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UTD / Business / BUAD 3300 / mark thouin utd

mark thouin utd

mark thouin utd


School: University of Texas at Dallas
Department: Business
Course: Information Technology
Professor: Mark thouin
Term: Fall 2016
Tags: Marketing
Cost: 25
Name: Week 2, MKT 3300.HON
Description: Here are UPDATED, REFORMATTED notes from Principles of Marketing. Dates covered: 1.17.17, 1.19.17 Chapters covered: CHPT2
Uploaded: 01/20/2017
6 Pages 70 Views 0 Unlocks

NOTES TAKEN BY ALAYNA THOMAS 1.17.17 + 1.19.17 Chapter 2 Organizations 3 Types of  Organizations (a.k.a. firms,  companies) Social  Entrepreneur ship ∙ Organization - ppl who share common mission & develop offerings, which  add value to org. & customers  ∙ Offerings include goods, services, ideas ∙ For-Profit - business firm; privately owned a. Profit - reward for risk it undertakes in marketing; Revenue - Expenses  ∙ Nonprofit - non-gov't org w/ main goal to serve customers, not profit;  breaks even at end of year ∙ Government Agencies - federal, state, county, city unit that provides  service ∙ Industry - group of orgs that have similar offerings ∙ Set up business/situation meant to address social cause ∙ Ex: Teach For America, SightLife ∙ Usually nonprofits ∙ Strategy - org's long term plan to meet goals & create unique customer  experience ∙ See Figure 2.1 ∙ Board of Directors ∙ Corporate Level: top mgmt directs overall strategy o CEO is usually member of BoD o Many positions have become popular "Chief, Corporate" ∙ Ex: Chief Marketing Officer (CMO) Strategic Business Unit (SBU) Level: managers set more strategic  direction to create valuable opps o In simpler businesses, corporate & business unit levels might  be same Functional Level: specialized functions & goals create stronger value  for org. o Departments ∙ Ex: Marketing Department  ∙ Cross-functional teams: sml # ppl from dif. Departments;  often grouped together for new or improved offerings Ben & Jerry's ∙ Social mission ∙ Product  mission ∙ Economic  mission ∙ Small company  purchased by  larger  company, but  keeps missions  of small  business UTD Organization ∙ Board of  Directors - Advisors ∙ Corporate  Level - Deans ∙ Business Unit  level Strategy - UG/G,  executive  education ∙ Functional  Level Strategy - Departments Unilever ∙ SBU: Ice  Cream, Dove,  etc. Strategy in  Visionary Orgs Why Does It  Exist? ∙ See Figure 2.2 ∙ Est. foundation i. Core values - fundamental, passionate, enduring principles that  guide org's conduct ∙ Developed by founders or senior mgmt ∙ Meant to inspire stakeholders ii. Mission ∙ Mission statement (vision): clear, concise, meaningful, long  term Pepsico ∙ Mission ∙ Principles:  Diversity &  engagement  ∙ Decided not to  make Doritos  commercial  this year…why?

What business are we in?

