Chapters 1, 2, 5, 9, 10 Notes
Chapters 1, 2, 5, 9, 10 Notes MKT 301
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This 20 page Bundle was uploaded by Andrea Lopez on Wednesday February 18, 2015. The Bundle belongs to MKT 301 at University of Miami taught by Professor Kettle in Spring2015. Since its upload, it has received 128 views.
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Date Created: 02/18/15
CHAPTER 1 Overview of Marketing January 13 2015 What is marketing used to expand presence Goodwill buying a company for more than it s worth What is a Consumer Groups Businesses 0 Individuals 0 Family 0 Clubs 0 Teams Marketing can in uence societies values Marketing entails an exchange consumer can respond to Business w 0 Money 0 Attention Reputation perception Market Place Segments who and how to sell 0 Ex computer Dell sells to Miami Apple sells to individuals 1 Marketing Involves The Four P s a Product creating value i Goods services ideas ii Something of value must be created b Price capturing value i All costs to the customer 1 Time money effort mental energy c Place delivering value i Getting value to the customer d Promotion communicating the value 2 Individuals and Organizations a B2C Business to Consumer i Traditional model b B2B Business to Business i Ex education training services c C2C Consumer to Consumer i Ebay craiglist d C2B Consumer to Business i Placing value on a social network ii Blogging iii Recommendations 3 Many Settings Many Stakeholders a Marketing helps create value i Value bene ts costs ii Value creation 1 Customization a Cocreation 2 Information a To customers b About customers 3 Cost reduction a Reduces wasted effort 4 Why Is Marketing Important a Expands companies presence b Matter across the supply chain i Suppliers manufactures retailers customers c CAN enrich society i Social responsibility ii In uences values January 15 2015 CHAPTER 2 Developing Marketing Strategies And A Marketing Plan WHAT IS A MARKETING STRATEGY Overarching long term plan Identi es the following 0 Target markets What group of customers are you targeting What are their characteristics Marketing mix of the four P s 0 Need to mesh with your target market 0 Ex pricesensitive vs willing to pay for convenience Identi es the following 0 Sustainable competitive advantage What you do better than your competitors Must be something not easily replicated Google vs Bing MCCAFE Target Markets 0 What groups of customers is McDonalds targeting o What are their characteristics Marketing Mix 0 What is important for these customers Price Quality Atmosphere Wi TESLA Target Markets 0 What groups of customers is Tesla targeting o What are their characterisitics Marketing Mix 0 What is important for these customers Quality product Style product Price Environment They don t advertise because it is an exclusive item Sell it in the mall because they want to have the window shopping experience for their car they don t have a dealer network so it might be a smaller price SUSTAINABLE COMPETITIVE ADVANTAGE Customer Excellence 0 Outstanding customer service 0 Retain loyal customers Operational Excellence 0 Efficient operations Lower costs Lower price or greater service 0 Excellent supply chain Timeliness ReHathy 0 Human resource management Excellent emloyees Product Excellence 0 How is your product better than others Value proposition 0 Can consumers evaluate the difference ln evaluable wine Evaluable processing speed 0 Communicate the difference Branding Positioning Locational Excellence 0 Need to be in good locations 0 Shopping centers Trendy areas Convenient area Central areas MARKETING PLAN Document that details the Marketing Strategy Includes 0 Planning Mission statement Situation analysis 0 Implementation Segmentation targeting positioning strategy Marketing mix the four P s 0 Evaluation of Performance MISSION STATEMENT Statement of purpose Describes the firm s objective Why is a mission statement important 0 Focuses the entire organization 0 Motivates employees o Creates a brand identity Simple is better GREAT MISSION STATEMENTS Google 0 quotTo organize the world s information and make it universally accessible and usefulquot Conoco Phillips 0 quotUse our pioneering spirit to responsibly deliver energy to the worldquot CVS 0 quotWe will be the easiest pharmacy retailer for customers to usequot NOTSO GREAT Dell 0 quotTo be the most successful computer company in the world at delivering the best customer experience in markets we servequot A ac 0 quotTo combine aggressive strategic marketing with quality products and services at competitive prices to provide the best insurance value for consumersquot SITUATION ANALYSIS SWOT o Strengths o Weaknesses 0 Opportunities 0 Threats January 20 2015 SEGMENTATION Market Segment 0 A set of consumers who respond similarly