Marketing Concepts Quiz

Marketing Management I

• Course title: DIRECCIÓ COMERCIAL I
• Recommended Bibliography:
  • Marketing (13 ed.). Roger A. Kerin & Steven W. Hartley. McGraw-Hill, 2018
  • Marketing. Concepts & Strategies European Edition. Dibb, Sinkim, Pride, Ferrell. (8th European edition) 2019.
  • Marketing Management. Kotler et al. (4th European Edition). Pearson-Prentice Hall, 2019.
  • Marketing Turístico. Antoni Serra (2nd edition). Eds. Pírámide, 2012.
  • Any book on Marketing Management or Fundamentals of Marketing available at the UIB Library.

Important Dates

• Final Exam's date: 15/01/2025 16:00h

• Recovery Exam's date: 04/02/2025 16:00h

• 1st assignment presentation:

  • 11/11/2024
  • 13/11/2024
  • 18/11/2024

• 2nd assignment presentation:

  • 02/12/2024
  • 04/12/2024
  • 09/12/2024
  • 11/12/2024

First Assignment Topics

• Entry barriers to e-commerce
• Ethics/CSR as a Business Competitive Tool
• Neuro-marketing
• E-commerce
• Managing the Online Reputation
• Digital marketing (changes compared to traditional marketing)
• Digital Marketing Concepts and Strategies
• The impact of eWOM (on hospitality firms)
• Social Networks as a marketing tool
• Online reputation (measurement and management)
• Value co-creation processes with customers
• Travel Planning (comparing XX and XXI century sources)
• Content Marketing
• Big Data & Marketing Research
• Artificial Intelligence & Marketing Research

First Assignment Details

• The deadline for submitting the written assignment is 18/01/2025.
• Length of the written assignment: between 10-20 pages.
• Presentations should be around 15-20 minutes.

Second Assignment Topics

• Factors explaining the success of Airbnb
• Entry barriers to e-commerce (and the emergence of intermediaries)
• Global warming (marketing solutions)
• Metaverse (and its impact on marketing)
• Artificial Intelligence (impact on the marketing field)
• New tools for market segmentation using digital technologies

Second Assignment Details

• The deadline for submitting the written assignment is 18/01/2025.
• Length of the written assignment: between 10-20 pages.
• Presentations should be around 12-15 minutes.

Introduction to the Modern Concept of Marketing

• Marketing is not just selling; it's understanding what to produce.
• Marketing is both a philosophy (attitude) and a technique (execution).
• It's about creating, communicating, delivering, and exchanging value for consumers, clients, partners, and society.

Company Orientation to the Marketplace

• Competition: None or minimal (supply lower than demand)
  • Emphasis: Production (availability, production and distribution)
  • Competition: Increased (balance between supply and demand)
  • Emphasis: Product (quality)
  • Competition: Strong (supply higher than demand)
  • Emphasis: Sales (promotion)
  • Competition: Strong (supply higher than demand)
  • Emphasis: Marketing (long-term relationships)

Societal Marketing Orientation

• Companies should consider long-term social interests and well-being.
• Consumer demand for companies showing social responsibility is increasing.
• Consumers with higher income and education are more likely to reward socially responsible companies.

How Marketing Acts

• Needs are driven by socio-cultural factors (personal characteristics)
• Wants are driven by economic factors (available resources)
• Marketing identifies needs, guides wants, and stimulates demand.

Does Marketing Create Artificial Needs?

• Needs are physiological or psychological states common to all humans.
• Desires (wishes) express the will to meet needs.
• Demand is the expression of a desire that's constrained by resources.
• Marketing mainly acts on demand, helping to shape and guide it.

Some Important Concepts

• De-marketing (reducing demand)
• Counter-marketing (eliminating demand)
• Market-driven/marketing-oriented organizations
• Market-driving organizations
• Strategic Marketing
• Operational/tactical marketing
• Relationship marketing (long-term relationships)

A Definition of Marketing

• Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large"

Marketing Management

• A process of planning, organizing, implementing, and controlling marketing activities to facilitate and expedite exchanges efficiently.

The Marketing System

• Includes suppliers, company (product, price, promotion), distributors, and the market.
• Elements are impacted by technological, economic, political-legal, social and cultural environments.

The Marketing Mix

• Four controllable variables (Product, Price, Place, Promotion)
• Product and distribution are strategic instruments (long-term).
• Price and promotion are tactical instruments (short-term).

Special Characteristics of Travel and Tourism Marketing

• The four Ps of services marketing are people, people people, and people.
• (Operations, marketing, and human resources are interdependent.)

Product Decisions

• Product Portfolio
• Product differentiation and positioning
• Product life cycle
• Boston Consulting Group Matrix(Cash Cows, Stars, Question Marks, Dogs)

Branding

• Brand is a name, symbol, or combination identifying goods/services.
• Trademark is a legally protected brand.
• Brand equity is the importance of a brand in customers' eyes.
• Brand value is a brand's financial worth.

