...the purpose of marketing to create long-term and mutually beneficial exchange relationships between the buyers/consumers and the organisation remains unchanged, the function of marketing management has evolved to include strategic decision-making. Review and write a summary of the strategic marketing management process discussed in chapter one of the Kerin and Peterson text. The fundamental function of marketing is to create new customers and this can be accomplished by customizing the marketing mix to provide value to the customer, better than the competitor can. Marketing has evolved over the years and firms now strive to create long term relationships with its customers instead of just a one-time purchaser. The main difficulty that firms face is uncertainty arising due to constant changes in the external environment in which the firm operates in. “There is but one certainty regarding the times ahead, the times in which managers must work and perform. This certainty is that they will be turbulent times. In turbulent times, the first task of management is to make sure of the firm's capacity for survival; to make sure of its structural strength and soundness; and to make sure of its capacity to survive a blow, to adapt itself to sudden change, and to avail itself to sudden change and new opportunities.” [Drucker, 1974] Most established firms would have a Chief Marketing Officer (CMO) to head the marketing department, making day-to-day operations decisions as well as contribute...
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...Clairol’s touch of yogurt shampoo Behavioral Analysis for Marketing Decisions Report Clairol’s touch of yogurt shampoo Behavioral Analysis for Marketing Decisions Report EXECUTIVE SUMMARY Clairol’s Touch of Yogurt Shampoo is our product which is launched by P&G. Our product is extracted vitamin and lactic acid from yogurt perfectly combined with shampoo to provide a neutral care to your dull and dry hair. In 1979, P&G first launched Clairol’s Touch of Yogurt Shampoo, however it didn’t gain enough market share and fail to survive in the market. Today, we want to re-launched a brand new repackaging yogurt shampoo with new advertisements, new positioning and new target market. We believe that yogurt shampoo is a really good personal care product which fits perfectly into the “back to natural and organic lifestyle” trend in today’s society. In order to understand who will be our target consumer and how people’s view about ‘back to nature’ lifestyle, we conducted interviews and survey. From the result, we understand that most people do love the back to nature lifestyle as we assumed before and it also confirms our original idea about our new positioning. After a redesign of packaging with a transparent bottle and metal pump, we want to target our yogurt shampoo to a premium shampoo product in the niche market, aiming customers who are seeking high quality lifestyle, pursuing a natural, organic and healthy lifestyle. Our target consumer would be female who are...
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...Macroenvironmental Influences on Marketing Decision Making The retail sector is very huge sector in the UK Market. Retail covers the whole lot from the small village shop where the shop proprietor recognizes every shopper by name, to the London Oxford Streets giant department stores. The Retail industry range includes the shop where you walk into to purchase, to the shops where you can explore with a keyboard and mouse. As per Department of T rade and Industry’s commissioned report in 2003, £221bn topped in the UK after retail sales, and also provides jobs to around three million people and contributed 12% in the whole UK economy . We society is consumer-driven society , where shopping represents a lot more a hobby than an actual requirement to purchase products. ABOUT TESCO T esco, among the globe’s leading multinational retailers and a top retail store chain in the UK. In 1919 T esco was founded by Jack Cohen, at that time Cohen started to sell extra grocery items from a stall in the East End of London. Against his first day’s £4 sale he gained £1 profit. The T esco brand first time appeared in 1924. The brand `TESCO`, came about after Jack Cohen purchased shipment of tea from the supplier T .E. Stockwell. He made new labels by using the first three letters of the supplier's name (TES) and (CO) from his sir name forming the name "TESCO”. The first brand which was sold by the T esco was “T esco T ea” in 1924. The first T esco store was started in 1929 at Burnt...
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...THE ROLE OF MARKETING MIX STRATEGY IN DETERMINING CONSUMER PURCHASES DECISION. A CASE STUDY OF GIVANAS NIGERIA LIMITED. BY AJIBODU OLAYEMI OLUGBENGA MATRIC NO. ADP11/12/H/0460 A PROJECT REPORT SUBMITTED TO THE DEPARTMENT OF MANAGEMENT AND ACCOUNTING FACULTY OF ADMINISTRATION, OBAFEMI AWOLOWO UNIVERSITY ILE IFE. IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF MASTER OF BUSINESS ADMINISTRATION (MBA.) 2013. CERTIFICATION This is to certify that this research project was conducted by AJIBODU OLAYEMI OLUGBENGA in the Faculty of Administration, Obafemi Awolowo University Ile Ife. _____________________ ___________________ PROJECT SUPERVISOR SIGNATURE AND DATE PROF. J.O ADETAYO _____________________ ____________________ HEAD OF DEPARTMENT SIGNATURE AND DATE PROF. T.O ASHAOLU ______________________ ____________________ DEAN OF FACULTY SIGNATURE AND DATE ______________________ ___________________ EXTERNAL MODERATOR SIGNATURE AND DATE DEDICATION GOD, Late MAA, OYEKEMI and TENIOLA. ACKNOWLEDGEMENT In preparing this research project, the researcher received valuable advice and ideas from well-meaning people, which made the work, saw the light of the day. First, my gratitude goes to Almighty God for giving me life and strength to come up this stage. My gratitude also goes to members of staff of the department...
