Transcript Document

1
MT-499
UNIT 2
SEMINAR
Welcome!
2
Contents
• Unit 1 Review
• Unit 2 Expectations
• Unit 2 Assignment
• Unit 2 Content
3
Unit 2 Marketing Strategy
In a 3-5 page paper, address the following areas:
• Please describe the marketing strategy and then explain how you
plan to use marketing strategies to promote your business.
• Include the necessary marketing research you either have done
for your business or are planning to conduct. The costs of these
items/activities should also be itemized and included in this
section of the proposal.
• Include ongoing costs as well as one-time fees.
Note: Do not include SWOT analysis or 4P's in this assignment
When you are ready, you may submit your paper on the Dropbox
page.
*Note, include your name in the file name of the assignment.
For help using the Dropbox, click on Academic Tools above then
Dropbox Guide.
4
Unit 2 Content
• Role of Marketing
• Market Research (including Benchmarking)
• Different Types of Marketing Campaigns
• Macro/Micro Marketing (Levels of Marketing)
• Key Elements for a Successful Marketing Campaign
• Marketing Mix (4 P’s of Marketing)
• Product
• Price
• Place
• Promotion
5
Marketing and You
• Thoughts on the role of marketing
• Super Bowl Ads
• Have become almost as popular as the Super Bowl
itself
• Are any of the 4 P’s (product, price, place,
promotion) more important than the others?
• Your Own Customer Experiences (positive or
negative)
• CRM – Ethical or Not?
• Anything else that you want to share . . .
6
Contents (continued)
• Customer Relationship Marketing (CRM)
• Developing a Positive Customer Experience
• Branding Campaigns
• Top Brands
• Ethics in Marketing
• Benefits
• Criticisms
• Marketing and You
7
Role of Marketing
• What is the Role of Marketing?
• To develop a relationship with customers that is positive and
beneficial to both the customer and the company.
• What is the Desired Outcome?
• For-Profit Organizations
• To create revenue (and profits) for an organization.
• Not-For-Profit Organizations
• To attract customers to support (and/or utilize) the organization’s
mission. In addition obtain donations
Know This LLC (2010). The role of marketing. Retrieved from
http://www.knowthis.com/principles-of-marketing-tutorials/what-is-marketing/roleof-marketing/
8
Market Research (incl. Benchmarking)
• Marketing is more than just advertising
• Research can be both Quantitative and Qualitative
• Research is used to:
• Determine customer needs (Whether B2B or B2C)
• Create or improve products/services
• Determine effective Marketing campaigns
• Benchmarking for Success
• You need to offer a product/service that is superior to (or at least
competitive with) your competitors’ products/services.
• Therefore, you need to benchmark:
• Competitors’ Products/Services
• Competitor Processes (including supply chains)
• Industry Best Practices
9
Different Types of Marketing Campaigns
• Television
• Radio
• Print
• Newspapers / Magazines
• Billboards / Benches / Bus Stops /
etc.
• internet
• Direct Mail
10
E-Commerce Marketing
• Online
• Pay Per Click
• Banner Advertising
• Email Marketing
• Organic Search
• E-Commerce
• M-Commerce
• Generating Publicity
Resource Nation, Inc (2010). Guide to different types of marketing. Retrieved from
http://www.resourcenation.com/article/guide-different-types-marketing
11
Macro/Micro Marketing
• To What Level are you going to market
• Local
• Statewide
• Regional
• National
• Global
12
Key Elements of Successful
Marketing Campaigns
• Know your Customer (your target audience)
• Thoroughly Analyze your data
• Be Creative
• You need to stick out to be noticed
• Response Capturing
• Analyze and Improve
Note: The information here is identified for direct
marketing campaigns but can apply to all types of
marketing campaigns.
