09/07/2016 Foundations of Marketing
09/07/2016 Foundations of Marketing MKTG 3650
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This 2 page Class Notes was uploaded by Tara Gardner on Thursday September 8, 2016. The Class Notes belongs to MKTG 3650 at University of North Texas taught by David Strutton in Fall 2016. Since its upload, it has received 175 views. For similar materials see Foundations of Marketing in Business at University of North Texas.
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Date Created: 09/08/16
REVIEW FROM LAST WEEK marketing mix-also known as the "4Ps" 1. Product-any offering that anyone perceives has value 2. Price 3. Promotion-communication about the product. 4. Place-distribution the supply chain o recent expanded to the "7Ps" 5. People 6. Process 7. Physical (surroundings) markets are heterogonous (diverse) segments are homogeneous (similar) o Segments are good far marketers because they are likely to respond similarly to the marketer's marketing mix o segmentation is the process by which the markets are divided into smaller segments Resources (3Ts)-Time, Talent, Treasure STRATEGY successful strategy involves preparation & planning o never fight a fair fight of you don't have to o "think like a person of action, act like a person of thought" strategy-(means military commander) o certain finite resources under their command o have goals & objectives o they have space/position they want to either acquire or defend (market share/space in the mind) o entails getting more out of situation than the original balance of power suggested was possible o entails a plan for moving forwards "if you're not moving forwards, you're falling behind" strategies exist at 2 levels o top level (strategic level planning)-overarching the entire company "meet and beat": the competition in ways that secures the future of the firm o functional level (tactical planning)-occurs at all levels of the corporation, especially the marketing level manage the marketing mix in ways that create differentiating value for the firm differentiation means being different from & better than the others or perceived as such PLANNING Planning entails: o looking backwards figure out what went right a wrong in the past o looking at the present identify resources -identify competitor strategies -identify prevailing trends o looking to the future layout goals and objectives Planning goals should be S.M.A.R.T: o Specific o Measurable o Actionable o Realistic o Time sensitive 10 planning principals planners should... 1. pursue logical solutions o Occam's razor-for any complex problem, the best solution is always the simplest solution that accounts for all the data 2. account for the role of technology o word of mouth can be the best friend or the worst enemy of marketers 3. accept the fact that not everything can be controlled o i.e. the human mind-it is hard to change people's minds 4. remember gold rules, (deliver 1 or the other or both) o increased revenues o lower costs 5. recognize that there are 2 types of risk in play in marketing o missing the boat-not-taking the risk o Sinking the boat-making a bet so big that if things go wrong, everything is ruined the waterline principal (metaphor)-if a ship is hit above the waterline, you might be able can still possibly salvage it with considerable effort, whereas if it is hit below the waterline, you're done 6. understand the critical difference between uncertainties and risks o uncertainties are far more dangerous than risks o with risks, you still know potential outcomes o With uncertainties, you have no f***ing clue what will happen 7. watch their assumptions o it's not what we don't know, but those things we think we know that gets us in trouble 8. understand and accept that no one best solution will exist o not blacks white, but shades of grey 9. should understand the importance of relationships o people stay in relationships they believe they are winning o Marketers need to convince customers that they are the winners 10.should understand that some problems are truly "wicked" o You are never gonna win completely o Ex. finding unclaimed space in the market, diverse organizations vs non-diverse organization, profit vs social responsibility, the difficulty of competing in a highly commoditized world QUOTES FROM THE BOOKS All these quotes are listed and explained in the textbook. We will not need to know who said them, we just need to be able to interpret them. 1. failing to plan is like planning to failing 2. Plans are nothing, but planning is everything 3. a good plan, executed violently today, is better than a perfect plan next week o the best sort of planning is extremely opportunistic 4. when absolute superiority is not attainable, one maybe produced at decisive points by making skillful use of the resources you have o attack your competitor's weaknesses o focus or doing what you do best 5. if you don't know where you're going, any road will get you there o what's your plan? 6. the man who chases 2 rabbits catches neither o simplicity, focus 7. chance favors the prepared mind 8. dig wells before you're thirsty 9. luck is the place where opportunity and preparation intersect 10.if you don't have a competitive advantage, don't compete o SBU (strategic business unit)-the smallest unit inside a firm that requires independent planning independent resources o you can differentiate anything if you are creative A NOTE ABOUT HATRED "Who you hate can make you great" o competition can make you better, especially if you're competition is really good and pushes you to a new level o Bill Gates vs Steve Jobs/Edison vs Westinghouse marketing rewards patience, balance, and outward looking perspective marketing punishes unwarranted hatred o if note you must hate, choose who or what you do carefully successful & strategic planners overcome the focusing illusion o few things are as bad OR important as they seem at the time
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