New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

BADM 320 Week 3 Day 2

by: Amy Kwon

BADM 320 Week 3 Day 2 BADM 320

Amy Kwon

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

These notes cover what's going to be in our exam.
Principles of Marketing
Mark E Wolters
Class Notes
business, Marketing, principles of marketing
25 ?




Popular in Principles of Marketing

Popular in Business Administration

This 3 page Class Notes was uploaded by Amy Kwon on Wednesday September 14, 2016. The Class Notes belongs to BADM 320 at University of Illinois at Urbana-Champaign taught by Mark E Wolters in Fall 2016. Since its upload, it has received 4 views. For similar materials see Principles of Marketing in Business Administration at University of Illinois at Urbana-Champaign.


Reviews for BADM 320 Week 3 Day 2


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 09/14/16
Thursday,   September   8,   2016 BADM Week 3 Day 2 Competitive Strategy - Differentiation Strategy: creative design, marketing the brand, research and development with innovation and quality - Cost Leadership: cut costs & save money to pass on savings to customers (Wal- Mart did fine during the recession) - Focus: (Focus Differentiation/Focus Cost Leadership) - narrow target market using either of the above scenarios
 (ex: Target is more preferred because slightly higher quality level stock) - Firms either focus on one or the other as in no man’s land is bad
 (Cheap clothes? Or Better quality but more costly?)
 (Sears is not Macy’s but it’s not Zara, so it’s not on either of the extremes, so it wasn’t doing well)
 GE McKinsey matrix - Evaluation SBU’s
 -Business decide where to invest their money (which division, sbu, etc) —> focus on growing? stabilizing? Divest?
 -Industry Attractiveness (are we growing?)
 -Strength of your Business Unit (be honest and compare different SBUS) (the business strategies you have for it —> you need to have a philosophy to get people to agree on something) (profit margins in relation to competitors) Industry Industry Industry Industry Attractiveness Attractiveness Attractiveness Attractiveness Strength of SBU HIGH MED LOW Strength of SBU HIGH grow grow hold Strength of SBU MED grow hold divest Strength of SBU LOW hold divest divest ex Q: industry attractiveness + biggest product = grow 1 Thursday,   September   8,   2016 SOCIAL MEDIA MARKETiNG & DIGITAL MARKETING Social media defined by 2 factors (Kaplan & Haenlein) • Media Richness: amount of content - how much can they share? 
 Wikipedia, Video Blogs, Parascope with Live Chats… • Self-disclosure: how much info are people sharing regarding their feelings and ideas? With social media, it’s very helpful (esp. for small businesses) MEMORIZE THIS TABLE!!! Criteria Traditional Media Social Media Ability to reach both large & Get large & niche audiences. 
 Get large & niche audiences. 
 niche audiences Good content!!! but good work Good content!!! but good work doesn’t guarantee ppl see it (ad doesn’t guarantee ppl see it (ad blocker) blocker) Expense & Access Pricey
 Cheap Not that accessble Accessible Training & Number of people Skilled labor for specialization anyone’s parents can even use involved facebook Time to Delivery takes long quick Permanence can’t go back and change can make changes Credibility & Social Authority credibility not much credibility (not taken seriously) 4E Framework for Social Media Firms need to EXCITE customers - what excites and what is important to them? find out what they like. Firms need to EDUCATE customers about their offering - what are the good points of our products? Firms help them EXPERIENCE your products - share customer experiences and reviews. Person sees another person buying something and also buys it. Firms let them ENGAGE with social network - customers need to be engaged (subscribed, “Click Here for More”) before they commit to buy. 2 Thursday,   September   8,   2016 3 ways to be cool on YouTube: 1. Be Funny 2. Be Weird 3. Be Useful 3


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Amaris Trozzo George Washington University

"I made $350 in just two days after posting my first study guide."

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.