User:Jukeboksi/BBA studies/Marketing: Difference between revisions

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    * A '''[[w:performance indicator|performance indicator]]''' or '''key performance indicator''' ('''KPI''') is a type of [[w:performance measurement|performance measurement]]. KPIs evaluate the success of an organization or of a particular activity in which it engages. ( Wikipedia )
    * A '''[[w:performance indicator|performance indicator]]''' or '''key performance indicator''' ('''KPI''') is a type of [[w:performance measurement|performance measurement]]. KPIs evaluate the success of an organization or of a particular activity in which it engages. ( Wikipedia )
    * A '''[[w:sales process|sales process]]''' is an approach to selling a product or service. The sales process has been approached from the point of view of an [[w:engineering|engineering]] discipline (see [[w:sales process engineering|sales process engineering]]). ( Wikipedia )
    :In ''Management of a Sales Force'' (12th Ed. p. 66) by Rich, Spiro and Stanton a "sales process" is presented as consisting of eight steps. These are:
    :** Prospecting / initial contact
    :** Preapproach - planning the sale
    :** identifying and cross questioning
    :** Need assessment
    :** Presentation
    :** Meeting objections
    :** Gaining commitment
    :** Follow-up ( Wikipedia )


    === Further reading ===
    === Further reading ===

    Revision as of 09:45, 19 September 2014

    “Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling the product or service. It is a critical business function for attracting customers.”

    “Marketing serves 2 purposes: #1 Keep the consumers informed of prices and offerings and #2 To do brand enhancement and post-sales brand image reinforcement.”

    ~ jubo-jubo on marketing

    GloBBA marketing curriculum

    Courses as of 2014

    1. Services Marketing - w:Services marketing
    2. Corporate Social Responsibility - w:Corporate responsibility ( w:fi:Yhteiskuntavastuu )
    3. Customer oriented operations planning (marketing)
    4. Creative Corporate and Marketing Communication
    5. Strategic Business-to-Business Relationship Management


    Template:Marketing Template:Internet marketing Template:Marketing operations

    Services Marketing

    Economical activity can be divided to services and w:goods. Often these are packaged together for greater utility for the consumer buying and higher wins for the business selling.

    w:Service economy ( w:fi:Palveluyhteiskunta )is a huge share of the World w:GDP. w:Marketing ( w:fi:Markkinointi ) can be a valuable tool for both business purposes of the business selling the service and also from the viewpoint of the w:consumer

    Services can be:

    1. Tangible service - w:Tangibility is the attribute of being easily detectable with the senses. ( Wikipedia )
    2. Intangible service w:Intangibility is used in marketing to describe the inability to assess the value gained from engaging in an activity using any tangible evidence. ( Wikipedia )
    3. or a mix of both.


    w:Marketing mix consists of The w:4P's as follows:

    1. Product - What is it? What need does it satisfy?
    2. Price - How much? Price is a marketing decision ( sic. )
    3. Place - Where? Do I have to go to big mall or can I get it from corner shoppe? Webshoppe? Physical location? Both? ( win )
    4. Promotion - Advertising ( Image marketing, novelty marketing and price marketing )
    How is the consumer informed of the
    • Availability of a product or service
    • Price levels
    • Service levels in an industry?


    In services marketing there is also the w:Seven Ps, the last three being

    1. People
    2. Process and
    3. Physical evidence

    Corporate Social Responsibility

    CSR is ethics in action

    Customer oriented operations planning (marketing)

    Customer oriented operations planning (marketing)

    • Customer (also known as a client, buyer, or purchaser) is the recipient of a good, service, product, or idea, obtained from a w:seller, w:vendor, or supplier for a monetary or other valuable consideration. ( Wikipedia )
    • Oriented
    • Operations The outcome of business operations is the harvesting of value from assets owned by a business. Assets can be either physical or intangible. ( Wikipedia )
    • Planning (also called forethought) is the process of thinking about and organizing the activities required to achieve a desired goal. ( Wikipedia )
    • Marketing is the process of w:communicating the value of a product or service to w:customers. ( Wikipedia )

    Customer oriented operations planning (marketing) - week 4

    • w:Cloud computing ( w:fi:Pilvilaskenta ) is a major pleasantifier of information technology systems acquisition and operation hassle and costs. Prices start as low as 15€ / VPS-from-cloud ( virtual private server ) with full w:root access. Additionally cloud computing is ecological. Think of a business buying a big physical server which is then utilized to 10% of it's maximum capacity whereas in cloud computing you can thanks to w:Virtualization technologies have much better utilization rates for actual physical devices.


