Body Of Knowledge - American Marketing Association

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PCM Marketing ManagementBody of Knowledge

OverviewAbout the AMA PCM ProgramThe American Marketing Association Professional Certified Marketer (AMA PCM ) exams arecreated using a Body of Knowledge format which outlines the responsibilities of and knowledgeneeded by today’s marketing professional in the specific topic.Below is an outline of the eight major content areas, or domains, of the AMA PCM MarketingManagement Body of Knowledge with an indication (in parentheses) of the approximatepercentage of the test devoted to each domain.Each domain is further organized into topics and learning objectives. The following pages detailthe domains, topics and learning objectives, and a list of key terms to study as you prepare for thePCM Marketing Management exam.Recommended ReviewWhile accomplished marketing professionals should have a good grasp ofthe content in this Body of Knowledge, the exam still requires preparationfor most candidates.The AMA recommends Marshall and Johnson’s 3rd edition MarketingManagement textbook as a resource for those preparing for the AMA PCM Marketing Management exam. You can find further details regarding thistext and purchase online by clicking here.The AMA does not require that individuals purchase or study from a specificsource to be eligible for the exam. Also, the AMA does not guarantee apassing score on the exam for individuals who study from a specific source.

Table of ContentsDOMAIN 1: MARKETING STRATEGY (10%)Topic 1: Marketing Management FundamentalsTopic 2: Market Planning and StrategyDOMAIN 2: GLOBAL, ETHICAL, AND SUSTAINABLE MARKETING (11%)Topic 1: Issues in Managing Global MarketingTopic 2: Ethics in Marketing ManagementTopic 3: Sustainability in Marketing StrategyDOMAIN 3: MANAGING INFORMATION FOR MARKETING INSIGHTS (15%)Topic 1: Market Research FundamentalsTopic 2: CRMTopic 3: Data and Marketing AnalyticsDOMAIN 4: BUYERS AND MARKETS (17%)Topic 1: Consumer BehaviorTopic 2: Organizational Buyer BehaviorTopic 3: Segmentation, Targeting, and PositioningDOMAIN 5: THE OFFERING – PRODUCT AND SERVICE (21%)Topic 1: Product StrategyTopic 2: New Product DevelopmentTopic 3: Branding StrategyTopic 4: Service StrategyDOMAIN 6: MANAGE PRICING DECISIONS (7%)Topic 1: Pricing Objectives and StrategiesTopic 2: Pricing TacticsTopic 3: Execute the Pricing StrategyDOMAIN 7: DELIVER THE VALUE OFFERING (8%)Topic 1: ChannelsTopic 2: Physical DistributionTopic 3: LogisticsTopic 4: Supply Chain ManagementDOMAIN 8: COMMUNICATE THE VALUE OFFERING (11%)Topic 1: Promotion Management BasicsTopic 2: Digital MarketingTopic 3: Social Media MarketingTopic 4: Legacy Promotional Approaches

DOMAIN 1: MARKETING STRATEGY (10%)Topic 1: Marketing Management FundamentalsLearning Objectives1. Identify typical misconceptions about marketing, why they persist, and the resulting challengesfor marketing management2. Define what marketing and marketing management really are and how they contribute to afirm’s success3. Appreciate how marketing has evolved from its early roots to be practiced as it is today4. Recognize the impact of key change drivers on the future of marketingKey Terms Marketing managementMarketing’s stakeholdersSocietal marketingSustainabilityValueExchangeProduction orientationSales orientationMarketing conceptMarketing mix (4Ps of marketing)Customer-centricDifferentiation Market orientationCustomer orientationRelationship orientationOne-to-one marketingMass customizationMarketing (Big M)Strategic marketingMarket creationMarketing (little m)Tactical marketingMarketing metricsTopic 2: Market Planning and StrategyLearning Objectives1. Examine the concept of value and the elements and role of the value chain2. Understand the conditions required for successful marketing planning, that marketing planningis focused on the value proposition, and that marketing planning is a dynamic process3. Identify various types of organizational strategies4. Conduct a situation analysis5. Use the framework provided for marketing planning, along with the content in future chapters,to build a marketing plan

