Marketing Management 3 assigment 750-900 words each assigment

BUS505_ch01_week1.pdf

Home >Business & Finance homework help >Marketing homework help >Marketing Management 3 assigment 750-900 words each assigment

© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1. © 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1

Why Is Marketing Important?

1. 2

Discussion Question

• Do the following statements adequately define marketing? Why or why not? • “Marketing is sales and advertising.” • “Marketers make people buy stuff they don’t

need and can’t afford.” • “Marketers are the people who call you

while you’re trying to eat dinner.”

Discussion Questions

• What is the definition of marketing? • What can be marketed?

Marketing Defined

• Marketing is defined as an exchange between a firm and its customers.

What We Can Market

Orientations

• Product/Production Orientation • Focus on building products that you like

• Sales Orientation • Focus on convincing the customer that your

product works best for them • Customer Orientation

• Focus on figuring out what customers want THEN design the product around them

Discussion Questions

• Which orientation do you think would mostly likely lead to an exchange?

• Who do you think is responsible for

marketing?

Who is Responsible for Marketing?

• Marketing and Customer Satisfaction is Everyone’s Responsibility

• Marketing should permeate the firm

• Accounting/Finance • Sales • Research and Development

Measuring Marketing Success

• Chief Marketing Officers (CMO) should quantify results when possible

• Sometimes the effectiveness of marketing programs is easy to quantify

• Did the coupon promotion lift sales? – Measure the percentage sales increase, etc.

• Did the direct mail campaign increase web usage?

– Measure the number of web visits, etc.

Measuring Marketing Success

• However, sometimes the effectiveness is not easy to quantify • Was the segmentation study effective?

• Difficult to quantify • Did the advertising campaign increase

sales? • Difficult to quantify because great advertising

is geared toward long-term brand building not short-term results

Marketing Management Framework

• The 5Cs, STP and the 4Ps constitute the marketing management framework

The 5 Cs of Situational Analysis

• Company • The firm’s capabilities, resources, etc.

• What does it do well? • What doesn’t it do well? etc.

• Customer • The firm’s current and potential customers

• What are current customers’ preferences, buying trends, etc.?

• What are potential customers’ preferences? Should they be targeted?

The 5 Cs of Situational Analysis

• Competitor • The companies/people firm works against

and how they compare to the firm in terms of resources, capabilities, customer preferences, reaction patterns, etc.

• Collaborators • The companies/people firm works with

• Are these relationships strong? Can these relationships be improved or leveraged?

5 Cs of Situational Analysis

• Context • The macro-environmental forces facing firm

• What is going on politically or legally that might affect the firm?

• What is going on with the economy that might affect the firm?

• What trends are occurring in society that might affect the firm?

• What technological innovations might affect the firm?

STP

• Segmenting • Grouping customers with similar needs

• Target • Pursuing segment who makes the most

sense for the firm • Position

• Communicating product’s benefits clearly to the intended target

– Developed through the 4Ps

4 Ps

• Product • What should constitute your product mix?

What features and benefits should comprise each product?

• Price

• How much should you charge given your costs, competitive pricing and customer demand?

4 Ps

• Place • How will you get the product into the

customers’ hands? Will you go direct to customers or use channel partners?

• Promotion

• What communications mix will you use to communicate with your targets? What message will you use?

Considerations

• The situation facing the company changes over time • Customer preferences change • Competitors change offerings • Government passes new laws, etc.

• Firm must consistently monitor the 5 Cs

Considerations

• 5 Cs, STP and 4 Ps are interdependent • As contextual factor changes, what would the

impact be on distribution channels? • As a collaborator shifts their demands, what

will that do to our pricing structure? • As our company sells off a nonperforming

function, what impact might that have on our positioning and customer satisfaction?

• Marketers must understand the interdependencies

Book Layout

The Flow of Each Chapter

• Each chapter covers the “What,” “Why,” and “How.” • What is the topic in this chapter? • Why does it matter? • How do I do this?

Managerial Recap

• Marketing can make customers happier, and companies more profitable.

• Marketing is about trying to find out what

customers would like, providing it to them, and doing so profitably.

• Marketing facilitates a relationship

between customers and a company.

Managerial Recap

• Just about anything can be marketed.

• The marketing management framework—5Cs, STP, 4Ps—will structure the book.

• If you can remain customer-centric, you’ll be five steps ahead of the competition.

Slide Number 1
Why Is Marketing Important?
Discussion Question
Discussion Questions
Marketing Defined
What We Can Market
Orientations
Discussion Questions
Who is Responsible for Marketing?
Measuring Marketing Success
Measuring Marketing Success
Marketing Management Framework
The 5 Cs of Situational Analysis
The 5 Cs of Situational Analysis
5 Cs of Situational Analysis
STP
4 Ps
4 Ps
Considerations
Considerations
Book Layout
The Flow of Each Chapter
Managerial Recap
Managerial Recap