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UNIVERSITY OF MIAMI SCHOOL of BUSINESS ADMINISTRATION Ul MARKETING 201 PRINCIPLES OF MARKETING Instructor Claudia Townsend PhD KosarEpstein Faculty Of ce Wing Of ce KE517 Phone Of ce 3052841804 Email ctownsendbusmiamiedu Section O Tuesday and Thursday 9301045 Dooley Memorial Classroom 116 Section Q2 Tuesday and Thursday 1230145 Dooley Memorial Classroom 212 Section R Tuesday and Thursday 200315 Dooley Memorial Classroom 212 Of ce hours Tuesday and Thursday 111220 Wednesday 11am 2pm or by appointment Please feel free to ask questions anytime Email is the quickest way to contact with me REQUIRED MATERIAL A text will be used in class The text is Marketing by Grewal and Levy 3rd Edition McGrawHill 2012 is available in the bookstore It is highly recommended that you read the assigned reading before the class in which it will be discussed Additionally chapter outlines are available on the course website It is recommended you review and print these bringing them to class to help you with notetaking Additionally we will be using Nudge by Thaler and Sunstein There is a copy available on course reserve for you to photocopy Alternatively you may wish to purchase the book The paperback version is available on Amazoncom for about 10 We may also use several articles throughout this course available on Blackboard under Course Reserves andor I will email them to you RECOMMENDED MATERIAL The course web site is wwwcoursesmiamiedu Please register as course documents and suggestions will be available on the site Please download and print materials available for this course on the site for classes You are also encouraged to stay uptodate on marketingrelated news A good source for this is the Wall Streetournal This is available through the library or you can get the online and print version and smartphone and tablet app for a discounted rate To do this see the instruction sheet on blackboard under course documentsWall Street Journal This will also help when it comes time to nd an article for your discussion lead ACADEMIC INTEGRITY Academic dishonesty in any form is not tolerated This policy is required to encourage consistent ethical behavior among students and to foster a climate of fair competition Personal integrity is a quality that is expected and respected at the University of Miami The students must seek an education in a sound manner with devotion to honesty that will not be violated in search of an easy way to make a grade The student s academic conduct must be beyond reproach Consequently the Undergraduate Student Honor Code in is force at all times Students are responsible for reading understanding and upholding the Honor Code which is available from the Of ce of the Dean of Students Individual and group assignments will be turned in through SafeAssign This program checks for plagiarism Always give credit cite when using other people s ideas and ndings and NEVER copy the work of others wordforword If have reason to believe you were dishonest in the way you represented your work either by not citing a source or copying work from a source including another student peer internet source or otherwise you will get a 0 on the assignment Depending on the situation reserve the right to report the case to the Honor Council COURSE DESCRIPTION This course is devoted to the study of marketing and the marketing system involved with the task of marketing products and services In order to survive in the contemporary business world organizations have to continually bring new ideas and products to the market In addition existing products have to be managed in a dynamic competitive environment The overall purpose of this course is to acquaint you with the application analysis synthesis and evaluation of the theories and practice of marketing This course will serve to allow you to develop marketing plans based on an understanding of issues associated with pricing and costing buying behavior market segmentation channel management and other marketing topics as they are applied to the marketing goods and services Methods of instruction will include lecture discussion experiential involvement learning and case analysis LEARNING OBJECTIVES The primary objective of this course is to introduce the fundamental concepts in marketing This course is designed to provide both marketing and nonmarketing majors a solid overview of marketing in general Consequently a variety of marketing topics and a vast amount of material will be covered Regardless of the student39s major it is expected that the student should develop the ability to approachunderstand corporate decision making from a marketing perspective The course will also heighten our awareness of ethical social environmental and global issues in regards to marketing activities and make us more knowledgeable consumers Speci c objectives include 1 Introduce the fundamental concepts in marketing by providing students with a solid overview of marketing theories and practices in general Provide students with the ability to understand corporate decision making from a marketing perspective and how marketing relates to other functional areas Provide students with an awareness of ethical social environmental and global issues as they relate to marketing activities Provide students with the ability to understand marketing situations and analyze problems with the use of case studies popular press articles and current corporate examples Provide students with the information and skills needed to develop a marketing plan a Describe the strategic marketing process and its three key phases planning implementation and control b Collect useful data for marketing plan environmental scan secondary data etc c De ne the productmarket by focusing marketing efforts on market segmentation i Go over the steps involved in segmenting and targeting markets ii Recognize the different factors used to segment consumer and organizational markets iii Use marketproduct grid to identify a target market and forecast of company sales iv Examine how marketing managers position products in the marketplace Distinguish among different marketing channels e Develop branding