Marketing 305, Ch 1 and Ch 2 Notes
Marketing 305, Ch 1 and Ch 2 Notes MKT 305
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This 4 page Class Notes was uploaded by Brittany Smith on Sunday September 11, 2016. The Class Notes belongs to MKT 305 at Colorado State University taught by James Cook in Fall 2016. Since its upload, it has received 44 views. For similar materials see Fundamentals of Marketing in Marketing at Colorado State University.
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Date Created: 09/11/16
Fundamentals of Marketing Chapter 1 (continued) You must scan your environment constantly External vs. internal o External: consumer trends, technology development, economic indicators, legislation Example Catch consumer trends before they happen, know legislation before it happens/passes o Internal: organization structure Example Employee satisfaction What is needed for marketing to occur? Two or more parties with unsatisfied needs The desire and ability to satisfy needs A way for parties to communicate Something to exchange Easy in the United States because of advanced distribution, currency, easy sources for communication Target Market Who do you want to market to? What is your target market? o Shared characteristics that are key to attraction to your product/service Income, age, interests/hobbies Why this target market? How to target this specific market o Media o Message Have to think about your competition o How to differentiate the product from competitions product 4 P’s Product Place o Interior, exterior, location, atmosphere, design Price Promotion Customer Value/Value Proposition Good product/service at a good price = good value For both seller and consumer Relationship Marketing Knowledge about customer Awareness from customer Building relationships, high knowledge/comfort/awareness Create customer for a lifetime o Easier to refrain a customer than get a new one Ethics in Marketing Unethical practices o Exploitation of Women The thing your marketing Rescue animals (dog after dog after dog) Nonprofit o Promotes bad/unethical behavior Unhealthy Vitamin Water ad “Cheat on your girlfriend, not your workout” ad o Bait and Switch Fast food ads – big and fluffy food, but when at restaurant, its small and flat o Unproven/improvable results Diet supplement ads/commercials o Atypical results “Younger” looking, more fit looking o False authorities Hyperbole “Expert” when they aren’t really experts Doctors who aren’t really doctors “Caveat emptor” Let the buyer buy o Mocks other products Counterfeits/knockoffs o Lying/exaggerating Hamburger ads Fundamentals of Marketing Chapter 2 Strategic Planning Process Mission Statement o The company’s purpose, existence o Review every 610 years Unless the business is changing frequently o Business cannot lose focus of mission statement Strategic Goal o Review every 36 years o Balance of perspective from different levels in business Board of Directors to the employees o Big picture, no real specificity o Example Diversity Student Population at CSU Level: University wide Functional Goals o Review every 13 years o Midlevel o Division and department heads o Example From example above, instead of university wide, it’s become more specific at the department level Increase enrollment of South American students by 20% from 200 students in 2016 to 240 students by 2018 o S.M.A.R.T. Specific Measurable Achievable Relevant Timelimited Operational Goals o At the department level within department o Review every 01 years o Below midlevel to front line o Implementation Plan Activities/Strategies Specific activities to achieve goals Responsibility centers Who’s accountable Limits chaos Milestones/metrics Goals accomplished on time Resources Additional budget, space, staffing Management Cycle Plan Organize o Put in place systems o Amass resources o Bring together everything to implement plan Manage Control o Periodically checking ot see if plan matches reality Plan o What works and what doesn’t? o Knowing the plan inside and out for the present and future