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...Marketing mix Kotler defined that marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products and services of value freely with others. (Kotler, 2002) McCarthy’s Four Ps A marketing expert named E. Jerome McCarthy created the Marketing Four Ps in the 1960s. This classification has been used throughout the world. Business schools teach this concept in basic marketing classes. The marketing four Ps are also the foundation of the idea of marketing mix. Product A product is an item that is built or produced to satisfy the needs of a certain group of people. The product can be intangible or tangible as it can be in the form of services or goods. Price The price of the product is basically the amount that a customer pays for to enjoy it. Price is a very important component of the marketing mix definition. It is also a very important component of a marketing plan as it determines your firm’s profit and survival. Adjusting the price of the product has a big impact on the entire marketing strategy as well as greatly affecting the sales and demand of the product. Place Placement or distribution is a very important part of the product mix definition. You have to position and distribute the product in a place that is accessible to potential buyers. This comes with a deep understanding of your target market. Understand them inside out and you will discover the most efficient positioning...
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...Far Eastern University IABF - Makati Campus Business Administration Department MARKETING STRATEGIES OF DAIRY QUEEN AFFECTING CONSUMER BUYING DECISIONS OF FEU MAKATI STUDENTS (S.Y 2015-2016) Antonio. Carla Celine P. Bascos, Princess Stephanie P. De Guia, Angely Marie P. Española, Changmi Jeoung Magboo, Mark Christian C. Margas, Ferlen Grace D. Reyes, John Lemuel Solis, Franziesca Fatima Solis 3 October 2015 Table of Contents Chapter 1 Background of the study ………………………………………………….…………………. 1 Scope and Limitations ………………………………………………………….……..…....... 2 Research Problem……………………………………………….………..…….…...….…… 2 Research Objectives ………………………………………………………………………... 2 Research Question…………………………………………………………..…………….… 3 Hypothesis…………………………………………………………………….…................... 3 Definition of Terms……………………………………………………………...................... 4 Current Marketing Situation Positioning………….………………………………………………….…………..… 5 Industry Analysis……………………………………………………….……......... 6-7 SWOT Analysis…………………………………………………………………........ 8 Competitive Profile Matrix…………………………………………….……….... 9-12 Chapter 2 Research Design………………………………………………………………………..……. 13 Sampling Design……………………………………………………………………………… 13 Research Methodology…………………………………………………………………... 13-15 Chapter 3 Research Analysis………………………………………………………………………... 16-36 Chi – Square Analysis………………………………………………………….……............ 37 Chapter 4 Conclusion…………………………………………………………………………………..… 38 Recommendation…………………………………………………………………………...
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...European Journal of Marketing 29,1 8 Received June 1994 Information systems in marketing Identifying opportunities for new applications Jari M. Talvinen Helsinki School of Economics and Business Administration, Helsinki, Finland Introduction Over the past three decades, subtle changes in the theory and practice of marketing have been fundamentally reshaping companies. These changes have also been evident in marketing and management related information systems. More and more, companies are faced with the need to control an ever larger and rapidly changing marketing environment. The information processing requirements of companies are expanding as their competitive environments become more dynamic and volatile[1]. To handle the increasing external and internal information flow and to improve its quality, companies will need to take advantage of the opportunities offered by modern information technology (IT) and information systems (IS). Managing marketing information by means of IT has become one of the most vital elements of effective marketing. By collecting and sharing marketing information and by using it to promote corporate and brand image, IS offer new ways of improving internal efficiencies of the firm. Information systems allow dynamic marketing communication between personnel in corporate planning, accounting, advertising and sales promotion, product management, channels of distribution and direct sales. Information technology-based marketing information systems...