and packaging strategies if appropriate for your offering f Recognize the major factors considered in deriving a nal list price g Develop a promotional strategy that is appropriate to your market h Develop measurement and evaluation of the marketing plan for effectiveness and improvement Q ACCESSIBILITY RESOURCES Reasonable accommodations will be provided by the instructor or through the Of ce of Disabilities for students who have a documented disability and are registered with the Of ce of Disabilities Accommodations will not be made for students who are not registered or who do not present the required letter The accommodations letter must be presented to the instructor during the rst week of classes The instructor will then work with the Of ce of Disabilities to determine the best way to accommodate the student for that course Students should not assume that they will be accommodated in exactly the same manner for every course It is the responsibility of the student to contact this instructor to coordinate the details of all accommodations Students may speak with the instructor or contact Accessibility Resources at 305 2842374 for more information about receiving classroom accommodations ATTENDANCE more details in policies for classroom conduct Your presence in class is essential to your ability to understand and apply the material covered in this course Treat this class as you would any other professional obligation By accepting a job you are making an implicit commitment to attend work regularly By registering for this class you make a similar commitment Missing classes will have a negative effect on your class grade This class requires collaborating with others to complete certain assignments Missing class makes this much harder In addition on certain occasions I will let you use some of the remaining class time to meet with your group members and work on your project or discuss potential problems or concerns you or your group members may have Missing class or arrivingleaving early only frustrates your classmates and hinders the learning process In addition you will miss the opportunity to participate in a class discussion which will have a negative effect on your overall grade Absence from class does not exempt you from being responsible for all the material covered in class and being aware of any announcements made in class In other words if you miss class it is your responsibility to obtain the lecture or discussion notes and handouts if any from your classmates It is very important and necessary to read the material and contribute to the classroom discussions Mere physical presence in the classroom will not help you earn your participation grade Active participation in class activities is desired The instructor reserves the right to the grade for participation Cell phones smart phones PDA s iPods etc may not be used in class Please shut them off completely not on silent or vibrate before entering class Failure to comply will negatively affect your class grade I reserve the right to ask you to leave class if your phone goes off in class Laptops are strongly discouraged If you feel that you would bene t signi cantly from taking notes using a laptop please see me to discuss otherwise they are not permitted SHOULD you be granted laptop use during class it may only be used to take class notes Any other use of a laptop eg sur ng the Internet chatting etc will mean immediate revoking of laptop privileges Please consult the default UM policies at the end of this document University of Miami Policy on Attendance Each student is required to attend every class and attendance will be part of the grade Faculty will excuse absences only in cases of documented serious illness religious observance civic obligation or participation in an activity approved by the Academic Deans Policy Council Otherwise your attendance is expected If you will miss class for religious observance or a civic obligation you must inform your instructor at least one week in advance Any other absences such as absences for work related travel or family emergency may be excused at the discretion of the faculty upon receiving supporting documentation It is the student s responsibility to contact the instructor within one week after any unanticipated absence Instructors and administrators shall endeavor not to schedule any examination or other graded class event on a major religious holy day GRADING The following grading weights will be used to determine your grade at the end of the semester Points Examinations 60 300 3 x 100 each Group Project 28 140 1 x 30 1 x 40 2 x 35 peer evaluations Discussion Lead 2 10 1 x 10 Participation 10 50 1 x 50 100 500 EXAMS There will be three exams given during the semester NO MAKEUP EXAMS WILL BE GIVEN If you have a medical or any other emergency which prevents you from taking an exam the nal exam grade will replace that grade In this event documentation of the emergency must be provided and will be veri ed All exams may be a combination of de ne matching multiple choice and short answeressay questions From exam to exam the structure may vary Material for the exams will come from lectures discussions articles read in class cases covered lmsvideos the text Exams will NOT be cumulative PARTICIPATION Participation is 10 Here s how this works The expectation is that you will participation If you merely attend class you will get 0 Showing up is not enough If you contribute positively to the class environment by regularly attending being on time and contributing actively to class discussion you will get up to 10 If you fail to attend class show up late on a regular basis or are disrupting in class you will get up to 10 The reason I have structure my participation grade this way is that it will prepare you for real life In the work environment simply showing up is not enough If you are a wall ower at work you will not get ahead You need to practice being actively engage Moreover if you show up late for work or are disruptive you will not only fail to get ahead but you will be on your way to unemployment If you behave that way in my class you will get marks taken away from you DISCUSSION LEAD