BSM 100 Lecture Notes - Lecture 6: Marketing, Marketing Plan, Marketing Mix

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7/27/16
BSM 100: Week 8, Marketing (Ch10 in BUSN and Ch2
in Rdgs)
Porters Five Forces Model of Competition/Industry/Attractiveness
-Competition
Direct competitors and indirect competitors, know who is out there
-Threat of New Entrant
-Suppliers and Bargaining Power
Have to understand the power that they hold and their importance, as well as the
number of them that are available which leads to the bargaining power they hold
Adequate and reliable who gives inputs when you actually need it
Make sure you are with a supplier who is going to give you what you want and
not leverage with you, willing to talk to you, seeing if your competition is going to
the same suppliers
Have to think in terms of quality, quantity, and reliability
Is the bargaining power threat high, medium, or low?
-Threat of Substitutes
Can the need of the customer be satisfied by a substitute?
Have to be knowledgeable of the possibility of substitutes
-Customers
Looking for loyalty
Promotion, an investment in terms of advertising
Strategic Differentiation
-Creating and delivering messages that matter
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7/27/16
Getting Value by Giving Value
-Marketing: the activity, set of institutions, and processes for creating offering that
have value for customers, clients, partners, and society at large (creating customer
satisfaction)
- To gain > long term profitability by delivering unmatched value
-Utility (satisfying the wants of the people)
-Form utility: How it looks, changing the form in which the customers are getting
their product
-Time utility: Has to be a convenient time for the customer, you want things to be
open at the time that you need it
-Place utility: Location, where the customer wants it
-Ownership utility: Satisfaction from owning something, firms want the customer to
own these things so makes things easily financeable
Scope of Marketing: Everywhere
-Not just for goods and services
-People marketing: Promoting a person, giving an image makeover, individuals
marketing others to change their image into something appealing and marketable
-Place marketing: Not a specific thing, but an area such as Cuba or Dominican for
vacation spots (not just as specific resorts)
-Event marketing: One event, such as a concert or festival
-Idea marketing: Selling an ideology, a mindset to others, promoting a certain life-
style
From the Product to the Customer
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