Popular in Marketing
Popular in Marketing
This 15 page Bundle was uploaded by Anna Khmil on Saturday January 31, 2015. The Bundle belongs to MKT301 at University of Miami taught by Keri Kettle in Fall. Since its upload, it has received 69 views. For similar materials see Marketing in Marketing at University of Miami.
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Date Created: 01/31/15
Class 1 11315 Chapter 1 Marketing Satisfying customer wants and needs 0 O 0 Business customers Customers Individuals families groups businesses Marketplace segments computers dell sells to UM IBM sells computer systems to companies Entails an exchange 0 Business and l customers 0 Trading things of value money attention reputation quotgoodwillquot in accounting Involves the 4 Ps 1 2 3 Product Creating value Goods services ideas something of value must be created Price Capturing value All costs to the customer time money effort mental energy Place Delivering value Getting value to the customer 4 Promotion Communicating the value How do we communicate the value of the product advertising Individuals and Organizations 0 O BZC business to consimer Traditional model BZB business to business Education trading services C2C consumer to consumer Ebay craigslist CZB Placing value on social network blogging yelp recommendations Many Settings Many stakeholders Helps create value 0 Valuebenefitscost 0 Value creation Customization Cocreation tailor custom laptop Information To customers About customers Such as amazon giving you recommendations based on previous purchases or other customers who looked at that same product Cost reduction Reduces wasted effort Why is marketing important Expands companies presence 0 Matters across the supply chain 0 Supplies manufacturers retailers customers 0 Can enrich society 0 Social responsibility 0 In uences values 0 Ex ray Rice beat wife in elevator with video evidence and then the NFL suspends him for the season and the society cares because then the NFL is employing someone who beat their wide who is a role model and celebrity to little kids No alcohol commercials during cartoons 0 Jason Collins rst open gay athlete in sports and then ggned O Class 2 11515 Chapter 2 Marketing Strategy and Marketing Plan Marketing Strategy Overarching long term plan Identi es the following 0 Target markets What groups of customers are you targeting What are their characteristics 0 Marketing Mix of the 4 Ps Needs to mesh with your target market Ex price sensitive vs willing to pay 0 Sustainable competitive advantage What you do better than your competitors Must be something not easily replicated Amazon vs information systems they have a huge cloud system that would be hard to replicate Google vs Bing google has a better search engine McDonald s efficient operations UM has its location McCafe vs Starbucks and Dunkin Donuts 0 Target Markets 0 What groups of customers is it targeting Good Coffee and cheap 0 What are the characteristic 0 Mix of the 4Ps 0 Price 0 Quality 0 Wi Tesla vs other electric cars 0 Target Markets 0 What groups of customers is it targeting Wants a status symbol car but environmentally conscious o What are the characteristic 0 Mix of the 4Ps 0 Status symbol 0 Good for the environment 0 Has four separate engines by wheels that operate the car not the traditional design 0 Price 0 Style 0 Quality Sustainable competitive advantage 0 Custom excellence 0 Outstanding customer service 0 Retain loyal customers 0 Operational excellence 0 Efficient operations Lower costs Lower price or greater service 0 Excellent supply chain Timeliness ReHathy 0 Human resource management Excellent employees 0 Product excellence o Hos is your product better than others Value proposition 0 Can consumers evaluate the difference Invaluable wine or coffee Evaluable processing speed 0 Communicate the difference Branding Positioning Location excellence 0 Need to be in good locations 0 Shopping centers Trendy areas ex south beach Convenient areas ex campus Central areas ex Dolphin mall o In what ways are locations meaningful Teslas in malls Marketing Plan 0 Document that details the marketing strategy 0 Includes 0 Planning Mission statement Situation analysis 0 Implementation Segmentation targeting positioning strategy Marketing mix of the 4 PS 0 Evaluation of Performance How to measure performance Mission Statement 0 Statement of purpose Describes the firm s objectives 0 Why is a mission statement important 0 Focuses the entire organization 0 Motivates employees 0 Creates a brand identity Simpler is better 0 Examples 0 Googlel quotto organize the world s information and make it universally accessible and usefulquot good 0 ConocoPhillips l quotuse out pioneering spirit to responsibly deliver energy to the worldquot good 0 CVS quot we will be the easiest pharmacy retailer for customers to usequot good 0 Southwest l quotdedication to the highest quality of customer service delivered with a sense of warmth friendliness individual pride and company spiritquot good 0 De quot to be the most successful computer company in the world at delivering the best customer experience in the markets we servequot bad 0 A acl quot to combine aggressive strategic marketing with quality products and services at