Key Terms BenefitUtilityValue propositionCustomer satisfactionCustomer loyaltyCustomer retentionCustomer switchingValue chainValue-creating activitiesMarketing planningMarketing planMarket-driven strategic planningStrategic business unit (SBU)Corporate-level strategic planSBU-level strategic planPortfolio analysisBoston Consulting Group (BCG) GrowthShare MatrixGE Business ScreenFunctional-level plans Mission statementStrategic visionGoalsObjectivesStrategyGeneric strategyCompetitive strategyCore competenciesDistinctive competenciesSustainable competitive advantageStrategic typeFirst-mover advantageSituation analysisSWOT analysisMarket penetration strategiesProduct development strategiesMarket development strategiesDiversification strategiesMarketing controlDOMAIN 2: GLOBAL, ETHICAL, AND SUSTAINABLEMARKETING (11%)Topic 1: Issues in Managing Global MarketingLearning Objectives1.2.3.4.5.Identify the various levels in the Global Marketing Experience CurveLearn the essential information components for assessing a global market opportunityDefine the key regional market zones and their marketing challengesDescribe the strategies for entering new global marketsRecognize key factors in creating a global product strategy

Key Terms Developed economiesEmerging marketsRegional market orsLicensingFranchisingStrategic AlliancesJoint VenturesDirect Foreign Investment Decision Making AuthorityDegree of CentralizationGlobal product linesGeographic regionsMatrix StructureCountry-of-origin effectGlobal marketing themesGlobal marketing with local contentBasket of global advertising themesLocal market ad generationTransfer pricingDumpingGray marketTopic 2: Ethics in Marketing ManagementLearning Objectives1. Understand the importance of ethics in Marketing Management and Strategy2. Identify the linkage between ethics and the value proposition3. Describe the impact of ethics on the elements in the marketing mixKey Terms Marketing ethicsTriple Bottom LineTopic 3: Sustainability in Marketing StrategyLearning Objectives1. Recognize the significance of sustainability as part of marketing strategy and the use of thetriple bottom line as a metric for evaluating corporate performance2. Know the concept of triple bottom line as a metric for evaluating corporate performanceKey Term Triple Bottom Line

DOMAIN 3: MANAGING INFORMATION FOR MARKETINGINSIGHTS (15%)Topic 1: Market Research FundamentalsLearning Objectives1. Describe the difference between market information systems and market research systems2. Identify how critical internal (inside the firm) information is collected and used in makingmarketing decisions3. Explain essential external (outside the firm) information collection methods4. Recognize the value of market research and its role in marketing5. Define the market research process6. Illustrate current research technologies and how they are used in market researchKey Terms Market information systems (MIS)Marketing csMarket researchManagement research deliverableResearch problemExploratory researchDescriptive researchCasual researchPrimary dataSecondary dataQualitative research Quantitative researchFocus groupIn-depth interviewSurveysBehavioral dataObservational dataMechanical observationOpen-ended questionsClosed-ended questionsCensusSampleProbability samplingNonprobability samplingOnline databaseTopic 2: CRMLearning Objectives1. Define CRM and articulate its objectives and capabilities2. Describe the CRM process cycle3. Understand the concept of customer touchpoints and why touchpoints are critical in CRM

