MARK 3000 / 3001: Week Three
MARK 3000 / 3001: Week Three MARK 3000
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This 3 page Class Notes was uploaded by Ariana Cammllarie on Saturday January 30, 2016. The Class Notes belongs to MARK 3000 at University of Georgia taught by Kristy McManus in Spring 2016. Since its upload, it has received 29 views. For similar materials see Principles of Marketing in Business at University of Georgia.
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Date Created: 01/30/16
Principles of Marketing MARK 3000 / 3001 Jan 26 – Marathon Gas Station Guest Speakers Fun Fact Quiz: - There are 5 petroleum refining companies in Fortunes 500 (Exxon, Chevron, Phillips, Valero + Marathon) - Marathon makes 3-5 cents per dollar sold - The last petroleum refinery built in the US was in 1976 Background: - Marathon was created in Ohio in 1887 - It is the #1 seller in the Midwest region - Oil is produced in Louisiana and sent up a pipeline to the markets they’re being sold in - There are two divisions in Marathon’s company: o Wholesale / commercial accounts: large customer base; impersonal o Brand marketing: 7-9 customers; very personal Marathon’s Marketing Environment: 1. Our customer (known as distributors or jobbers) 2. The retailers (gas stations) 3. The end user (consumers like us) 4 Ps of Marathon: Product: they sell not only fuel but… - Their company, people, logistics, image, programs, quality of products and must maintain strong customer relations - Gasoline quality campaigns: Marathon = STP (this mixes with the gasoline to make Marathon’s gas unique from Shell, BP, etc.) Price: gas is a commodity that’s price is determined by a complex market - Marketing based price should always be a last resort o Cannot promise a customer a certain gas price since they fluctuate so often o Crude oil costs equal 62% per gallon (price weighed heavily on the barrel prices) - Location also determines price o Regional price factors = state taxes (which differ immensely from state to state) Place: - Goes from the refineries (produce the oil) terminals (store the oil) transport truck (transport the oil) retailers (sell the oil) - Between the terminals + transport trucks, the STP is mixed into the oil to make it unique o The transport trucks are an independent company and all responsibility transfers from Marathon to them once they pick up the oil Promotion: Market to either the distributors or the end consumers - Target the primetime for gas fill-ups (3pm-7pm) Jan 28 – Consumer Behavior We only covered a small portion of this chapter so I will include these notes with the rest of Chapter 6 notes next week. Marketing Vocabulary: Chapter 5 1. Macro-enviornmental factors: Aspects of the external environment that affect a company’s business (culture, demographics, social issues, technological advances, economic situation and political/ legal environment). 2. Culture: a set of values, understandings, guiding beliefs, and ways of doing things shared by members of a society; exists by visible artifacts (behavior, dress, symbols, physical settings, ceremonies) and underlying values (thought processes, beliefs, and assumptions). 3. Country culture: entails easy-to-spot visible nuances that are particular to a country (dress, symbols, ceremonies, language, colors, foods and preferences). 4. Regional culture: the influence of the area within a country in which people live. 5. Demographics: information about the characteristics of human populations and segments, especially those used to identify consumer markets by age, gender, income and education. 6. Generational cohorts: a group of people of the same generation who generally share the same beliefs or purchasing behaviors. 7. Generation Z: Digital natives who were born into a world full of electronic gadgets such as the internet and social media. 8. Generation Y: Children of the baby boomers or the Millennials who are born between the ages of 1977-2000 9. Generation X: People born between the years 1965-1976 10. Baby Boomers: People born after WWII between the years 1946-1964 11. Green marketing: involves a strategic effort by firms to supply customers with environmentally friendly merchandise. 12. Greenwashing: exploiting a consumer by disingenuously marketing products or services as environmentally friendly with the goal of gaining public approval and sales. 13. Inflation: persistent increase in the prices of goods and services 14. Foreign currency fluctuations: changes in the value of a country’s currency relative to the currency of another country. 15. Interest rates: cost of borrowing money 16. Political / regulatory environment: comprises political parties, government organizations and legislation and laws.
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