    In the w:business model using software as a service, users are provided access to application software and databases. The cloud providers manage the infrastructure and platforms on which the applications run. SaaS is sometimes referred to as “on-demand software” and is usually priced on a pay-per-use basis. SaaS providers generally price applications using a subscription fee. ( Wikipedia )



    Customer oriented operations planning (marketing) - week 5

    • Feature - What it is?
    • Advantage - What will it do ?
    • Benefit - WIIFM ?

    Customer oriented operations planning (marketing) - week 6

    • A value proposition is a promise of value ( w:fi:Arvo (talous) ) to be delivered and a belief from the customer that value will be experienced. A value proposition can apply to an entire organization, or parts thereof, or customer accounts, or products or services. ( Wikipedia )

    Terminology for COOPM marketing exam

    • w:Marketing Strategy is a process that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable w:competitive advantage. Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contribute to the goals of the company and its marketing objectives. ( Wikipedia )



    • w:Market Segmentation is a w:marketing strategy that involves dividing a broad w:target market into subsets of w:consumers who have common needs, And then be designed and implemented to target these specific customer segments, addressing needs or desires that are believed to be common in this segment, using media that is used by the market segment. ( Wikipedia )
    w:Undifferentiated segmentation
    w:Differentiated segmentation


    In w:marketing, positioning is the process by which marketers try to create an image or identity in the minds of their target market for its product, w:brand, or organization. ( Wikipedia )


    • Consumer behavior or buyer behaviour
    w:Consumer behaviour is the study of individuals, groups, or organizations and the processes they use to select, secure, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society. ( Wikipedia )


    w:Niche marketing redirects to w:niche market which is a subset of the market on which a specific product is focusing. So the market niche defines the specific product features aimed at satisfying specific market needs, as well as the w:price range, production quality and the w:demographics that is intended to impact. It is also a small market segment. ( Wikipedia )
    Market Nicher is a company that sells a product or service that few other companies provide:
    A true market nicher has a distinctive product that appeals strongly to a particular consumer segment. ( Soile )
    An intermediary (or go-between) is a third party that offers intermediation services between two trading parties. The intermediary acts as a conduit for goods or services offered by a supplier to a consumer. Typically the intermediary offers some added value to the transaction that may not be possible by direct trading. ( Wikipedia )


    Customer w:relationship marketing was first defined as a form of marketing developed from direct response marketing campaigns which emphasizes w:customer retention and satisfaction, rather than a dominant focus on sales transactions. ( Wikipedia )


    w:Product lining is the w:marketing strategy of offering several related products for sale as individual units. Unlike w:product bundling, where several products are combined into one group, which is then offered for sale as a unit, product lining involves offering the products for sale separately. ( Wikipedia )


    w:Pricing is the process of determining what a company will receive in exchange for its products. Pricing factors are w:manufacturing cost, market place, competition, market condition, and quality of product. ( Wikipedia )
    w:Pricing strategies for products or services encompass three main ways to improve profits. These are that the business owner can cut costs or sell more, or find more profit with a better pricing strategy. When costs are already at their lowest and sales are hard to find, adopting a better pricing strategy is a key option to stay viable. ( Wikipedia )
    A plethora of models of pricing exist.


    • Variety seeking buyer behavior



    • Purchase process
    For a business w:purchasing refers to a business or organization attempting to acquiring goods or services to accomplish the goals of its enterprise. ( Wikipedia )


    A value proposition is a promise of value to be delivered and a belief from the customer that value will be experienced. A value proposition can apply to an entire organization, or parts thereof, or customer accounts, or products or services. ( Wikipedia )



    • Business Buyer Behavior ( purchasing & procurement )
    w:Procurement is the acquisition of goods, services or works from an external source. It is favorable that the goods, services or works are appropriate and that they are procured at the best possible cost to meet the needs of the purchaser in terms of quality and quantity, time, and location (Weele 2010). ( Wikipedia )


    Convenient procedures, products and services are those intended to increase ease in accessibility, save resources (such as time, effort and energy) and decrease frustration. ( Wikipedia )


    • Opinion leader


    Derived demand is a term in economics, where w:demand for a w:factor of production or w:intermediate good occurs as a result of the demand for another intermediate or w:final good.





    • Complex buying behavior


    Brand is the "name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers."
    Brand management is a communication function that includes analysis and planning on how that brand is positioned in the market, which target public the brand is targeted at, and maintaining a desired reputation of the brand. Developing a good relationship with target publics is essential for brand management. Tangible elements of brand management include the product itself; look, price, the packaging, etc. The intangible elements are the experience that the consumer takes away from the brand, and also the relationship that they have with that brand. A brand manager would oversee all of these things.
    For more info see w:Category:Types of branding



    • Product Mix


    A marketing channel is a set of practices or activities necessary to transfer the ownership of goods, and to move goods, from the point of production to the point of consumption and, as such, which consists of all the w:institutions and all the w:marketing activities in the marketing process. ( Wikipedia )


    Product distribution (or place) is one of the four elements of the w:marketing mix. Distribution is the process of making a product or service available for use or consumption by a consumer or business user, using direct means, or using indirect means with w:intermediaries.