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...Nature and Scope of Marketing Ethics O.C. Ferrell, Ph.D. Professor of Marketing Creative Enterprise Scholar The Robert O. Anderson School And Graduate School of Management MSC05 3090 1 University of New Mexico Albuquerque, NM 87131-0001 Phone: (505) 277-3468 ocferrell@mgt.unm.edu Nature and Scope of Marketing Ethics INTRODUCTION Marketing ethics is viewed as important because of marketing’s interface with many diverse stakeholders. Marketing is a key functional area in the business organization that provides a visible interface with not only customers, but other stakeholders such as the media, investors, regulatory agencies, channel members, trade associations, as well as others. It is important when addressing marketing ethics to recognize that it should be examined from an individual, organizational, and societal perspective. Examining marketing ethics from a narrow issue perspective does not provide foundational background that provides a complete understanding of the domain of marketing ethics. The purpose of this chapter is to define, examine the nature and scope, identify issues, provide a decision-making framework, and trace the historical development of marketing ethics from a practice and academic perspective. DEFINITION OF MARKETING ETHICS Ethics has been termed the study and philosophy of human conduct, with an emphasis on the determination of right and wrong. For marketers, ethics...
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...Nature and Scope of Marketing Ethics O.C. Ferrell, Ph.D. Professor of Marketing Creative Enterprise Scholar The Robert O. Anderson School And Graduate School of Management MSC05 3090 1 University of New Mexico Albuquerque, NM 87131-0001 Phone: (505) 277-3468 ocferrell@mgt.unm.edu Nature and Scope of Marketing Ethics INTRODUCTION Marketing ethics is viewed as important because of marketing’s interface with many diverse stakeholders. Marketing is a key functional area in the business organization that provides a visible interface with not only customers, but other stakeholders such as the media, investors, regulatory agencies, channel members, trade associations, as well as others. It is important when addressing marketing ethics to recognize that it should be examined from an individual, organizational, and societal perspective. Examining marketing ethics from a narrow issue perspective does not provide foundational background that provides a complete understanding of the domain of marketing ethics. The purpose of this chapter is to define, examine the nature and scope, identify issues, provide a decision-making framework, and trace the historical development of marketing ethics from a practice and academic perspective. DEFINITION OF MARKETING ETHICS Ethics has been termed the study and philosophy of human conduct, with an emphasis on the determination of right and wrong. For marketers, ethics...
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...Nature and Scope of Marketing Ethics O.C. Ferrell, Ph.D. Professor of Marketing Creative Enterprise Scholar The Robert O. Anderson School And Graduate School of Management MSC05 3090 1 University of New Mexico Albuquerque, NM 87131-0001 Phone: (505) 277-3468 ocferrell@mgt.unm.edu Nature and Scope of Marketing Ethics INTRODUCTION Marketing ethics is viewed as important because of marketing’s interface with many diverse stakeholders. Marketing is a key functional area in the business organization that provides a visible interface with not only customers, but other stakeholders such as the media, investors, regulatory agencies, channel members, trade associations, as well as others. It is important when addressing marketing ethics to recognize that it should be examined from an individual, organizational, and societal perspective. Examining marketing ethics from a narrow issue perspective does not provide foundational background that provides a complete understanding of the domain of marketing ethics. The purpose of this chapter is to define, examine the nature and scope, identify issues, provide a decision-making framework, and trace the historical development of marketing ethics from a practice and academic perspective. DEFINITION OF MARKETING ETHICS Ethics has been termed the study and philosophy of human conduct, with an emphasis on the determination of right and wrong. For marketers, ethics...
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...industries in the automobile sector of global market. Being the leader in product and process technologies in the manufacturing sector, it has been recognized as one of the drivers of economic growth. During the last few decades, well¬-directed efforts have been made to provide a new look to the automobile policy for realizing the sector's full potential for the economy. The liberalization policies have led to continuous increase in competition which has ultimately resulted in modernization in line with the global standards as well as in substantial cut in prices. Aggressive marketing by the auto finance companies have also played a significant role in boosting automobile demand, especially from the population in the middle income group. Presently many international brands like Honda, Suzuki, etc. are competing with Indian brands such as Bajaj, Enfield etc. to capture Indian markets. These aggressive marketing strategies have resulted in making the consumer the major key for success in the industry. Each product offering is now designed to meet and exceed the expectations of the consumer. But understanding consumer behavior and knowing consumers is never simple. And it is more difficult that to understand what a consumer perceives about the product. Customers may say one thing but do another. They may not being touch with their deeper motivations. They may respond to influences that change their minds at the last moment. THEORETICAL BACKGROUND OF STUDY Market The term market...
