BIP 302 Marketing Management
Week 1 Reading & Study Guide
Reading: Chapter 1
Key learning goals:
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Understanding the role and scope of marketing, and a comprehensive, modern definition
Being able to identify and differentiate the five different management orientations
Gaining familiarity with the components of situational & enviro analysis – PESTEL
Key terminology to know:
Utility (no need to list different types – just be aware that it encompasses a range of things)
Value proposition (we will discuss this in more depth later in the quarter as well)
Customer equity
Marketing mix
PESTEL
The 5 management orientations: production, product, selling, marketing, societal
CRM
Marketing basics: Review questions
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Can you fully explain what marketing is (including all core components)? Look over the textbook’s
introduction and reflect on how it relates to the definition we discussed in our first meeting.
Can you explain what goes into each step of the 4-step marketing process? (Don’t confuse with 4Ps!).
Please note that the textbook (Figure 1.3) provides 5 steps. The model we are using simply combines
the book’s step 4 and 5.
Beyond just naming the 4P’s, what types of marketing activities & decisions go into each area? What
types of marketing actions and decisions go into each area?
Have a general understanding of what type of factors marketers need to examine in the MICRO
environment, and how those differ from the factors in the MACRO environment.
The MACRO environment is assessed using the PESTEL tool. You should know the PESTEL areas.
Do you have a clear understanding of the different management orientations? E.g., could you identify
a selling orientation if you gave you an example? How about a societal marketing orientation? Try to
generate some examples of each to test your understanding.
CRM involves tracking, managing, and analyzing customer interactions over time. Do you have a clear
understanding of why this is so essential to effective marketing practice?