Presentation leadership and discussion skills are critical to your future success Whether you intend to work as an accountant in nance information systems human resources or marketing you can expect to give presentations to small and large groups of people and solicit feedback and opinions on the topic You need to develop the ability to present your ideas to others in a clear and concise manner and to lead subsequent discussions This aspect of the course is designed to help you develop those skills A good source for articles is the Wall Streetournal This is available through the library or you can get the online and print version and smartphone and tablet app for a discounted rate To do this see the instruction sheet on blackboard under Course DocumentsWall Street Journal On Tuesday January 22 Dr Townsend will lead a sample discussion to demonstrate what the expectations are Dates are on a rst come rst served basis Deadline for signing up is January 22 2013 Each discussion will last 710 minutes and will consist of an analysis of a current marketing problem Here are the parameters 1 You must select a news article from the PAST 10 DAYS that describes a situation that involves a marketing topic a Send an email to Dr Townsend at least 2 days prior to your presentation date to ensure that nobody else in the class has already selected that topic 2 You must describe the topic 3 You must clearly articulate WHY this is a marketing topic 4 You must develop at least 3 questions to lead the class in a discussion of the topic Keep in mind that many things involve marketing For instance why is the Jerry Sandusky scandal at Penn State about marketing What about the recent expulsion of badminton players at the Olympics a marketing problem You will be expected to dress appropriately business and use some type of presentation software PowerPoint or Prezi Discussions will be graded out of 10 GROUP PROJECT GROUPS OF 45 STUDENTS Deadlines Group members january 24th Company you will cover january 31st Part 1 Brand Company History February 14th Part 2 Market Research March 7th Part 3 Segmentation Targeting and Positioning and NPD April 9th Final Project April 25th Objective The purpose of this project is for you to learn more about marketing research and positioning by focusing on a speci c brand You will have the choice to do one of the following 1new product existing target develop a new product for the current target audience This means identifying a need that the target audience has and that the brand company can meet 2existing product new segment target a new market segment using an existing product This means changing the positioning which can include many things packaging price as well as positioning You can choose from one of the following companies each of which was a sponsor of the 2012 London Olympics CocaCola McDonalds GE Dow Panasonic Acer Atos Omega Visa PampG Samsung Adidas BMW BP British Airways BT EDF Lloyds TSB Adecco Arcelor Mittal Cadbury Cisco Deloitte Thomas Cook UPS Aggreko Airwave Atkins The Boston Consulting Group CBS Outdoor Crystal CG Eurostar Fresh elds Bruckhaus Deringer LLP G4S GlaxoSmithKline Gymnova Heineken UK Holiday Inn John Lewis McCann Worldgroup Mondo Nature Valley Granola Bars Next The Nielsen Company Populous Rapiscan Systems Rio Tinto Technogym Thames Water Ticketmaster Trebor kathmandu bazar plaza banjara group Only one group per section can choose a company First come rst served Part of this assignment is learning to work successfully in a group Your name will be on every group assignment you turn in Given that you are responsible for the entire product At the end of the semester you will submit peerevaluations for your group members Negative evaluations will affect your individual grade 10 Part 1 Brand Overview Objective The purpose of this part of the project is for you to become familiar with the brand of the company you have chosen Report You will submit a maximum 6 page paper double spaced 12 pt font that outlines the following 0 Description of the current brand 0 What are its products services 0 Who uses these products services 0 How many variations of the brand are there 0 Are there any subbrands o Are there any failed brand extensions from the past 0 History of the brand 0 Describe the company that created the brand 0 Describe why how the brand was created 0 Compare the brand to its competitors 0 Who are its competitors 0 How is the brand similar to its competitors 0 How is it different from its competitors This is key How does it position itself 0 Include images of the brand and its competitors these do not count in the 6 pages This portion will be graded as follows a possible 30 points 0 15 points Quality of the research 0 How much information have you gathered about the brand and its competition 0 How useful is this information Have you answered the questions completely 0 10 points Organization of the information o How easy is it to understand the information that you present 0 5 points Quality of the writing 0 Spelling errors grammatical errors typos 11 Part 2 Market Research Objective The purpose of this part of the project is for you to 1 generate the product idea for your new product or 2 describe in great detail the attributes of the existing product you have chosen and then to describe whatwho you envision as the potential market for that product To do so you will Gather organize and synthesize secondary data that pertains to your brand Collect organize and synthetize primary research to understand the segment you will target existing or new Report You will submit a maximum 8 page paper double spaced 12 pt font that outlines the following 0 Description of the Existing Market 0 What is the current market for the brand s productservice you are focusing on 0 Description of the Potential Market This will involve secondary data coHec on o How large is the potential market 0 How much income disposable income does the potential market have 0 What is the composition of the market eg demographics age trends 0 Primary data what does the existing or potential market 0 Feel about the brandproduct andor 0 Need that isn t currently met by current productsservices available 