Chapter 2 and 5 Lectures
Chapter 2 and 5 Lectures 86498 - MKT 3010 - 006
Popular in Principles of Marketing
86498 - MKT 3010 - 006
verified elite notetaker
Popular in Marketing
This 9 page Class Notes was uploaded by Alexis Cone on Friday September 4, 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 68 views. For similar materials see Principles of Marketing in Marketing at Clemson University.
Reviews for Chapter 2 and 5 Lectures
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: 09/04/15
Chapter 2 Continued 09012015 Growth Strategy page 43 in the textbook 0 Products and services offering 0 Market penetration same offerings to same customers in hopes to get current market to buy more 0 Ex Starbucks adding a drive through to make getting their coffee to more convenient 0 Ex Loyalty programs Rewards Programs 0 Ex Gift cards research shows that people will go through gift cards much more quickly than cash because they don t seem to be real money Wichita Wingnuts switched to a card system where you put cash onto a card that was used at the games the amount people spent from the year before the cards to rst year using the cards went from 5 to 850 0 Market Development same products to new markets 0 Find new demographic market NFL targeting female fans 0 Find new geographical areas same product in new locations Starbucks in China 0 Product Development new offerings in the same market 0 New products and services that the market needs Ex Fruit Juice Frappuccino at Starbucks noncaffeinated drink for people who may not want caffeine or selling breakfast sandwiches so that consumers can get everything that they need in the morning from one place food and drink Ex Starbucks selling their coffee in grocery stores or gas stations a Starbucks partnered with Kraft to put their coffee in the stores 0 Starbucks went to Kraft because they already have their established networks 0 Diversification variety of offerings for a variety of markets new products and services to new markets Downsizing Eliminating products Abandon markets Happens because of changes in the macro environment recession or changes in demographics grew faster than your assets could support lacking the proper knowledge to succeed in the market and relevance 0 Chapter 5 09012015 The Immediate Environment 0 Company capabilities 0 Internal resources Tangible resources a Ex Financials physical property or technological resources Intangible resources a Ex Brand reputation company culture and intellectual property Human resources human capital n Skills that employees posses and incentives that employees have to be efficient and productive Global Resources In Ex International labor international offices and international distribution 0 Ex Pepsi Company Capabilities Variety of products besides the Pepsi brand Tropicana and Frito Lay ect Recognizable brand Intellectual property tademark Distribution Competitors 0 Identify competitors Direct same things just a different brand Indirect same industry such as transportation Ex Deltas direct competitor is Southwest ect And Deltas indirect competitor is AMTRAK ect 0 Competitive intelligence Collecting information on competitors a From annual reports PR pieces ect o Proactive vs Reactive Always want to be proactive instead of reactive Corporate Partners 0 Firms are part of alliances How strong is your alliance o Align wit competitors suppliers ect Net x is on Amazon s cloud even though they are competitors in the movie and show streaming industry Coke bottles Dr Pepper in South Carolina and Pepsi bottles Dr Pepper in Georgia Macroenvironment Culture 0 Shared meanings beliefs values morals and customs Country culture n Chips in America are different than chips in other cultures a People in Australia ca ip ops thongs Regional culture a What do you call the thing that holds your hair up D What people call soft drinks a What are the different names for corn hole 0 De ning what it is consumers think they need to buy 0 Demographics 0 Easy snapshot to easily understand a market Characteristics of a population 0 Generational cohorts group of people who were born within a certain timeframe baby boomers Generation X Y Z Target school supplies commercial uses We Got the Beat song to attract parents and then shows things that kids want to get their attention RadioShack commercial about the 805 wanting their store back RadioShack revamps their store but they show that its going to be the same store but brought up to modern day Dora the Explorer Clue characters and games are revamped because one generations doesn t want what the generation before them had 0 Income Tied to purchasing power a How much you make determines how much you can spend in the market Middle class in decline a Family Dollar Dollar General 0 Been doing well n Tiffany amp Co 0 Looking at only targeting higher incomes because there lower income products haven t been selling as well n Citigroup Created the hourglass effect 0 Education Tied to income and occupation More debt decreases purchasing power 0 Gender Malefemale roles a Traditional gender roles have blurred over the last generation 0 More women are now graduating from college than men 0 Ethnicity 2050 minorities will represent 50 of the population 2010 Census people are able to check more than one race box for the census general mills began putting more of their commercials in Spanish in certain areas of the US and their sales rose 0 Social Trends 0 Societal issues values concerns that help to shape culture Green movement a CaringAwareness about the environment and animals Privacy concerns a How much of our civil liberties are we willing to give up for protection a As these companies gain more information from consumers and they use it is that okay Timepoor society a This is great for the service industry Fair laborwages n Under what conditions are people making items that consumers buy in America wage working conditions child labor ect People are becoming sensitive to this Technological Advances Price sensitivitythrift People have become very into getting great deals Health and wellness concerns El 0 How can it make businesses more efficient or make some products obsolete o Improves value of products services New products New forms of communication New retail channels 0 Can involve making current products better not just making completely new products Economic Situation 0 Affects how consumers buy Cash credit ect o Affects how money is spent What do consumers by 0 Examples ln ann Unemployment quotaltruism marketingquot El this is all about trying to do the right thing neighborly thing to do ex During the recession certain companies tried to do things promotions to try and boost sales and build relationship with customers Interest rates 0 Value of currency FedEx allowed people to come and print offmake copies of their resume to try and help people get jobs JetBlue said that if you lost your job you could get a refund on the ticket Hyundai allowed people to return cars if they lost their job within a year of purchasing a car Vitamin water was bought by coke in 2007 and their sales had been dropping because of the recession consumers saw the cost of vitamin water as being more than the bene ts so their was negative value so coke decided to reposition their product and began to market vitamin water differently started portraying all the extra health bene ts that come from drinking vitamin water this led to an increase in sales 0 Political Regulatory Environment 0 Components Political parties involved and how much power they have Government organizations Legislations and laws I How does legislation work and what laws are in place 0 Implications The components dictate legal competitive practices Consumer protection Industryspeci c regulations 0 1890 Sherman Antitrust Act 0 1914 Clayton Act prohibits monopolies or anything else that restrains trade or competition allows for fair trade and free market supports the Sherman Antitrust Act looks at pricing policies clari es that things such as price discrimination is not okay prohibits the combination of two or more competing corporations through pooling ownership of stock and restricting pricing policies 0 1936 RobinsonPatman Act clari es more with price discrimination within the supply chain you cannot charge different prices to different companies El Chart on page 114 does not need to be known for this test
Are you sure you want to buy this material for
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'