a price
Customer perceptions of the product
Establishing prices - stages
6 stages
Development of pricing objectives
7 objectives
Assessment of target market's evaluation of price
Evaluation of competitors prices
Selection of a basis for pricing
3 basis
Selection of pricing strategy
6 pricing strategies
Psychological pricing 9 factors
Determination of a specific price
Week 2 - The marketing environment non examinable
Marketing environment
External forces that directly/indirectly influence a firm’s acquisition of inputs and creation of outputs
Monitoring
Environmental scanning
Assessing and interpreting the information from E.A
Environmental analysis
Collecting information about forces in the M.E
Change rapidly, unpredictable, offer opportunity
monitoring the M.environment is good for achievement of long term goals and survival of the organisation since it helps to recognise threats and opportunities, assess the performance of their current marketing efforts and develop future marketing strategies
Reaction
Passive
Change marketing strategies according to changes of the M.E
Active
try influence the forces in M.E
Forces
Sociocultural
Techonological
Competitve
Political
Economic
Legal/regulatory
Globalisation
Global marketing environment
International or not?
which markets to enter?
How to enter the markets
pyramid of different methods
Global marketing program
Marketing mix decisions
product and promotion table
3 types of strategies
Global marketing organisation
about how the organisation determines the market scope
Week 5 b extended marketing mix
Experience economy
why the extra variables
Expanded marketing mix
Week 11 Strategy
Strategic planning process
Step 2
Establishing and organisational mission and marketing goals
Step 1
SWOT ANALYSIS
assessing organisational resources and opportunities
3
Step 3
Corporate and SBU strategies
BCG matrix 4
Product expansion grid 4
Step 4
Marketing
Marketing strategy 2 focus on marketing mix
and the definition in wk 12 slide
marketing plan
7 components
marketing implementation
Controlling marketing activities 3