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Marketing 301: In class Notes for Exam

by: Natalie Land

Marketing 301: In class Notes for Exam MKT 301

Marketplace > University of Miami > Business Administration > MKT 301 > Marketing 301 In class Notes for Exam
Natalie Land
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Here are detailed notes of what is said in class for your exam, its more than just the notes he writes, its what he says!
Class Notes
Marketing, MKT 301, MKT 201, market, 301




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This 6 page Class Notes was uploaded by Natalie Land on Thursday February 4, 2016. The Class Notes belongs to MKT 301 at University of Miami taught by Marmorstein in Summer 2015. Since its upload, it has received 67 views. For similar materials see Marketing in Business Administration at University of Miami.


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Date Created: 02/04/16
January  12,  2016   Marketing  Notes  from  Class     •   Video  notes:  Avon  Cosmetics     o   Why  did  they  go  into  the  Amazon?   §   Growth  objective:  one  of  marketing  task:  company  needs  to  grow     §   Marketing  strategy:  look  ahead  five  years  if  we  don’t  do  anything   differently  where  will  we  be?   •   One  way  is  to  take  existing  products?  And  find  new  consumers:  ie   the  amazon  and  the  product  Renew  from  Avon     •   Introduction  to  Marketing     o   What  things  can  be  marketed?   §   Besides  physical  objects,  services  such  as  household  services  can  be   marketed,  also  ideas,  and  concepts,  insurances,  consultation,  identities     §   Marketing  can  be  very  deceiving,     •   Bold  face  lies  began  after  the  1930s,     o   Why  would  avon  let  this  video  be  created?   §   There  is  an  underlying  premise:  not  all  publicity  is  good  publicity     §   It  got  people  talking  about  Avon     §   And  even  though  the  video  was  bad  they  was  still  very  successful  globally   but  from  then  to  now  it  has  gone  down     o   Stakeholder:  someone  who  has  a  stake  in  a  company-­‐  employees,  customers,   and  communities     o   A  customer  isn’t  always  right  you  have  to  start  as  a  marketer  thinking  customers   are  correct  but  knowing  they  aren’t  always     o   Marketing:  strategy,  identify,  attract  and  retain  the  right  customers     §   Avon  had  high  loyalty  expectations:  ie:  renew,  you  had  to  keep  using  it   once  you  started     o   material  omit:  marketers  cant  tell  everything  to  the  consumer  about  the  product   but  if  one  factor  is  so  important  that  if  not  told  it  impacts  hugely  you  have  to   disclose  that  fact:  in  the  US  you  cant  material  omit     o   DE  marketing:  use  communication  to  reduce  or  discourage  a  behavior  or  product     §   Campbell  soup  wanted  to  make  you  believe  it  was  made  of  healthy   products  but  it  was  a  deceptive  commercial  –  they  put  marbles  on  the   bottom  to     §   Marketers  overhype     o   Customer  satisfaction:  two  key  aspects  are  comparison  of  product  performance   to  customer’s  expectation   §   Ie:  If  company  went  and  hyped  the  product  you  may  achieve  greater   degree  of  customer  trial  but  lower  re-­‐purchase   §   Customer  satisfaction:  performance  vs  expectations       Marketing  chapter  2:  Notes  from  class     January  19,  2016   •   4  p’sof  marketing     o   what  you  hear  in  video  isn’t  always  true,  they  just  say  things  to  convince  target   audience:  red  mango:  150  stores  now  they  have  zero     •   marketing  mix     o   product,  place,  price,  promotion   o   controllable  variable:  after  you  develop  a  strategy  who  is  the  target  market,  how   are  we  going  to  deliver  better  values  that  our  competitors,  after  the  strategy   then  comes  the  marketing  mix     o   Marketing  Mix     §   Price:  relative  and  absolute:  premium  price  or  lower  price  than   competitor     •   Red  mango:  had  a  higher  price  value     §   Product:  is  it  going  to  be  distributed  to  consumers     §   Promotion:  coupons,  advertising,  sales,  using  pr  to  let  target  market   know  who  they  are     §   Place:  pinkberry:  spacious  luxurious,  simple  approach  to  distribution   •   Strategy:  more  than  one  element  at  a  time:     o   Premium  product,  place,  price     o   Integrated  marketing  mix:  multi  faceted     •   Tactic:  is  one  thing  at  a  time,  where  firm  decides  on  decision  one,  by  itself     •   Strategy  in  chess:  all  over  longer  term  aspect   •   Tactic:  short  term  and  small     o   Other  firms  respond  to  tactic     o   One  firm  changes  price  this  is  quick     o   Tactics  are  quicker  and  easier  to  change     •   Red  mango  case     o   Co  creation:  in  yogurt  places  you  self  serve-­‐  why  good  idea,  because  it  makes  it   more  fun,  consumer  has  control,     §   Going  quickly  is  risky,  not  right  location  for  red  mango  maybe  or  the   personel  wasn’t  the  right  one     o   What  went  wrong  at  red  mango?   §   Who  was  the  target  market?  Younger  people  12-­‐32     §   Promotion:  all  through  social  media  was  their  promotion  not  any  other   platform     §   Maybe  there  target  market  was  wrong,  older  people  care  more  about   health  than  do  the  target  they  were  aiming  at     §   Longterm  success:  isn’t  achieved  with  advertising  and  gimetry     •   Outback     o   How  did  they  succeed     o   It  wasn’t  because  of  their  cute  Australian  advertising     o   Four  ways  that  there  strategy  enable  them  to  delvier  greater  perceived  value     §   Exclusive     §   Higher  quality     §   More  concentration     §   Dinner  only:  greater  perceived  value     •   Perceived  value:  quality  of  product,  what  you  give  to  get  in  return     o   The  quality  and  benefits  you  get         Chapter  3:  Social  Media:   January  21,  2016   •   Ford   o   What  would  you  do  with  a  thousand  ford  cars     o   Fiesta  ford:     o   Prelaunch  campaign:  100  drivers  with  100  cars:  have  them  take  pictures:  they   were  called  fiesta  agents  and  were  on  missions     o   The  target  audience  is  young  people  and  social  media  was  the  best  way  to  meet   them     •   Marketing  metric:  to  see  if  a  campaign  is  efficient:  cost/exposure:  cost  of  campaign   went  down  ten  percent  good  thing     •   Social  repricocity:  reciprocate  four  invitation  so  the  agents  were  invited  and  in  return   filmed  more  videos  than  asked  for     •   Shopping  apps:  company  knows  your  at  the  store     o   Maximum  opportunity  to  influence  consumer  is  when  it  is  recent     o   Marketers  want  to  customize  coupons     o   Mobile  marketing;  unwanted  spam       •   Strategic  planning:  why  do  companies  do  strategic  planning?   o   For  the  long  term,  if  we  don’t  do  it  what  could  go  wrong?   §   You  could  lose  money,  not  knowing  the  target   o   What  could  go  wrong  in  the  future?   §   Make  sure  its  going  to  grow   §   Achieving  growth  objective     §   Market  penetration:  how  much  of  existing  category  sales:  higher  share  of   marketing:  ie  Starbucks  puts  two  stores  next  to  each  other     §   Market  development:  focus  on  your  target  audience  already  and  bring  it   to  a  secluded  area     §   Product  development:  new  products  selling  into  existing  markets       January  26,  2016   Social  Ethics   •   Ethics:  principles  and  values  that  serve  as  guidelines  for  how  to  act  when  faced  with  a   moral  dilemma     •   Framework  for  making  ethical  marketing  decisions:  this  will  be  essay  question  on  test   perhaps     •   Ethics:  factors  affecting  behavior   o   Social  and  cultural  norms,  industry  practices,  corporate  culture,  personal   philosophy   •   The  four  steps     o   Identify  the  issue,  gather  information  and  identify  stakeholders  that  might  be   affected,  evaluate  different  choices,  choose  course  of  action     •   Functional  fixedness:  opposite  of  thinking  outside  the  box     •   Baseball  video:  baseball  moments,  ninja  baseball,  player  girl  climbing  wall  to  catch  ball:   Gatorade  bottle  by  her  foot  when  she  sits  down     o   It  was  a  Gatorade  commercial  and  you  can  have  an  insane  athletic  performance   with  Gatorade   o   The  problem  with  video  is  it  isn’t  real     o   People  like  authenticity  its  unethical  and  in  Company  to  Company  its   unprofitable     •   Marketing  ethics  vs  social  responsibility     o   Are  the  firms  ethically  strong  and  socially  responsible,  can  it  be  strong  in  one  and   weak  in  another     §   Companies  differ  in  corporate  culture     §   How  can  a  firm  be  good  ethically  but  socially  responsible  bad     •   IE:  Walmart     •   Corporate  responsibility:  voluntary  actions  by  firm  that  affects  people  outside,     o   Walmart:  uses  one  billion  dollars  on  donations  but  what  about  other  stuff?   •   Social  responsibility  of  business:  the  business  of  business  is  profit:     o   Responsibility  is  to  its  shareholders     o   Maximize  return  to  share  holders,  company  should  maximize  responsibility  to   stakeholders     o   Includes  society,  more  generally     o   Ben  and  jerry’s:  societally  oriented  firm:  appropriate  levels?   •   Cause  related  marketing  and  social  marketing:  whats  the  difference?   o   Marketing  can  be  used  for  profiting  or  not  for  profiting  purposes:  it  can  also  be   for  social  purpose:     •   Cause  related:  company  aligns  itself  with  cause  and  promises  to  donate  some  of   proceeds  to  a  cause     •   Marketing  rules  and  practices     o   Societal  culture  and  norms  affects  how?   §   In  some  societies  you  can  bash  other  companies,  but  not  all  allows   comparative  advantage     §   Sensitive  society:  careful  what  we  put  in  commercials:  issues  related  to   marketing  ethics:  ie:  ocd  Christmas  sweater     •   Marketers  cause  all  kinds  of  harm:  some  people  belive     •   One  says  advertising  is  a  cost  :  therefore  it  leads  to  heavy  pricing:       Marketing:  Chapter  5     January  27,  2016   •   Monitoring  the  Market  Environment     o   Whether  people  are  aware  of  what  they  know  or  not     §   Studies  are  conducted  on  this  issue     §   If  you  are  asked  questions  about  there  areas  of  expertise  they  know   better     §   Tendency  for  people  to  be  overconfident:  in  calliberation  of  knowledge:   people  who  are  90%  confident  tend  to  be  80%  correct     o   New  flavor  of  gum:  Wrigley  has  introduced  many  over  the  years  they  know   about  this  stuff:  make  decision  based  on  informal  feedback:  subjective  estimate     •   If  its  something  we  are  really  sure  of:  marketing  research  isn’t  always  a  good  idea     •   Marketing  decision  if  expected  benefit  cost  is  greater  than  cost  then  do  it     Marketing  Research     •   What  approach  did  Unilever  use  to  monitor  the  marketing  environment?     o   Illustrate  idea  that  surveys  are  good  for  some  but  you  can  learn  more  through   technology     •   Super  bowl  commercial     o   Newcastle  brown  ale:  a  lot  of  ads  in  one  commercial  of  brands  put  together     o   Pros:  good  way  to  save  money  but  was  it  worth  it?  It  was  so  busy  you  don’t  even   remember  the  brands  or  ninety  percent  of  what  we  saw     o   Cons:  people  don’t  remember  the  less  popular  brands     •   Nation  wide  insurance     o   Why  did  it  do  so  poorly?  Ruined  moment  of  the  super  bowl  because  of  its   dramatic  sad  commercial     o   It  could  have  been  not  of  someone  dying  and  sad  could  have  taken  a  different   approach     •   Evaluating  ads:  reach,  frequency,  and  impact:  before  what  approach  they  want  to  know     o   Reach:  what  percentage  of  target  audience  will  be  exposed     o   Frequency:  number  of  times  one  member  is  exposed  to  that  one  advertisement     o   Impact:  when  firm  appears  on  super  bowl  provides  signal  that  they  are   significant  and  stable     •   Surveys  Vs  Experiments   o   Surveys:  consumers  say  things  we  don’t  know  about:  difficult  to  do  good  survey   research,  faulty  problems     o    Decline  in  sales:  symptoms     o   exploratory  research  goes  before  survey:  qualititave  in  nature:  make  sure  you   know  what  problem  is  focus  group:  smaller  number  of  people  with  discussion   •   Defective  population:  sampling:  representative  sample  of  target  market  deciding  on   required  sample  size     •   Bigger  samples  are  always  better  than  smaller:  if  I  can  get  a  good  estimate  with  x  sample   size     •   Guide  size  of  sample  should  be  precision  of  estimate  they  require     o   Can  you  use  a  plus  or  negative  .3  and  still  be  accurate?   •   Sample  size:  dispersion  on  character  of  interest  and  precision  of  estimate     •   A  company  should  spend  a  fixed  amount  of  percentage  on  its  money  on  research?  True   or  false?   o   How  should  firm  decide  on  budget  each  year?     o   It’s  a  myth  to  use  fixed  percentage  on  sales  research              


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