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MAR3023 Test 1 NotesExam 1 is February 11 – 15Remember to bring FSU ID to the testing center*1/9/13- Peer marketing- products- The goal of marketing is to make selling and advertising unnecessaryo Make a good product- Pure, invisible marketing is about developing good PRODUCTS that people want and need- If firms perform pure marketing correctly, they don’t need to advertise much or hire…- If firms fail to objectively distinguish their products from competitors, then impure marketing becomes very important- Over time, competitors imitate great ideas- Pure marketing v. impure marketing1/14/13- Consumer Reports Ratingso Consumer Reports rates all of the products you saw as objectively the same as – or better than – the branded products- Brands (and marketing) are really powerfulo EX: Great value brand vs. Ziploc- History of marketingo Simple trade era (pre-1860s) Products were made by hand, grown, or traded in small quantities Ended in Industrial Revolutiono Production era (pre-1920s) “As long as it’s black”- Inward focus- Technical development Condition: seller’s market; demand exceeded supplyo Sales Era (1920s) “Changing their minds” Focus on:- Selling what we make- Aggressive promotion – vacuum cleaners- Short-term profit maximizationo The Marketing Era (1940s-1990s) The “great awakening” where customers became the central focus of the organization Began with the development of marketing departments and then transferred to the rest of the firm Focus on:- Customer is the key – “delight”- Make what we sello Relationship marketing era (1990s-2010) The focus is on long-term relationships and customer retention- A 5% increase in customer retention yields up to a 95% improvement in NPV delivered by customers- Repeat customers generate over twice as much revenue as new customers- Engaged customers generate 1.7 times more revenue than normal customerso Societal marketing era (1960s-present) “Green marketing” Focus on:- Adds society’s best interest to the mix- Corporate social responsibility- Firm now serves three entities- Marketing orientationo 1. Competitor orientationo 2. Inter-functional orientationo 3. Customer orientation- Stakeholderso Constituents who have a “stake,” or claim, in some aspect of a company’s prodcuts……….- Clues to a market orientationo Customer centric marketing- developing collaborative relationships with customers based on focusing on their individual needs and concernso Relationship marketing- establishing long term ………….- The Four Ps/Marketing Mixo 1. Producto 2. Placeo 3. Priceo 4. Promotion- Distribution/placeo Make products available in quantities desiredo Minimize costs: Inventory Transportation Storage- Promotiono Inform individuals or groups about the organization and its products/services Advertising Public relations Personal selling Promotions Street teams/guerilla marketing Viral marketing- Pricingo Decisions and actions associated with establishing pricing objectives and policieso Determining product priceso Determines the value of the exchange- Popular macro-marketing strategieso Creating Value Relationshipso Segmenting marketso Identifying opportunities1/16/13- Segmenting customerso Segmentation- dividing up your market based on different factors EX: Coke- diet coke, coke with lime, coke zero…- Warren Buffet- the oracle of Omaha- the best investoro Third wealthiest person in the world Worth $47 billiiono Pays himself $175,000 a year and still lives in the same house he bough in 1958- worth $700Ko Pledged 99% of his wealth to charityo Owns Berkshire Hathaway- a conglomerate holding company with a diverse portfolio of businesses Based in Omaha Best known for insurance- He owns Geico Started out as a textile company in Massachusetts that Buffett took over- Pepsi- created by Caleb Bradham to be sold in his drug store in New Bern, NCo Originally called “Brad’s Drink”o Named after the digestive enzyme “pepsin”TOPIC 1: The Internal Environment- Market opportunity- where circumstance and timing meet to create strategic windows- Core competencieso Core competencies- things a firm does well Competitive advantage = opportunity + competency EX: Starbuck’s core competency is atmosphere- SWOT analysiso Strength, Weakness, Opportunity, Threat- SBUso Strategic business unit- a division or unity within a larger parent companyo FSU has 15 SBUs…the COB has 5- Origins of marketing strategyo Mission statement  corporate strategy  business-unit strategy  marketing strategy  marketing mix elements (product, distribution, promotion, pricing)- Business unit strategyo To provide high quality, innovative instruction that prepares, challenges, and inspires students to shape the future of business 30% rule- EX: Teacher rating- NOT RateMyProfessor.com but Sussai.com1/23/13- Marketing strategieso Producto Distributiono Pricingo Promotion- Successful SBUso Market share- the percentage of a market that actually buys a specific product Apple has 81% of the market for digital music players Red Bull has 1% of the global market share for soft drinkso BCG grid (Boston consulting group)o EX Dog: VCR EX Cash Cow: Coca Cola EX Stars: Vitamin Coca Cola- Internal marketingo EX: Southwest airlines- Key to internal marketingo Empowerment- giving employees the power to act immediately, decisively, and without fear in order to attain satisfaction and delight EX: Nordstrom- “Use your good judgment. That’s the only rule.”o Best company to work for- SAS- Result of internal marketingo #2: BCG is tops in pay; new consultants are able to earn up to $184,000 first yearTopic 2: The External Environment- Environmental forceso Competitive Types of competitors- Brand competitors- Coke vs. Pepsi- Product competitors- juice vs. soda- Generic competitors- great value vs. Coke- Total budget competitors- choosing b/w a candy bar ora soda b/c you don’t have enough moneyo Political Top corporate donors- UPS, AT&T, Pfizero Technological Cassette  CD player  iPod  ?o Socioculturalo Legal and regulatory Pizza puffery debate (Domino’s vs. Papa John’s)o Economic- Competitive structureso Monopoly- when an organization has no competitors so that it is the sole source of supply EX: Microsofto Oligopoly- when a few sellers control supply Usually due to entry


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FSU MAR 3023 - Test 1 Notes

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