Transcript Document
MT 219 Marketing Unit One Welcome! Course Overview Strategic Marketing Note: This seminar will be recorded by the instructor. Let’s Review: Overall Course Objectives • The effect of the external environment on marketing strategy • What influences consumer behavior? • Segmentation, targeting, positioning • The marketing mix – The Four P’s- our tool box • The need for synergy in marketing strategies • The role of marketing in service firms Let’s Review: Course Element Overview Four Grading Elements- See your Syllabus for grading allocation -Discussions- Every Unit -Assignments -Reviews -Final Project- Two parts Extra Credit is not offered Let’s Review: Discussions • • • • • • • Opportunity to clarify concepts Work with material covered in the unit Ask questions to others Get help from instructor and classmates Exchange ideas Get feedback They are fun! Let’s Review: How to do well in discussions • • • • • • • • • • • • Pay attention to the rubric in your syllabus- points at stake Post early- you must post a primary response by Saturday You must post on three separate days for full credit Respond to at least two classmates Apply the language and concepts from your readings in your responses Interpret your own knowledge in terms of the course – personal experience is great, but apply your reading to it Check out the key terms at the end of each unit – try to incorporate them Use web based research where appropriate to make a point Use material from previous units to link concepts Be thoughtful, thorough, and substantive (100 words at least) Check frequently to see if anyone has asked questions Be aware of the deadline- the board closes automatically Let’s Review: Working with the assignments • Assignments require you to apply what you have learned in that unit • Review the rubric in the syllabus for guidelines • Use the templates that are available on the last assignment page • Proof, proof, proof – grammar and spelling matter. Using APA is recommended. See your syllabus and visit Kaplan Writing Center • BRING THE TEXT INTO THE PROJECTS- NO CUTTING and PASTING • Apply the concepts and language of the course • Answer all the questions in terms of the key concepts of that unit • Be thorough, especially when examining the website • Additional research may be used. For example, if you are working with a video and wish to examine websites as well, that can only enhance your work. • If something is confusing, check with your professor Let’s Review: Reviews • Multiple choice quizzes • Think the question through • ALWAYS read instructions- Some may have time limits or not allow you to take more than once. • Keep aware of the deadline- system closes access automatically Let’s Review: Final Brand Analysis Project • You will select your brand from the list in the Unit 2 Discussion • You can only select a brand that is on the list in the discussion • After selecting your brand from the list, this is the brand you must use in the Final Project. • The project will require research, application, and creativity as well as analysis • You will have an opportunity to spend more time discussing the project in the other seminars • Once you select your brand in the discussion, you should independently do research in preparation for your Final Project • A few minutes of researching your brand every day or so will help ensure your research and Final Project go smoothly, so plan ahead. Let’s Review: Deadlines • All units close midnight EST on Tuesdays • If you are having a difficulty getting work in- Contact me BEFORE the deadline. • Discussion threads will be closed at that time and cannot be handed in late unless there are extenuating circumstances. Plan appropriately. • All unit reviews and projects are also due at that time • See the syllabus for late policies for projects 1-7 calendar days late = 20% penalty 8-14 calendar days late = 30% penalty more than 14 days = automatic zero Let’s Review: Seminars • Fun and helpful • Opportunity to ask questions • Opportunity to interact with classmates • You can review the recording (which will be posted as a link in an Announcement) if you are unable to attend What is Marketing ? • A process that focuses on -consumer relationships and satisfaction, and -the creation, distribution, promotion, pricing of: -goods -services -ideas What is the purpose of Marketing? • The purpose of Marketing – to make a profit by providing value in a social context. Benefits/value to customers = sales (possibly profits) • Marketing, more than any other topic deals with the customer. • Your e-book by Pride and Ferrell gave a fantastic definition. It states, “Marketing is the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchanges with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.” • That’s a pretty big definition! • There are also some very important words in that definition. By process, we are referring to a system or a method. • A majority of that definition contains the elements of a very important term called the “Marketing Mix.” Marketing Mix or The Four P’s • This is a term we will reference throughout the course. • Figure 1.1 in your e-book has a fantastic diagram that shows the importance of the marketing mix as a component of marketing. • The marketing mix includes 4 elements/activities of marketing. These are sometimes referred to as the 4Ps of marketing, which include Product, Price, Promotion and Place. Place is also referred to as “distribution.” • Your text states that the primary job of a marketing manager is to create and maintain the right mix of these elements to satisfy customer’s needs for a general product type. • For example, a company could have the best product in the world offered at a great price with exceptional promotion. • However, if you cannot get the product to the customer, then you have no sales. This example refers to the importance of the “place or distribution” element of the marketing mix. • These concepts will make more sense as we dive deeper into the class. Summary – the Marketing Mix The Marketer’s tool box – the Marketing Mix • Product – anything that is offered to consumers for their satisfaction. This includes services too! • Price – what consumers give up for the product • Place – where, when and how consumers access and possess the product • Promotion- communication between the provider of the product and the consumer. What is the marketing concept? • A managerial philosophy involving - The satisfaction of consumer needs and wants - The coordination of activities - Satisfaction of goals - In a coordinated way - The basic management process- plan, organize, lead, control What is customer relationship marketing? • Long term • Mutually satisfying • Buyers and sellers both benefit What is Value? • Benefits minus costs = Value - Benefits are what customers get out of a product - Costs can take many forms - Money - Time - Risk - Aggravation - Other? Marketing does not exist in a vacuum • Marketers must consider the External Environment - the economy demographic changes social and cultural changes technological changes the natural environment has an impact politics and laws You Have Marketing Experience • Believe it or not, every person in this class has a degree of marketing experience. We are marketed to as consumers on a daily basis. -Consider ads and promotions that attract your attention. Are you more easily reached via mailings, radio, television, billboard, or online advertising? -What factors influence your purchasing decisions? -Price -Convenience -Service -Product availability • How do you think you can apply marketing concepts to either your career or personal life? Any Questions? Thank you for attending! See you next week!