0 Note if your target market is unavailable to you consider using a substitute group or describe what research you would perform questions you would ask and why 0 Meaning of the data both primary and secondary 0 Given the information that you have found what are the implications for the brand Include graphs to display your ndings visually these do not count in the page limit This portion will be graded as follows a possible 40 points 0 5 points Quality of the t between the product idea and your brand or the market and your product o If you are developing a new product idea your product idea needs to t with the brand you have chosen and be possible o If you are developing a new target market for an existing product your potential market needs to t with the product you have chosen 0 5 points Quality of the secondary market research 0 How much information have you gathered about the market 0 How usefulrelevant is this information given your product 12 10 points Analysis of the secondary market research 0 How well have you given meaning to the information that you have gathered o How easy is it to understand the information that you present 5 points Quality of the primary market research 0 Did you create questions that help identify a new product or target market 0 How useful is the primary research you have conducted 10 points Analysis of the secondary market research 0 How well have you given meaning to the information that you have gathered o How easy is it to understand the information that you present 5 points Quality of the writing 0 Spelling errors grammatical errors typos Part 3 Segmentation Targeting Positioning amp New Product Development Objective The purpose of this part of the project is for you to prepare a maximum 7 page double spaced 12 pt font written report describing in detail the STP process your team will undergo You will need to include details of each of the 5 steps as discussed in class and in the text 0 De ne your segmentation strategy 0 Explain why you have chosen that strategy 0 Describe your segments 0 What segments will you create 0 Hint You may use more than one type of segmentation Complete the entire 5step STP process 0 Describe your new product service 0 Include images to convey your segments and segmentation strategy and your new product idea images are not included in the page limit Remember Your new product is not designed until the last step of the STP process Positioning Strategy where you draw the positioning map and establish how muchlittle of each attribute your product possesses relative to the competition This portion will be graded as follows a possible 35 points 0 15 points Quality of the STP process 0 How carefully have you considered your strategy How well have you explained why you chose this strategy How useful is your segmentation How useful is your targeting How useful is your positioning 0000 13 15 points Fit with the product 0 How carefully have you considered the t between the product and the market 0 How useful is your product for the target market 5 points Quality of the writing 0 Spelling errors grammatical errors typos 14 Final Project Submission Objective The purpose of this part of the project is for you to take the 21 pages that you have already created and to re ne it into a 10page report doublespaced 12 pt font INCLUDING graphs and images The rst page will be a onepage Executive Summary This is the most dif cult part of the project It is a lot easier to write a lot than to take what you have and get only the essential parts of the project The nal project will be graded as follows a possible 35 points 0 10 points Executive Summary 0 How well have you articulated your research and idea in a single page 0 15 points Synthesis of the project 0 0 How effectiver have you edited the 21 pages of text focusing on the key aspects but not losing important information How easy is it to understand the information that you present 0 10 points Professionalism 0 0000 How does the nal submission appear Are the graphs welldesigned Are there any spelling errors grammatical errors typos Is it wellorganized Is this something that you would be willing to give to a marketing professional 15 CLASS SCHEDULE Date SubjectAssignment Chapter Jan 15 Course Introduction Ch 1 Overview of Marketing Jan 17 Overview of Marketing Marketing Strategies and Ch 1 2 Marketing Plan Jan 22 Marketing Strategies and Marketing Plan Sample Ch 2 Discussion Lead Due Discussion Signup Deadline Jan 24 Marketing Strategies and Marketing Plan Ch 4 Due Group Members Jan 29 Segmentation Targeting and Positioning Ch 8 Jan 31 Segmentation Targeting and Positioning Ch 8 Feb 5 Market Research Ch 9 Feb 7 Market Research Ch 9 Feb 12 Exam Review and Group Project Meeting Time Feb 14 Guest Lecture Company Due Group Project Part 1 Company Overview research Feb 19 Exam 1 1 2 4 8 9 guest lecture Feb 21 Product and services Ch 10 Feb 26 Product and services Ch 11 Feb 28 Product and services Ch 11 12 Mar 5 Product and services Ch 12 Mar 7 Global Ch 7 Due Group Project Part 2 Market Research Mar 12 up amp Mar y if aquot 14 READING WEEKSPRING BREAK 39 Mar 19 Pricing Ch 13 Mar 21 Pricing Ch 14 Mar 26 Place Ch 15 Zara Article 16 Mar 28 Exam 2 710111213 14 Apr 2 Place Ch 15 Zara Article Apr 4 Guest Lecture Bookigee Apr 9 Promotion Ch 17 Due Group Project Part 3 STP and NPD Apr 11 Promotion Ch 18 Apr 16 Consumer Behavior Nudge Ch 1 5 Text Ch 5 Apr 18 Consumer Behavior Nudge Ch 1 5 Text Ch 5 Apr 22 Ethics Ch 3 Apr 25 Ethics Ch 3 Due Group Project Final May 7 Exam 3 Chapters 3 5 15 17 18 Nudge 15 May 8 Section 0 May 7 8am 1030am Section Q2 May 8 11am 130pm Section R May 7 2pm 430pm The Instructor Reserves the Right to Make Any Changes to this Schedule and Syllabus with notice to the students In particular there may be the addition of a guest lecturer and we may include a case study towards the end of the semester 17 MANDATORY MARKETING BEHAVIORAL LAB MKT201 Spring 2013 The Marketing Behavioral Lab Assignment is designed to enrich your understanding of the value of marketing research To successfully complete your Marketing Behavioral Lab requirements you need ONE Setting up your account Set up your account