competitive prices to provide the best insurance value for customersquot bad Situation Analysis o SWOT o Strengths o Weaknesses 0 Opportunities 0 Threats Internal External Positive Strengths Opportunities Negative Weaknesses Threats CIassB 12015 Strength Very focused and determined Weakness Impatient Each person in the class has different strengths and weaknesses These things are relative to a population For example apple focuses on business that are creative and IBM focuses on more industrial businesses UM SWOT analysis Strengths Location Ranking 0 Diversity 0 Small Weaknesses 0 Cost 0 Location sobe Connections 0 Reputation Opportunities 0 Business community 0 International hub New programs Threats Economy UF and FIU less money 0 Hurricanes and safety STP Segmentation 0 Market segment 0 A set of consumers who respond similarly to a firm s marketing efforts 0 Market segmentation o The process of dividing the market into groups 0 How to segment 0 Income Age Educann Ethnicity Geography OOOO Targeting Deciding which segments to pursue 0 Ex Honda only makes one truck designed for families and GE makes a lot for all types Positioning 0 De ning the marketing mix variables so the target market has a clear distinctive desirable understanding of the product 0 Chevy Silverado Work truck in 1st commercial the country mud Man s man in the 2nol commercial the high country Both were more blue collar The product itself is more important More price sensitive Country 0 General Motors Sierra GMC 1st commercial every man s truck practical focused on features 2nOI commercial luxury truck more female friendly Both were more working professional The features and the technology are more important Willing to pay a higher price Suburbia o The positioning is based on the mix of the 4 Ps Evaluate Performance 0 Metric 0 Measuring system 0 Quanti es a trend dynamic or characteristic 0 Examples change in sales total sales market share relative market share pro tability word of mouth media mentions consumer ratings product defects product returns 0 Performance Objectives 0 Targets for speci c metrics 0 Examples Increase in sales by 10 25 market share 10 pro t margin top trending in media mentions 00001 product defects less that 1 product returns Performance Evaluations Growth Strategies 0 Market Penetration 0 Growth with existing customers High customer satisfaction ratings low product returns Starbucks will remake you your drink until you like it 0 Market development 0 Reaching new customers with current products growth in market share word of mouth Example is creating more franchises Facebook uses this a lot 0 Diversi cation 0 Adding a new product or service to portfolio Salesmarket share media mentions Apple added headphone Product Development 0 Creating a brand new product or service growth in salesmarket share word of mouth apple completely created a new product such as the ipad iPhone Dyson developed the rst bag ess vacuum cleaner Growth strategies for UM 0 Market Penetration 0 Increase retention rate existing students stay for additional programs 0 Existing donors donate more 0 Market development 0 Attract more international students 0 Diversi cation 0 Add a new school 0 Product Development 0 New specialized programs Class 4 12215 Goal Becoming a dentist Strength good communication Weakness Opportunity Got into a prestigious school Threat Big competition Chapter 5 Marketing Environment 1 Immediate environment 2 Macro environment Immediate Environment 0 Company Capabilities o What are our own strengths Competitors o What are their strengths 0 How do those strengths differ from ours Corporate partners 0 How can we leverage the strengths of our partners McCafe Company capabilities 0 Efficient processesow cost 0 Buying powerow costs 0 Locations Competitors Starbucks 0 Brand reputation 0 Quality 0 Atmosphere 0 Corporate partners suppliers 0 Access to great products Macro environment 0 Culture 0 Shared meanings beliefs morals values customs Can be national regional or local 0 Ex November 11th In US its Veterans day In Canada its Remembrance day 0 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 more women working vs more traditional roles Social trends 0 What is generally seen as good Saving vs spending Being economical Health Organic food Cross t Paleo diet High fructose corn syrup Atkins diet South beach diet White bread vs whole grain bread White bread dates to the early 18005 Whole grain bread Environment Carpooling public transit Pdvacy Economic Unemployment Interest rates Economic forecast Consumer debt Retirement savings Consumer debt US consumer revolving debt 800 billion 98credit card debt 50 million US households habve ongoing credit card balance OOOOOO 44 of all households Technology 0 Amazon vs Retail Amazoncom founded in 1995 lnternet Information systems Tracking technology Shipping costs 0 Cost of new technology 0 Dissemination of technology India China Politics and Regulation 0 Government react to pressure SarbanesOxley act Truth in Lending act Federal Trade commission Advertising regulations Pdvacy Steroids 0 Regulations affect your options lRS Automatic Tips Case Euro Disney SWOT Strengths Disney Brand equity Family friendly Cultural icon Vacation destinations on site creative new