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MKT 201 Chapter 1 and 2

by: Carolina

MKT 201 Chapter 1 and 2 MKT 201

Marketplace > University of Miami > Business > MKT 201 > MKT 201 Chapter 1 and 2
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About this Document

Notes from CH 1 and 2 that will be on the first exam. They include examples and in-class references.
Smita Kulkarni
Marketing, Spring 2016
75 ?





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This 5 page Bundle was uploaded by Carolina on Wednesday January 27, 2016. The Bundle belongs to MKT 201 at University of Miami taught by Smita Kulkarni in Spring2015. Since its upload, it has received 18 views. For similar materials see FOUNDATIONS OF MARKETING in Business at University of Miami.

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Date Created: 01/27/16
Chapter 1: Overview of Marketing Marketing the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.  Set of institutions example: Apple includes suppliers, retailers, advertisers, etc. Marketing is about..  Creating value (Product) o Nike: sneaker  Capturing value (Price) o Nike: price  Communicating value (Promotion) o Nike: promotion (athletes, social media, etc.)  Delivering value (Place) o Nike: placement/availability (Macy’s, Nike, etc.) 4 P’s of Marketing  Product  Price  Place  Promotion Marketing is about satisfying a customers needs and wants. Product: Creating Value The fundamental purpose of Marketing is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs.  Goods are tangible  Services are intangible  Ideas are Price: Capturing Value Price is everything a buyer gives up (money, time, energy) in exchange for the product. Place: Delivering Value Place, or supply chain management, describes all activities necessary to get the product to the right customer when the customer wants it. Promotion: Communicating Value Promotion is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response. Business-to-Business (B2B)  McGraw Hill to UM Bookstore Business-to-Consumer (B2C)  UM Bookstore to Student Consumer to Consumer (C2C)  Student to Student (Amazon, EBay, etc.) Marketers affect many stakeholders. Customers represent one stakeholder group but others include all those in the supply chain, employees, and society at large.  Supply chain partners include manufacturers, agents, wholesalers, retailers, and so on.  Companies market to employees with employment marketing, also known as internal marketing, to recruit and retain the best employees. ▯ 4 Marketing Eras 1. Production Era when most firms believed a good product would sell itself. 2. Selling Era production and distribution techniques improved and supply outpaced demand. 3. Market Oriented Era the focus was on what customers wanted. 4. Value Based Marketing that maintains the market orientation but also includes a focus on giving greater value than the competition. Value Based Marketing  Companies want to build loyal relationships with customers  Value reflects the relationship of benefits to costs or what your get for what you give.  Value based marketing approach focuses on the getting the customer to understand the performance of the product and the price tag attached. Value Co-creation is when customers act as collaborators to create the product.  Example is Subway picking your sandwich, Nike ID, Design your own M&Ms Companies becomes value driven when they share their information, balance benefits with costs, build relationships with customers and create relationship and connect with customer using social and mobile media. HW! Pick company and How did marketing help company Marketing is important because..  It enriches society  It can be entrepreneurial  It expands global presence  It is pervasive across channel members Chapter 2: Developing Marketing Strategies and a Marketing Plan Marketing Strategy What does a marketing strategy identify? 1. A firms target market 2. A related marketing mix – its four P’s 3. The bases on which the firm decides to plan to build a sustainable competitive advantage. You want to beat your competition to ensure customer loyalty, profits and global markets.  Sustainable Competitive Advantage is an advantage that a firm had over the completion that is not easily copies and thus can be maintained over a period of time. o Customer Value  Product Excellence  Brand and products have high recognition o Apple, Samsung, Tesla, Rolls Royce  Customer Excellence  Retaining loyal customers & customer service o Ritz Carlton, Starbucks, Netflix  Locational Excellence  Easily accessible o Burger King, McDonalds, Banks  Operational Excellence  Always available, large variation of products (Supply Chain) o Wal-Mart, McDonalds, Amazon, Online Banking The Marketing Plan Three phases: Planning, Implementing and Control Step 1: Define the Business’s Mission Statement  Mission: It is a broad description of a firm’s objectives and the scope of activities it plans to undertake. Step 2: Conduct a Situational Analysis (SWOT) Internal Strengths Weaknesses External Opportunities Threats Step 3: Identifying and Evaluating Opportunities Using STP  Segmentation: divide the population into groups using different criteria  Targeting: evaluate different segments and make selection  Positioning: create an image Step 4: Implement Marketing Mix and Allocate Resources  Product Value Creation  Price Value Capture  Place Value Delivery  Promote Value Communication Step 5: Evaluate Performance and Make Adjustments The last step focuses on evaluating the results of the marketing strategy and the implementation program using financial and marketing metrics.  Financial - Revenue, Sales, Profits  Marketing - Market share, brand perception, Customer Lifetime Value, Return on Investment (ROI) Purpose of control phase is to go back and evaluate. Growth Strategies / Product Market Expansion Grid / Ansoff Matrix Examples using Edible Arrangements  Market Penetration – existing market, existing customers o Existing arrangements  Market Development – new market, existing customers o Business market (partners for customer loyalty)  Product Development – existing market, new product o Salads and smoothies  Diversification – new market, new product o If they add T-Shirts, Ice Cream, etc.


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