on the Marketing Behavioral Lab website between january 14th january 25quot 2013 NOTE Without an account you are not able to complete your required Marketing Lab participations therefore we strongly quoturgequot you to setup your account within the registration period 1 Know your MKT course and section Example MKT201 Section A 2 Go to the Marketing sona systems website httpllum marketingsonasystemscoml 3 Click on Request an account here New Participant 4 On the following page complete the following REQUIRED information First Name Last Name Create a User ID Email address Please unspam us otherwise we may not be able to reach out to you with vital information Enter a working telephone number Select your quotCORRECTquot course and section Example MKT201 Section A Click on request account 5 Your password will be emailed to you to the email address provided 6 Once you get your password you may go back to the Marketing sona systems website httpummarketingsonasystemscoml log back in and select change of password TWO Online survey By Monday January 28th 2013 you will receive an email directing you to complete a brief 30 minute survey This survey is a prerequisitequot to complete the Lab Study Participations and must be completed at your convenience by Friday February 1st 2013 18 THREE Marketing Behavioral Lab participations Complete a combined total of three 3 Marketing Behavioral lab participations YOU CAN CHOOSE EITHER ONE OR A COMBINATION OF BOTH ONE CREDIT PARTICIPATION PER PHASE Registration for each session will occur online THREE times during the semester We will announce when signups become available for each study OQtion 1 Lab Stud ParticiQation With this option you will participate in three lab sessions up to 1 hour each in which you will complete studies being conducted by our Marketing Department Faculty At the beginning of each study you will learn what the study is about what your rights are as a participant in the study and any risks or special bene ts of participation These studies are important for the School of Business Administration as they support the research that enables the school to attain a Top 50 ranking Therefore you should take them very seriously and provide honest and careful responses to all questions you are comfortable answering Once each session is nished you will receive an email con rming your participation and granting your participation credit You must participate in three such studies during the semester but you may substitute some or all of them for a Marketing Alternative Assignment see Option 2 below for more information Note If you are under the age of 18 you MAY NOT participate in the studies option 1 instead you are required to participate in the Marketing Alternative Assignment option 2 OQtion 2 Alternative AssignmentYou can complete one two or three Alternative Assignments Each assignment involves reading a MKT article and providing a 2page writeup This will give you additional experience with marketing research and its application to marketing strategy You will sign up for these alternative assignments online in the same manner as you would for the research study This assignment is done soley VIA EMAIL Upon completing the assignment you Will have to email it back by a given due date and time Our email will cover all the information you will need to complete your alternative assignment No exceptions will be made so please plan ahead Note that this option is mainly to accommodate those students that are not available to participate in the Lab Studies or are under the age 19 of 18 years of age Failure to complete your three participation credits one per phase and completing the onIine survey will result in an INCOMPLETE GRADE MKT Behavioral Lab AGB 537 map and directions llllllllle AGB 537 is Located in the School of Business Complex 0 Take the pathway along the canal where the arrows indicate 0 By the you will nd a GLASS room 0 Take the elevators to the 5th Floor 0 The MKT Behavioral Lab is located in the hallway 3rOI door to your left 20 DEFAULT POLICIES FOR UNIVERSITY OF MIAMI School of Business Administration Classroom Conduct The folo Wing are policies students should assume are in force in the School of Business Administration courses unless their instructors explicity establish alternate policies Laptops Cell Phones Smartphones PDAs and Other Electronic Devices such as recording equipment may not be used during class except at the express discretion of the instructor Attendance Each student is required to attend every class and attendance will be part of the grade Faculty will excuse absences only in cases of documented serious illness religious observance civic obligation or participation in an activity approved by the Academic Deans Policy Council Otherwise your attendance is expected If you will miss class for religious observance or a civic obligation you must inform your instructor at least one week in advance Any other absences such as absences for work related travel or family emergency may be excused at the discretion of the faculty upon receiving supporting documentation It is the student s responsibility to contact the instructor within one week after any unanticipated absence Instructors and administrators shall endeavor not to schedule any examination or other graded class event on a major religious holy day Arriving Late Leaving Early Coming amp Going Classes start on time and students must arrive to class on time and stay to the end of the class period Students may enter class late only if given permission by the instructor and only if they can do so without disrupting the class In addition 0 Students may not leave and reenter the class once class has started except by permission from the instructor and only if they can do so without disrupting the class Arriving late or leaving class early will have impact on the course grade as determined by the instructor Please note that instructors are not obligated to admit late students or may choose to admit them only at speci c times and instructors are not obligated to readmit students who leave class Late Submission of Assignments Late assignments will either not be accepted or will incur a