MKTG 3650 1st EditionExam # 1 Study Guide Lectures: 1 - 14Lecture 1Marketing Success- Based on “standing out” rather than “fitting in”- “Making old things New” and “New things known”- Creating “happiness” What is happiness?o A moment in time before you need something new to be happy againo More about anticipation than reality Face it: We’re all mostly just big holes needing to be filled up.4 things in this world that are never satisfied- Fire: the bigger it gets, the more it wants to consume - Leeches: keep on sucking for more, more, more- Empty graves: it always cries out for more- Empty womb: womb, not room3 Ways Humans ThinkI will.I want.I won’t.Ten Marketing PrinciplesPrinciple of Leadership- If you want to be successful be the firstPrinciple of Category- If you can’t be first, find a category in which you can bePrinciple of Mind- Marketing is a competition that takes place in the mind- “The Mind of the Market- Evoked set: has to get product in mind so that your product can be the solution to the problemPrinciple of Perception- What you think to be true for you, that’s the choice you’re going to makePrinciple of Focus/Ownership- i.e. brands like Band-Aid (adhesive bandages), Starbucks (coffee), UPS(logistics), Spanx (butts)Principle of Attributes- things that come to mind- i.e. fresher breath (toothpaste), tastes great (soda)- for every principle you could use to differentiate there’s another equal opposing attribute that could be emphasized.Principle of Concentration- force or power- takes the strengths and concentrates them against the weaknessesPrinciple of Candor- tell the truthPrinciple of Unpredictability- cannot make predictions about the futureLecture 2 What is marketing?- A social and managerial process through which individuals and groups obtain what they want or need by creating and exchanging value with others.o Needs: states/conditions of felt deprivationo Wants: shape that need assumes as it is influenced by culture and individual personality.Exchanges- Get, give...- Value : derived from quality of solution that the company providesMarketing Concept- Identity and satisfy customers wants and needs- Product service or “Marketing Offering” o Products: tangibleo Service: intangible (can’t necessarily be touched)- The place a product or brand occupies within a customer or prospects mind - Marketers job: create new relationship or strengthen existing relationshipLecture 3BrandsA sign or a symbol, a word or words, that distinguish one product from another.- Innovation (NEW and USEFUL, provides solutions)- Creativity is the key to successful innovation.DifferentiationIt is important!- Different from and better than (alternative solutions).- Most of what any marketer does relates, directly or indirectly to the pursuit, growth, or retention of differentiation.ChangeKnowledge is the fundamental source of competitive advantage.- Change is inevitable - Change will be resisted- Change does not always represent progress, but change is always necessary for progress to occur.o Success in Marketing The first thing to say when meeting someone is ‘thanks for making time for me.’ The second thing you do is ask them about themselves. Third, make them laugh. These aren’t tricks, the only trick is understanding there are no tricks or shortcuts to marketing success. Create in the mind of customers, as emotional bond, between the consumer and a brand.Golden and Platinum RuleGolden Rule “Do unto to others as you would have them do unto you.”Platinum Rule “Do unto others as they would have you do unto them.”Lecture 4A discussion of Strategy- Corporate, functional, professionalo A sustainable growth strategy begins with understanding the difference between what you are making/marketing and what customers/prospects/people need = which is often not the same thing – and continuously any gap that existsEMU vs. KANGAROO- Neither can take a step back- It’s all about moving forwardExperience should have taught or eventually will teach us that when it comes to corporate, marketing or professional strategy nobody always has the perfect solution – and the most dangerous people are those who think they do- Strategy entails getting more out of a situation than the beginning balance of power would suggest is possible for your firm or itself- Strategy encompasses the art of creating power –which in turn generates greater influence (for you) i.e. an asset that most people likely value more than actual powerRelationship/ReputationsWet (relationship) preferred Loyalty and a past with the consumer Dry  no past, no anticipated future Reputation- the marketer honors its promiseo honorableo trustworthyo does what is necessary to make ito righto problem solverso promise makers/ keepers- an abundance of options has led to a deficit of attention- consumers know about product strength and weaknesses- planning is inevitably useful and necessary for successo encourages looking aheado forces clarificationo forces coordination/utilization of resources TIME (finite) TALENT (HR) TREASURE (money)o Clear metrics and benchmarkso Makes companies more agileo Forces consideration of the entire environmento Ensures the company is working on the eight thingso Engage in possibility thinking Lecture 5The Planning Process- Starts with a planning team- “Those who do not remember the mistakes of the past are doomed to repeat them.”SWOT- Strengths Weaknesses Opportunities Threatso Opportunities exist outside the firm Exist even if firm didn’t  Can’t controlStrategic Planning- Beating the competition- Ensuring the long term growth/ survival of the firmo Moving forward Functional Area Planning- The marketing mix/ 4 P’s of Marketingo Product – what to produce and who to target it too Priceo Promotiono Place Distribution Supply chaino Target marketing focuses efforts on particular groups of customerso Segments- grouped according to shared characteristics When you choose what products to market you choose what segments to group and you choose what competitors to compete against- Marketing function plays a key role in strategic planningo Market place – unmet wants and needo Customers themselveso What competitors are doingParts of strategic planning- Develop a missiono Who we are and what we want to becomeo How we’re going to get there- Goals should allow firms to exploit their strengths- Missions- realistic, motivated,