Monday – Chapter 2 - What is marketing’s role in an organization?
Can’t be all things to all people, so set
priorities Limited resources to market offerings
Difference between profit and non-profit
There is no difference in the way the company is operated.
All the profit made in non profit is put back in to growth instead of paying stockholders
Core Values
Stakeholders care about the core values
Stakeholders being everyone that has a care in the company
Mission or Vision
Mission is who we are (i.e. mission statement)
Vision is where we are going
Organizational Culture
Product Oriented vs. Market Oriented Mission Statements
Facebook mission statement:
We are an online social network (this is not it)
We give people the power to share and make the world more open and
connected 2nd one is more open, so it does not have to be done in the
same way.
General Mills:
We make consumer food products OR
We nourish lives by making them healthier, easier, and
richer HULU:
We are an online video service OR
We help people find and enjoy the world’s premium video content when,
where, and how they want it
Home Depot
We sell tools and home repair and improvement items OR
We empower consumers to achieve the homes of their
dreams
NASA
We explore outer space
We reach for new heights and reveal the unknown so that what we do and learn
will benefit all humankind
NIKE
We bring inspiration and innovation to every athlete in the world. (If you have
a body you are an athlete)
Revlon
dreams
We sell lifestyle and self-expression; success and status; memories, hopes and
Ritz-Carlton
We create the Ritz-Carlton experience – one that enlivens the senses, instills well-
being, and fulfills even the unexpressed wishes and needs of our guests
Walmart
We deliver low prices every day and give ordinary folks the chance to buy the
same things as rich people. “Save Money. Live Better.”
Wednesday
Levels of Planning
Strategic – “Generals”, oversee an entire region
Tactical – “Colonels or majors”, tell a group of people what to
do Operational – starting area, less experience
Goals or Objectives: S.M.A.R.T
Specific
Measurable
Attainable
Relevant
Time-Based
BCG model: Question Marks, Stars, Cash Cows, Dogs
Question Marks – before a business gets started
Stars – When a company first starts and does well
Cash Cows – No longer growth, but still high profit
Dogs – No growth and low market share. Usually being phased out.
Friday
Quiz on Monday on the marketing strategies
Four Primary Marketing Strategies
Market Penetration – current product and current markets – Selling more Ben&Jerry’s
in same area
Product Development – New products, but current market – New flavor of ice
cream Market Development – Current products, but new markets – Selling the ice
cream to foreign countries with new demographics.
Diversification – New Products and New Markets – selling the new flavor to the
foreign country
How is a marketing plan used?
Marketing plan – A communications device for visualizing proposed strategies, tactics,
or operating plans within the anticipated environment in which they likely will occur for
the purpose of obtaining approvals and investments from decision makers
Most-Asked questions by outside
audience: Is the marketing idea
valid?
Is there something unique that separates from competitors?
Is there a clear market for the product or service?
Are the financial projections realistic and healthy?
Are the key management and tech personnel capable, and do they have a record?
Does the plan describe out investors get rewarded
Example on page 47-57