to a firm s marketing efforts Market Segmentation o The process of diving the market into these groups How to segment 0 Income 0 Age 0 Education 0 Ethnicity 0 Geography TARGETING Deciding which segments to pursue POSITIONING De ning the marketing mix variables so the target market has a clear distinctive desirable understanding of the product Chevy Silverado vs GMC Sierra Mix of four P s price product promotion place E VALUATE PERFORMANCE Metric 0 Measuring system 0 Quanti es a trend dynamic or characteristic 0 Examples 5 change in sales total sales Market share relative market share Pro tability Wordofmouth media mentions consumer ratings Product defects product returns Performance Objectives 0 Targets for speci c metrics 0 Examples Increase sales by 10 25 market share 10 pro t margin Top trending in media mentions 000001 product defects Less than 1 product returns PERFORMANCE E VALUTATIONS Evaluations depend on the strategy 4 Growth Strategies 0 Market Penetration 0 Market Development 0 Diversi cation 0 Product Development GROWTH STRATEGIES Market penetration 0 Growth with existing customers Ex high costumer satisfaction rating low product returns Market Development 0 Reaching new customers with current products Ex growth in market share wordofmouth Facebook Diversi cation 0 Adding a new product or service to portfolio Ex sales market share media mentions Product Development 0 Creating a brand new product or service Ex 5 growth in sales market share wordof mouth Apple Dyson GROWTH STRATEGIES FOR UM Market Penetration 0 Increase retention rate existing students stay for additional programs Market Development 0 Attract more international students Diversi cation 0 Add a nursing school Product Development 0 New specialized program MBA in Latin American Business CHAPTER 5 Analyzing the Marketing Environment January 22 2015 A MARKETING ENVIORNMENT ANALYSIS FRAMEWORK IMMEDIATE ENVIRONMENT Company Capabilities o What are our own strengths Competitors o What are their strengths 0 How do those strengths differ from ours 0 Strength is relative to the competitor Corporate Partners 0 How can we leverage the strengths of our partners MCCAFE Company capabilities 0 Efficient processes low costs 0 Buying power low costs 0 Locations Competitors Starbucks 0 Brand reputation 0 Quality 0 Atmosphere Corporate Partners suppliers 0 Access to great products MACROENVIRONMENT Culture 0 Shared meanings beliefs values customs morals Can be national regional or local 0 Example November 11th Veterans Day Demographics 0 Characteristics used to identify markets Age income gender education ethnicity 0 Mix of demographics is important Ex Miami vs Other US cities 0 Importance of demographics varies Ex Gender in NYC vs Omaha Social Trends 0 What is generally seen as good Saving vs Spending Being economical Health 0 Organic food Environment Carpooling public transit Pdvacy Health Trends O 0000 Cross Fit Paleo Diet HighFructose corn syrup Atkins diet South beach diet White Bread vs WholeGrain Bread White bread dates to the early 1800 s Re ned wheat was used 0 More expensive 0 At firs was for upper class Whole grain bread Unrefined Healthier Whole Foods Economic O O O O O Unemployment Interest rates Economic forecast Consumer debt Retirement savings Consumer Debt 0 US consumer revolving debtquot 800 Billion 98 credit card debt 0 50 million US households have ongoing credit card balances 44 of all households 15000 in credit card debt per household 45 credit cards Technology 0 Amazon vs Retail Amazoncom founded in 1995 Internet Information systems Tracking technology Shipping costs 0 Cost of new technology 0 Dissemination of technology India China Politics amp Regulation 0 Governments react to pressure Sarbanes Oxley Act 0 Truth in Lending Act Federal Trade Commission Advertising regulations Pdvacy Steroids Regulations affect your options IRS Automatic Tips CASE STUDY DISNEY IN FRANCE 0 000000 000000 0 O o o o o o Oppo o o o o o O O Strengths Brand equity recognizably Family friendly Cultural lcon Vacation destinations Money Everything is onsite Creative new characters rides packages and technologies Popular moviescharacters lmmersive Magical underground operations No direct competitor Employees imaginers excellent human resources American traditions parades Weaknesses Expengve Alcohol Distraction from their objective Binge drinking Little kids Lines queue management Fast pass buy ahead Location Cheesy Tomorrow land rtunities Euro Disney Location Accessible Direct competition Wealth Partnerships travel companies brands Government money Jobs customers kids Threats Euro Disney Culture French Americans Eating food type alcohol 0 Vacation closer options 0 Politics 0 quotBrainwashingquot What assumptions did Disney make 0 Correct Incorrect What were the key cultural differences What