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MKT 310, Week 2 notes

by: dambeck Notetaker

MKT 310, Week 2 notes MKT 310

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About this Document

Notes covering material that will be on first exam. Underlined words are important; underlined and highlighted words are very important and will most likely be a question on the first exam.
Introduction to Marketing
Dr. Canedy
Class Notes
Marketing, business




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This 2 page Class Notes was uploaded by dambeck Notetaker on Thursday January 28, 2016. The Class Notes belongs to MKT 310 at a university taught by Dr. Canedy in Spring 2016. Since its upload, it has received 65 views.


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Date Created: 01/28/16
1/26/2016 Customer Value Proposition- formal statement or advertisement of what the product will do or solve for the customer. (i.e. SIRI saves time and frustrating key board) Pareto Principle- behavioral concept (theory; flexible result). - “20% of end users buy 80% of product - 20% is the most important and makes the best profit; 80% is less important and produces very little profit Goodhartt- 20%, 30%, 50% - “regression to the mean” argues that the 20/80 rule is too drastic of a theory. 20%, 30%, 50% is more realistic while the 20%, 80% is more theory. Long Tail- argues that the “niches”, 80%, can be important and have value and make profit but only applies to large industries. (i.e. blockbuster store vs. Netflix) Solution Management- has physical product as well as things such as support, service, and/or technology.  Integration- integrating the solution into the physical product  Customizing solutions- change marketing strategies to:  Relationship marketing instead of transactional marketing  Relationship- target certain customers so they keep coming back  Transactional- targets everyone  Vertical marketing instead of horizontal marketing  Vertical- segmental, different product or technology based on each individual segment  Horizontal- Universal product; sold to everyone  De-risking approach- minimizing risk by evaluating clients and products sold American Leadership role to business: Contemporary advertising Managerial Logics: 1. Production dominant managerial logic (1870-1900)  Pre-antitrust= no real competition within markets during this time period 2. Finance dominant managerial logic (1901-1915)  Inorganic growth= mergers and acquisitions 3. Sales dominant managerial logic (1920s)  Post WWI. Durable good representation during this time (i.e. the radio).  Persuade people to buy products 1/28/16 Metaphoric to refer to market environment- “Red ocean”= competitive market; “Blue ocean”= Noncompetitive market (what everyone wants). (i.e. cirque du soleil) All firms are seeking sustainable competitive advantage. 4. Marketing dominant managerial logic (1950s)  Anthropic cosmological principle= recenters the business universe  Old center of the business universe(i.e. Edsal)  New center of the business universe (i.e. GE)= Marketing  After coming of marketing: consumer, external; before coming of marketing: company, internal  Marketers use product development to sell 5. Production dominant managerial logic  Product sells itself 6. Strategy dominant managerial logic (1980s)  Company, costumer, competitors  Concepts: i. Numerator management: New products, new markets. ii. Denominator management: a couple of bad years while you reorganize your business model iii. Growth factors: product scope and market scope. 1. Existing: can’t change product line, change price, change distribution, change promotions, and continue business almost as usual. 2. New: market development find new market opportunities, product development, diversification= new markets new products. iv. Synergy: total is greater than the sum of the parts (mathematical definition). Synergy comes from the merger of two companies. Sources of synergy: 1. Cost reduction 2. Revenues enhancement 3. Corporate inversion= cut taxes by changing location of the business Core strengths of your core capabilities: ARK model= Activities Resources Knowledge. Use ARK to help your business in different ways. Thread of Continuity: Core business Processes


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