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MKTG 370

Marketing Plan
How the product will be designed
How much it will cost
Where and how it will get to the customer
Exchange
Trade of things of value between two unsatisfied parties
Marketing Mix: 4 P’s
1. Product: create value, satisfy needs
2. Price: Capture value. customers and producer agree on price
3. Place: Delivering value. able to find each other
4. Promotion: communicating value, present message
Production-Oriented Era
The belief that a good product will sell on own.
Not concerned with consumer’s desires, but rather with innovation.
ex: ford
Sale-Oriented Era
People sold to each other because supply was greater than demand.
-followed WWII 1945-1960s
-need to PUSH the product
Market-Oriented Era
Turn focus to what consumers want
1960s and forward
-CRM
Value Co-Creation
customization of products
ex: Nike ID
How do marketing firms become more value driven?
1. sharing information
2. balancing benefits with costs
3. building relationships
Importance of Marketing
-build relationships
-sell products
-expands firm’s global presence
Examples of “A” marketing
1. got milk?
2. bottled water
3. christopher columbus
4. independence day
Sustainable Competitive Advantage:
Advantage over competition that cannot be easily copied
What is a marketing strategy?
1. firm’s target market
2. related marketing mix
3. basis on which firm plans to build sustainable competitive advantage
Marketing Goals
1. Profit maximization
2. market share
3. sales
4. performance/quality
5. innovation
6. satisfaction
7. loyalty levels
8.social responsibility
4 macro strategies that focus on aspects of marketing mix
1. customer excellence
2. operational excellence
3. product excellence
4. locational excellence
Customer Excellence
CRM, maintain loyalty
Operational Excellence
acheived through efficient operations. get customers what they want, when they want at a lowered price
Product excellence
best quality
Locational excellence
good physical and internet location
The Marketing Plan
Written document composed of analysis of current marketing situation
1. Planning
2. Implementation
3. Control
Why do companies some times not write down the marketing plan?
Unorganized!
The Steps in Marketing Plan:
1. Define the business mission
2. SWOT analysis
3. Identify opportunities
Segmentation
Targeting
Positioning
4. Implement the marketing mix
5. Evaluate the Performance using marketing metrics
Growth Options
1. Market Penetration: existing marketing mix, current segment
2. Market development: Existing marketing mix to reach new segments
3. product development: new product, current segment
4. diversification: new and new!
Market Penetration
Increase consumption, more frequently. existing marketing mix
old and related users
Market Development
expansion into new markets with essentially the same product
1. Domestic Markets
2. Foreign Markets
Product Development
-more difficult than market development
-manager already knows the market
-different products
Diversification
New product and new market segment
-difficult to implement
Related Diversification
current target market shares something in common with new opportunity
Unrelated
Blind, risky
Portolio Analysis
based on
a. potential growth in category
b. related market share
the WHOLE Industry, not just your company
Stars
high growth and high market share.
first into market will be the star until new entrant
Cash Cows
low growth, high market
-doesnt have to do alot of work
-do have to pay attention
-must have cash cows to fund new products
Dogs
low-growth markets and have low market shares
Question marks
low market share, high market growth
-potential
-problem child
The immediate environment
a. company capabilities
b. competitors: understanding
c. corporate partners: colaborate with other parties
The Macroenvironmental factors
1. Culture
2. Demographics
3. Social trends
4. Technology
5. Economic situation
6. Political environment
semi-controllable factors
target market- once selected, difficult to change
uncontrollable factors
-macroenvironmental: the marketplace @ large
-microenvironmental: the industry in which you compete
-controllable factors: the market mix: four p’s.
The most ethically diverse of all nations
USA
Microenvironment:
a. nature of the firm
b. suppliers
c. vendors
d. competition
How many puppies vs. babies?
5 M puppies born annually
4M babies born annually
Worst and best business state
#50= CA
#1 TX
Most ethically diverse city
LA
Cardinal Value
most important value in your culture
USA= FREEDOM
Need to be _____ rather than REactive
PROactive
Baby carriages represent an opportunity presented by
New laws. ADA
Consumer Decision Process
Represents steps that consumers go through while making purchases
1. Need recognition
2. Search for information
3. Evaluation of Alternatives
4. Shopping Behavior
5. Postpurchase
Two types of information search
Internal: prior knowledge and past experiences
External: search for it or talk to other people
Actual or Percieved Risk (5 types)
1. Performance Risk
2. Financial
3. Social
4. Physiological
5. Psychological
Attribute Set
Consumers organize alternatives to aid decision process
Universal Set
All choices
Retrieval Sets
Sets you already know
Evoked Set
The alternative set you consider when making a choice
Compensatory
consumer is willing to trade off one characteristic against another
Non-compensatory
when one factor is the most important
Post-purchase (3 possible outcomes)
1. Customer satisfaction (build realistic expectations, not too high, not too low)
2. Post purchase cognitive dissonance: buyer’s remorse
3. Customer Loyalty: build strong relationship
Factors that influence the consumer decision process
-Psychological factors
-social factors
-situational factors
-marketing mix
Temporal State
State of mind we are in when we go shopping
B2b Marketing:
-Refers to buying and selling goods between companies (manufacturers to wholesellers)
-also sell to institutions and governments
Types of B2B marketing
1. Manufacturers and service providers
2. Resellers
3. Institutions
4. Government (one of largest purchases)
B2b Buying Process
1. Need Recognition
2. Product Specification
3. RFP process (proposals)
4. Proposal analysis, vendor negotiation and selection
5. Order Specification: the firm places its order with preferred supplier
6. Vendor Performance Assessment using metrics
Initiator
the person who suggests buying
influencer
the person whose views influence other members of the buying center in financial decisions
Decider
the person who ultimately any part of the buying
Buyer
the person who handles the paper work
user
the person who consumes the product
gatekeeper
the person who controls information or access
4 Types of buying centers
1. autocratic: one person
2. democratic: majority rules
3. consultative: buying centers use one person to make decision but solicit others
4. Consensus: all members must reach an agreement
The buying situation
1. New buy
2. Modified Rebuy
3. Straight Rebuy
New buy is the most difficult to market
Buying Center Positions
1. Initiator
2. Influencer
3. decider
4. buyer
5. user
6. gatekeeper
Firms that are _______ recognize that including a strong social orientation in business is a sound strategy that is in the best interest of both the firm and its customers.
socially responsible
The goal of a marketing exchange is that the parties to the transaction be
satisfied
A group that sponsors bike helmet poster contests for children to promote bicycle safety is providing which of the following marketing offerings?
Idea
Which of the following marketing mix variables is involved in the capture of value in the marketing exchange?
Price
Which marketing mix element deals specifically with retailing and marketing channel management?
Place
Which of the following represents the three major phases of a marketing plan?
Planning, implementation and control
When a firm considers its overall objectives and considers the type of business it is in, it is engaged in which of the following steps of the marketing planning process?
Defining the mission
To evaluate the effectiveness or performance of a marketing strategy, firms typically use
Marketing Metrics
A _______ is a measuring system that quantifies a trend, dynamic, or characteristic and is used by marketers to help explain why things happened and also to predict the future.
metric
Which of the following is a marketing metric that might be used to evaluate the performance of a company’s implementation of its marketing plan?
Gross Margin
Which of the following is not a demographic listed in your text that would typically be used to identify consumer markets?
Religion
Digital natives?
Gen Z
_____, also known as Millennials, constitutes more than 60 million members in the United States alone and were born between 1977 and 2000.
Gen Y
The first generation of “latchkey” children, known as _____, includes those born between 1965 and 1976.
Gen X
Which of the following best describes the current income distribution in the United States?

