User:Jukeboksi/BBA studies/Marketing

“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.

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~ Wikipedia on marketing

GloBBA curriculum

Courses so far as of 2013

1. Services Marketing - w:Services marketing
2. Corporate Responsibility - w:Corporate responsibility ( w:fi:Yhteiskuntavastuu )
3. Customer oriented operations planning (marketing)

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 )

( COOPM )

Previous marketing courses:

• Services Marketing - w:Services marketing
• Corporate Responsibility - w:Corporate responsibility is a form of w:corporate self-regulation integrated into a w:business model. ( Wikipedia )

Marketing class 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.

• w:Infrastructure as a service (IaaS)
• w:Platform as a service (PaaS)
• w:Software as a service (SaaS)
• w:Network as a service (NaaS)
• w:Storage as a service (STaaS)
• w:Security as a service (SECaaS)
• w:Data as a service (DaaS)
• w:Desktop as a service (DaaS - see above)
• Database as a service (DBaaS)
• w:Test environment as a service (TEaaS)
• w:API as a service (APIaaS)
• w:Backend as a service (BaaS)
• Integrated development environment as a service (IDEaaS)
• Integration platform as a service (IPaaS), see w:Cloud-based integration

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 )

• In w:viral marketing ( w:fi:Viraalimarkkinointi ), the w:K-factor (marketing) also known as "viral coefficient" can be used to describe the growth rate of websites or apps. ( Wikipedia )

• w:Engagement marketing ( w:fi:Engagement-markkinointi ), sometimes called "experiential marketing," "event marketing", "live marketing" or "participation marketing," is a marketing strategy that directly engages consumers and invites and encourages w:consumers to participate in the evolution of a w:brand. ( Wikipedia )

• w:Tacit knowledge( w:fi:Hiljainen tieto ) (as opposed to formal or w:explicit knowledge) is the kind of knowledge that is difficult to transfer to another person by means of writing it down or verbalising it.

• w:Database marketing in the 80's and 90's then in the 00's evolved to modern w:Customer relationship management.

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Marketing class week 5

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

Marketing class week 6

• w:Market segmentation ( w:fi:Segmentointi ) is a w:marketing strategy that involves dividing a broad w:target market into subsets of w:consumers who have common needs (and/or common desires) as well as common applications for the relevant goods and services. ( Wikipedia )
• A w:persona ( w:fi:Persoonallisuus ) (plural personae or personas), in the word's everyday usage, is a social role or a character played by an actor.
• 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, brand, or organization. ( Wikipedia )

• 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 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:Marketing mix a.k.a. the w:4P's ( product, price, place, promotion )

• 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

• w:Market positioning

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 )

• Concentrated (niche) w:marketing

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 )

• Marketing intermediaries ( w:fi:Välittäjä )

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 )

• w:Customer relationship management or CRM( w:fi:Asiakkuudenhallinta ) is a model for managing a company’s interactions with current and future w:customers. It involves using technology to organize, automate, and synchronize w:sales, w:marketing, w:customer service, and w:technical support. ( 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 line

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:Price and w:pricing strategies

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

• w:Needs, w:wants, demands of the w:consumer affect the purchase process.

• 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 )

• w:Value proposition

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 )

• Levels of product ( w:fi:Tuote )

• 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 )

• w:Convenience w:product

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

• w:Derived demand

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.

• w:Shopping product ( w:fi:Shoppailu )

• w:Perception, w:attitude, w:belief affect consumer behaviour.

• w:Specialty product

• Complex buying behavior

• w:Brand ( noun ) ( w:fi:Brändi ) - branding ( verb )

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

• w:Habitual buyer behavior

• w:Discounts and allowances are reductions to a basic price of goods or services. ( Wikipedia )

• Product Mix

• w:Marketing channels

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 )

• Conventional w:distribution channel

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.

• w:Vertical marketing systems

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.

• w:Horizontal marketing systems

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.

• w:Retailing ( w:fi:Vähittäiskauppa )

• w:Warehousing ( w:fi:Varasto )

• w:Promotional mix

There are five main aspects of a promotional mix. These are:

• w:Advertising - 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 - 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 - 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 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 )

• w:Integrated marketing communications ( obs. plural according to Wikipedia ) or (IMC)

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 )

• w:Selling process results in w:sales

• Trade promotion

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 )

• w:Competitive advantage

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 )

• w:Market positions:

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

• w:Marketing concept redirects to w:customer relationship management.

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Read more on marketing:

• w:Shopper marketing
• w:Category:Types of marketing