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...MARKETING DECISION support system Marketing decision support system (MDSS) A system used to manipulate a collection of data to interpret and explore potential business scenarios in order to make management decisions. Marketing decision support systems (MDSS) are considered by some businesses a key tool in gaining the edge over competitors. MDSS can be used to assist, rather than supersede, employee decision makers in the complicated scenarios which are common in marketing. Also MDSS can be defined as A coordinated collection of data, systems, and techniques with supporting software and hardware by which an organization gathers and interprets relevant information from business and the environment and turns it into a basis for marketing action An emerging trend in the realm of marketing has been the increased application of marketing decision support system (MDSS) technology to aid with decision-making (DM). Developing a sound and robust marketing strategy has never been an easy task. The success or failure of a company’s marketing effort depends on the interaction of numerous internal and external factors, combined with the knowledge and intuition of the decision-makers themselves. Marketing DM requires a comprehensive analysis of environments both inside and outside the firm. It requires a wide range of strategic information, including hard and soft information, and it requires managers to deal with issues that involve a high degree of uncertainty, subjectivity and ambiguity...
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...22 Marketing Mix 22.1 Introduction The basic task of marketing is the delivery of product(s) to consumers so that their needs are fulfilled and organisational objectives are also achieved. This involves several important decisions, e.g. deciding about the product or products which should be offered for sale, price of the product, markets where products may sell and the means of communication with the consumer for the sale of the product. All these decisions form part of marketing-mix. In this lesson we shall study about the concept of marketing mix, its components and the relationship among various components of marketing mix. 22.2 Objectives After studying this lesson, you will be able to : explain the concept and characteristics of marketing mix; describe various components of marketing-mix; establish the relationship amongst various components. 22.3 Concept and Characteristics of Marketing Mix The process of marketing or distribution of goods require particular attention of management of business because production has no relevance unless products are sold. Marketing mix, simply stated, is the process 20:: Business Studies of designing and integrating various elements of marketing in such a way as to ensure the achievement of enterprise objectives. The elements of marketing mix have been classified under four heads - product, price, place and promotion. That is why marketing mix is said to be a combination of 4 P’s. Decisions relating to the product include...
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...BNAD 303 – Exam 1 Review Sheet I. Introduction to Marketing (Chapter 1) ▪ Understand what marketing is and the overall marketing process. ▪ Know all the necessary and sufficient condition for an exchange ▪ Study all types of marketing management orientations and know the differences between them (Production, Sales, Market and Societal). II. Strategic Planning for Competitive Advantage (Chapter 2) ▪ Understand how business strategy relates to marketing and what is SBU. ▪ Review the different types of marketing strategies (e.g. Ansoff’s strategic Opportunity matrix and BCG matrix) and their components. ▪ Know the elements of a Marketing Plan ▪ Identify what a SWOT analysis is and the components that comprise this overall evaluation process. ▪ Study different ways in which a company can gain competitive advantage. ▪ Understand marketing mix (4P’s) and all it’s components in detail. III. The Marketing Environment (Chapter 4) ▪ Understand how the environment affects marketing related decisions and apply this to firm decision making. How does the environment affect marketing decisions? Understand factors such as social factors, demographic factors, economic factors, technological factors, and political and legal factors. ▪ Review: 1) component lifestyles, 2) demography, 3) age categories/ cohorts (e.g. Tweens, Baby boomers, and Generation Y. ▪ How do purchasing power, inflation, and recessionary pressures affect...
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...------------------------------------------------- Question - What is marketing process? Explain the steps in marketing process. Introduction The activities of marketers both reflect and shape the world we live in. Every year new products and services are launched and some of them succeeds on an unprecedented scale. As in the case of Apple's iPod, iPhone, and also iPad. They all are great inventions and highly successful in market. According to marketing concept, the organisation must find ways to discover unfulfilled customer needs and wants and bring products that satisfy those needs and wants. This can be done in a sequence of steps that is called marketing process. After reading this you will understand - what is marketing process, and the steps involved in marketing process. Meaning of Marketing Process The Marketing Process of a company typically involves identifying the viable and potential marketing opportunities in the environment, developing strategies to effective utilise the opportunities, evolving suitable marketing strategies, and supervising the implementation of these marketing efforts. Marketing process involves ways that value can be created for the customers to satisfy their needs. Marketing process is a continual series of actions and reactions between the customers and the organisations which are making attempt to create value for and satisfy needs of customers. In marketing process the situation is analysed to identify opportunities, the strategy...
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