Multi-Brand Strategy

• Marketing of two or more similar/competing products under different brands.
• Advantages include obtaining more shelf space, filling gaps, and inducing brand experimentation.

Examples of Umbrella Branding (Forte Hotels Group)

• Forte Posthouse (mostly three-star business hotels)
• Forte Heritage (from smaller country to larger inns)
• Forte Crest (more upmarket business hotels than Posthouse)
• Forte Grand Hotels (high-end international hotels including Waldorf, Westbury, and Balmoral hotels)

Product Life Cycle

• Products have a limited life.
• Sales, profits, and challenges vary through stages.
• Marketing actions need to adapt to each stage.

Boston Consulting Group Matrix (BCG Matrix)

• Analyzes product market positions based on relative market share and market growth rate.
• Cash cows and Stars are desirable (high growth, high market share).
• Dogs and question marks require strategy or portfolio management.

Product Modification and Elimination and New Product Planning and Development

• Stages: Generation of ideas, Screening of ideas, Concept development & testing, Economic analysis, and strategy design, Product development and testing, Market test, Product launch.

Pricing Decisions

• Pricing Methods: Costs, Demand elasticity (consumer sensitivity), and Competition
• Market Skimming and Market Penetration Strategies
• Yield (Revenue) Management
• Pricing a product line.

Distribution Decisions

• Distribution channel (vendor to consumer, from consumer to vendor)
• Channels include wholesalers, agents (and retailers.)
• Intensive, Selective, and Exclusive distribution strategies
• Direct marketing
• Push and Pull strategies

Promotion Decisions

• Merchandising
• Distribution Logistics
• Channel Strategies (Push & Pull)
• Promotion Mix
• Advertising, Public Relations, Sales Promotion, Direct Marketing, and Personal Selling

Promotion Decisions (Sales Promotion)

• Activities for increasing sales (short-term)
• Incentives for buyers or for sellers in a distribution channel.
• Target customers (consumers, sales force, distributors/channel).

Promotion Decisions (Personal Selling)

• Process of using personal communication; important for high-value/technical products & business accounts (B2B.)
• Use in cases where the product or service needs customization.

Sales Management

• Sales manager's role: design, implement, and manage sales strategy.
• Setting sales objectives, choosing sales system/team, organizing the sales network, determining the size of sales team, assigning sales territories, and planning visits/calls.
• Sales team management: motivation techniques (continuous training, exchange of information, task recognition, greater autonomy promotion incentives/competitions.)
• Sales team structure: geographical, by products, by clients, and mixed form structure.

Sales Management (Continued)

• Objective Setting: Consistent with the marketing plan, measurable, quantifiable, specific time frame, and reasonable.
• Sales System Selection: Own sales teams (full-time, integrated) vs. Foreign sales teams (partial dedication).
• Sales Team Structuring: Geographic specialization (similar territories), By Product Specialization (homogeneous product lines), By Client Specialization (customer needs /purchase volume.)
• Determining Sales Team Size, assigning territories, and planning visits

Consumer Behavior

• Understanding buying, consuming, and using consumer goods and services.
• Dimensions for analyzing consumer behavior: What?, Who?, Why?, How?, When?, Where?, and How Much?
• Stages in Consumer Decision Making: Problem recognition, Information search, Evaluation of alternatives, Purchase, and Post-purchase evaluation.

Consumer Behaviour - Perception

• Personal interpretation and meaning-giving to stimuli.
• Stages: Exposure, Attention, Interpretation, and Retention.
• Selective perception (choosing what's important)
• Thresholds (minimum levels for perception to occur.)

Consumer Behaviour - Post-purchase attitudes

• Doubt, decision regret, satisfaction, or dissatisfaction.
• Sources of dissonance: price, product importance, performance, alternatives, and credibility (of information.)
• Marketing actions should aim at managing customer satisfaction and loyalty.

Organizations' Buyer Behavior

• Fewer buyers, more concentrated demand.
• Closer relationships between supplier and customer.
• Larger purchases.
• Inelastic demand (in the short term).
• Derived demand (from consumer demand).
• More complex buying process (technical aspects/expertise required).
• Purchase situations (first buy, straight rebuy, modified rebuy).

Research and Information Systems in Marketing

• Market research is crucial for managing what's not measurable (market demands, competitiveness behavior, etc.)
• Research process steps: -defining the problem -designing a research plan -collect data -analyze and interpret data -report and conclude.

Marketing Planning & Strategy

• Understanding the current market position and future aspirations
• Defining marketing goals and objectives.
• Selecting market strategies (Differentiated, Undifferentiated, Concentrated strategies)
• Using analytical frameworks like the Ansoff Matrix to plan for growth
• Understanding the different approaches from a market leader perspective to a market follower perspective from a niche strategy perspective.