grade penalty unless they are due to documented serious illness or a family emergency Instructors will make exceptions to this policy for reasons of religious observance or civic obligation only when the assignment cannot reasonably be completed prior to the due date and the student makes arrangements for late submission with the instructor in advance General Behavior Students will conduct themselves with respect and professionalism toward faculty students and others present in class and will follow the rules prescribed by the instructor for classroom behavior Students who fail to do so may be asked to leave the classroom with a grade penalty 21 Collaboration on Graded Assignments Students may not work together on graded assignments unless the instructor gives express permission or unless explicitly indicated on the course syllabus Endorsed by Vice Deans and by Department Chairs 22 MARKETING INTRODUCTION Rapidly increasing global competition emergence of new markets and technological advancements make today s marketplace a highly dynamic and challenging environment for companies Effective marketing is therefore crucial for organizations to survive and prosper in such an environment Marketing is the process through which organizations develop and distribute products and services that satisfy the needs of customers Customer satisfaction is critical to the pro table operations and growth of organizations and as such an integral component of modernday marketing EDUCATIONAL OBJECTIVES The primary goals of the Department of Marketing are a to contribute to marketing knowledge through conducting scholarly research and disseminating the research ndings through leading journals b to excel in imparting marketing knowledge to students and honing their criticalthinking skills so as to prepare them for potentially successful careers in an increasingly competitive dynamic global and serviceand technology oriented environment and c to be of service to the business and professional communities at large The marketing curriculum offers courses and programs to undergraduate and graduate students for their professional development in domestic and world business A program of study in marketing offers students better understanding of and insights into Marketing s role within the organization and society 0 The various markets for goods and services through better identi cation and analysis of consumer needs wants and interests Marketing s responsibility to society in legal ethical and moral matters 0 Methods procedures and techniques used in planning and managing marketing decisions DEGREE PROGRAMS A Marketing major can earn either a Bachelor of Business Administration BBA or a Bachelor of Science in Business Administration BSBA by meeting the appropriate School of Business Administration requirements 23 MAJOR The Marketing major provides students with an understanding of the basic concepts of marketing with an emphasis on emerging techniques and technologies This major prepares students to practice marketing in a changing competitive environment Speci cally the major covers the 4 P5 of marketing ie productservice price promotion and placedistribution from a managerial perspective Additionally the marketing major is exible allowing students to concentrate on speci c areas of professional pursuit such as sales management advertising retailing or marketing research A program of study in marketing offers students a comprehensive understanding of such topics as Marketing s critical role within organizations 0 Identi cation of markets for products and services through better understanding and analysis of consumers wants and needs 0 The nature of global competition and identi cation of viable competitive strategies 0 Methods used in planning and implementing marketing strategies 0 Legal and ethical responsibilities of marketers The program of study for Marketing majors consists of the following Important Note A student must earn a grade of quotBquot grade point average of 30 or higher in MKT201301 to continue the major or minor a grade of does not qualify The overall grade point average in all Marketing courses taken must be 25 or higher All Marketing courses in which a Marketing major enrolls will count toward the major Required Courses Prerequisites MKT302 Marketing Research and Market Analysis MKT201301 and MASZOZ MKT403 Marketing Management MKT201301 FN302 MKT302 May also be Co requisite and Nine 9 semester hours from any of the courses listed below MKT310 Consumer Behavior amp Marketing Strategy MKT201301 MKT320 Retailing MKT201301 MKT34O Professional Selling MKT201301 MKT36O International Marketing MKT201301 24 MKT380 New Product Development MKT201301 MKT385 Marketing for Entrepreneurs MKT201301 MKT386 Advertising Management MKT201301 MKT387 Internet Marketing MKT201301 MKT388 Health Care Marketing MKT201301 MKT469 International Marketing Management MKT 302 Pre or co requisite and MKT36O MINOR A minor in Marketing for business majors consists of at least 12 semester hours of marketing courses and must include the following MKT201301 with a grade of B grade point average of 30 or higher a grade of does not qualify plus any three courses from the Department of Marketing as long as the prerequisite courses are taken The overall grade point average in all marketing courses taken must be 25 or higher All marketing courses in which a Marketing minor enrolls will count toward the minor MINOR FOR NONBUSINESS MAJORS A minor in Marketing for nonbusiness majors consists of at least 12 semester hours of marketing courses and must include the following MKT201301 with a grade of B grade point average 0f30 or higher plus any three courses from the Department of Marketing as long as the prerequisite courses are taken Students may choose from MKT310 MKT320 MKT340 MKT36O or other electives with the permission of the department s chair The overall grade point average in all marketing courses must be 25 or higher All marketing courses in which a Marketing minor enrolls will count toward the minor 25 Marketing the activity set of institutions and processes for creating capturing communicating delivering and exchanging offerings that