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Marketing 305, Ch 1 and Ch 2 Notes

by: Brittany Smith

Marketing 305, Ch 1 and Ch 2 Notes MKT 305

Marketplace > Colorado State University > Marketing > MKT 305 > Marketing 305 Ch 1 and Ch 2 Notes
Brittany Smith
GPA 3.5

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These notes cover Chapter 1 and 2 for the exam next week. Good luck!
Fundamentals of Marketing
James Cook
Class Notes
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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


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