A. Income distribution has become evenly distributed.

B. Income between the highest-income and lower-income groups has grown more polarized.

C. The purchasing power of all income groups has grown steadily over the past decade.

D. The middle class has outpaced all other income groups.

E. The number of high-income earners has fallen sharply.

B
Which of the following laws was passed to prohibit monopolies and other activities that would restrain trade or competition, as well as make fair trade within a free market a national goal?
A. 1914 Clayton Act
B. 1890 Sherman Antitrust Act
C. 1936 Robison-Patman Act
D. 1938 Wheeler-Lea Act
E 1914 Federal Trade Commission Ac
B
External agencies and government bodies publish safety ratings for cars to help consumers alleviate _____ risk.
Physiological
The salient or important attributes about a particular product that a consumer bases his or her product evaluation on are called
evaluative criteria
Maslow’s Hierarchy of needs
1. physiological
2. safety
3. love
4. esteem
5. cognitive
6. aesthetic needs
7. self actualization
Roberta works out at a health club, goes to yoga classes, and reads magazines about women’s health to satisfy her inner desires. Which of Maslow’s needs is Roberta fulfilling?
Esteem
What are the three components that make up a person’s attitude?
Cognitive, affective, behavioral
In B2B markets, _____ are firms that buy and reprocess products and services before selling them again to the next buyer.
manufacturers
Although social media are used to build relationships in B2B contexts, the majority of B2B marketers use _____ for their marketing efforts.
white papers

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