9/14/2016 Foundations of Marketing notes
9/14/2016 Foundations of Marketing notes MKTG 3650
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This 3 page Class Notes was uploaded by Tara Gardner on Friday September 16, 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 35 views. For similar materials see Foundations of Marketing in Business at University of North Texas.
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Date Created: 09/16/16
Chapter 3 3 parts to strategy: 1. analyze or identify marketing opportunities o Also possible to create opportunities for your firm (create solutions to problems the market doesn't even know it has yet) 2. Select your target market 3. create unique and uniquely desirable marketing mixes for earn segment that you target The marketing mix is like a meatloaf… o There are multiple ways to make a meatloaf o based on recipes o changing one element creates an entirely new meatloaf recipe if and when you change any of the 4ps, you create a new marketing mix Mission statement planning shouted begin with a mission statement Mission statement-who we are as a firm. What's acceptable to do, and who we could acceptably become (or not become), and how we are going to get there o -prescribes who we will be in the future o -proscribes us from becoming other things mission statements should: o Motivate o give direction o dictate what is appropriate or inappropriate o focus on how the firm is going to solve customer needs SWOT Assuming the firm already has a mission statement, planning begins with a SWOT analysis SWOT - stands for Strengths, Weaknesses, Opportunities and threats o Strengths & Weaknesses-part of a firm's internal environment o opportunities & threats-part of the firm's external environment would exist even if the firm did not exist an opportunity exists as a trend that is moving in favor of the firm a threat is a trend that moves against the best interest of the firm match up strengths in ways that allow you take advantage of opportunities o "Own the trend when the trend is your friend" goals and objectives should be consistent with your mission statement o Goals can be qualitative vs qualitative o if you can check off objectives, you are moving towards achieving your goals Ways to establish differentiation be the low cost provider of something be or be perceived as the technological leader by gaining greater customer intimacy 4 p's Product What are its benefits and attributes Price Exchange-a give and a get price is what you give up to get value in a product never give anything away for anything less than it's actually worth The best way to manage price is to establish a high price & convince the world that the product is worth it pricing is a marketing mix tool whose purpose is to create & capture value Promotion 4 basic ways marketers communicate o advertising o personal selling o Publicity/public relation-spinning o sales promotion good at informing, reminding, persuading, incentivizing, creating or strengthening relationships Place distribution-supply chain Growth market penetration-don't do anything new, but what you do do, you do better market development-don't change the products just target a new market segment product development-anytime you charge a product, but market to the same market segment o Anytime the marketer changes anything about the product, you have a new product diversification-sell new product to a new market (BCG) product portfolio matrix how to allocate limited resources amongst a portfolio Dog: low share/low growth market (get rid of it) Star: high growth/high share market Cash Cow: high share/low growth market Question Mark: Low share/high growth market Chapter 4 **he didn't lecture all that much on this chapter, hence the minimal notes. I strongly suggest looking over the book** Macroenviornment-the factors outside the firm that the firm has no control over, but should understand o Books mentioned: Art of War Prince by Machiavelli "if you know the enemy, but don't know yourself, you'll win about half the time and vice versa" Relevant in the firms environment a. the firms suppliers b. firms intermediaries c. tends amongst the firm customers d. societal-demographics cultural trend e. economic conditions it trends) f. technological trends g. The firms competitive conditions trends h. Regulation and laws that confront and constrain the firms Glacier metaphor glaciers impact and are impacted by their surrounding environments marketing impacts their environment & vice versa
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