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BUS M 241 WEEK 2

by: Morgan Christensen

BUS M 241 WEEK 2 BUS M 241

Morgan Christensen
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Topic 2: The Marketing Environment Topic 3: Global Marketing
Marketing Management
Michael J Swenson
Class Notes
marketing management




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This 4 page Class Notes was uploaded by Morgan Christensen on Tuesday September 13, 2016. The Class Notes belongs to BUS M 241 at Brigham Young University taught by Michael J Swenson in Fall 2016. Since its upload, it has received 7 views. For similar materials see Marketing Management in Business Management at Brigham Young University.

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Date Created: 09/13/16
BUS M 241 WEEK 2: 09/06 – 09/08 Extra credit:  Behavior Lab, 340 Tanner Building  o Michael Jarman, Behavioral Lab Manager  Do up to 4 studies, up to 1% grade increase TOPIC 2: The Marketing Environment  4Ps — controllable variables  External Forces (5) affecting Marketing (Uncontrollable variables) o Social  Culture→ attitudes, values held. This affects consumers.  i.e. Americans are concerned with environmental protection and so Clorox has environmentally friendly cleaning products.  demographics→ characteristics of a population (age, gender, ethnicity, income, occupation)  i.e. Changing age groups. Amazon has a store for older adults. 50+ active and healthy living  Generational Cohorts→ people born in the same period who share common life experiences  I.e. Terrorism, 9/11, 2007-09 Depression, Digital Age for our age group… Millennials. (largest generation, more than the Baby Boomers)  i.e. Millennials have major debt and are delaying major life events (marriage, kids, buying a home). They save a lot though. That affects how banking reaches out to Millennials.  Campbell’s soup. Millennials love spices, more exotic foods, but don’t cook at home. So they sell Campbell’s Go.  Growing Ethnic Markets  i.e. Home Depot has Spanish Signs  Changing Role of Family/Women  Divorce, not marry, marry later, marry but not children, smaller families, mom works out of the home  Working women has had a HUGE effect on Marketing  i.e. mobile phones. Working moms spent more time on cell phone & do most of the purchasing in the home. Therefore, mobile marketing is a great way to reach working moms. o Economic  Gross income→ total amt that you make in one year BUS M 241 WEEK 2: 09/06 – 09/08  Disposable income→ money left over after taxes for necessary things like food, housing, clothes, transportation  Discretionary income→ money left over taxes and necessities, used for extra things like jewelry or movie tickets o Technological  Changed the way we:  Communicate, obtain information, share information, shop, read, watch TV, date, etc  i.e. Everyone from all around the world can skype together; TINDER; o Competitive (Five Forces Model)  Competitive rivalry — firms lose profits because they are competing for customers. There are a limited number of customers  Power of suppliers — if supplies demand higher prices, firms lose money  Power of buyers — If buyers demand lower prices, firms lose money (retailers may have power)  Threat of new entrants — lose profit due to new competition  Threat of substitutes —lose profit due to lower priced substitute products  i.e. Pepsi vs Coca-Cola o Regulatory → govt regulation (state and federal)  i.e. State Bottle Bills  SWOT analysis (how to assess how a company will do regarding external forces) o Use strengths (favorable and internal) o Moderate weakness (unfavorable and internal) o Make the most of opportunities (favorable and external) o Manage or eliminate threats (unfavorable and external) o i.e. DUNKIN DONUTS  strength — east coast, loyalty program  weaknesses — Mass market focus, inconsistent franchise  opportunities — global retail expansion  threats — competition from specialty donuts and coffee  Dangers of Ignoring the Marketing Environment  Swenson’s Career Counsel o Passion o Performance (you should be able to do it well) o pay TOPIC 3: Global Marketing  How to determine which foreign markets are most attractive? BUS M 241 WEEK 2: 09/06 – 09/08 o Customer Needs o Customer Purchasing Power o Market Size o Market Growth Rate o Market Access  Risks of Global Market Expansion o Competitive Risk → competitors’ responses to the new products in the local market  i.e. L’OREAL from Paris comes to America and OLAY (OHIO) reacts with better products and lower prices. o Economic Risk → potential risk of the country’s economy (i.e. inflation or government debt)  i.e. when Pizza Hut when to Brazil during inflation, they were changing prices daily. o Legal Risk → inadequate protection of contracts and intellectual property  i.e. Music, software and movies have intellectual properties that you need to protect. Different in different countries. o Political Risks → demonstrations, strikes, civil strife, abrupt government changes, violence, terrorism etc can influence a business’ performance  i.e. US brands have been targeted by terrorist groups, simply because they are American.  Market Entry Strategies (based on risk, control, costs, and potential return) o Exporting (Low risk, low return)  i.e. Harley Davidson builds here and sells around the world o Licensing  Company in one country agrees to let a company in another country to use their manufacturing, processing, trademark, know-how, patent, etc.  i.e. Coca-Cola Brasil. Similar to franchising. Sunkist o Joint Venture  Two companies join up, sharing expenses and risks, to form a third company  i.e. Yum Brands and 2 chinese organizations formed Beijing Kentucky Company, Ltd. (KFC)  i.e. Campbell Swire (Campbell’s soup in PacRim area) o Foreign Direct Investment (High risk, high return)  i.e. investment in the company. Motorola invests in a plant in singapore  Make direct investments in companies in other countries  Manufacturing products requires: people, knowledge, resources.  Three Types of Geographic Marketing o Domestic → focuses on customers in the home country BUS M 241 WEEK 2: 09/06 – 09/08  No language/cultural barriers  No joint ventures or selling in other countries o International → exporting products to one or more countries outside of the domestic market, but headquarters remain in the home country o Global → selling or licensing products for sale around the world  i.e. Coca-Cola   Standardization vs Customization o Standardization  Uses the same Marketing Mix it does in the foreign market as it does in the domestic market.  Cheaper than customization  i.e. Coca-Cola, McDonald’s, o Customization  Modify the Marketing Mix to suit the local market  Global — standardized marketing mix, efficient  Glocal — go global, act local; standard platform adapted to local requirements  International — customized marketing mix, suitable  i.e. SONY, L’OREAL, NOKIA


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