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MKT WEEK 2 NOTES PAGE 1 NOTES TAKEN BY ALAYNA THOMAS What will it do? How Will It Do  It? Tracking  Strategic  Performance iii. Org. culture - set of values, ideas, attitudes, norms of behav. That is  learned & shared among org. members ∙ Set direction i. Business - clear, broad, underlying industry/market sector of org's  offering ∙ What do we do? What business are we in? ∙ Business model - strategies to provide value to customers ii. Goals/Objectives: SMART goals ∙ Profit - goal is to maximize profit; get highest return on  investments (ROI) ∙ Sales (#/$) - maintain or inc. based on monetary welfare ∙ Market share - ratio of sales revenue of firm to total sales  revenue in industry ∙ Quality - amt. defects ∙ Customer satisfaction - measures (i.e. evaluations) ∙ Employee Welfare - (i.e. diversity) ∙ Social responsibility - infl. On society ∙ Efficiency - no outage of products ∙ Develop strategies i. Variation by level ∙ Corporate: broad view - top mgmt directs overall strategy for  entire org.  ∙ SBU: specific view - managers directs specific strategies for  their businesses ∙ Functional: functional view - specialists create value for org.  ii. Variation by offering:  ∙ Product, service, idea ∙ Marketing plan - road map for mkt actions for specified time  pd i. Usually developed during planning phase of strategic  mkt ∙ Marketing Dashboard - visual computer display of essential info related to  meet mkt objective ∙ Quick, instant look o Ex: graph, table ∙ Hyperlinks give more info Marketing metric - shown on each marketing dashboard; measure of  quantitative value/trend or mkt action Data visualization: used by mkters to graphically represent quantitative  results ∙ Mkters spot deviations from plans during evaluation phase &  correct ∙ Ex: Website traffic sources, sales performance by SBU, website  visuals by state (See Figure 2.3) o Don't need to  get retailers  behind them o Ppl are  talking about  not having  the ad o Wear-out  factor Mission Statements:  Southwest Airlines:  "To be dedicated to  highest quality of  Customer Service  delivered with a  sense of warmth,  friendliness,  individual price, &  Company Spirit." Tricks: ∙ "Up to" can be  deceptive - Lose up to 40  lbs - Energy  efficient light  can save up  to ___ ∙ Federal Trade  Commission:  stops any  businesses who  promote "anti  competition"  economics Trains: Megabus is  disruptive to this  business Angry Birds, Legos Setting  Strategic  Directions ∙ To set, answer A) where are we now? & B) where do we want to go? Competitive  Advantages of  Amazon

∙ To set, answer A) where are we now?

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MKT WEEK 2 NOTES PAGE 2NOTES TAKEN BY ALAYNA THOMAS Where are we  now? Growth: Where  do we want to  go? ∙ Competencies - org's special skills, technology, or resources that  distinguish it from rest ∙ Should be distinctive enough to provide competitive advantage - unique strength relative to competitors that provides superior ROI o i.e. quality, time, cost, innovation ∙ Customers - who org. serves ∙ customer service ∙ Ex: Land's End return policy ∙ Competitors - who tries to take org's customers ∙ There will be many competitors ∙ In a lg. range  ∙ Business portfolio analysis - technique used by managers to quantify  performance measures & growth targets to analyze firms' SBUs; det.  Which SBU/offering generates cash & which requires cash ∙ Treats SBUs as collection of investments ∙ Market growth rate - annual rate of growth of SBU industry  ∙ Relative market share - sales of SBU divided by sales of lgst. Firm in  industry o Ex: if r.m.s. is 10X, SBU has 10 times share of its lgst competitor o Ex: if r.m.s. is 0.1X, SBU has 10 % share of its lgst competitor ∙ See  http://www.civilserviceindia.com/subject/Management/notes/bcg matrix.html for a BCG Matrix  o Cash cows - SBUs w/ high share of slow-growth markets;  generate more cash than they can use, which they invest in  other SBUs o Stars - SBUs w/ high share of high-growth markets; may need  extra cash until growth slows o Question marks - SBUs w/ low share of high-growth markets;  need cash to maintain mkt share; mgmt struggles w/ which of  these to invest in o Dogs - SBUs w/ low share of slow-growth market; generate  cash but might need to be dropped so that other SBUs can  grow ∙ Diversification analysis - technique that helps firm search for growth opps  from current & new markets/products ∙ Current product: what firm now sells ∙ New product: what firm might sell in future ∙ Current market: firm's existing customers ∙ New market: firm's potential customers ∙ 4 Market-Product Strategies o Market Penetration - inc. sales of current products in current  markets ∙ Closest  competition is  Alibaba - CEO  says that isn't  "chinese  amazon" b/c it  isn't an empire ∙ Revenue $127  billion ∙ SCM system Business Portfolio  Analysis: See Figure  2.4

& B) where do we want to go?