    A vertical market is a w:market in which vendors offers good and services specific to an w:industry, trade, w:profession, or other group of w:customers with specialized needs. It is distinguished from a w:horizontal market, in which vendors offer a broad range of goods and services to a large group of customers with wide range of needs, such as w:businesses as a whole, men, women, w:households, or, in the broadest horizontal market, everyone.


    A horizontal market is a market which meets a given need of a wide variety of industries, rather than a specific one, in contrast to a vertical market.


    • Multichannel distribution systems
    w:Multichannel marketing is marketing using many different marketing channels to reach a customer.




    There are five main aspects of a promotional mix. These are:
    • w:Advertising ( w:fi:Mainonta ) - Presentation and promotion of ideas, goods, or services by an identified sponsor. Examples: Print ads, radio, television, billboard, direct mail, brochures and catalogs, signs, in-store displays, posters, motion pictures, Web pages, banner ads, and emails.
    • w:Personal selling - A process of helping and persuading one or more prospects to purchase a good or service or to act on any idea through the use of an oral presentation. Examples: Sales presentations, sales meetings, sales training and incentive programs for intermediary salespeople, samples, and telemarketing. Can be face-to-face selling or via telephone.
    • w:Sales promotion ( w:fi:Myynninedistäminen ) - Media and non-media marketing communication are employed for a pre-determined, limited time to increase consumer demand, stimulate market demand or improve product availability. Examples: Coupons, sweepstakes, contests, product samples, rebates, tie-ins, self-liquidating premiums, trade shows, trade-ins, and exhibitions.
    • w:Public relations ( w:fi:Tiedotus- ja suhdetoiminta ) - Paid intimate stimulation of supply for a product, service, or business unit by planting significant news about it or a favorable presentation of it in the media. Examples: Newspaper and magazine articles/reports, TVs and radio presentations, charitable contributions, speeches, issue advertising, and seminars.
    • w:Direct Marketing ( w:fi:Suoramarkkinointi ) is a channel-agnostic form of advertising that allows businesses and nonprofits to communicate straight to the customer, with advertising techniques such as mobile messaging, email, interactive consumer websites, online display ads, fliers, catalog distribution, promotional letters, and outdoor advertising.
    w:Corporate image Corporate image may also be considered as the sixth aspect of promotion mix. The Image of an organization is a crucial point in marketing. If the reputation of a company is bad, consumers are less willing to buy a product from this company as they would have been, if the company had a good image. ( Wikipedia )


    Integerated marketing communications is an approach to w:brand communications where the different modes work together to create a seamless experience for the customer and are presented with a similar tone and style that reinforces the brand’s core message. Its goal is to make all aspects of marketing communication such as advertising, sales promotion, w:public relations, w:direct marketing, personal selling, online communications and w:social media work together as a unified force, rather than permitting each to work in isolation, which in turn maximizes their cost effectiveness. ( Wikipedia )



    In w:business and w:marketing, “trade” refers to the relationship between w:manufacturers and w:retailers. Trade Promotion refers to marketing activities that are executed in w:retail between these two partners. Trade Promotion is a marketing technique aimed at increasing demand for products in w:retail stores based on special pricing, display fixtures, demonstrations, value-added bonuses, no-obligation gifts, and more. ( Wikipedia )


    Competitive advantage seeks to address some of the criticisms of w:comparative advantage. w:Michael Porter proposed the theory in 1985. Competitive advantage theory suggests that states and businesses should pursue policies that create high-quality goods to sell at high prices in the market. ( Wikipedia )
    1. w:Market leader i.e. dominant player in a market. Market dominance is a measure of the strength of a w:brand, product, service, or firm, relative to competitive offerings. There is often a geographic element to the competitive landscape. In defining market dominance, you must see to what extent a product, brand, or firm controls a product category in a given geographic area. ( Wikipedia )
    2. w:Market challenger also redirects to w:Dominance (economics)
    3. Market follower


