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Lecture 11

MGM101 - Lecture 11 - Book + Lecture notes

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University of Toronto Mississauga
Dave Swanston

Lecture 11 November-22-13 11:15 AM What is marketing? - The process of determining customerneeds and wants and then developing goods and services that meet or exceed these expectations - Focus on the ability to identify the target market and evaluate customer'sneeds and wants along with their expectations - Marketing is a part of strategic planning - Overlaps with operations - Managers have to have a good understanding of different divisions and how to integrate them (and that these operationsoverlap) - Different part of strategies must be planned together (operations,financial, marketing) - so we have better chance in achieving broader perspectives Green marketing - Marketing efforts to produce, promote,and reclaim environmentally-sensitive products Article:PlayStation and Xbox aren't just fighting each other, Toronto Star, Jacques Gallant - Who are Sony's target markets? ○ People who are passionate about gaming ○ People above 30 ○ Families, young kids ○ 3 primary consolesthat appeal to serious gamers - How you appeal to different target markets is very different because of different needs and wants - 4 pieces of marketing: price, product, promotion,and place - As a product, PlayStation 4 - online gaming (a feature to enhance gaming) - most parents don't want this, so target is for serious gamers ○ Graphics - target is for high end tech savvy people ○ BluRay player (a device that can do everything,which saves money) ○ Controllers (different functionality, more user friendly) ○ Internet browsing - good enough to satisfy needs, don’t have to use PC ○ Old tech games cannot be used in new tech - a disadvantage ○ Different way of interacting with the game (like Kinect) - Some games are exclusive on only one console (Halo and Xbox, Killzone, Supermario for Nintendo) - Pricing is one of the considerationswhen buying these ○ Xbox 100 bucks cheaper - for somecustomers price is a consideration ○ Some customersconsider functionality more - Pricing is an art (you look at different factors that may affect pricing) - it is a critical decision, if you pay more, you expect to get more satisfactionon it - PlayStationis more multipurpose, Xbox is more for serious gamers - Placing for PlayStation:can be bought in Best buy, Future shop, the Source, Toys R Us, Walmart, online Sony Store, any online Store that sells it ○ Compare to Apple, you can only get product from specialized stores ○ Must be available in all places where the target market is - How did they promote/ made people aware or interested of PlayStation? ○ Media interest (make news/ reviews/ testimonialson it from experts/ trusted source) ○ Display, banner in stores to get people's attention - merchandising ○ Different promotionaltactics target different behaviours ○ 2 goals of marketing: to create awareness and call to action (motivatepeople to do something) Evolution of Marketing Evolution of Marketing - Production Era: up to early 1900s ○ the general philosophy of business was to produce as much as possible - Selling Era: 1920s-1950s - Marketing concept Era: 1950s-1990s ○ a morecomprehensiveapproach Marketing concept - a three-part business philosophy 1. Customerorientation - find out what the customerwants and then provide it for them. 2. Service orientation - customersatisfaction is the objectiveof all employees. 3. Profit orientation - focus on the products and servicesthat will yield the most profit. - Customerrelationship management (CRM) Era: 1990s+ ○ The process of learning as much as possible about customersand doing everything you can to satisfy them—or even exceed their expectations—withgoods and servicesover time ○ Moving into transactional area, we learn moreof the customers,fosters loyalty(we solicit less) ○ Customerrelationship (CRM): know the customerwell enough to be able to exceed their expectationsand keep them coming back. Non-profit organizations prosper from marketing - Charities use marketing to raise fund - Blood donors are found using marketing - Politicians use marketing to gain votes - Not-for-profitsector very competitivefor donations, volunteer, and help *Marketing is even more important because we get people to support a worthy cause, and there are challenges to create a value The Marketing Mix - This is unique for every product and decision The Marketing Research Process with the Four Ps Applying the Market Process - Find a need - Conduct research - Identify a target market - Design a product to meet the need based on research and then conduct product testing ○ Product - any physical good, service or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers,such as the brand ○ Concept testing - you develop an accurate description of your product and ask people, in person or online, whether the concept (the idea of the restaurant and the kind of meals you intend to offer) appeals to them Test marketing - the process of testing products among potential users ○ Test marketing - the process of testing products among potential users - Determinea brand name and design a package ○ Brand name - A word, device (design, shape, sound, or colour), or combinationof these used to distinguish a seller’s goods or services from those of competitors - Set a price ○ Price - The money or other consideration (including other goods and services) exchanged for the ownership or use of a good or service - Select a distribution system ○ Getting the product to the right place - Design a promotionalprogram ○ Promotion - All of t
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