Transcript MT 219 Marketing Seminar

MT 219 Marketing
Unit Nine
Marilyn Radu, Instructer
Course Review
Note: This seminar will be
recorded by the instructor.
Review of Unit Eight
• How did Unit 8 go? Questions or concerns?
• Instructor suggestions for Unit 9
• How is the Research Project coming?
• Additional questions?
Our Topics for This Week
• Review of the course objectives
• Your Research Project
Course Objective #1• Describe how the marketing environment affects a
firm’s market strategy – In Unit 2
• Six environmental factors that impact a firm’s marketing
strategy
- Competitive forces
- Economic forces
- Political forces
- Legal and Regulatory forces
- Technological forces
- Sociocultural forces
Course Objective #1• Key things to remember:
- All of these components impact the firm
- Firms impact the external environment also, but have less influence
over the external forces than they have on the firm
- Firms need to scan the external environment so they are aware of
threats and opportunities.
Course Objective #2• Identify influences on consumer behavior- In Unit 3
- The buying behavior of people who purchase products for personal or
household use and not for business purposes
- Involvement level- High, Low, Situational and Enduring
- Buying behaviors- Routine, Limited and Extended Problem-Solving
- Culture- Single broadest determinant of consumer behavior
Course Objective #3• Apply the concepts of segmentation, targeting and
positioning
• Targeting and Segmentation- In Unit 4
- Targeting- Basic Process: Heterogeneous Market Segmentation 
Homogeneous Sub-markets
- Three major segmentation strategies- Concentrated, Differentiated and
undifferentiated
- Four major segmentation variable groupings- Demographic,
Geographic, Psychographic and Benefits
Course Objective #3• Positioning- Covered in Unit 5
- Where a product lives in a consumers mind relative to competition
- Important- This is a perception or feeling of consumer- not important
what a marketer thinks it is.
- There are many bases for positioning- Benefits, features, away or
towards the competition are just a few
- Repositioning is sometimes done for existing products and brandsMust be done very carefully or customers will be lost- New Coke
Course Objective #4- Analyze the
marketing mix- Units 4-8
• Product- Unit 4 & 5
- Product- Types- Convenience, Specialty, Shopping, Unsought
- Product Life Cycle- Introduction, Growth, Maturity and Decline
- Each Stage of the life cycle has strategies the firm can use for its
products
• Price- Unit 6
- Price is the value exchanged for a product
- Firms use both price and non-price competition
- Due to competition in the marketplace, products tend to have elastic
qualities
- Pricing Objectives- Survival, Profit Maximization, Target Profit, Market
Share Leadership, Product Quality Leadership
- There are many pricing strategies that are used by firms
Course Objective #4- Analyze the
Marketing Mix- Units 4-8
• Place (Distribution)- Unit 7
- There has been increasing emphasis on supply chain management
within the marketing function
- Channels and supply chains need to be stable so customers benefit
- Coverage- Intensive, Selective and Exclusive
- Managing conflict in a channel is important
• Promotion- Unit 7 & 8
- An integrated marketing communications strategy is important for
marketing and promotional success
- The Promotional Mix- Advertising, Public Relations, Personal Sales and
Sales Promotion
Course Objective #5• Describe the role of marketing within service firmsCovered in Unit 5
- Services- Intangible products involving a deed, performance, or effort
that cannot be physically possessed
- Special characteristics of services- Intangibility
- Inseparability
- Perishability
- Heterogeneity/variability of delivery
- Customer involvement in service production- part of inseparability
Unit 9- Research Project
- Focuses on the Marketing Mix for your brand
-Provide all four marketing mix components and all
four of the promotional mix components in your paper
-This is in Microsoft Word format
-Make sure it is in APA format and provides a
reference list and citations
• Questions?
Unit 10- Written Exercise
• Don’t forget the written exercise in Unit 10.
• If you have any questions, please let me know.
Any Questions?
Thank you for attending!
It has been great having you in the
seminars!