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MKT 201 CH1-5


MKT 201 CH1-5 MKT 201

Smita Kulkarni

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About this Document

MKT 201 Class Note. especially for the students who are taking professor Smita Kulkarni's class.
Smita Kulkarni
Class Notes
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This 5 page Class Notes was uploaded by YALIN ZHANG on Monday February 2, 2015. The Class Notes belongs to MKT 201 at University of Miami taught by Smita Kulkarni in Spring2015. Since its upload, it has received 151 views. For similar materials see FOUNDATIONS OF MARKETING in Business at University of Miami.

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Date Created: 02/02/15
MKT 201 11415 Chapter 1 0 Marketing is an organizational function and a set of processes for creating capturing communicating delivering value to consumer relationship in ways that bene t the organization and its stakeholders De nition 1 Marketing Organizational Function Sales manager Market Researcher Brand manager Product manager Advertising amp Commercial Public relationship 2 4p39s of Marketing Product Price Promotion Place Creating Value creating products cars trucks Capturing Value Price Communicating Value Promotion Delivering Value Distribution place 3 Relationship Bene t the organization Marketing helps create value Marketing is about satisfying customer needs and wants Marketing Entails an Exchange Product Price Promotion Place 11615 Goya Hispanic Company can food 1 Target Market Hispanic Population 2 Wide variety of products 3 Uniform price 4 Unique distributionplace Marketing can be performed by Individuals amp Organizations 1 Business to Business B to B B2B 2 Business to Customer B to C B2C 3 Customer to Customer C to C C2C Goya gt Publix gt Customers Food Businessgt Retail Business gt Buyer B to B gt B to C 1 More formal buying 2 Professional sales 3 Huge Starbucks gt Me Business to Customer B to C Informal Fast Imposed Intention from customer satisfaction PWN Marketing Impacts various Stakeholders Society Employees Customers Supply Chain Mc Donald39s gt Franchisees gt Customers Mc Donald39s 1 Farmers Potatoes Tomatoes 2 Dairies Milk product 3 Bakeries Bread 4 Advt Agencies Value Based Marketing Value cocreation When customers act as collaborators to create the product 12115 U3939gt quot quot Chapter 2 What does a Marketing strategy identify 1 A rm target market 2 A related marketing mix its 4p39s 3 The bases on which the rm decides to plans to build a sustainable competitive advantages a A Target Market 1 Research the population 2 Select your target market Made after exhaustive research b Marketing Mix Price Point Promotion Where to sell Beat your competition 1 Customer Loyalty 2 Pro ts 3 Global Market Sustainable Competitive Advantage It is an advantage that a rm has over the competition that is not easily copied and thus can be maintained over a period of time Nike CeIebrity endorsements Sponsorships Market share Organizable Consumer Friendly Respiring Brand World reputation Easily accessible 9 Wide Group of customers 10Wide variety of product at different price points 0 Sustainable Competitive Advantage Locational Excellence Customer Value Operational Excellence Luxury Hotel Customer Excellence Walmart Operation Excellence Ford Product Excellence McDonald Locational Excellence PWF 12315 1 Customer Excellence a Retaining loyal customers b Customer service Giving value to customers a Customer satisfaction meet expectations b Customer delight go beyond customer expectation 2 Operational Excellence a Ef cient Operations b Excellent supply chain management 3 Product Excellence a Provides products with high perceived value b Effective branding c Positioning 4 Locational Excellence quotThe three most important things in retailing are location location location M 0 Marketing Plan 1 Planning Phase Design the plan a Mission b SituationSWOT Analysis SWOT strengths weaknesslnternal opportunity threats External 2 Implementation Phase Execute the plan a STP Analysis STP Segmentation Targeting Positioning 1 Segmentation Segmentdivide the market into groups using different criteria age gender ethnicity income Region 2 Targeting Evaluating different segments and selecting pro table segments 3 Positioning Communication to gain a favorable image in the market 4 Financial Revenue Sales Pro ts 5 Marketing Market share brand perception customer life time value ROI b 4p s 3 Control Phase reviewing the plan amp its execution a Financial b Marketing 128 Chapter 5 Analyzing the Marketing Environment 0 A Marketing Environment Analysis Framework Different forces factors that of fact and in uence the decision marketing and plan of the company 0 Marketing Environment 1 Immediate Environment Micro Environment a Company b Corporate partners c Competition a Know strengths and weaknesses b Proactive rather than reactive strategy d Costumer 2 Macro Environment Economic Technology Poitica ega Demographics Culture Social Successfully Leveraging ThrDQDO39QJ core competency Existing Knowledge 1 New markets 2 New products 202 0 Marketing Research Data collecting Recording Analyzing Interpreting Decision Making 0 Process De ning the objectives and research needs Designing the research Data collection Process Analyzing data and developing Action Plan and implementation P PWF


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