Key Terms Customer relationship management (CRM)Customer satisfactionCustomer loyaltyCustomer lifetime value (CLV)Return on customer investment (ROCI)Firing a customerCustomer touchpoints Data warehouseData miningDatabase marketingOrganizational learningFormalizationCustomer mind-setTopic 3: Data and Marketing AnalyticsLearning Objectives1. Identify and appreciate the types of data used in marketing management decision making2. Recognize key approaches to marketing analytics3. Understand the concept of a marketing dashboard and how it improves marketing planning fora firm4. Explain return on marketing investment (ROMI), including cautions about its useKey Terms Big dataStructured dataUnstructured dataSemi-structured dataMarketing analyticsMarketing analystDescriptive analyticsDiagnostic analytics Predictive analyticsPrescriptive analyticsSentiment analysisAttributionContent filteringCollaborative filteringMarketing dashboardReturn on marketing investment (ROMI)DOMAIN 4: BUYERS AND MARKETS (17%)Topic 1: Consumer BehaviorLearning Objectives1. Understand the value of knowing the consumer2. Consider the role of personal and psychological factors in consumer decision making3. Appreciate the critical and complex role of cultural, situational, and social factors in a consumerpurchase decision4. Understand the consumer decision-making process

Key Terms DemographicsFamily life cycleLifestyleGender rolesMotivationAttitudeMulti-attribute modelPerceptionSelective awarenessSelective distortionSelective retentionMemoryShort-term memoryLong-term memoryLearningConditioningCognitive learningPersonalityCultureLanguageCultural valuesNonverbal communicationSubcultureFamilyHousehold life cycle (HLC)Social classAspirational purchases Opinion leadersMarket mavensReference groupDesirabilityDegree of affiliationPrimary groupsSecondary groupsInvolvementHigh-involvement learningLow-involvement learningReal statePreferred stateMinimal information searchExtensive information searchLimited information searchInternal information sourcesExternal information sourcesComplete setAwareness setConsideration (evoked) setEmotional choicesAttitude-based choicesAttribute-based choicePost-purchase dissonanceInstrumental performanceSymbolic performanceTopic 2: Organizational Buyer BehaviorLearning Objectives1.2.3.4.Understand the critical role of the buying center and each participant in the B2B processLearn the B2B purchase decision process and different buying situationsComprehend the role of technology in business marketsUnderstand the differences between B2C and B2B markets

Key Terms Business-to-business (B2B) marketsSupply chainProduct demandDerived demandAcceleration effectInelastic demandBuying decisionsStraight rebuyOut suppliersModified rebuyNew purchaseBuying centerUsersInitiatorInfluencersGatekeepersDeciders North American Industrial ClassificationSystem (NAICS)Original equipment manufacturer (OEM)End user purchasesCapital equipmentMaterials, repairs, and operational (MRO)ResellersGovernmentInstitutionsRequest for proposal (RFP)Product choiceSupplier choiceReliabilityPersonal factorsOrganizational factorElectronic data interchange (EDI)E-procurementTopic 3: Segmentation, Targeting, and PositioningLearning Objectives1.2.3.4.5.6.7.Explain the criteria for effective segmentationIdentify the various approaches to market segmentationDescribe the steps in target marketingDefine positioning and link it to the use of the marketing mixUse and interpret positioning mapsIdentify sources of differentiationAvoid potential positioning errorsKey Terms Market segmentationDifferentiationGeographic segmentationDemographic segmentationFamily life cyclePsychographic segmentationVALS FrameworkBehavioral segmentationTarget marketingPrimary target marketsSecondary target markets Tertiary target marketsTarget markets to abandon for futuredevelopmentUndifferentiated target marketingConcentrated target marketingCustomized (one-to-one) marketingPositioningPositioning strategyPerceptual mapRepositioning

DOMAIN 5: THE OFFERING – PRODUCT AND SERVICE (21%)Topic 1: Consumer BehaviorLearning Objectives1.2.3.4.Understand the essential role of the product experience in marketingDefine the characteristics of a productRecognize how product strategies evolve from one product to many productsUnderstand the life of a product and how product strategies change over timeKey Terms ProductStock-keeping unit (SKU)Essential benefitCore productEnhanced productTangibilityDurabilityNondurable productDurable productConvenience goodsShopping goodsSpecialty goodsUnsought goodsMaterialsPartsMRO supplies (maintenance, repair,operating) Capital parabilityStyleProduct lineProduct mixProduct life cycle (PLC)FadsMarket penetrationMarket skimmingTopic 2: New Product DevelopmentLearning Objectives1. Recognize the importance of new product development to long-term success2. Understand the new product development process3. Identify how new products become diffused in a market