have value for customers clients partners and society at large Marketing Plan the marketing activities for a specific period of time how the product or service will be conceived or designed how much it should cost where and how it will be promoted how it will get to the consumer Marketplace quota world of tradequot can be segmented into groups of people who are pertinent to an organisation you want to determine which marketplace segments your product is most relevant then build a strategy tat targets those groups THE MARKETING MIX the controllable set of activities that a firm uses to respond to the wants of its target markets Product fundamental purpose is to create value by developing a variety of offerings including goods services and ideas to satisfy customers needs eg goods services and ideas opinions philosophies Price everything the buyer forgoes money time energy in exchange for the product determine value based on the buyers belief about the product Place all of the activities necessary to get the product to the right customer when that customer wants it supply chain management set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers manufacturers warehouses stores and other firms involved in the transaction Promotion communication by a marketer that informs persuades and reminds potential buyers about a product to influence their opinions and elicit a response B2C marketing business to consumer eg business to consumers B2B marketing business to business eg manufacturer to retailer C2C marketing consumer to consumer eg consumer reselling a computer to another consumer employment marketing undertaking mkt research to understand what employees are seeking their view on the firm developing a value proposition and employment brand image communicating it to employees adnd ensuring it matches what was promised Historically Productionorientated era a good product would sell itself ie product innovation is key not satisfying the needs of an individual Salesoriented era production and distribution techniques became more sophisticated ie overproduction forced them to become better sellers valuebased marketing era attempt to discover and satisfy their customers needs and wants VALUE relates the benefits to the costs ie what you get for what you give Value cocreation customers act as collaborators to create the product or service Value based marketing businesses must understand what customers view as the key benefits of a given product and elaborate on them HOW marketers share info on their customers and competitors and integrate it across the firms various departments eg market research dept amp manufacturing measure the benefits that customers perceive against the cost of their offerings use available customer data to find opportunities to better satisfy their customers needs lower costs and develop long term loyalties Transactional orientation regards the buyer seller relationship as a series of indiv transactions so anything that has happened before or after any transaction is of little importance Relational orientation buyers and sellers should develop a long term relationship Customer relationship management CRM a business philosophy and set of strategies programs and systems that focus on identifying and building loyaly amoung the firms most valued customers IMPORTANCE OF MARKETING mating advices production about how much of the companies product to make and then tells logistics when to ship it mkting expands a firms overall global presence without the knowledge firms gain from analyzing new customers needs and wants on a segment by segment basis no frm would succeed internationally and shift globally Marketing is pervasive across the supply chain for the supply chain to provide significant value to the ultimate consumer the parties must establish long term relationships with one another and cooperate to share data make forecasts and coordinate shipments can be done by building strategic alliances with consultancy firms mkt research firms computer firms and transportation firms Marketing enriches society including strong social orientation in business is a sound straterg that is in both its own and its customers best interest as investors think firms with high levels of corporate citizenship are safe investments therefore social responsibility lifts their bottom line in the long run Marketing can be entrepreneurial plays a key role for people who organize operate and assume the risk of a new business center eg Oprah Winfrey MARKETING STRATERGY Identifies a firms target markets a related marketing mix the bases on which the firm plans to build a sustainable competitive advantage 1 compete adv an adv over the competition that is not easily copied and this can be maintained over a long period of time if marketers build a wall around an attractive market competitors will attempt to break down the wall Building a sustainable competitive advantage essentially building a wall around its position in the market to safeguard its market share wall high hard for competitors to enter the market and compete for the firms target customers so they can sustain adv min competitive pressure and boost profits what can i do best and then continue to do the best eg pharmecutial Macro strategies for developing customer value customer excellence retaining loyal customers beyond simply preferring to purchase from one firm customers are reluctant to purchase from one firm instead of another customer service provided by employees thus problematic cause not consistent product excellence products with high perceived value and effective branding providing products with perceived value and effective branding and positioning eg Nike best branding and positioning at high end of market locational excellence having a good physical location and internal presence particularly important for retailers and service providers eg mcdonalds Operational excellence achieved through efficient operations and excellent supply chain and human resource management eg apple efficient Operations provide lower price better service and merchandise assortment excellent SUDDIV chain management and strong supplier relations by developing