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UT Arlington MARK 3321 - Modules 1,2,4, and 6 Lectures

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Mark 3321 Modules 1,2,4, and 6 LecturesChapter 1-- Marketing – the processes for delivering value and benefits for customers. Not simply selling good and services and ideas.Conditions of Exchange –(1) There must be at least two parties (Also can be more than 2)(2) Each party has something that might be of value to the other party.(3) Each party is capable of communication and delivery.(4) Each party is free to accept or reject the exchange offer. (Free will)(5) Each party believes it is appropriate or desirable to deal with other party.Non-Exchange way to acquire products – Ex. Self-Production, Begging, Coercion, Not acquiring products - Charity, Donating, and Gifting Marketing Management Philosophies – Production Orientation – is defined as the orientation of the company’s sole focus on products alone.Sales Orientation – is a business approach of making profits by focusing on persuasion of people to buy the products instead of understanding the customer needs. (Focus on Sales Alone)Market Orientation – is a business philosophy where the focus is on identifying customer needs and wants and meeting them.Societal Market Orientation – concept that holds that a company should make good marketing decisions by considering consumers wants, the company’s requirements, and society’s long-term interests.Chapter 2 – Nature of strategic Planning- What is the organization main activity at the time?- How will it reach its goals?Strategic Business Units (SBU’s) – A subgroup of a single business or a collection of related businesses within a larger organization.5 Characteristics to help define SBU’s(1) Distinct mission statement and a specific target market.(2) Each business unit has control over its resources(3) Business unit has its own set of competitors (4) Business unit can be a single business of a collection of related businesses.(5) SBU’s has plans that are independent to other SBU’sStrategic Alternatives – Ansoff (Product and Market)Market Penetration – a marketing strategy that tries to increase market share among ourexisting customers. (Ex. Snow cone rewards card)Market Development - marketing strategy that attracts new customers to an existing product. (opening in and out in new location)Product Development – a marketing strategy that has an existing market but has a new product (Ex Game consoles every year)Diversification (Related or Unrelated) – is a strategy of increasing sales by introducing new products into new markets.Strategic Alternatives – BCG (Relative Market Share and Annual Real Rate of Market growth (%)Problem Child- High growth rate and low Market Share, testing if it can be a star or a dog.Dog- Low market share and low growth rate (Waste money and waste resources so get rid)Star – High growth rate and high Market Share (A lot of cash to keep this product)Cash Cow – High Market share because many people buy but doesn’t see a growth rate so low growth rate. (Doesn’t take a lot of money)Marketing Plan – Marketing Planning – activities related to objectives and the changing environment._______ involves designing activities relating to marketing objectives and the changing marketing environment.Mission statement – It’s a statement of the firm’s business based on a careful analysis of benefits sought by present and potential customers and analysis of existing and anticipated environmental conditionsCompetitive Advantage (SWOT)

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