Test One Study Guide In class video o The more massive the brand the more baggage it has o The bigger the brand the more difficult it is to change it o Smaller companies are more FLEXIBLE o Brand Equity this is value in a brand name o Examples Coke Brand Diet Coke Cherry Coke Coke Zero o There are rarely right answers in marketing in the real world o The act of observing consumers changes their behavior o Market research and focus groups don t really work because the questions o Example GE asked their workers about the lighting in the factory They asked might alter your view on the product or service found that when the light was lower the workers produced more productivity Therefore the workers felt like they were important because they were asked in the first place o The act of observing destroyed peoples perceptions on certain aspects in o Measure what consumers actually do rather than what they say they will o Many times brands can bounce back from a downfall it is RARE if they marketing do do not o You can invest a long time in a brand but it takes one thing to change the consumers opinion Example BP Toyota Tiger Woods Marketing o Bad marketers are always trying to sell you something o Good marketers are always asking what you want o It s important to know about your target market o Distrobution is as important as promotion o We sometimes correlate marketing with our standard of living o There is a high correlation between macro marketing and the standard of living o Marketing is waste If Coke lowers the price Pepsi would be happy o Macro Marketing System not the same as macro environment o The Macro Marketing System is the social process that directs an economy s flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes society s objectives o Macro marketing is the whole system getting things to you advertising internet retailers transportation etc o There is a direct correlation between the sophistication of a marketing system o The most successful marketers will manage what happens in the macro and the standard of living environment o Micro Marketing what we are studying in this class o Performance of activities that seek to accomplish an organization s objectives by anticipating customer or client needs and directing a flow of need satisfying goods and services from producer to consumer or client Think of this as what each single individual company does the 4 P s o Micro marketing is also practiced within the macro marketing system o The Four P s o Product New product development Product line decisions 1 Breadth 2 Width 3 Deletion 4 Extension a iPod accessories are an example of product line expansion Branding trademarks Packaging Warranties Features Service Quality o Promotion communication to build and maintain relationships by informing and persuading one or more audiences o Advertising copy media mix media selection scheduling budget o Personal selling selection training motivation compensation Sales promotion Publicity o Distribution Placement the activities that make products available to customers when and where they want to purchase them getting the product to the market and the market to the product Degree of distribution Type of distributor Type of service Type of image Location of distributors Inventory levels Product placement o Pricing o To ultimate consumer o To middlemen o Product line pricing o Flexibility o Discounts allowance o Competitive Analysis o The marketing plan in the first decision in the real world is the marketing o Who else is out there o Ask the consumers Marketing Information Systems o This is day to day information that is collected o Products have life cycles born matured die o This is the most crucial part of a company o The price may vary Product Distribution Price Marketing Plan budget o See where you would like to be o Set your objectives first Intermediaries o Or middlemen o Wholesalers o Retailers o Financial organizations o Media o Advertising o Computer companies Generic View Of Marketing o Marketing is a process engaged in 2 or more social units o Keep the objective in mind o Benefits of Marketing o Promotion o Increased standard of living o Increased choice o Increased information o Improved products Marketing Concept o Consumer focus and goal orientation is a philosophy of doing business o The three important factors of marketing are consumer focus goal orientation and integrated comprehensive marketing strategies o The consumer isn t always right but we should make decisions with the consumer in mind o Goal orientation what you would like to achieve 1 Example A woman returning a dress at Nordstroms for a full refund The sales associate manager know she wore it but still return her money with a smile on their faces This is done so they may not lose that customer or bystanders Marketing Typologies These are the three players in marketing and all the players use the 4 P s o Target Market Consuming Target Markets o To get people to buy Non consuming Target Markets o To get people to stay out of the way Marketing could be done in many different sectors Social organizations ex Sorority Political organizations ex Politicians Knowledge organizations ex FSU Religious organizations ex Catholic Church Product Narrow Products are 1 Durables Washer and Dryer 2 Non Durables Bread 3 Services Manicures Broad Products are 1 Persons 2 Places 3 Ideas Target Market Consuming Target Market This is considered the narrow view or the more traditional view 1 Consumers 2 Government major purchaser of goods and services 3 Industry buys raw materials and unfinished goods 4 International markets continually opening and expanding Non Consuming Target Market This is considered the broad view 1 Suppliers provide raw materials 2 Stockholders if they keep your stock you get to keep the money 3 Board of Directors we need their approval to market to the consumers 4 Government we market ourselves to the government so they don t bog markets down with rules and regulations 5 Employees must make sure they are content so they work well and don t go on strike 6 Unions 7 Special interest groups marketers want to maintain peace with them so they don t speak against their product brand The point is not to focus on marketing to them but to focus on not marketing against them 8 General public The main idea here it to not make any too mad Bob Marley didn t invent rastafarian he simply went with the idea
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