Marketing 01 31 2012 Lecture One Marketing Mix Overview Define marketing and related constructs Tap marketing management philosophies Explore goals of marketing The Joker Project Analyze needs of people who watch movies o Entertainment Indentify engaging themes adventure sci fi drama Estimate how many moviegoers there will be going forward Calculate how many moviegoers will actually buy tickets Predict when viewers will want to score movies tickets Determine where moviegoers reside and theatre proximity consider looming formats Estimate prices moviegoers are willing to pay use of bundle assortments Craft potential and actual moviegoers Identify rivals estimate hw many movies DVDs they will offer what kind and at what price What is marketing Marketing is the activity set of institutions and processes for creating communication delivering and exchanging offerings that have value for customers clients partners and society at large AMA Marketing Puzzle Pieces Consumer Inputs o Needs o Wants o Demands qualified want will to pay for it o Exchange sine qua non absolutely essential Marketing Process Desired Outcomes o Satisfaction o Value Marketing Exchange Conditions necessary but not sufficient There must be at least 2 parties Parties must have something of value Parties must want to deal Parties must be free to accept or reject Parties must be able to communicate Lecture 2 Marketing Mix con Marketing Jargon Words Adverse opposed against one s interest Alacrity speed promptness in response Amicable friendly peaceable harmonious Anathema cursed by ecclesiastic authority a ban or curse a hated individual Ascend upward movement move from lower rank to higher rank Astute someone who s on top of their game keen Avid eager enthusiastic Bagatelle child s play trifle Banal lacking originality commonplace Bedlam chaos Besmirch to taint to soil someone or thing Bevy a large collection or large group Bona fide sincere genuine honest Burgeon to sprout to bloom to flourish Cognizant mindful in the loop Corroborate Desist to act upon something to stop Diatribe a rant Doleful sad causing grief Dregs what settles to the bottom people at the bottom of society are dregs of society Duress compulsion through threat Effigy representation of a hated person Egregious hits the eye flagrant glaring obvious Emaciated thin wasted away physically withered Eschew to avoid to dodge Euphemism substitution of an agreeable or inoffensive expression Exacerbate to make things worse to complicate things Expunge to wipe out to erase Flinty stern tough unyielding Forthwith immediately without delay Furtive speaky Gesticulate to make gestures especially when speaking Harbinger a signal precursor foreshadows Haven safe place sanctuary Histrionics dramatic exaggerated reaction Imminent close ready to take place hanging over your head Implacable inflexible will not yield can t get them to change Implore to beg to plead pray for earnestly Importune to harass Impunity acting above the law without fear or retribution Inane silly makes no sense kind of dumb Inchoate imperfectly formed Incipient Incisive quick and direct concise Indigent poor destitute Inert unable to move or act Inundate overwhelm Inveigh to wearing Jaunty dapper showy stylish self confidence in what you are Loathe to hate to detest Lurid shocking sensational Meticulous detail oriented precise Mundane boring dull ordinary tedious Nefarious evil wicked Nuance subtly detail ability to read between the lines Obviate to bypass a requirement to anticipate and prevent Overt open not a secret in plain view Paucity scarcity not having a lot Perfunctory routine robotic Pernicious causing much harm deadly Peruse to read completely Phlegmatic sluggish not easily excited to action Plethora an abundance Poignant incisive emotionally moving Precipitate to make something happen suddenly Premise stated or assumed Privation state of being deprived Propitious favorable advantageous Pugnacious aggressive hostile combative Raze to demolish to destroy Remuneration compensation or payment Replete full of abundantly provided Repudiate to reject as untrue Reticent reluctant hesitant silent Sally to burst forth to rush ahead Sanguine optimistic cheerful Sinecure an office that requires little work Why Call It Marketing Market o A place where people gather to trade exchange notion o Set of consumers and firms that have a desire and ability to purchase products Product Concept Build a better mouse trap and the will make a beaten path to your doors Ralph Waldo Emerson o If you have the best product people will come Product concept inside outside game Marketing Concept Give the people what they want and you ll never go wrong Marketing Concept outside inside game o Focus existing products o Means aggressive sales o Profit sales volume o Focus consumer need o Means IMC o Profit satisfaction Satisfaction Constructs Form Utility offering tangible features Task Utility rendering a service or performance Possession Utility having the right to use or consume a product Time Utility having a product available when consumers want it Place Utility having a product available where consumers want it o Amazon Value Driven Marketing Hey don t forget about your competitors Deliver better vaule for consumers success Value driven marketing apply key principles Value Principles Customer Principle get inside the head of your customers Competitor Principle Best Buy vs Circuit City Proactive Principle lobbying for the right of survival Cross Functional Principle all the different disciplines come together for a new product Continuous Improvement Principle Stakeholder Principle everything we do impacts the world so companies grow must be aware of this Countervailing Streams Benefits o Functional tangible benefits o Social positive response consumers get from others o Personal good feelings consumers get o Experiential sensory enjoyment consumers gain Costs o Monetary amount of money consumer pays o Temporal time spent purchasing o Psychological mental energy involved in making purchase o Behavioral physical energy consumers expend to buy Pre Industrial Revolution Birth of Marketing o Central market o Money system o Middlemen Marketing Evolution United States Pre Industrial Revolution Orientation Production Orientation o Factories assembly line Ford Sales Orientation o Excess supply very little demand Marketing Orientation Value Driven Market Orientation Marketing Insight The goal of marketing is not maximize
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