Marketing Management Notes PDF

Marketing= creates value for customers and builds stronger relationships with current ones Marketing mix: 1\. Product \- Benefits \- Design \- Quality 2\. Price \- Discounts \- List price 3\. Place \- Distribution \- Channels \- Logistics 4\. Promotion \- Advertising \- PR Communicat...

Marketing= creates value for customers and builds stronger relationships with current ones Marketing mix: 1\. Product \- Benefits \- Design \- Quality 2\. Price \- Discounts \- List price 3\. Place \- Distribution \- Channels \- Logistics 4\. Promotion \- Advertising \- PR Communication Mix: 1\. Direct Marketing 2\. Advertising 3\. Brand Activation 4\. PR 5\. Sponsorship 6\. Trade Fairs Integrated Marketing Communication (IMC) = focuses on a holistic view of communication by understanding PR, sales and employee comm. There are 2 cultural approaches 1\. Standardisation: one campaign for different countries 2\. Adaptation: tailoring the campaign to local cultures Corporate communication strategies \- Define a corporate identity aligned with strategy \- Minimize identity-image gap \- Oversee the implementations Situation analysis Macro \- Social \- Technological Meso \- Market demands \- Suppliers \- Economic \- Environmental Micro \- Vision \- Mission \- Products \- Competitors Market segmentation \- Geographic \- Demographic \- Psychographic (social class, personality) \- Behavioural (loyalty, usage rate) Targeting strategies \- Single segment concentration ( 1 single market segmentation) \- Selective specialization (multiple segments with multiple strategies) \- Product specialization (1 product different segments) \- Market specialization (1 segment multiple products) \- Full market coverage ( all customers and all products) Marketing communication objectives \- Category need \- Brand awareness \- Brand knowledge \- Brand attitude \- Purchase intention Customer journey \- Awareness \- Consideration \- Purchase \- Advocacy Goals of marketing 1\. Attract new customers 2\. Grow current customers A brand=all the elements that help distinguish the goods or services of a company (logo, shape, colours, etc.) Brand associations 1\. Brand skills (intrinsic)-every tangible thing 2\. Brand charisma (extrinsic)-the emotional connection Brand strategies 1\. Line extensions- new versions of existing products 2\. Brand extensions- new products under a well-established brand 3\. Multi-branding - various brands in single category 4\. Co-branding- collaborations between brands Brand equity \- Awareness \- Performance \- Feelings \- Loyalty Online branding \- Website presence \- Social-media engagement \- Direct comm \- Online advertising Content Marketing cycle \- Research \- Deciding on objectives \- Creating content \- Promoting \- Measuring and evaluating the content \- Adjusting based on feedback The FCB grid =tool for understanding purchase decisions based on consumer\'s relationship with products The \'do\' is down first in high involvement The \'do\' is up first in low involvement Ethical issues in marketing comm types 1\. Targeting vulnerable groups 2\. Controversial messages 3\. Stereotyping 4\. Covert marketing ICC 1\. Masculinity vs femininity (gender roles) 2\. Uncertainty avoidance index (tolerance) 3\. Power distance 4\. Individualism vs collectivism 5\. Indulgence vs restraint (the tendency to fulfil desires) 6\. Long term vs short term orientation Research Value map (square) \- Pain relievers \- Gain creators \- Products and services Customer profile (circle) \- Gains \- Pains \- Jobs Elements of value Pyramid 1\. Functional \- Quality \- Saves time \- Makes money 2\. Emotional \- Reduces anxiety \- Design \- fun 3\. Life-changing \- Motivation \- Provides hope 4\. Social impact \- Self-transcendence (helps society)