MKT305 Week 3 Notes
MKT305 Week 3 Notes MKT 305
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This 3 page Class Notes was uploaded by Taylor Devereux on Friday February 5, 2016. The Class Notes belongs to MKT 305 at Colorado State University taught by James Cook in Summer 2015. Since its upload, it has received 130 views. For similar materials see Fundamentals of Marketing in Business at Colorado State University.
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Date Created: 02/05/16
MKT 305 02/04/2016 Marketing 305 Week 3 Notes Chapter 1 Selling 1 way Marketing 2 ways The evolution of marketing o Industrial revolution/Civil War= awareness ear o Post Civil WarWWII= selling era Upward curve of the government and economy This is when we tried to convince people that you NEED the product o Post WWII1990s= marketing WWII brought the US out of the depression From the great depression to the WORST of the great depression to WWII We saw the LARGEST leap of economic growth and money Producers started having competition Companies could meet demand by finding what there was the largest market for Who was the most successful? The person who did the best job at giving the consumer what they want 1990sPresent= relationship marketing Small businesses can compete in this type of marketing best BRAND LOYALTY!!! o It is cheaper to keep customers than to get new ones 2000sPresent= social media marketing In 2000 Facebook came along 2010sPresent= guerrilla marketing 3D Not going to see it on flyers, billboards, TV, etc. You “walk” into and experience the ad Very popular in Europe right now! Slowly coming to USA Environmental forces influencing marketing activities o Internal and external environmental scanning is critical External Every business needs to scan the environment for trends If you wait for the competition to sell something before you sell what is the popular trend then it’s too late Culture shock o Used to one thing in a culture then placed into a different culture MKT 305 02/04/2016 Change could accelerate so much, we could have future shock! ALWAYS have to be adapting Internal Customers= tell them that they are the most important (they are not) Employees= MOST important!!! Their happiness is most important What is needed for marketing to occur (four factors) o 2 or more parties with unsatisfied needs o Desire and ability to satisfy those needs o A way for parties to communicate o Something to exchange Target market o Know who you are selling to o Everything a business does should go back to WHO is the target market and what do they want The four P’s of marketing form foundation for DIFFERENTIATION o Differentiation process that you make yourself different enough so competition is not competition Needs to be hard to replicate Closely linked to the target market 4 P’s 1) product 2) place 3) price 4) promotion Price=the easiest to replicate if you use the low price strategy you have to have a strong enough foundation to be able to suffer a loss Product (service) and Place= hardest to replicate Place= if you offer delivery, interior of your selling space, etc. Promotion= easy to replicate marketing, promotions (coupons), if you do promotions too often customers will start to think the sale price is the normal price and they will never want to pay the regular price SHOULD test product on focus group(s): you’ll get a better more OBJECTIVE response if your focus group is people you do not know Customer value/Value Proposition o Benefit vs. Price More benefit, Lower price = MORE value Less benefit, Higher price = LESS value MKT 305 02/04/2016 Relationship marketing o Building relationships/high knowledge comfort to customers and awareness o Build customers for a lifetime Create a database for every customer (include picture if possible) so you can remember things about them and make them feel at home Best for small town businesses Ex: if high school colors of the town are blue and green then your company should incorporate these colors Reciprocity o Do good things for a community over and over again The community will then feel the need to repay you and do something for you Gets people loyal to you People feel obligated to use your business Types of unethical practices in advertising o Exploitation of… (women, kids, animals) o Promotes bad/unethical behavior o “bait and switch” o Unproven/Improvable results o Atypical results o False authorizes o Mocks other products o Lying/exaggerating
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