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Marketing Ch. 1

by: Hannah Stephens

Marketing Ch. 1 Mkt 3010-001

Hannah Stephens
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About this Document

These notes cover Chapter 1 of our Marketing book that we went over in class.
Principles of Marketing
Carter Willis McElveen
Class Notes
Marketing, Chapter 1, Clemson University




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This 3 page Class Notes was uploaded by Hannah Stephens on Wednesday January 20, 2016. The Class Notes belongs to Mkt 3010-001 at Clemson University taught by Carter Willis McElveen in Spring 2016. Since its upload, it has received 156 views. For similar materials see Principles of Marketing in Marketing at Clemson University.


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Date Created: 01/20/16
Marketing:    Product  Placement   • Where  does  it  happen?   o Music,  movies,  TV  shows,  video  games,  books   • Types  of  Placements   o Visual—  i.e.  A  Starbucks  cup  in  the  picture   o Audible—i.e.  Talking  about  it   o Use—Use  the  product   o ***Integrated—The  most  effective!!    i.e.  Integrated  in  the  story  line,   appears  as  a  natural  thing   o Virtual  Placements—Computer  puts  it  in   • How  does  it  happen?   o Can  just  happen  but  artists  are  very  savvy  about  it!   ▯ Get  money  for  product  placement   o Very  secretive  and  done  behind  the  scenes   • More  Exposure:    Repeated  exposure  to  a  brand=More  liking  for  brand   • Associative  Networks:    Images  and  associating  with  the  characters  of  story     Catalyst  for  Product  Placement   • Channel  Surfing,  flipping   o People  don’t  watch  commercials,  brand  everything  on  shows,  football   fields   • Advent  of  TIVO  and  DVRs   • Fragmented  Media:    Cable  and  satellite  channels,  Internet,  Netflix   • Economical:    Cheaper  for  company  to  give  away  products  to  be  used  in  a   movie  than  production  costs  for  commercials  far  exceeds  placement   • Permanence:    A  placement  is  forever,  including  the  DVD  release   • Classic  Movie  Examples   o ET—Reese  Pieces   o Back  to  the  Future—Nike  and  Pepsi   o Risky  Business—Ray  Ban     Marketing:    Chapter  1   • Important  Note:  Videos  in  class  are  fair  game  for  tests!  Teacher  not  likely  to   ask  questions  from  “call  out”  boxes  in  book.   • Overview  of  Marketing:   o Example:  Apple   ▯ CEO:  Tom  Cook   ▯ Marketing  Company—Named  Marketer  of  the  Decade   ▯ Has  changed  the  way  advertisers  reach  customers!   ▯ Their  Advertising  Legacy   • Began  in  1984   • First  technology  company  to  advertise  in  Super  Bowl!   • The  Brand—White  earbuds,  “easier  to  use,”  customer   service,  pride  themselves  on  quality   o Apple’s  Marketing  Secrets   ▯ Packaging—Is  perfect,  very  simple;  no  user  guide   ▯ Don’t  sell  products,  people  buy  what  other  people  have   ▯ Never  be  the  first  to  market,  make  something  good  great!   ▯ Empower  Early  Adopters   • To  be  brand  evangelists   • Brand  loyalty   ▯ Their  messages  are  very  memorable   ▯ Surprise  and  Delight  Your  Customers!   • Keep  product  plans  very  secret   ▯ Product  placement  everywhere   • In  movies,  TV  shows  etc.   o Marketing—(P.  4  on  textbook)  “Marketing  is  the  activity,  set  of   institutions,  and  processes  for  creating,  capturing,  communicating,   delivering  and  exchanging  offerings  that  have  value  for  customers,   clients,  partners  and  society  at  large.”      -­‐American  Marketing  Ass.   o Components  of  Marketing   ▯ Creating     • Collaborating  with  suppliers  and  customers   • Create  offerings  that  have  value  to  the  customer   ▯ Communicating   • Describing  those  offerings   • Learning  from  customers   o Big  Data   o Loyal  Cards   ▯ Delivering   • Getting  those  offerings  to  the  consumer   • In  a  way  that  optimizes  value   ▯ Exchanging   • Trading  value  for  those  offerings   • The  4  Ps  of  Marketing—The  Marketing  Mix***   o Price   o Product   o Place     o Promotion   • Product—i.e.  Get  a  ticket   o Creating  the  offerings   ▯ A  lot  of  intangible  things   ▯ Whole,  entire  experience  is  part  of  the  product   • Price   o Capturing  the  value  of  the  product   • Place   o Delivering***  (the  experience  to  the  customer)   o Getting  the  goods  to  the  customer   • Promotion   o Communicating  the  value   o Until  a  few  years  ago,  Clemson  football  marketed  just  by  word  of   mouth   o Marketers  put  videos  out  for  recruits,  not  for  the  public   o Play  up  that  “we’re  the  underdog”,  “all  in,”  “We’re  fun”  i.e.  Videos  of   Dabo  dancing   • Value   o Fundamental  Purpose  of  Marketing**   ▯ Create  Value   • Benefits   ▯ Firm,  partners,  customers  and  society   ▯ Co-­‐creation   ▯ Profitable  Exchange   • Value=Benefits  Received-­‐(Cost  +  Hassle)   • The  Marketing  Concept     o Philosophy  underlying  everything  marketers  do   o Seek  to  satisfy  needs  and  wants   • History  of  Marketing’s  role   1. Production  Oriented  Era  (i.e.  Model  T-­‐Ford  but  only  in  black)   2. Sales  Oriented  Era  (i.e.  Put  sales  force  behind  any  product  and  sale   it  using  aggressive  and  pushy  sales  tactics)   3. Market  Oriented  (Customer  is  king  and  always  right)   4. Value  Based  Marketing  Era  (Creating  value)     • Value  Based  Marketing   1. Customer  Value   a. Offer  products  that  perform   b. Earn  trust   c. Avoid  unrealistic  pricing   d. Give  the  buyers  the  facts   e. Offer  organization  wide  commitment  in  service  and  sales   support   f. Co-­‐creation   2. Customer  Satisfaction   a. Very  important  for  loyalty   • Who  Engages  in  Marketing?   o For-­‐profit  companies   ▯ Defined  by  customers   ▯ Defined  by  function   o Nonprofit  Organizations   o Individuals   • Marketing  is  NOT:   o Just  buyers  and  sellers  exchanging  money   o Simply  about  making  a  profit   o A  random  activity   ▯ The  marketing  plan  


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