Chapter and 1 and 2 Lectures Notes - Principles of Marketing
Chapter and 1 and 2 Lectures Notes - Principles of Marketing 86498 - MKT 3010 - 006
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86498 - MKT 3010 - 006
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This 6 page Class Notes was uploaded by Alexis Cone on Friday August 28, 2015. The Class Notes belongs to 86498 - MKT 3010 - 006 at Clemson University taught by Amanda Cooper Fine in Spring 2015. Since its upload, it has received 171 views. For similar materials see Principles of Marketing in Marketing at Clemson University.
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Date Created: 08/28/15
Chapter 1 08262015 Marketing is the activity set of institutions processes for creating capturing communicating delivering and exchanging offerings that have value for customers clients partners and society at large Price maker sets the prices and the market follows Price takers follow the set price set by the price makers Marketing Mix 4 P s Product creating value 0 Collaboration with suppliers and customers 0 Create offerings that have value 0 Brands are part of the product 0 Goods services and ideas all three are marketed differently 0 Price capturing value 0 Trade value for offerings 0 Anything that the consumer gives up 0 Place delivering value 0 Supply chain getting product from manufacturer to consumer o Optimize value Supply chain management 0 Promotion communicating value 0 Describe offerings 0 Learn from customers 0 How do brands differentiate the value of their brand Pro table Exchange 0 Personal value equation o Valuebene tsprice Pricecosthasse Marketing Exchange Marketer seeks to satisfy the needs and wants of a customer Fundamental Purpose of Marketing 0 Create value Firm partners customers and society everyone should bene t Value based Marketing 0 Balance the bene ts with the cost costbene t analysis 0 Offer excess 0 Share information 0 Build relationships 0 Transactional marketing is one and done 0 Relationship marketing works to build a relationship Who Engages in Marketing Forpro t companies 0 De ned by customers BZB vs BZC 0 De ned by function who you are in the supply chain 0 Non pro t organizations 0 Individuals C2C Marketing is NOT 0 Just buyers and sellers exchanging money 0 Simply about making a pro t 0 Ethical implications 0 A random activity 0 The marketing plan El Ch 2 Developing Marketing Strategies and A Marketing Plan 08272015 Planning is all about asset allocation Strategic Planning Within the Firm 0 The larger the rm the more complex 0 Corporate level plans 0 Top executives CEO CFO COO board members ect o Overarching goals targets that relate to the levels below 0 Business level plans 0 Strategic business units SBU Report to corporate lever Prada SBUs are product lines perfume luggage ect Clemson SBUs are the different colleges CAFLS BBS ect What can SBU do to contribute to the overarching goal 0 Functional level plans 0 Departmental Looks at plans set by SBUs that relate to the corporate level plans 0 All three levels strive to reach the same goal they in uence the levels below them Strategic Planning Process 0 Document Marketing Plan 0 Looks at a variety of things situations products resources ect to help build a strategy to succeed Function Allocate Resources 0 Goals 0 Accomplish objectives 0 Deliver value 0 Be competitive Marketing Plan Step 1 De ne the Business Mission Statement 0 Mission statement What is the purpose of the organization Type of business that is being engaged in Not static and can change from year to year Goals and objectives to accomplish El El Rather general and overarching Sustainable competitive advantage Competitive Advantage El El El El V something of value I difficult to imitate R rare in the marketplace O organization can support the competitive advantage Typically low prices are not a sustainable competitive advantage Ex Customer excellence Nordstom All about slow positive growth 0 Every time a new store opens half the employees must come from a previous store guarantees a good workforce Ex Company Culture Google 0 A company s identity employees how they are treated A better company culture leads to better ability to recruit and retain employees Fortune Top 100 Companies to work for Ex Intellectual Property CocaCola formula 0 Patents copyrights trademarks ect May not be sustainable is your patent is going to expire this leads to companies trying to build brand credibility Ex Operational Excellence WalMart WalMart built a more efficient supply chain in order to be able to charge lower prices for products major part of driving Kmart out of being mainstream for consumers a Product Excellence Toyota and HampM and Apple 0 High and low prices 0 Quality of the products offered 0 Brand excellence 9095 of new products fail because the brands are not recognized by consumers a Ex Locational Excellence In Ex Social Responsibility The Body Shop 0 Operating a business in a manner that is cognizant of society environmental new trends buying local ect Alienated a lot of customers when the owner sold it to a larger company 0 This is because The Body Shop didn t use chemicals or perform animal testing but the new company that owns it does Step 2Situation Analysis 0 Assessment of organizations internal and external environment 0 Tool SWOT Analysis Strengths Weaknesses Opportunities Threats Strengths and weaknesses are internal to the rm a lnternal abilities strengths n Internal limitations weaknesses Opportunities and threats are external to the rm Step 3 Identifying and Evaluating Opportunities Using STP Segmentation Targeting and Positioning o Segmentation Divide the marketplace in segments or subgroups a Gender age income education ect o Targeting Evaluate attractiveness o Positioning De ne the marketing mix 0 Step 4 Implement Marketing Mix and Allocate Resources 0 4 Ps product place price promotion 0 Step 5 Evaluate Performance Using Marketing Metrics 0 Setting benchmarks for success Accountability n Why were the goals met or not met Was it the rms fault Objectives and metrics I Use metrics to see if objectives were met Financial metrics n Finance is the language of the rm a Pro ts revenues ect Portfolio analysis a The Boston Consulting Group Matrix 0 Stars question marks cash cows and dogs 0 Stars is the top left box and dogs are the bottom right box 0 Market growth rate is vertical axis 0 Increasing is stars and question marks 0 Decreasing is cash cows and dogs 0 Relative Market Shares and the horizontal axis 0 Where product stands compared to theleader More market share is a star or cash cow Less market share is a question mark or a dog 0 Were the goals achieved Was the campaign successful 0 This becomes step 1 of the process all over again Where does the company go from here
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