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Mkt 100 Laila Rohani.docx

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Department
Marketing
Course
MKT 100
Professor
Wayne Petrozzi
Semester
Fall

Description
MKT 100 – Laila Rohani Fall 2013 WEEK 1: PRINCIPLES OF MARKETING Marketing: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (American Marketing Association, 2007) Note: Customers are for the purchases, consumers are the ones using a product/service, and clients are for services and recurring customers 1.1 Core Aspects of Marketing: - What is marketed? People, experiences, events, products, organizations, ideas, services, information, places - Marketing is about satisfying customer needs and wants  Need: the requirement of basic necessities such as food, clothing, shelter and safety  Want: satisfying desire shaped by one’s culture, knowledge and personality; usually luxurious  Demand: people with a need or want that have purchasing power  Market: refers to the group of people that have the ability and willingness to buy a product or service  Target Market: the customer group to whom a firm is interested in selling its products/services to - Marketing entails value exchange between buyer and seller so that each is better off - Marketing requires a mix (product, price, promotion, place) - Marketing is shaped by forces and players within the firm (internal and external factors) - Marketing can be performed by both individuals and organizations  B2C: business-to-consumer (ie. grocery store)  B2B: business-to-business (ie. Microsoft Office)  C2C: consumer-to-consumer (ie. Kijiji, Craigslist) - Marketing occurs in many settings - Marketing helps create value  Product orientation: focus on developing and distributing innovative products with little concern to consumers’ needs  Sales orientation: view marketing as a selling function trying to sell as many of their products as possible with little concern on what products consumers want  Market orientation: focus on what consumers want and need before designing or selling products  Value-based orientation: reflects the relationship of benefits to costs; what the consumer gets for what they give 1.2 Marketing Mix (4 P’s) - Product (creating value)  Includes the product/service, brand, size (contents), quality, features, packaging, warranty - Price (transacting value)  The overall sacrifice a consumer is willing to make (ie. money, time, energy) to acquire a specific product/service  Includes the listing price, discounts, allowances, costs, payment period, credit terms - Place (delivering value)  Describes the necessary activities to bring the product from the producer to the customer  Includes any marketing channels, distribution intensity, locations (retailers), supply chain, logistics - Promotion (communicating value)  Includes advertising, sales promotion, personal selling, public relations, direct marketing, electronic and social media 1.3 Factors that Shape Marketing: - Internal (corporate partners, suppliers, banks, creditors, agencies, company employees) - External (cultural, demographic, social, technological, economical, political, legal) MKT 100 – Laila Rohani Fall 2013 1.4 Key Customer Markets: - Consumer markets (ie. department store, boutique) - Global market (ie. trade between nations) - Business market (ie. business to business, suppliers) - Government market Positioning: the way by which the marketers attempt to create a product or organization’s image in the consumer’s mind Segmentation: the separation of a target market into more specific groups with similar needs who will likely respond in the same way (geographic, behavioral, cultural, religious, gender, demographic) 1.5 Value-Based Marketing: - Value reflects the relationship of benefits to costs - Means implementing a marketing strategy according to what customers value - Value-based marketing isn’t just about low price; it is also about creating strong products and services. - Firms become value-driven by focusing on sharing information about their customers and competitors internally, they strive to balance their customers’ benefits and costs and concentrate on building relationships with the customer Transactional orientation: regards the buyer-seller relationship as a series of individual transactions, so anything that happened before or after the transaction is of little importance (ie. used car sales) Relational orientation: a method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship (ie. UPS has returning customers) Customer relationship management (CRM): a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm’s most valued customers 1.6 The Importance of Marketing: - Expands a company’s global presence - Pervasive across the organization - Pervasive across the supply chain  Each step in the supply chain involves marketing  Must ultimately focus on creating value and innovation - Makes life easier  Variety of products - Provides career opportunities - Enriches society - Can be entrepreneurial  Equally important to smaller ventures (ie. home businesses) MKT 100 – Laila Rohani Fall 2013 WEEK 2: MARKETING PLANS AND STRATEGIES 2.1 Levels of Strategic Planning: Levels of Planning Scope Duration Strategic Focus Entire firm Long term (5+  Defines the company’s mission Corporate planning years)  Set the company’s goals  Establish the business portfolio Single SBU Medium to  Set goals and establish portfolio of Strategic business unit (division planning)within the firm long term products and markets for the  Applies only to large firms with more (3-5 years) business unit than one distinct line of business Product portfolio Short term (1-  Develop marketing plans for Functional planning for a single 3 years) specific product/brand/market product, brand or market 2.2 The Marketing Plan: - Document composed of an analysis of the current marketing situation, opportunities/threats for the firm, marketing objectives, strategy and projected income - Entails five steps in three major phases of the marketing plan are planning, implementation and control 1) Define the business mission statement and objectives  A broad description of a firm’s objectives and the scope of activities it plans to undertake  Attempts to answer two main questions: what type of business are we and what do we need to do to accomplish our goals 2) Conduct a situation analysis  A firm must perform a situation analysis that assesses the internal and external environment, examines market trends, customer analysis, competitive analysis, opportunities, and CDSTEP factors  SWOT Analysis Evaluation of Disney Studios Positive Negative Internal Strengths: Weaknesses:  Largest media and entertainment company in the  Standardization in international markets (no world development that specific to local culture)  Top 100 global brands for 2010  80% of Disney’s revenue is from the U.S.  