sophisticted distribution and information systems so they can sell merchandise in a particular region obtain special terms of purchase unavailable to competitors receive popular merchandise that may be in short supply Human resource management knowledgeable and skilled employees committed to the firms objectives are critical assets that support the success of companies eg southwest airlines read the nordstrom way the ritz carton book THE MARKETING PLAN a written document composed of an an analysis of the current making situation opportunities and threats for the firm marketing objectives and strategy specified in terms of the 4 P39s action programs and projected or proforma incomefinancial statements THE PLANNING PHASE I Define Business mission and obiectives 1 2 mission statement broad description of a firms objectives and the scope of activities it plans to undertake what business are we what resources do we need to achieve our goals eg maximize shareholder wealth I conduct a situational analvsis 1 4 assesses the internal environment in relation to its strengths and weaknesses and external environment in relation to its opportunities and threats assess the uncertainties of the marketplace due to changes in Cultural Demographic Social Technological Economic and Political CDSTEP you attempt to determine the strengths of the business and stempt to tailor those strengths to the opportunities of the external environment business success when strengths don39t match ip with uppertunities develop the strengths THE IMPLEMENTATION PHASE I ldentifvind and evaluating Opportunities usind STP segmentation targeting and 1 2 3 Segmentation the process of dividing groups of customers with different needs wants or characteristics and thus the product might be geared for them eg loreal US segments the markets according to consumer products eg maybellene makeup luxury products eg lance and professional products eg Redkin loreal professional Targeting after a firm has identified the various mkt segments it might peruse it evaluates each segments attractiveness and decides which to pursue Positioning involves the process of defining the marketing mix variables so that target customers have a clear distancetive desirable understanding of what the product does in comparison to competing products I Implement Marketing Mix and Allocate resources product value creation products key to success is the creation of value firms attempt to develop products customers perceive as valuable enough to buy price and value capture requires thet firms charge a price that customers perceive as giving them a good value for the product they receive firms need a clear focus in terms of what to sell where to buy and what methods to use in selling them promotion and value communication marketers communicate the value of their offering or the value proposition to their customers through a variety of media eg tv radio magazines Evaluate performance using marketing metrics metric a measuring system that quantifies a trend dynamic or characteristic used to explain why things happened and to project future who is actable for performance every business unit and its manager should be actable for performance performance evaluations useful for examining and reevaluating techniques performance obiectives and metrics compare a firms performance over time or with competing firms eg sales and profits financial performance metrics eg revenues sales profits they are all interconnected ie higher sales bc of lower price lower profits portfolio analysis performed by the strategic business unit or product line level of the firm a group of products that consumers may use together or perceive as similar Market share the percentage of market accounted for by a specific entity used to establish the products strengths in a particular market share relative market share provides managers with a products relative strength compared to that of the largest firm in the industry Market growth rate measures how attractive a particular market is stars occur in high growth mkts and high mkt share products require heavy resource investment in promotion and new production facilities Cash cows low growth mkts that have already received heavy investments to develop their high mkt share Question markets appear in high growth mkts but have relatively low market shares thus they are the most managerially intensive products that require sig resources to increase mkt share Dogs low growth mkts and low market shares should be phased out unless they are needed to complement or boost sales of anther product for another competitive process BCB approach NEEDS FINISHING Strategic planning is not sequential suggests that managers follow a set sequin when they make strategic decisions they perform a SWOT identify strategic opportuneties evaluate alternatives set objective allocate resources develop the implementation plan and evaluate ten performance Market Penetration employs the existing marketing mix and focuses the firms effort on existing customers bu attracting new consumers to the firms current target market or encourage current customers to patronize the firm more requires greater marketing efforts eg increased advertising additional sales and promotions or intensified distribution efforts Market Development employs existing marketing offering to reach new segments international expansion riskier than domestic expansion bc of govt regulations cultural traditions supply chains and language eg fashion trends from the US are spreading across emerging markets Porduct development offers new product or service to a firms current target market eg jersey shore for MTV Diversification introduces a new product of service into a market segment that is currently not served related the current target mariet and or marketing mix shares something in common with the new opportunity ie purchasing from existing vendors use of same distribution channels same advertising medium unrelated diversification the new business lacks any common elsments with the present business cannot capitalize on core strengths associated either with markets or products
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