Marketing Management: Modules 1-6

• Examines marketing management principles.
• Covers modules 1-6.
• Includes identification, morse-type questions, and enumeration.

Module 1: Terminology and Core Concepts

• Focuses on marketing terminology.
• Centers on core marketing concepts.
• Looks at company orientations.
• Explores the marketplace.

Core Marketing Concepts

• Needs are fundamental human requirements.
• Wants are needs shaped by culture and personality.
• Demands are wants supported by purchasing power.
• Target market involves dividing the market into segments.
• Includes selecting the right segment.
• Also includes effectively positioning a brand.
• Offerings and brands involve products, services, experiences or ideas.
• These create customer value.
• Value and satisfaction ensures customer perceives a product's worth for its price.
• Marketing channels are distribution paths delivering customer value.
• Supply chain includes the entire network from raw materials to consumers.
• Competition is the identification of both direct and indirect competitors.
• Marketing environment is external factors influencing marketing strategies.
• These are economic, technological, social, and political factors.

Company Orientations Toward the Marketplace

• Production concept focuses on widely available and inexpensive products.
• Product concept emphasizes high-quality, performance, and innovative features.
• Selling concept says consumers will not buy enough unless aggressively promoted to.
• Marketing concept focuses on satisfying customer needs better than competitors.
• Societal marketing concept aims at delivering value while preserving consumer and societal well-being.

Module 2: Value Delivery Process

• Explores core competencies.
• Investigates strategic planning gaps.
• Considers business unit strategic planning.

The Value Delivery Process

• Traditional physical process focuses on production, logistics, and delivery.
• Value creation and delivery includes segmentation, targeting, positioning, and differentiation.

Core Competencies

• A "core" business process is minimum actions for consistent output.
• A core competency combines resources and skills distinguishing a firm in the marketplace.

Strategic Planning Gap

• The Gap is the difference between goals and performance.
• Marketing strategies bridge this gap.

Module 3: Marketing Plan Steps

• Explores marketing plan structures.

Marketing Plan Structure

• Executive summary offers an overview of objectives and sections.
• Situation analysis includes market trends, SWOT, and competition analysis.
• Marketing strategy defines mission, objectives, and customer needs.
• Financial projections includes sales forecasts, budget allocation, and break-even analysis.
• Implementation control monitors and adjusts strategies for performance.

Module 4: Factors in Consumer Behavior

• Buying roles explored.
• Explores steps in the buying decision process.

Factors Influencing Consumer Behavior

• Cultural factors are culture, subculture, and social class.
• Social factors are reference groups, family, and roles.
• Personal factors are age, lifestyle, personality, and economic situation.
• Psychological factors are motivation, perception, learning, beliefs, and attitudes.

Buying Roles

• Initiator suggests the idea.
• Influencer influences the decision.
• Decider makes the final decision.
• Buyer purchases the product.
• User consumes the product.

Stages in the Buying Decision Process

• Problem recognition occurs when the consumer recognizes a need or problem.
• Information search involves researching available options.
• Evaluation of alternatives includes comparing different choices.
• Purchase decision involves making the final decision.
• Post-purchase behavior evaluates satisfaction after purchase.

Module 5: Buying Situations

• Also explores the buying center.
• Also explores stages in the business buying process.

Types of Buying Situations

• Straight rebuy is routine with little evaluation.
• Modified rebuy requires evaluation.
• New task buying is a first-time decision.

The Buying Center

• A group of individuals makes purchase decisions.

Stages in Business Buying Process

• Problem recognition identifies an organizational need.
• General need description defines requirements.
• Product specification determines features needed.
• Supplier search looks for potential suppliers.
• Proposal solicitation requests proposals.
• Supplier selection chooses the best supplier.
• Order-routine specification places orders.
• Also specifies setting terms.
• Performance review evaluates the supplier.

Module 6: Market Segmentation

• Explores levels and patterns of market segmentation
• Also explores the market segmentation procedure.
• Also explores methods of segmentation.

Levels of Market Segmentation

• Mass marketing is one offer for the entire market.
• Segment marketing targets specific segments.
• Niche marketing specializes in offerings for small segments.
• Micromarketing tailors marketing for individuals or local areas.

Market Segmentation Procedure

• Identify market segments.
• Evaluate segment attractiveness.
• Select target segments.

Methods of Segmentation

• Demographic segmentation uses age, gender, income, education, occupation, etc.
• Geographic segmentation uses region, city size, climate, and population density.
• Psychographic segmentation uses lifestyle, personality traits, values, interests.
• Behavioral segmentation includes usage rate, brand loyalty, and benefits sought.