MKT 327 Introduction to Marketing 1st Edition Lecture 6 Are you the one? – lecture on knowledge and marketingOutline of Last Lecture A. Marketing planning overview part 1II. Business definitionIII. Marketing objectivesIV. Core competencies V. The Boston consulting group growth share matrix VI. Corporate vision, marketing objectives, and decision making MissionOutline of Current Lecture B. Exam guidelines and overviewVII. Theme: are you the one?VIII. Marketing planIX. KnowledgeX. Knowledge creation continuumXI. Management marketing information systemXII. Marketing research definedCurrent Lecture(1) Exam guidelines(a) Pencil(b) Restroom(c) Turn-off cell phones(d) Complete scantron(i) We are section one(ii) Don’t forget exam form(e) Sign exam(f) No entries after first complete(2) Exam overview(a) FormatThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.(i) 30 multiple choice (ii) True/false(iii) Marketing role article @ ch 1,2,7 (b) Structure(i) 70% notes(ii) Text book2) Theme: are you the one? (matrix)3) Marketing plana) Componentsi) Informational foundation stage(1) Situation analysis(a) Environment and competitors(2) SWOT analysis(a) Framework for strategic plan(3) Market analysis(a) Understanding buyer behaviorii) Strategic framework(1) Segmentation(a) Who(2) Positioning(a) What(3) General marketing (demand)(4) Competitive(a) Howiii) Tactical implementation(1) Marketing mix plans(a) Create and capture value(2) Control plan(a) Contingencies4) Knowledge- the understanding or experience enabling tasks to be done with maximum efficiency and effectiveness a) Old school- the most competitive firms succeed by controlling factors of production, capital, land and/or laborb) New school- the most competitive firms succeed by developing, improving, protecting and renewing knowledge.c) Are you the one? : Marketers must be the ones to break the code5) Knowledge creation continuuma) Begins with query (asking questions, directing observations) results in Data b) DATA (specific facts about some phenomena) allows information c) INFORMATION (interpreting data to draw conclusions) with ANALYSIS (framework)d) Which creates knowledge (the ability to accomplish some task)e) And knowledge helps future queryi) Dynamic process6) Management (marketing) information systema) The people, equipment, and procedures to gather, sort, analyze, evaluate and distribute needed, timely, and accurate information to management (marketing) decision makers.b) Four components of a marketing information systemi) Knowledge managementii) Marketing intelligence- continual collection of information for the sake of gathering information(1) Bridged by secondary data (i: internal and ii: external)(2) ii: marketing research- problem specific collection of information for the sake of reducing risk of a decision(3) Marketing intelligence and marketing research connected through primary data- continual and project(4) Decision support system connected with marketing intelligence and knowledge management through management dashboard (5) Example- G-unit has the ultimate rationale for marketing research 7) Marketing research defineda) The planning, collection, and analysis of data (formal assembly and analysis of information) relevant to marketing decision making (specific issues surrounding the marketing of