Product placement: Markets a product without advertising itChapter 1: Overview of marketing- Apple and Samsung suing each other because of battery patent - Tim Cook new CEO of appleo Dividend on wall street - Apple named marketer of the decade - 1.2 billion on marketing the iphone/ipad- appeared in movies Apples marketing secrete: - People buy what other people have- Never first to the market- Empower early adopters - Make message memorableo 1000 songs in pocket- Take care of customers Marketing: Creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large Components of marketing: HAS TO BE VALUEABLE - Creatingo Collaborating with supplies and customerso Create offerings that have value to the customer - Communicating:o Describe offeringso Learning from customers- Delivering:o Get offerings to the consumero In a way that optimizes value- Exchanging:o Must be 2 parties (buyer and seller)o Each party must have value to another partyo Each party has to communicate valueo Each party is free to accept or reject the exchange offero Each party believes that it is appropriate or desirable to deal with the other part4 p’s- Product: Creating offering (experience)- Price: (what your willing to give up)- Place (delivering) Death valley DISTURBUTION - PromotionValue- Fundamental purpose of marketingo Create Valeuo Benifets- Firms, partners, customers, and societyProfitable Exchange:- Personal Value Equationo Value=benefits receives – (Cost+Hassle)Marketing Concept:- Philosophy underlying everything marketers do- Seek to satisfy customer needs and wants Value-Based Marketing:- Offer excess to allow for plenty of product- Monitor the marketplace- Share information- Balance benefits with costs- Build relationships with customersMarketing is not: (has a plan)- Random- Exchanging money- About making a profit History of marketing role- Product oriented erao Build it they will come o Furnitureo Mass producing - Sales-orientedo All about the sales techniqueo Door to door watch salesman- Market- orientated:o Give customers what they wantSocietal Marketing Orientation:- The idea that an organization exists not only to satisfy customer wants and needs and to meet organization objectives BUT also to presence and enhanceindividuals and society long term interesto ACT like they care about humanity but its just for profits Value Based:1. Products must preform2. Earn trust from customers3. Avoid unrealistic pricing4. Give buyers facts5. Have sales support6. Co-creation (allow customers to individualize) CUSTOMER SATIFACTIONWho engages in Marketing:- For profit companieso Defined by customero Function- Non-profit organizations- Individuals Chapter 2Marketing Strategy: 1. Identifies a firm target markets2. A relating Marketing mix3. The bases upon which the firm plans to build a sustainable competitive advantage What is the organizations main activity at a particular time?How will it reach its goals?Sustainable competitive Advantage- Customer Excellence: take care of excellence - Locational Excellence: where - Operational Excellence: Walmart, make it easier, Netflix, distribution- Product excellence: rolex more superior Marketing Plan:- If you fail to plan, you plan to fail (have to know where company is headed- Helps employees and management work toward common goals- Allows the marketing manager to enter the marketplace with an awareness of possibilities and problems Step one: Bussiness mission:- Don’t want to be too broad- Should focus on the market or markets the organization is trying to serve rather than a good or serive - Don’t want Marketing Myophia: defining a business in terms of goods and o KODAK - services rather in terms of good and services rather in terms of benefits that customer seeksStep 2: Strengths Weakness Opportunities Threats OT EXTERNALSW: Internal Environmental Scanning:- Guidelines for designing marketing strategy based on six macroeconomic forceso Socialo Demographico Economico Technologicalo Political/ legalo Competitive Step 3:- Segmentation: Which segments of customers can you satisfy- Targeting: Evaluation of each segments attractiveness- Positioning: How are you selling it Step 4: Implementation marketing mix and allocate recourses - Product (value creation)- Price (value - Place (How are you delivering)- Promotion (communicating)Product value: Cost-based pricing:Competitor-based pricingValue-based pricing: Value you create for customer Marketing objectives:- Realistic- Measurable- Time- specific- Priorities with organizationStep 5: Evaluate performance and make adjustments Portfolio Matrix: - Stars: Need cash for growth- Cash Cows: Dominate market share- Problem children: Need cash- Dogs: Low growth small marketGrowth Strategies:Markets/ productive and servicesCurrent current: Market PenetrationCurrent New: Product DevelopmentNew Current: Market developmentNew New: DiversificationWED SEPT 5, 382 6:30!Chapter 3 Social Responsibility Ethics:Marketing to Children- Spent 15 billion on marketing to children under 12- 50% of junk food ads, sugar cereals, and soft drinks on children’s programing- Kraft foods/ Kellogg’s (removed from kids programing) - Disney channel wont allow advertisements on channels Unwritten rules of governing interactions:- Sharing rescores- Honoring contracts- Waiting in lineo Unethical is not illegal Ethical Behavior:- Ethics: moral principles or values that generally govern the conduct of an individual- Morals: The rules people develop as a result of cultural values and norms Why bother with ethics:- Make better decisions- Society as a whole Benefits- Unethical behavior is Money o Sell it to wrong people government will fuck youLink Between ethics and corporate responsibility- Sustainability- Implement programs that are social responsible- Employees should act in an ethically responsibly manner Philanthropic: Be a good citizenEthical: Do what is rightLegal: Obey the lawEconomic: Be profitable Arguments Against Social Responsibility:- Business should focus on making a profit and leave social and environmental concerns to nonprofits- Business don’t have the expertise to deal with social issues and doing so may interfere with primary goals of their firms- The expense of social responsibility may damage the country in the global marketplace - Too exspensiveArguments for social responsibility: - The right thing to do- Business should police itself to avoid-