characters new rides popular moviescharacters immersive magical all of the operations are underground and its design no real direct competitor employees American traditions Weaknesses Disney Expengve Alcohol not consistent with the brand liability distraction from the objective The lines but good at que management 0 Not that accessible 0 Location hot in summer Cheesy 0 access Opportunities Euro Disney Location Paris is very accessible to the rest of Europe 0 Not much direct competition 0 A lot of wealth New partnerships with European companies 0 Government money 0 Creating more jobs 30000 in Paris Threats Euro Disney 0 Local culture 0 The way you view vacation 0 More options within a closer range 0 The issues that some French groups have against America and not Disney Politics Class 5 12715 Chapter 9 Segmentation Targeting and Positioning Segmentation Step 1 Determine strategy and objectives Step 2 Segmentation methods Targeting Step 3 Evaluate segment attractiveness Step 4 Select target market Positioning Step 5 Identify and develop positioning strategy Step 1 Segmentation Strategy and Objectives 0 Based on Company s marketing strategy SWOT analysis Step 2 Segmentation Geographic Segmentation 0 Ex Ford F150 In North America vs Ford Figo not available in US 0 News channels 0 Demographic segmentation 0 Age income ethnicity marriage 0 Ex insurance Psychographic segmentation o How consumers describe themselves Values Lifestyle Selfconcept Dove Geodemographic segmentation o Combines geographic demographic and lifestyle 0 Ex Religion city neighborhood 0 Nissan frontier Canada vs US Bene t segmentation o What bene t will the consumer derive Ex business communication vs internet Behavioralsegmentation o Loyalty o Occasion Ex Business travel vs vacation vs conference Psychographic Segmentation o Dove women vs other shampoo commercials Most beauty brands have models that have a high standard of beauty and if you use this product it will bring you up to that level They target based on self concept and to women who have a lower self concept Dove does something completely opposite Don t target this way to men They have celebrities and focus on how similar you are to your heroes Step 3 Segment Attractiveness Identi able Substantial Reachable Responsive Pro table quotRestaurant Regularsquot Behavioral segmentation regulars vs non regulars Identi able o How Substantial o How to measure Reachable o By what means Responsive 0 To what Pro table Step 4 Selecting the target market 0 Undifferentiated targeting strategy 0 quotMass marketingquot 0 Same product for everyone 0 Focused on similarities 0 Ex coke mcdonalds o Differentiated Targeting strategy 0 Target several segments 0 Different product for each segment 0 Different marketing mix for each segment Concentrated targeting strategy 0 Single primary market 0 All efforts focused on that market 0 Ex Nike has everything and Running Room only has running things 0 Micromarketing 0 One on one marketing 0 Ex professional services such as lawyers doctors tailors McDoalds Flagging sales Max 2 pages 1st page SWOT and STP and 4Ps SWOT Bullet points are ne Focus on key factors for the case STP Complete 5 step STP organization De ne the 4Ps 2ncl page analysis and recommendation What should McDonalds do to address its agging sales Build on the SWOTSTP analysis Will need to do more research on my own Class 6 12915 Step 5 Positioning strategy 0 Value proposition 0 Unique value offered by productservice o Walmart vs Target vs Whole Foods vs Dollar store Salient attributes o What is important for the target market Symbols 0 Consistent with the positioning 0 New logo for McCafe not the McDonalds one Competition 0 Who is it positioned against 0 Chipotle against Taco Bell not against high end Mexican restaurants Perceptual map 0 Graph where you look at two different attributes and compare them and see where people perceive them and see if you are in the same space as competitors Practice Starbucks Introducing alcohol into their stores Strengths Locations everywhere Brand equity Loyal customers Atmosphere Variety of products and always introducing new things Quality Weaknesses Licensing Expensive brand Slow service Crowded Opportunities New market New products Increase the evening crowd Threats Atmosphere can change Liability Brand image drunk customers New competition Segmentation Geographicl urban cities walkable convenience o ldenti ablel like in Brickell o Substantiall a lot of large cities o Reachablel know where they live so can reach them 0 Responsive will go out to try it o Pro table Suburbanl families lots of people driving 0 Not responsive and not pro tbale Demographic working professionals go for drink after work have an income young or old Behaviorall occasion dinner meetingsdrinks loyalty o ldentifiablel have the gold card Substantiall Reachablel can email them Responsive Pro table 0000 Target 0 Business professionals and loyal customers Positioning Business people 0 Product unique more local irish coffee 0 Price 0 Place keep the same atmosphere 0 Promote new place for a quiet drink Loyal o Product will now go for a different product 0 Price 0 Place 0 Promote the same way as everything get stars
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