external environmental factor affected Euro Disney s opening Was Paris the best choice 0 Where else Culture 0 Meal times 0 Wine Political amp Legal 0 AntiAmerican sentiments Demographics 0 Multiple languages ethnicities Social Trends 0 How do Europeans vacation Economic 0 Economic troubles in France 0 Cost vs lncome levels January 26 2015 CHAPTER 9 Segmentation Targeting And Positioning THE SEGMENTATION TARGETING AND POSITIONING PROCESS STEP 1ESTABLISH OVERALL STRATEGY 0R OBJECTIVES Based on o Company s marketing strategy 0 SWOT Analysis STEP 2 SEGMENTATION Geographic Segmentation 0 Ex Ford F150 in North America vs Ford Fido in Europe 0 News channels Demographic Segmentation 0 Age income ethnicity marriage 0 Insurance Psychographic Segmentation o How consumers describe themselves Values Lifestyle SelfConcept Ex Dove Real Beauty Sketches women how unique you are beautiful you are 0 Ex Shaq and Dove men how equal you are Geodemographic Segmentation o Combines Geographic Demographic and Lifestyle Ex Region City Neighborhood Nissan Frontier Canada vs USA Bene t Segmentation o What bene t will the consumer derive Ex Business Communication vs Internet BehavioraISegmentation o Loyalty o Occasion Ex Business Travel vs Vacation vs Conference STEP 3 SEGMENTA7TRACTIVENESS Identi able Substantial how to measure substantiality Reachable can you communicate with them Responsive to our marketing efforts Pro table is it a segment that spends money on its product RESTAURANT REGULARS Part of behavioral segmentation Identi able o How Recognize their face same order Substantial o How to measure Reachable o How do we contact them Phone calls information system Responsive 0 Special table or seating area bring favorite drink etc Pro table 0 Tip more than other customers 0 Bring in other customers 0 Loyal customers respect them more not there on their laptops STEP 4 SELECT TARGET MARKET Undifferentiated Targeting Strategy 0 quotMass Marketingquot 0 Same product for everybody o Focused on similarities Differentiated Targeting Strategy 0 Target several segments 0 Different product for each segment 0 Different marketing mix for each segment 0 Ex basketball shoes some want to show off the Lebron shoes others just want to play basketball Concentrated Targeting Strategy 0 Single primary market 0 All efforts focused on that market Micromarketing o Oneonone marketing 0 Ex Professional services CURRENT CASE 1 McDonalds Flagging Sales Max 2 page Page 1 o SWOT Bullet points are ne Focus on the key factors for the case 0 STP Complete the Sstep STP for organization De ne the 4 P s o 4P s Page 2 Your Analysis amp Recommendation o What should McDonald s do to address its agging sales 0 Build on the SWOT STP Analysis analysis should build on the SWOT o The article is the start point you will need to do more research on your own 0 Come prepared to discuss all of this indepth in class on Feb 3rd 0 DUE Midnight the night before through SafeAssign on blackboard January 29 2015 STEP 5 POSITIONING STRATEGY Value Proposition 0 Unique value offered by product service Ex Walmart Target Whole Foods Salient Attributes o What is important for the target market Price quality Symbols 0 Consistent with the positioning Ex McDonald s has cheap colors and low quality is equal to their produce their product Ex Starbucks brown and green colors suggest they have higher quality Ex Chevy and GMC truck same truck but different positioning back ground Competition 0 Who is it positioned against Ex Chipotle has competition with McDonald s Moes Taco Bell etc Perceptual Map 0 High Tesla Low High I STARBUCKS FOCUS Volt ALCOHOL STRENGTHS Erevy 39 Low Locations 0 Licensing 0 Brand equity 0 Expensive Loyal customers 0 Slow service 0 Atmosphere Crowded 0 Variety drinks and new staff 0 Quality OPPORTUNITIES THREATS 0 New market 0 Atmosphere 0 New Products 0 Liability Crowded in the 0 Doesn t match evening their company increase sales image 0 Drunk customers 0 New competition SEGMENTATION Geographic urban working professional young and old Demographic have to be wealthy Located in cities where you walk convenient Behavioral occasion loyalty Identi able geographic loyalty Substantial millions of people loyalty Reachable geographic loyalty Responsive geographic loyalty Pro table geographic loyalty Suburban is not responsive nor pro table QUESTIONS TO ASK FOR NEXT CASE What is segmentation Why do businesses segment Sustainable Competitive Advantage Why odes this matter Strengths vs Weaknesses Why do these matter How do these affect strategy Segment Attractiveness Identi ably substantial reachable responsive pro table February 52015 CHAPTER 10 Marketing Research MARKETING RESEARCH quotSystematically collecting recording analyzing and interpreting dataquot 0 Data raw number info Ex gender age income quotAids decision makers