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∙ Selling more of product via promotion or distribution  OR ∙ Same amt. of product at higher price o Market Development - inc. sales of current products to new  markets ∙ Ex: Amazon Echo in offices, rather than just homes o Product Development - inc. sales of new products to current  markets ∙ Ex: Amazon Fire / continuous new products on same  digital platform o Diversification - developing new products & selling to new  markets ∙ Ex: Amazon office supplies/printers/phones…

Strategic  Marketing  Process Planning Phase ∙ Strategic marketing process - Org. allocates marketing mix resources to  reach target markets ∙ Answers questions, such as: o How do we allocate resources to meet goals? o How do we convert plans --> actions? o How do our results compare w/ plans? Do we need new  plans? ∙ 3 Phases: planning, implementation, evaluation ∙ See Figure 2.6 ∙ Situation Analysis ∙ *Take stock of offerings' past, present, & future (based on  marketing plans & environmental forces) ∙ SWOT (Strength, Weakness, Opportunity, Threat) Analysis o Trends in industry o Competitors o Org. itself o Present & prospective customers ∙ Market-Product Focus & Goal Setting ∙ Market segmentation - process of aggregating prospective buyers  into segments w/ common needs & respond similarly to mkt action ∙ Set marketing & product goals ∙ Select target markets ∙ Find Points of Difference - characteristics of product that give it  competitive advantage ∙ Marketing Program ∙ Product strategy ∙ Price strategy ∙ Promotion strategy ∙ Place (distribution) strategy ∙ See Figure 2.8

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MKT WEEK 2 NOTES PAGE 4NOTES TAKEN BY ALAYNA THOMAS Implementation  Phase Evaluation  Phase 1. Obtaining Resources: ppl & $$ needed to execute marketing program 2. Designing Market Org.: Order of command within mkt dept. ∙ See Figure 2.9 3. Defining Precise Tasks, Responsibilities, Deadlines, & Products: in an  action item list ∙ Gantt chart - graph of program schedule that can be used to  schedule activities o See Figure 2.10 ∙ What MUST be done v. What CAN be done 4. Executing Marketing Program ∙ Marketing Strategy - means by which mkt goal will be achieved;  usually includes target mkt & mkting program ∙ Marketing Tactics - operational mkt actions for each of 4 Ps that  contribute to overall success of mkt strategies o Ex: writing advertisements 1. Comparing Results with Plans to Identify Deviations ∙ Usually at end of fiscal year  ∙ Can reveal planning gaps - dif. Btwn. Projection of path to reach  new sales revenue & projection of path of plan already in place o Goal is to "fill in" this gap 2. Acting on Deviations: strengthen (+) deviations, eliminate (-) deviations

Review Notes Vocabulary: Organization Offerings Profit Industry Strategy Core Values Organizational Culture  Business Goals/Objectives Marketing Plan Marketing Dashboard Marketing Metric Competencies Competitive Advantage Business Portfolio Analysis Market Growth Rate Market Share Cash Cows, Stars, Question Marks, Dogs Diversification Analysis Market Penetration Market Development  Product Development Diversification Strategic Marketing Process Situation/SWOT Analysis

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Market Segmentation Points of Difference Marketing Strategy Marketing Tactics Learning Targets: What are the 3 types of organizations?: For-Profit, Non-Profit,  Government Agency What are the 3 levels of strategy?: Corporate, SBU, Functional What are the 3 steps of the planning phase? … What are the 4 steps of the implementation phase? … What action is taken during the evaluation phase? … … More questions, as well as answers, will be written for and expanded on the  Exam 1 Study Guide

Reminder Note Key **All class notes are taken from lecture and the class textbook. No material will be copied from the textbook, but figures  might be mentioned. Course textbook is Marketing by Kerin, Berkowitz, and Hartley. Words in purple italics - added class notes Underlined Words - vocabulary with definition Bolded Words - Sub-headers Green italics - textbook referenceMKT WEEK 2 NOTES PAGE 6
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