Assets valued at more than US$60 billion  Well known brand image  Disney Store exclusively sell Disney merchandise maintain control of sales External Opportunities: Threats:  Expanding into more international markets  Recession in the U.S.  New attractions in theme parks  Theme park competition in Florida, U.S. MKT 100 – Laila Rohani Fall 2013 3) Identify and evaluate opportunities by using STP  Market segmentation: the process of dividing the market into distinct groups of consumers where each individual group has similar needs, wants or characteristics – who therefore might appreciate similar products/services  Targeting: the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market  Positioning: involves the process of defining the marketing mix variables so that target customers have a clear, distinct, desirable understanding of what the product does or represents in comparison with competing products 4) Implement marketing mix and allocate resources  Product and value creation  Price and value for money  Promotion and value communication  Place and value delivery  Develop schedules, designate budgets 5) Evaluate performance by using marketing metrics  Metric: is a measuring system that quantifies a trend, dynamic or characteristic that used to explain why things happened to compare results across business units and time periods o Who is accountable for the performance o Performance objectives and metrics o Financial performance metrics (revenue, sales, profits, competition) o Social responsibility performance metrics (environmental impact, energy conservation, human rights) 2.3 Growth Strategies: - Market penetration strategy: employs the existing marketing mix and focuses the firm’s efforts on existing customers rather than attracting new ones (advertising, loyalty programs, improved store atmosphere) - Market development strategy: employs the existing marketing offering to reach new market segments, whether domestic, international, or segments not currently served by the firm (joint ventures, renovation, expansion, new management within stores) - Product development strategy: offers a new product or service to a firm’s current target market - Diversification strategy: introduces a new product or service to a market segment that is currently not served by the firm Downsizing: a strategy developed to downsize business operations by exiting markets, reducing product portfolios, or closing certain businesses/stores/plant locations 2.4 Market Strategies: - A marketing strategy identifies a firm’s target market(s), the related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage - Sustainable competitive advantage: something the firm can persistently do better than its competitors that is not easily copied and thus can be maintained over a long period of time 2.5 Building a Sustainable Competitive Advantage: - There are four strategies that focus on developing a sustainable competitive advantage for long term financial performance  Customer excellence: focuses on retaining loyal customers and excellent customer service  Operational excellence: achieved through efficient operations, excellent supply chain and human resource management  Product excellence: having products with high perceived value and effective branding and positioning  Locational excellence: having a good physical location and internet presence MKT 100 – Laila Rohani Fall 2013 WEEK 3: ANALYZING THE MARKETING ENVIRONMENT Marketing environment: includes the factors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers (two types of environmental factors: micro and macro) 3.1 The Microenvironment: - The company, competition and corporate partners 3.2 Competitive Intelligence (CI): - A strategy used by firms to collect and synthesize information about their position with respect to their rivals; enables companies to anticipate changes in the marketplace rather than react to them - Includes reviewing public materials (ie. websites, press releases, annual reports), interviewing customers/suppliers/partners/former employees, analyzing a rival’s marketing tactics 3.3 The Macro environment: - CDSTEP (culture, demographics, social, technological, economical, political/legal) 3.4 Generational Cohorts: - A group of people in the same generation that have similar purchasing behaviors - Tweens: not quite teenagers but not young children either (9 to 12) - Generation Y: the biggest cohort since the original baby boom (13 to 32) - Generation X: (36 to 47) - Baby Boomers: people born after WW2 (48 to 66) - Seniors: (65+) MKT 100 – Laila Rohani Fall 2013 WEEK 4: MARKETING RESEARCH Market research: a set of techniques and principles for systematically collecting, recording, analyzing and interpreting data that can aid decision makers involved in marketing goods, services or ideas  Provides valuable information that will help make segmentation, positioning, marketing mix decisions  Key to understanding buying behavior  Expensive and time consuming  There are five steps in the marketing research process 1) D
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