Transcript What is Marketing

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
Five Grading Elements- See your Syllabus for grading
allocation
-Discussions- Units 1-9
-Assignments
-Writing Assignment- Reflection- Unit 10
-Reviews
-Research Projects- Units 7 and 9
This class has an e-text. Reading your e-text is important in order to
complete all assignments.
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. In Unit 10 it will ask you to reflect on what you have learned
• 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 ASSIGNMENTS- 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: Research Projects
• 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 both research Projects.
• The projects 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 Research Projects
• A few minutes of researching your brand every day or so will help ensure
your research and Research Projects 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. Plan appropriately.
• All unit reviews and assignments 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
• Day and time, as well as link to seminar room, will be posted by the
instructor in the Announcements
• You can review the recording (which will be posted as a link in an
Announcement) if you are unable to attend
Let’s Review: Special AnnouncementThe Continue Button on Screens
• Located in the lower right hand corner of many screens
in the class. Clicking on the “Continue” will not advance
you to the next screen.
• To advance to the next screen, roll your mouse over to
the right hand side of the screen and an arrow will
appear. Click on the arrow and you will advance to the
next page.
• Rolling your mouse over to the left hand side of the
screen will open an arrow to go back to the previous
page. Demo: http://screencast.com/t/XQ3ng87qKm
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.
The marketing orientation has evolved
•
•
•
•
1st Stage- The production orientation
2nd Stage- The sales orientation
3rd Stage- The marketing orientation
4th Stage- The Relationship Era
History of Marketing
• When I studied marketing many, many years ago, I was taught that
marketing by definition was satisfying a customer’s needs and wants at a
profit.
• Today, marketing is so much more.
• As you read your textbook for the course, you will come across the word
“RELATIONSHIP” frequently.
• Marketing is a concept that has evolved over time....there is an actual history
behind the concept of marketing
• For example, the first era in the history of business was called “the
production era”.
• What made the production era significantly different is that a business
focused most of their efforts on increasing the efficiency of their production
lines.
• Henry Ford was known by some as “The Godfather of the Production Era”.
He had a wonderful phrase that has been quoted in business textbooks for
almost a century.
- You can have a car in any color you want…as long as it’s in black.
- Henry Ford was not particularly interested that some customers may have wanted their
cars in blue, white, and green or orange; he wanted to make his life as easy as
possible.
History of Marketing
• Following the production era was the “sales era”. The sales era
occurred prior to the 1950’s and the concept was that creative
advertising and selling would convince consumers to buy a
product or service. This era didn’t focus too much on the
customer’s needs and wants.
• The “marketing era” was the third era in the history of marketing.
• This concept was revolutionary because for the first time,
businesses were approaching the consumer asking them what
products or services they would like. Businesses focused on
the needs and wants of the clients.
• The last era is called the “relationship era” which focuses on
long-term relationships with customers and other partners to
achieve success.
• This is where we are today.
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
Marketing is crucial to the global economy
• Marketing costs are high
• Marketing is important to both organizations that make profits and
those that do not
• The global economy is fueled by new products and services
• Consumers learn from marketing communications
• Marketing can be used for both profit and for furthering the interests
of society
• Marketing offers many careers
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?
Strategic Planning
• The process of establishing an organizational mission
and formulating OVERALL goals, corporate strategy,
marketing objectives, marketing strategy, and a
marketing plan.
• Mission- What the company does.
• Vision- What the company aspires to do in the future.
What is a marketing strategy?
A plan of action for identifying and analyzing a
target market and developing a marketing mix
to meet the needs of that market.
What is a marketing plan?
• A written document that specifies those activities to be
performed to implement and control an organization’s
marketing activities.
Core Competencies and Competitive
Advantage
• Core competencies are those
things a firm does extremely
well.
• Competitive advantage is the
result to a company’s matching
a core competency to
opportunities in the
marketplace.
SWOT Analysis
• Internal
- Strengths
- Weaknesses
• External
-Opportunities
-Threats
Any Questions?
Thank you for attending!
See you next week!