MAR 3023 Lecture Notes - Lecture 1: Dependent And Independent Variables, Personal Selling, Store Brand
Syllabus:
BASIC MARKETING – MAR 3023 (SUMMER 2018) M, W, F 9:30 – 11:50 am (BSN 1100)
Professor: Dr. D. Biswas; Office: BSN 3218; E-mail: dbiswas@usf.edu; Office: W: 11:50- 12:50 PM and by appointment.
Teaching Assistant: Ms. Annika Abell; Office: BSN 3222; E-mail: alueth@usf.edu; Office: M, W: 12- 2PM, and by
appointment. (Contact her first for everything)
READINGS materials OPTIONAL: MKTG7 or MKTG 8 or MKTG 9 or MKTG 10 or MKTG 11, by Lamb, Hair, and McDaniel,
published by South-Western/Cengage Learning.
Additional relevant readings will be posted on Canvas.
Arrive on time. discreetly and choose a seat close to an aisle.
Cell phone usage is also NOT allowed
Laptop Only In Last row
Please do NOT indulge in side-talks during class hours.
There will be 4 exam during the semester. The first 3 exams will cover the materials in the preceding weeks and the 4th
is an optional comprehensive final exam. The exams will be multiple-choice and worth 100 points each (50 questions
worth 2 points each).
NO make-up exams: USF photo ID and a soft lead #2 pencil with eraser to the exams. Turn off cell phones and put in bag.
Participate in research studies gives bonus points added, to your overall course total. Any such studies will be
announced through email, and/or Canvas, and/or in class.
You need to make sure that you have verification of participation (usually by having your name checked off on the
attendance sheet). Once the points for a particular study have been posted, you have five days to claim any potential
missing points.
The automatically computed grade on Canvas is misleading.
96.0% - 100.0% A+
93.0% - 95.99% A
90.0% - 92.99% A-
No rounding
Exam 1; Day 1:
Marketing- set of activities: process for creating something of value, communication, delivering, exchanging offerings
that have value for the stakeholders (company, consumer, society, regulators)
Exchange(trade)- 2+ parties; all parties should have something of value to others
Perceived value- F (perceived benefits; perceived cost) F(x) = function notation
Value and cost are inversely proportional
Cost- money, time, switching cost (like having to relearn when switching from windows to apple)
Perceived satisfaction- F (Expectations (from norm); Benefits/ utility)
Eg: Actual wait time: 15min; Scenario 1: wait time told 5 min
Scenario 2: wait time told 30 min
In scenario 1; more people might wait, but if it takes significantly longer, then they will be dissatisfied.
In scenario 2: less people will wait, but if it takes less time than 30min, then bigger satisfaction
“Customers don’t always know what they want, they want what they know” eg: Walkman (music device nobody wanted
it until it was available to purchase)
Marketing Management Philosophies: (in order of how they happened)
1. Production Orientation- make what you are good at
2. Sales orientation- aggressive selling (with discounts and such)
3. Market orientation- make what customers want
4. Societal orientation- make what customers want & focus on what’s good for society (recyclable products)
Relationship marketing- communication, knows the consumer (profile) and what they want
Transactional marketing- you buy and go, company don’t know you (how it used to be in the past)
Controllable Variable/ Factors: product, price, promotion, place (distribution): 4 P’s
Uncontrollable factors (can cause controllable variables to change): consumer preference trends, economic factors,
regulation, geographic factors, history, technology, competition
Day 2:
Incumbent’s Curse- Curse of those in power. They can bring about change, but doing so might bring them lower
revenue. So they will think like “why fix something that isn’t broke” This will be their down fall.
Marketing strategy and competitive advantage:
Strategy- Managerial Process of creating a Fit between your Goals, Resources, and the Evolving/ changing market
opportunities.
SWOT analysis:
Strength- (resource) something that gives advantage over its competition
Weaknesses- (resource) something that cause disadvantage compared to its competition
Opportunities- (external) things that happen that gives you an edge
Threats- (external) things that happen that take away your edge
Goal
Resource
s
Market
Opportunities
Fit
Marketing Goals/objectives:
Realistic, time specific, measurable, comparable in terms of benchmarks
Competitive advantages:
Unique features of firm/products
Target market perceives as superior to the competition
Provides better benefits
Eg: lower prices, efficient services, faster, innovation
Sustaining competitive advantage:
Patents (invention), copyright (idea), geographical factors, innovation, technology, history
---------------
Strategies involving Markets (customers) and product:
Market penetration strategy- makes your current customers to buy more
Market development (new) strategy- get new customers, but keep same product
Product development strategy- new product, but same customers
Combination of product and market developments- new product, and new customers
Strategic Alternative Matrix:
Popular in business (2x2 matrix)
(Variable) Market Growth Rate: Low vs. High (whether the category is Getting popular or not
(Variable)Market share dominance: Low vs. High (How much you control the
most of market)
Dog- Low dominance, low market growth
Problem child/ Question mark- Low dominance, High market growth
Cash cow- high dominance, low market growth
Star- high dominance, high market growth
(Investment): Build: (put as much of resource as you can like money to get
a big return) eg: star
Hold: (don’t do anything rash, keep doing what you are
doing, and take your time before changing) eg: Cash cows
Harvest: (get as much money as you can now (short term))
eg: Problem child/dog
Divest: (get rid of it now (Stop Production or Sell it off)) eg: Dog
Day 3:
Target Market- group of consumers a firm wants to reach
Target Market Strategies:
One marketing mix for the entire market (eg: medical devices)
Appeal to different markets with different marketing mixes
Elements of Marketing Mix: 4 p’s: Product, Price, Place(distribution), Promotion
Consumer Behavior:
Consumer decision making process: Identify needs, Information search, evaluation of alternative, Purchase, Post-purchase
1. Identify needs
Perceived need- gap between your current state and your desired state
Market
Share
Dominance
Low
Dog
Problem
Child/
Question
Mark
High
Cash cow
Star
Low
High
Market Growth Rate
