BA 101 1st Edition Lecture 3 Outline of Last Lecture 1 Class rules and some admin A Class participation scores B Email communications C Quizzes 2 Lecture Wealth transactions and Planning Outline of Current Lecture I Foundation update A Rehearsal tutorial B Online quiz comments II Lecture Marketing Current Lecture I 877 477 8787 is the number for technical support for the Foundation simulation For this week do The introductory lesson and quiz Demos and tutorials watch the R D and Marketing videos Over the next week complete demos and tutorials Go through rehearsal tutorials due Jan 22nd at 11 59pm Tutors are available starting next week Jan 20th located in the Braddock tutoring center in the Lillis Atrium Hours M Th at 4 7pm and F at 12 5pm Upcoming Foundation Due Dates II Rehearsal tutorial due 1 22 at 11 59pm Practice Round 1 due 1 27 at 11 59pm Practice Round 2 due 1 29 at 11 59pm Lecture Marketing These 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 What is marketing Marketing is an organizational function and a set of processes for Creating communicating and delivering value to customers Managing customer relationships in ways that benefit stakeholders Customer Perceived Value a customer s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers Marketing asks Who are your potential customers How big is the market How fast is it growing Can you usefully group your customers Divide market segments What do consumers want from you The 4 Ps Products Price Place Promotion The Marketing Mix A unique blend of product place promotion and pricing strategies designed to produce mutually satisfying exchanges with a target market How does marketing figure out customers markets Marketing research Market segmentation and target markets Consumer behavior In Foundation you will determine a market size define an ideal product for both segments hi tech low tech and calculate a Customer Survey Score CSS Role of Marketing Research process of planning collecting and analyzing data relevant to a marketing decision In Foundation the Industry Conditions Report has this information Secondary Data Research Data previously collected for any purpose other than the one at hand Primary Data Research data collected for the first time for the purpose of solving the problem at hand Includes observational research and the collection of original information It relies on 3 types of information People watching people People watching an activity Machines watching people or activity Commonly collection sites includes checkout counters and coupons Secondary Research is the collection of information from published sources Relies on information from Websites Publications Research report Basis for segmentation Geography Demographics Psychographics Benefits sought Usage rate Target Market A group of people or organizations for which an organization designs implements and maintains a marketing mix intended to meet the needs of the group resulting in mutually satisfying exchanges Strategies for selecting a Target Market Consumer behavior the use disposal and purchase of products and the decisions to buy one product over another Demographic segmentation Age gender income family situation Psychographic segmentation personality motivation lifestyles and geodemographics Geodemographic segmentation a combination of demographic geographic and lifestyle segmentations Often done by neighborhood Ex Tweens Pre and early adolescents ages 8 14 Population of 29 million Purchasing power of 39 billion View TV ads as just advertising Emerging as the most influential generation in history Intermarket segmentations Ex teens show surprising similarity no matter where they live many companies target teens with worldwide marketing campaigns