BUSI 2204 Lecture Notes - Lecture 2: Gross Domestic Product, External Variable, European Cooperation In Science And Technology
30 Sep 2020
School
Department
Course
Professor
Chapter 2 --
BUSI 2204
LECTURE 2
GROUP PROJECT
WRITTEN
DONE IN GROUPS WITH 5-6 MEMBERS
1 REPORT PER GROUP
PURPOSE: OBSERVE AND ANALYZE A REAL-LIFE MARKETING PROBLEM (E.G A COMPANY THAT IS FACING
A PROBLEM)
ANY PROBLEM? ASK THE PROF. FICTITIOUS EXAMPLES CAN BE INCLUDED AS WELL
10 PAGES OF LENGTH AT LEAST (BUT IT SHOULD NOT EXCEED 15 PAGES)
NO NEED TO PRESENT IT IN CLASS!!!
EXTERNAL MARKETING ENVIRONMENT
ROLE OF MARKETING MANAGER: UNDERSTAND AND DEVELOPING THE PROPER MARKETING MIX (4 P’s)
NEEDS CONSTANTLY ADJUST AS NEEDS CHANGE
NEEDS TO ADDRESS DORMANT CUSTOMERS, EXISTING CUSTOMERS AND NEW CUSTOMERS
(TEMPTING TO EXISTING, NEW AND POTENTIAL CUSTOMERS)
NEED TO BE COGNIZANT OF THE COMPETITION (MARKET YOURSELF IN SUCH A WAY THAT YOU
CUSTOMERS CHOOSE YOU OVER THE COMPETITION WHILE MAKING SURE THAT YOU KNOW THE
COMPETITION)
CREST MODEL
1) COMPETITIVE FACTORS (C) =
DIRECT = sell same means to same end (ie kayak vs kayak)
SUBSTITUTE = sell different means to same end (ie kayak vs canoe)
NEW ENTRANT = COMPETITION THAT IS TARGETING THE MARKET IN A DIFFERENT WAY
SUPPLIERS = sell at highest possible price
BUYERS = buy at lowest possible price
2) REGULATORY FACTORS (R) =
Document Summary
Purpose: observe and analyze a real-life marketing problem (e. g a company that is facing. Ask the prof. fictitious examples can be included as well. 10 pages of length at least (but it should not exceed 15 pages) Role of marketing manager : understand and developing the proper marketing mix (4 p"s) Needs to address dormant customers, existing customers and new customers (tempting to existing, new and potential customers) Need to be cognizant of the competition (market yourself in such a way that you. Customers choose you over the competition while making sure that you know the. Direct = sell same means to same end (ie kayak vs kayak) Substitute = sell different means to same end (ie kayak vs canoe) New entrant = competition that is targeting the market in a different way. Buyers = buy at lowest possible price: regulatory factors (r) = Every aspect of amrketing is sunject to laws.