    Creative Corporate and Marketing Communication

    Creative Corporate and Marketing Communication - Week 1

    • Brand is the "name, term, design, symbol, or any other feature that identifies one seller's product distinct from those of other sellers." ( Wikipedia )
    • Brand management is a communication function in marketing that includes analysis and planning on how that brand is positioned in the market, which target public the brand is targeted at, and maintaining a desired reputation of the brand ( Wikipedia )
    • The outward expression of a brand – including its name, trademark, communications, and visual appearance – is brand identity. ( Wikipedia on w:Brand identity )
    • Problem-based learning (PBL) is a student-centered pedagogy in which students learn about a subject through the experience of problem solving. ( Wikipedia )
    • Blogger is a blog-publishing service that allows multi-user blogs with time-stamped entries. It was developed by Pyra Labs, which was bought by Google in 2003. Generally, the blogs are hosted by Google at a subdomain of blogspot.com. A user can have up to 100 blogs per account. ( Wikipedia )

    Creative Corporate and Marketing Communication - Week 2 - Integrated marketing communication

    • Integrated Marketing Communication (IMC) is the application of consistent brand messaging across both traditional and non-traditional marketing channels and using different promotional methods to reinforce each other. ( Wikipedia )

    Creative Corporate and Marketing Communication - Week 3 - Visual brand identity

    • Visual brand language is branding terminology for a unique "alphabet" of design elements – such as shape, color, materials, finish, typography and composition – which directly and subliminally communicate a company's values and personality through compelling imagery and design style. This "alphabet", properly designed, results in an emotional connection between the brand and the consumer. Visual brand language is a key ingredient necessary to make an authentic and convincing brand strategy that can be applied uniquely and creatively in all forms of brand communications to both employees and customers. ( Wikipedia )
    • Emotional branding is a term used within marketing communication that refers to the practice of building brands that appeal directly to a consumer's emotional state, needs and aspirations. Emotional branding is successful when it triggers an emotional response in the consumer, that is, a desire for the advertised brand (or product) that cannot fully be rationalized. ( Wikipedia )


    Creative Corporate and Marketing Communication - Week 4 - Brand identity and image

    Rebranding is a marketing strategy in which a new name, term, symbol, design, or combination thereof is created for an established brand with the intention of developing a new, differentiated identity in the minds of consumers, investors, and competitors. Often, this involves radical changes to a brand's logo, name, image, marketing strategy, and w:advertising themes. Such changes typically aim to reposition the brand/company, occasionally to distance itself from negative connotations of the previous branding, or to move the brand upmarket ( Wikipedia )

    Strategic Business-to-Business Relationship Management

    Strategic Business-to-Business Relationship Management - Session 1

    • Strategic management involves the formulation and implementation of the major goals and initiatives taken by a company's top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes.
    • Solution selling is a sales methodology. Rather than just promoting an existing product, the salesperson focuses on the customer's pain(s) and addresses the issue with his or her offerings (product and services). The resolution of the pain is what constitutes a "solution". ( Wikipedia )
    • Relationship marketing was first defined as a form of marketing developed from direct response marketing campaigns which emphasizes customer retention and satisfaction, rather than a dominant focus on sales transactions. ( Wikipedia )

    Strategic Business-to-Business Relationship Management - Session 2

    • A sale is the act of selling a product or service in return for money or other compensation. ( Wikipedia )

    Some titles in sales:

    • Account Manager is a person who works for a company and is responsible for the management of sales, and relationships with particular customers. The account manager does not manage the daily running of the account itself. They manage the relationship with the client of the account(s) they are assigned to. ( Wikipedia )
    • Key account manageer is assigned to a company headquarters to oversee the account team assigned to a particular account. Key account management includes sales but also includes planning and managing the full relationship between a business and its most important customers. An account manager who works in this role will engage in a variety of tasks including project management, coordination, strategic planning, relationship management, negotiation, leadership and innovative development of opportunities, and keeping record of transaction of sale and purchase goods. The tasks may include working with product design and application, logistics, sales support, and marketing. ( Wikipedia on key account manager )
    • Export managers serve as intermediaries between foreign buyers and domestic sellers. Unlike export traders, who buy the products before selling directly to foreign buyers, export managers find buyers internationally for domestic product manufacturers. ( Education portal )
    • Sales manager is the typical title of someone whose role is sales management. The role typically involves talent development and leadership. ( Wikipedia on Sales management )
    Sales management is a business discipline which is focused on the practical application of sales techniques and the management of a firm's sales operations. ( Wikipedia )

    Key qualities for working in sales:

    1. Empathy and interest in people
    2. Ability to communicate (listening)
    3. Determination (closing a sale)
    4. Self-discipline and resilience

    Strategic Business-to-Business Relationship Management - Session 3

    In Management of a Sales Force (12th Ed. p. 66) by Rich, Spiro and Stanton a "sales process" is presented as consisting of eight steps. These are:
      • Prospecting / initial contact
      • Preapproach - planning the sale
      • identifying and cross questioning
      • Need assessment
      • Presentation
      • Meeting objections
      • Gaining commitment
      • Follow-up ( Wikipedia )

    Further reading


    Read more on marketing:

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