involved in marketing goods services amp ideasquot Systematic it s a science Data observations of the world Aids decision making WHO DOES MARKETING RESEARCH Universities Businesses Private Research Firms Government Agencies NonPro t Organizations Consumers WHY IS MARKETING RESEARCH IMPORTANT Informs Companies 0 New better desired Products and Services Ex Starbucks tables Informs Consumers 0 Make better decisions Ex Consumer reports Informs Public Policy 0 Protect consumers Ex Consumer Financial Protection Bureau Requires full disclosure from lenders BRIAN WANSINK Cornell University quotBottomless Soup Bowlquot 0 Ig Nobel Prize 0 quotImprobable Researchquot USDA Nutritional Policy quotMindless Eatingquot School lunch programs THE MARKETING RESEARCH PROCESS STEP 1 DEFINING OBJECTIVES AND RESEARCH NEEDS What is the research question What do we want to learn from this research Kettle amp Haubl 2011 o quotHow foes singing your name in uence you subsequent behaviorquot Kettle amp Mantonakis 2014 o How does the presence of a personal signature on marketing stimulate in uence consumption behavior Critical Step 0 Can you answer the question 0 How can you answer the question Ex How does serving dish size in uence food consumption How do consumers perceive the quality of McDonald s food STEP 2 DESIGNING THE RESEARCH What are the best methods to address the question 0 Secondary Data Ex rankings 0 Primary Data Observation Surveys Experiments Focus Group Interviews STEP 3 DATA COLLECTION Exploratory Research 0 Initial information collection amp analysis Read newspapers journal articles survey census data 0 Uses secondary data Conclusive Research 0 Answer the speci c research question 0 Uses primary data Secondary Data 0 Data that has been already collected for another purpose Ex scanner data panel data census data government statistics news media pubic polls 0 Not necessarily external Ex previously coected survey experiment Primary Data 0 Data that you collect yourself for the speci c research question you have in mind 0 Observation Watch listen talk to people Very informal not scienti c at all 0 InDepth Interview OneonOne Enables deeper analysis of speci c issues quotWhat is important for a good cup of coffee for youquot quotWhat do you like about UMquot Weakness small sample size 0 Types of products 0 Focus Group 0 Interview in a small group 48 people Enables deep analysis of speci c issues Strengths Group interaction Idea generation Weaknesses Small sample size Strongwilled individuals can dominate Questions 0 quotIf you are meeting friendsquot 0 quotWhat makes a pleasant atmospherequot 0 Survey Individuals respond anonymously to questions Strengths Large sample size 0 Accessibility to population Weaknesses 0 Asking the right questions 0 Lack of context 0 Lack of depth Questions Structured on a scale Unstructured quotwhat makes a pleasant atmospherequot 0 Experiments Systematic manipulation of factors Determines casual effect Strengths Determines what CAUSES consumer behavior Weaknesses Difficult to run need lab and people Costly Limited factor can be analyzed 0 Panel Data Scanner Data Panel 0 Consumers allow all of their purchases to be tracked for a period of time Scanner 0 Stores use scanner codes to record purchases Strengths Huge amounts of information 0 Analysis of shopping behavior Weaknesses 0 Extremely difficult to analyze 0 Limited additional information o OnLine Study What were you asked 0 Social group 0 Different products brands Your preference 0 How much these products re ect the social group Survey 0 Gender preferences Experiment Chosen Social Group vs Endowed Social Group 0 Group you CHOSE to join vs Grouo you had NO CHOICE to join 0 Measure Did you conform to the group norms choosing Brand A or diverge from the group norms choosing Brand B STEP 4 DATA ANALYSIS Data 0 Raw numbers information Ex gender price of a product Information 0 Data in context Ex gender differences different prices of a product 0 Example interpreting the experiment Data purchase signature present Analyzing the data effect of signature on purchase behavior gives information Giving meaning to the information provides knowledge STEP 5 ACTION PLAN amp IMPLEMENTATION Decision Makers 0 What does the marketing research suggests quotBottomless soup bowquot Endowed vs Chosen Social Groups 0 What does the marketing research suggest People conform more to Chosen Social Groups 0 More likely to pick option A1 Implication for 0 Consumers o Marketers INCLASS EXERCISE UNIVERSITY CHOICE Research problem 0 What university program should I attend Exploratory Research 0 Secondary data Conclusive Research 0 Secondary data 0 Primary data Data collection Data analysis insights Decision SUPER BOWL ADS What is the target that is being reached
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