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Marketing 301

by: Natalie Land

Marketing 301 MKT 301

Natalie Land
GPA 4.0
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About this Document

These are detailed notes for chapter 1, 2, and 3 for marketing 301, will be helpful for the test as it includes notes on the videos he shows in class!
Howard Marmostein
Class Notes
Marketing. 301, MKT




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This 3 page Class Notes was uploaded by Natalie Land on Thursday January 14, 2016. The Class Notes belongs to MKT 301 at University of Miami taught by Howard Marmostein in Summer 2015. Since its upload, it has received 209 views. For similar materials see Marketing in Marketing at University of Miami.


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Date Created: 01/14/16
January  12,  2016   Marketing  Notes  from  Class     •   Video  notes:  Avon  Cosmetics     o   Why  did  they  go  into  the  Amazon?   §   Growth  objective:  one  of  marketing  task:  company  needs  to  grow     §   Marketing  strategy:  look  ahead  five  years  if  we  don’t  do  anything   differently  where  will  we  be?   •   One  way  is  to  take  existing  products?  And  find  new  consumers:  ie   the  amazon  and  the  product  Renew  from  Avon     •   Introduction  to  Marketing     o   What  things  can  be  marketed?   §   Besides  physical  objects,  services  such  as  household  services  can  be   marketed,  also  ideas,  and  concepts,  insurances,  consultation,  identities     §   Marketing  can  be  very  deceiving,     •   Bold  face  lies  began  after  the  1930s,     o   Why  would  avon  let  this  video  be  created?   §   There  is  an  underlying  premise:  not  all  publicity  is  good  publicity     §   It  got  people  talking  about  Avon     §   And  even  though  the  video  was  bad  they  was  still  very  successful  globally   but  from  then  to  now  it  has  gone  down     o   Stakeholder:  someone  who  has  a  stake  in  a  company-­‐  employees,  customers,   and  communities     o   A  customer  isn’t  always  right  you  have  to  start  as  a  marketer  thinking  customers   are  correct  but  knowing  they  aren’t  always     o   Marketing:  strategy,  identify,  attract  and  retain  the  right  customers     §   Avon  had  high  loyalty  expectations:  ie:  renew,  you  had  to  keep  using  it   once  you  started     o   material  omit:  marketers  cant  tell  everything  to  the  consumer  about  the  product   but  if  one  factor  is  so  important  that  if  not  told  it  impacts  hugely  you  have  to   disclose  that  fact:  in  the  US  you  cant  material  omit     o   DE  marketing:  use  communication  to  reduce  or  discourage  a  behavior  or  product     §   Campbell  soup  wanted  to  make  you  believe  it  was  made  of  healthy   products  but  it  was  a  deceptive  commercial  –  they  put  marbles  on  the   bottom  to     §   Marketers  overhype     o   Customer  satisfaction:  two  key  aspects  are  comparison  of  product  performance   to  customer’s  expectation   §   Ie:  If  company  went  and  hyped  the  product  you  may  achieve  greater   degree  of  customer  trial  but  lower  re-­‐purchase   §   Customer  satisfaction:  performance  vs  expectations       Marketing  chapter  2:  Notes  from  class     January  19,  2016   •   4  p’sof  marketing     o   what  you  hear  in  video  isn’t  always  true,  they  just  say  things  to  convince  target   audience:  red  mango:  150  stores  now  they  have  zero     •   marketing  mix     o   product,  place,  price,  promotion   o   controllable  variable:  after  you  develop  a  strategy  who  is  the  target  market,  how   are  we  going  to  deliver  better  values  that  our  competitors,  after  the  strategy   then  comes  the  marketing  mix     o   Marketing  Mix     §   Price:  relative  and  absolute:  premium  price  or  lower  price  than   competitor     •   Red  mango:  had  a  higher  price  value     §   Product:  is  it  going  to  be  distributed  to  consumers     §   Promotion:  coupons,  advertising,  sales,  using  pr  to  let  target  market   know  who  they  are     §   Place:  pinkberry:  spacious  luxurious,  simple  approach  to  distribution   •   Strategy:  more  than  one  element  at  a  time:     o   Premium  product,  place,  price     o   Integrated  marketing  mix:  multi  faceted     •   Tactic:  is  one  thing  at  a  time,  where  firm  decides  on  decision  one,  by  itself     •   Strategy  in  chess:  all  over  longer  term  aspect   •   Tactic:  short  term  and  small     o   Other  firms  respond  to  tactic     o   One  firm  changes  price  this  is  quick     o   Tactics  are  quicker  and  easier  to  change     •   Red  mango  case     o   Co  creation:  in  yogurt  places  you  self  serve-­‐  why  good  idea,  because  it  makes  it   more  fun,  consumer  has  control,     §   Going  quickly  is  risky,  not  right  location  for  red  mango  maybe  or  the   personel  wasn’t  the  right  one     o   What  went  wrong  at  red  mango?   §   Who  was  the  target  market?  Younger  people  12-­‐32     §   Promotion:  all  through  social  media  was  their  promotion  not  any  other   platform     §   Maybe  there  target  market  was  wrong,  older  people  care  more  about   health  than  do  the  target  they  were  aiming  at     §   Longterm  success:  isn’t  achieved  with  advertising  and  gimetry     •   Outback     o   How  did  they  succeed     o   It  wasn’t  because  of  their  cute  Australian  advertising     o   Four  ways  that  there  strategy  enable  them  to  delvier  greater  perceived  value     §   Exclusive     §   Higher  quality     §   More  concentration     §   Dinner  only:  greater  perceived  value     •   Perceived  value:  quality  of  product,  what  you  give  to  get  in  return     o   The  quality  and  benefits  you  get         Chapter  3:  Social  Media:   January  21,  2016   •   Ford   o   What  would  you  do  with  a  thousand  ford  cars     o   Fiesta  ford:     o   Prelaunch  campaign:  100  drivers  with  100  cars:  have  them  take  pictures:  they   were  called  fiesta  agents  and  were  on  missions     o   The  target  audience  is  young  people  and  social  media  was  the  best  way  to  meet   them     •   Marketing  metric:  to  see  if  a  campaign  is  efficient:  cost/exposure:  cost  of  campaign   went  down  ten  percent  good  thing     •   Social  repricocity:  reciprocate  four  invitation  so  the  agents  were  invited  and  in  return   filmed  more  videos  than  asked  for     •   Shopping  apps:  company  knows  your  at  the  store     o   Maximum  opportunity  to  influence  consumer  is  when  it  is  recent     o   Marketers  want  to  customize  coupons     o   Mobile  marketing;  unwanted  spam     o          


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