AllBusiness.com (2010). Five key elements of a successful direct
marketing campaign. Retrieved from
http://www.allbusiness.com/marketing-advertising/marketingadvertising/11417626-1.html
13
Marketing Mix (4 P’s of Marketing)
• Marketing Mix
• Parameters the marketing manager can control, subject to the external
and internal constraints of the marketing environment
• Goal is to make decisions regarding the 4 P’s that will create perceived
value and generate desired results
• 4 P’s
• Product
• Price
• Place (distribution)
• Promotion
• Note: Do not include SWOT analysis or 4P's in
the unit 2 assignment
NetMBA.com (2007). The marketing mix: The 4P’s of marketing. Retrieved from
http://www.netmba.com/marketing/mix/
14
4 P’s (Product)
• Product
• Product refers to the tangible products (and/or services) of a company
• Product Decisions include:
• Brand Name
• Functionality
• Styling
• Quality
• Safety
• Packaging
• Repairs and Support
• Warranty
• Accessories and Services
NetMBA.com (2007). The marketing mix: The 4P’s of marketing. Retrieved from
http://www.netmba.com/marketing/mix/
15
4 P’s (Price)
• Price Decisions include:
• Pricing strategy (determining margins)
• Suggested retail price
• Volume discounts and wholesale pricing
• Cash and early payment discounts
• Seasonal Pricing
• Bundling
• Price Flexibility
• Price Discrimination (selling at different prices to different
customers even though costs are the same)
NetMBA.com (2007). The marketing mix: The 4P’s of marketing. Retrieved from
http://www.netmba.com/marketing/mix/
16
4 P’s (Place)
• Place (Distribution)
• Getting the product to the customer
• Place (Distribution) Decisions include:
• Distribution channels
• Market Coverage (inclusive, selective, exclusive)
• Specific channel members
• Inventory management
• Warehousing
• Distribution centers
• Order processing
• Transportation
• Reverse logistics (remanufacturing / refurbishing)
NetMBA.com (2007). The marketing mix: The 4P’s of marketing. Retrieved from
http://www.netmba.com/marketing/mix/
17
4 P’s (Promotion)
• Promotion (Marketing)
• Communication of information about the product/service
designed to generate a positive customer response
• Promotion (Marketing) Decisions include:
• Promotional strategy (push, pull, etc.)
• Advertising
• Personal selling & sales force
• Sales promotions
• Public relations & publicity
• Marketing communications budget
NetMBA.com (2007). The marketing mix: The 4P’s of marketing. Retrieved
from http://www.netmba.com/marketing/mix/
18
Customer Relationship
Management (CRM)
• Definition
• Strategies within an organization to attract new customers and
retain current customers (generating repeat business)
• Online Example:
• Amazon.com
19
Developing a Positive Customer Experience
• 3 D’s of Customer Experience
• Design the right products and services (and offers) to the
customers
• Deliver value to the customer by focusing the entire
company on this goal
• Develop the capabilities to deliver the positive experience
again and again
• Problems with a negative customer experience
• Bad publicity
• Power of word of mouth
• Customer Experience Manager (or Customer
Relationship Manager)
20
Branding Campaigns
• Designed to develop:
• Brand recognition
• Get people to know your brand name – they may not buy or need
your product, but word of mouth can create other customers
• Brand loyalty
• Get a customer and keep that customer.
• This can span generations of a family or friends
• Gaining New Customers vs. building Customer (Brand
Loyalty)
21
Ethics in Marketing (Benefits)
• Social Benefits:
• Develop products that meet customer needs, including
products that enhance quality of life
• Create a competitive environment that helps lower product
prices
• Develop product distribution systems that offer access to
products to a large number of customers and many
geographic regions
• Build demand for products that require organizations to
expand their labor force
• Offer techniques that have the ability to convey messages
that change societal behavior in a positive way (e.g., antismoking advertising)
Know This LLC (2010). The role of marketing. Retrieved from
http://www.knowthis.com/principles-of-marketing-tutorials/what-ismarketing/role-of-marketing/
22
Ethics in Marketing (Criticism)
• Criticism of Marketing:
• Encourages people to buy something they don’t need
• Embellishes product claims/capabilities
• Discrimination in customer selection
• Adds to environmental waste (non-biodegradable
products/packaging)
• Encroaches on rights to privacy (Amazon.com’s CRM
model)
• Do Marketers have a Social Responsibility?
Know This LLC (2010). The role of marketing. Retrieved from
http://www.knowthis.com/principles-of-marketing-tutorials/what-ismarketing/criticisms-part-1/
Know This LLC (2010). The role of marketing. Retrieved from
http://www.knowthis.com/principles-of-marketing-tutorials/what-ismarketing/criticisms-part-2/
Know This LLC (2010). The role of marketing. Retrieved from
http://www.knowthis.com/principles-of-marketing-tutorials/what-ismarketing/criticisms-part-3/
23
Questions?