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MKTG 250 Jan. 19/21 Week 2 Notes

by: Rebecka Markland

MKTG 250 Jan. 19/21 Week 2 Notes MKTG 350 - 001

Marketplace > University of South Carolina > Marketing > MKTG 350 - 001 > MKTG 250 Jan 19 21 Week 2 Notes
Rebecka Markland
GPA 3.8

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About this Document

Week two of notes for MKTG 250- Principles of Marketing: Includes important in-class only information for tests and homework.
Principles of Marketing
Courtney R Worsham (P)
Class Notes
MKTG, 250, principles of marketing, Worsham
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This 6 page Class Notes was uploaded by Rebecka Markland on Thursday January 21, 2016. The Class Notes belongs to MKTG 350 - 001 at University of South Carolina taught by Courtney R Worsham (P) in Fall 2015. Since its upload, it has received 44 views. For similar materials see Principles of Marketing in Marketing at University of South Carolina.


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Date Created: 01/21/16
MKTG 250- January 19 & 21, 2016 email about lab questions Chapter 2- Developing Marketing Strategies and a Marketing Plan 1. Identify target market 2. Develop marketing mix (Four Ps) that appeals to target market 3. Determine the basis upon which your firm will build a sustainable, competitive advantage Sustainable competitive advantage- advantage over competition that is not easily copied  Customer Excellence: retaining loyal customers, customer service  Operational Excellence: Efficient operations, excellent supply chain management  Product Excellence: good branding  Locational Excellence: important in retail -Want a combination Marketing plan: written document that provides analysis of current situation, what opportunities you have, what kind of threats there are and incorporates objectives and strategies.  Planning Phase 1. Step 1: Business mission and objectives -Broad description of firm’s objectives scope of activities you want to undertake. 2. Step 2:Situation analysis SWOT 3. Step 3: Identify opportunities (STP) S-Segmentation: take large heterogeneous market and subdivide it into smaller homogeneous segments T- Targeting: find target market and what they want P- Positioning: Developing a clear, distinctive, desirable understanding of your product compared to the competition  Implementation Phase 4. Step 4: Implement Marketing Mix and Allocate Resources -Product and Value Creation -Price and Value Delivery -Promotion and Value Communication  Control Phase 5. Evaluate Performance and Make Adjustments MKTG 250- January 19 & 21, 2016 -Study based on relative market share and market growth rate -Boston Consulting Group Matrix Growth Strategies MKTG 250- January 19 & 21, 2016 Market Penetration: increase sales by doing sales promotions, marketing to increase sales Product Development: new products, Coca-Cola -> Coca-Cola with flavors Market Development: develop new market (new customers) new demographics Diversification- new market and product, more difficult … Related Diversification – making a product related to previous product, using expertise (Coke- cola flavored ice cream) Chapter 4- Marketing Ethics Scope of Marketing Ethics- Difference between business and marketing ethics Ethical Workplace  Values o Establish o Share (mission statement) o Understand  Rules o Management commitment (set rules and make sure they are understood and agreed on) o Employee dedication  Controls o Reward o Punishment American Marketing Association Code of Ethics  Generally accepted code in marketing  Flows from general norms of conduct to specific values  Subareas within marketing have their own code of ethics to deal with specific issues Influence of personal ethics  Genetics  Family- learning what is right and wrong from a young age and how you deal with it  Religion  Values MKTG 250- January 19 & 21, 2016 Why Act Unethically  People put in tough decisions  Decisions have competing outcomes both negative and positive o Competing outcomes  Ex: Dangerous flaw in new model of car- Could continue to make and have potential injuries and loss of income or you could delay production and have delayed revenue, possible layoffs and loss of bonuses. Choosing the lesser of two evils? The link between Ethics and Corporate Social Responsibility  CSR (important term) Corporate Social Responsibility- voluntary actions taken by a company to address the ethical, social and environmental impacts of its business operations and the concerns of its stakeholders Socially Responsible Socially Irresponsible Both ethically and Good ethics but isn’t Ethical social responsible involved in larger community Questionable ethics Neither ethically or Unethical but does good for the socially responsible community Framework for Ethical Decision Making 1. Step 1: Identify Issues- a. Using results to mislead or even harm the public b. Marketing research firm issues c. Hide real purpose of study d. Unethical data collection issues 2. Step 2: Gather information and identify stakeholders a. Identify all ethical issues and relevant legal information b. Identify all relevant stakeholders and get their input on any identified ethical issues 3. Step 3: Brainstorm and Evaluate Alternatives a. Halt the market research project? b. Make responses anonymous? c. Instituting training MKTG 250- January 19 & 21, 2016 4. Step 4: Choose course of action a. Weigh alternatives b. Take a course of action Be prepared for the following on a test on test! They are not in the textbook! 6 Tests for Making Ethical Decisions 1: Publicity test- How would I feel if my actions were on the front page or on the NBC nightly news? Would I be okay with my decision? 2: Moral mentor- Would he or she do that? 3: Admired observer- Look at someone you admire… how would I feel if they were watching me do this? 4: Transparency Test- Could you give a clear explanation of behavior in court of law? 5: The person in the mirror- How could you face yourself if you did this? 6: Golden Rule- Treat others as you would want to be treated Integrating Ethics into Marketing Strategy  Planning Phase o The mission or vision statement sets the overall ethical tone for planning o Mission statements can be used as a means to guide SWOT analysis  Implementation Phase o Should the firm be targeting this market with this product? o Should the firm be relocating production to another country? o Should the firm be selling its product in this market in this manner? o Ex: Proctor and Gamble- Sparkly lotion that read not for use under the age of 13 or 14… sold at Justice or younger girl store… young girls buying and using lotion… plans can be messed up with implementation  Control Phase o Check successful implementation o React to change Corporate Social Responsibility  Employees and families-enjoy job and want to support company  Customers- current feel good about supporting company and new customers may be drawn to company MKTG 250- January 19 & 21, 2016  Society- good for the community as a whole, usually good for environment  Marketplace- Partners and other companies you work with will be positively impacted because business is brought it Answer two questions: 1. Describe unethical behavior that you have participated in or witnessed at USC. What did you do about it? 3 sentences 2. Name a good example of corporate social responsibility. Why is it effective? 1-2 sentences. Cannot use Amazon, BMW, Coca-Cola, FedEx, General Electric, Google, McDonalds, Proctor and Gamble, Southwest Airlines, Starbucks, Toms


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