Study Guide: Marketing Management 
Task of business: to deliver customer value at a profit; co. can only win by finetuning value delivery process and choosing, providing, communicating superior value
Value Delivery Process: begins before a product exists; 3 phases-
Choosing the value: how mktg does before existence of product; segment mkt, select target, develop offering’s value positioning (STP) Providing the value: mktg determines product features, prices, distribution
Communicating the value: utilize sales force, internet, ads to promote product
Value Chain/ Market Sensing:
Value chain: tool to create more customer value; 9 strategically relevant activities (5 primary, 4 support)
1. Inbound logistics: bringing materials into business
2. Operations: converting materials into final products
3. Outbound logistics: shipping out final products
4. Mktg: includes sales
5. Service
1. Procurement
2. Technology development
3. HR Management
4. Firm infrastructure
Mkt-sensing process: all activities in gathering & acting upon info about mkt; part of core business processes
Benchmark: estimating competitors’ costs & performances; ex: can benchmark against other companies
Competency: anything that you’re good at; Ex- outsourcing b/c its cheaper and other companies are more competent in producing the product; core competencies: source of comp. adv. & makes significant contribution to perceived customer benefits, has applications in wide variety of mkts, difficult to imitate
Competitive Advantage: accrues to companies that have distinctive capabilities or excellence; how well co. has fitted its core competencies & distinctive capabilities into interlocking activity systems
Holistic Mktg Framework/ Value creation: HMF- integrating value exploration, value creation, value delivery activities w/ purpose of building long term satisfying relationships & coprosperity among key stakeholders; VC- how a co. efficiently creates more promising new value offerings; making product superior for more value
Mktg Plan:
Value Delivery Process: begins before a product exists; 3 phases-
Choosing the value: how mktg does before existence of product; segment mkt, select target, develop offering’s value positioning (STP) Providing the value: mktg determines product features, prices, distribution
Communicating the value: utilize sales force, internet, ads to promote product
Value Chain/ Market Sensing:
Value chain: tool to create more customer value; 9 strategically relevant activities (5 primary, 4 support)
1. Inbound logistics: bringing materials into business
2. Operations: converting materials into final products
3. Outbound logistics: shipping out final products
4. Mktg: includes sales
5. Service
1. Procurement
2. Technology development
3. HR Management
4. Firm infrastructure
Mkt-sensing process: all activities in gathering & acting upon info about mkt; part of core business processes
Benchmark: estimating competitors’ costs & performances; ex: can benchmark against other companies
Competency: anything that you’re good at; Ex- outsourcing b/c its cheaper and other companies are more competent in producing the product; core competencies: source of comp. adv. & makes significant contribution to perceived customer benefits, has applications in wide variety of mkts, difficult to imitate
Competitive Advantage: accrues to companies that have distinctive capabilities or excellence; how well co. has fitted its core competencies & distinctive capabilities into interlocking activity systems
Holistic Mktg Framework/ Value creation: HMF- integrating value exploration, value creation, value delivery activities w/ purpose of building long term satisfying relationships & coprosperity among key stakeholders; VC- how a co. efficiently creates more promising new value offerings; making product superior for more value
Mktg Plan: