Transcript MT 219 Marketing Seminar

AB 219 Marketing
Unit One
Welcome!
Course Overview
Creating Customer Value and
Marketing Strategy
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 role of marketing in service firms
Let’s Review: Course Element Overview
Six Grading Elements- See your Syllabus for grading
allocation
-Discussions- Units 1-9
-Assignments- Units 2 and 4
-Writing Assignment- Reflection- Unit 10
-Reviews- Units 1, 2, 3, 5, 7 and 9
-Research Projects- Units 6 and 8
-Simulations- Units 4, 5 and 8
This class has an e-text. Reading your e-text is important in order to
complete all assignments.
Let’s Review: Discussions
• Make sure to follow discussion requirements in syllabus
-Primary post by Saturday, a minimum of two posts to
others
-Post on three days
-Minimum of 100 words
• Opportunity to clarify concepts covered in unit
• Exchange ideas and ask questions to others
• They are fun!
Let’s Review: Working with the assignments
• Review the rubric in the syllabus for guidelines
• Use the templates that are available on the last assignment page
• Proof your work– grammar and spelling matter.
• Use APA as appropriate when citing sources- NO cutting and
pasting from sources
• Apply the concepts and language of the course
• Answer all the questions thoroughly
• 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
• Select only a brand that is on the list in the Unit 2 Discussion
• You must use the brand you select in your Research Projects.
• The projects will require research, application, and creativity as well
as analysis
• Once you select your brand in the discussion, you should
independently research in preparation for your Research Projects
• A few minutes of researching your brand every day or so will help
ensure your Research Projects go smoothly.
Let’s Review- Simulations
• In Units 4, 5 and 8
• Follow the instructions
• Simulations see how well you have learned concepts
• Graded, so make sure to complete them before the
Tuesday deadline
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, reviews and simulations will be closed at that
time. Plan appropriately.
• 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
• Optional
• Fun and helpful
• Opportunity to ask questions and interact with classmates
• You can review the recording if you are unable to attend
What is Marketing?
• Kotler: “Marketing is the process by which companies create value for
customers and build strong customer relationships in order to capture
value from customers in return.” (Kotler, 2010)
• Notice that there is a lot of emphasis on establishing value and
relationships.
• Marketing, more than any other business function deals with the
customer and creating value for them.
• Notice that there is a lot of emphasis on establishing value and
relationships.
• Things that are marketed- Goods, services, ideas, personal images
The Marketing Process
Figure 1.1 (Kotler, 2010)
The marketing orientation has evolved
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1st Stage- The production orientation
2nd Stage- The sales orientation
3rd Stage- The marketing orientation
4th Stage- The societal marketing orientation
History of Marketing
• First era in the history of marketing - “the production era”.
• Businesses focused efforts on increasing the efficiency of
their production lines.
• Henry Ford was known by some as “The Godfather of the
Production Era”.
• “You can have a car in any color you want…as long as it’s
in black.” Henry Ford. What did he mean by that?
History of Marketing
• Second era- The “sales era”. Occurred prior to the 1950’s.
• Idea that creative advertising and selling would convince
consumers to buy a product or service.
• Third era- The “marketing era” was the third era in the history of
marketing.
• “Revolutionary idea.” Businesses focused on the needs and wants
of the consumer.
• The last era might be called the “societal marketing era” Company
must consider the different stakeholders of the company in
developing their marketing strategies.
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
• Creates value for the consumer greater than the cost of
products
• 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 is Dynamic
• Marketers realize their relationships with consumers is
always changing
• Importance of some customers
- Careful relationships with selected customers
- Developing relationships that are deeper and more interactive than
typical customers
• What companies might you feel a a deep and
interactive link with?
Trends in the Marketing Environment
• Consider trends taking place in these areas:
-The domestic and global economy
-Changes in technology, including communications and
computer-based technologies.
-Growth in importance of non-profits and NGOs
-Trend towards sustainable marketing
-Growing diversity and awareness of other cultures
-Others?
Company and Marketing Strategy
• 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 currently.
• Vision- What the company aspires to do in the future.
What is a marketing strategy?
“The marketing logic by which the company hopes to
create customer value and achieve profitable customer
relationships.” (Kotler, 2010)
A process that includes three important things:
- Segmenting the market
- Targeting key segments
- differentiating and positioning products and brands
Marketing Mix or The Four P’s
• Term used throughout the course. How products are differentiated.
• Four components- Product, Price, Promotion and Place
(Distribution). What do each of these mean?
• Marketing Managers create and control the right mix of these
elements to create value and satisfy customer’s needs for a
general product type.
• They are synergistic and rely on one another for marketing success
• Example: A company could have the best product in the world,
great price s and promotion. Without good distribution, it may fail.
• Figure 2.4 in text shows the importance of the marketing mix as an
integral part of developing marketing strategy. (Kotler, 2010)
What is a marketing plan?
• A written document that specifies those activities to be
performed to implement and control an organization’s
marketing activities.
SWOT Analysis
• Internal
- Strengths
- Weaknesses
• External
-Opportunities
-Threats
Any Questions?
Thank you for attending!
See you next week!