Intro to Marketing, Week 2 Notes
Intro to Marketing, Week 2 Notes MKTG2080
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This 3 page Class Notes was uploaded by Seth Notetaker on Saturday January 23, 2016. The Class Notes belongs to MKTG2080 at University of Cincinnati taught by Ric Sweeney in Spring 2016. Since its upload, it has received 37 views. For similar materials see Intro to Marketing in Marketing at University of Cincinnati.
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Date Created: 01/23/16
Week 2 Module 2: How do firms become more value-driven? Value Sharing information o Value is added when a company can provide correct info to customers Balancing benefits with cost o Getting enough benefits for the cost of the product (hotel cost, free breakfast?, clean room) Building relationships with customers o Customer trusts the company’s product, company knows what consumers like Connecting with customers using social and mobile marketing Module 3: Why is marketing important? Marketing Expands a firm’s global presence o McDonalds, started in Chicago, now in 116 countries Is pervasive across channel members o Raw Materials->Manufacturer->Retailer->Consumers Enriches society o Makes society better (food=nourishment, breast cancer awareness, Habitat for Humanity) Can be entrepreneurial o Many companies start as one person with an idea Module 4: What is marketing strategy? A marketing strategy identifies: A firm’s target market(s) A related marketing mix (product, price, place, promotion) A sustainable competitive advantage o An Advantage over the competition that is not easily copied and can be maintained over time Building a sustainable competitive advantage Consumer excellence o Focusing on retaining loyal customer and excellent customer service Nordstrom Operational excellence o Focusing on efficient operations and excellent supply chain management FedEx, Amazon Product excellence o Focusing on achieving high-quality products P&G + Gillette, Apple Location excellence o Focusing on providing the strongest physical locations for business an/or internet presence McDonalds Multiple sources of advantage o Does all sources in an excellent manor (for the most part) Disney Module 5: Strategic Marketing Planning Marketing Plan a written document composed of an analysis of the current marketing situation, opportunities, and threats for the firm, marketing objectives and strategy specified in terms of the 4 P’s, action programs, and projected or pro forma income (and other financial) statements Composed of 3 phases o Planning phase: defining a firms’ mission and evaluating how various players affect the firms’ potential for success o Implementation phase: identifying and evaluating opportunities and implementing the marketing mix o Control Phase: evaluating performance and taking corrective actions Module 6 and 7: Developing a marketing plan 1. Defining the Business Mission A mission statement is a broad description of a firm’s objective and the scope of activities it plans to undertake o What type of business are we? o What do we need to do to accomplish our goals and objectives? 2. Conduct a situation Analysis SWOT Analysis- Strengths, weaknesses, opportunities, threats 3. Identify Opportunities Segmentation, Targeting, and Positioning o A market Segment consists of consumers who respond similarly to a firms marketing efforts o Market segmentation is the process of dividing up consumers into groups o Targeting- the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market o Positioning- the process of positioning involves defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products 4. Implement the Marketing Mix Product creates value Price captures value Place delivers value Promotion communicates value Growth strategies o Market Penetration o Product Development o Market Development o Diversification 5. Evaluating performance using marketing metrics Module 8 and 9: Social Media Technology Evolution Invention: Mid-to-late 1990s Industrialization: 2000-2006 Entrepreneurial: 2007-Present 4E Framework of Social Media Excitement: companies need to excite us to keep us as customers Education: teach them about the product Experience: samples, let consumers have a little exposure Engagement: Reel the consumer in to buy your product Types of Social Media Social Network Sites: Facebook, Google+, LinkedIn Media-Sharing Sites: Instagram, YouTube, Flickr Thought-Sharing Sites: Blogs, Twitter Social Media Strategy Listen: what the conversation is about the product, what the consumers are saying Analyze: use what the consumers say to better the product, see how to use the media Do: put things in place based on what you analyzed and heard o Identify strategy and goals o Identify target audience o Develop the campaign o Develop the budget o Monitor and change
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