Key Terms New-to-the-world productUpgrades or modifications to existingproductsAdditions to existing product linesReposition existing products Cost reductionGo-to-market mistakeStop-to-market mistakeBusiness case analysisInnovation diffusion processTopic 3: Branding StrategyLearning Objectives1.2.3.4.Recognize the essential elements in a brandLearn the importance of brand equity in product strategyExplain the role of packaging and labeling as critical brand elementsDefine the responsibility of warranties and service agreements in building consumer confidenceKey Terms BrandBrand strategyBrand identityBrand equityBrand awarenessBrand loyaltyPerceived qualityBrand associationBrand assets Stand-alone brandsFamily brandingCategory extensionNational brandsStore brandLicensingCo-brandingGeneral warrantiesSpecific warrantiesTopic 4: Service StrategyLearning Objectives1.2.3.4.5.6.7.Understand why service is a key source of potential differentiationExplain the characteristics that set services apart from physical goodsExplain the service-profit chain and how it guides marketing management decisions about serviceDescribe the continuum from pure goods to pure servicesDiscuss the elements of service quality and gap analysisMeasure service quality through use of SERVQUALUnderstand service blueprinting and how it aids marketing managers

Key Terms ServiceService economyService sectorService dominant bilityFluctuating demandService-profit chainInternal marketingCustomer-centricCustomer mind-setCustomer expectations managementCustomer retention Customer advocacySearch attributesExperience attributesCredence attributesProfessional servicesCustomer delightDelightful surprisesService qualityService encounterMoment of truthGap modelService recoveryService failureDimensions of service qualityTangiblesDOMAIN 6: MANAGE PRICING DECISIONS (7%)Topic 1: Pricing Objectives and StrategiesLearning Objective1. Explore different pricing objectives and related strategies.Key Terms Cost LeadershipPenetration PricingMarket SharePrice SkimmingProfit MaximizationTarget ROI Price elasticity of demandCompetitor based pricingPrice warStability pricingValue pricingTopic 2: Pricing TacticsLearning Objectives1. Identify pricing tactics2. Describe approaches to setting the exact price3. Determine discounts and allowances to offer to channel members

Key Terms Product line pricing (price lining)Price PointsCaptive pricing (or complementary pricing)Price bundlingReference pricingPrestige pricingOdd pricingEven pricingPsychological pricingOne-price strategyVariable pricingEveryday low pricing (EDLP)High/low pricingAuction pricingReverse auctions Cost-plus pricingMarkup on costMarkup on sales priceAverage cost pricingTarget return pricingDiscountsAllowancesCash discountsTrade discountsQuantity discountsSeasonal discountsPromotional allowancesFOB PricingUniform delivered pricingZone pricing Predatory pricingFair trade lawsMinimum markup lawsLoss leader productsTopic 3: Execute the Pricing StrategyLearning Objectives1. Understand how to execute price changes2. Understand legal considerations in pricingKey Terms Just-noticeable differencePrice-fixingPrice discriminationDeceptive pricingBait and switchDOMAIN 7: DELIVER THE VALUE OFFERING (8%)Topic 1: ChannelsLearning Objectives1.2.3.4.Define a value network and how organizations operate within this approachIdentify various types of intermediaries and distribution channelsExplain the different types of vertical marketing systemsUtilize suitable criteria to select appropriate channel approaches

Key Terms Value networkValue co-creationNetwork organization (virtual organization)Channel of distributionIntermediariesMerchant intermediariesAgent intermediariesDirect channelIndirect channelFacilitating functionsDisintermediationVertical marketing system (VMS)Corporate VMSVertical integrationContractual VMSFranchise organization Retailer cooperativeWholesaler cooperativeAdministered VMSChannel captain (channel leader)Partner relationship management (PRM)strategiesChannel powerChannel conflictCoercive powerReward powerExpert powerReferent powerLegitimate powerPush strategySlotting allowance (shelf fee)Pull strategyTopic 2: Pricing TacticsLearning Objective1. Understand the impact of intermediary contributions via physical distribution functions, transactionand communication functions, and facilitating functionsKey Terms Physical distribution (logistics)Breaking bulkAccumulating bulkSortingCreating assortmentsReducing transactionsTransportation and storage Distribution intensityIntensive distributionConvenience goodsImpulse goodsShopping goodsSelective distributionExclusive distributionTopic 3: LogisticsLearning Objective1. Identify the logistics aspects of supply chain management

Key Terms Outbound logisticsInbound logisticsReverse logisticsStock-out Enterprise resource planning (ERP)systemsJust-in-time (JIT) inventory control systemMaterials requirement planning (MRP)Topic 4: Supply Chain ManagementLearning Objective1. Understand the role of retailing and e-commerce in delivering the value offering to the customerKey Terms Supply chainSupply chain managementOutsourcing (third-party logistics, 3PL)Exclusive dealingExclusive territoryTying contract RetailingElectronic commerce (e-commerce)Electronic retailing (e-retailing or e-tailing)Omnichannel retailingMarket makersCustomer communitiesDOMAIN 8: COMMUNICATE THE VALUE OFFERING (11%)Topic 1: Promotion Management BasicsLearning Objectives1. Understand promotion and identify the elements of promotion mix2. Explain the hierarchy of effects (AIDA) model and its usefulness to promotion strategyKey Terms PromotionPromotion mixDigital and social media marketingAdvertising sales promotionPublic relations (PR)Personal selling Promotional mix strategiesPromotional campaignPush strategyPull strategyInternal marketingAIDA model

Topic 2: Digital MarketingLearning Objective1. Discuss the role and key types of digital marketing in communicating value to customersKey Terms Digital marketingPaid mediaCost per impressionCost per clickOwned mediaEarned mediaDigital advertisingDisplay adsBanner adsInterstitialsRetargeting Search adsSocial network adsNative adsLanding pageMicrositesBlogSearch engine optimization (SEO)M-commerceGeolocation marketingBranded mobile appsIn-app adsTopic 3: Social Media MarketingLearning Objective1. Identify the key types of social media and their benefits to marketers in communicating value tocustomersKey Terms Social networksViral marketing Seeding strategyOnline brand communitiesTopic 4: Legacy Promotional ApproachesLearning Objective1.2.3.4.5.6.Understand the key types of advertising and the role of the creative agencyIdentify various approaches to sales promotion and how each might be usedDescribe the activities and aims of public relationsUnderstand the role of personal selling in marketing communicationsLearn the process of relationship sellingUnderstand the major job responsibilities of sales management

Key Terms Advertising wearoutAdvertising response functionInstitutional advertisingProduct advertisingPioneering advertisingCompetitive advertisingComparative advertisingReachFrequencyAdvertising executionClutterTrade showCooperative advertising and promotionAllowancePublicity buzzEvent sponsorshipsCrisis managementPersonal sellingTrade services Missionary sales peopleTechnical sellingKey account salespeopleOutbound telemarketingInbound telemarketingSales presentationClosing the saleFollow-upOutsourcing the sales forceTransaction cost analysis (TCA)Sales skill levelMotivationExtrinsic rewardsIntrinsic rewardsSalaryIncentivesCommissionNonfinancial incentives

ConfidencePreparedThe Professional CertifiedMarketer ProgramIf you have additional questions after reviewingthis document, please contact us.American Marketing AssociationProfessional Certified Marketer Program130 E. Randolph St., 22nd FloorChicago, IL 60601, USAPhone:(800) AMA-1150E-mail:pcm@ama.orgWebsite:AMA.org/PCM

for marketing management 2. Define what marketing and marketing management really are and how they contribute to a firm’s success 3. Appreciate how marketing has evolved from its early roots to be practiced as it is today 4. Recognize the impact of key change drivers on the future of marketing Key Terms Marke

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