Marketing 3023 Exam 1 Study Guide In reality firms need to perform all 4 Ps well in order to drive profits and Lecture 2 1 An Intro to Marketing Strategy Who products are aimed at masculine vs feminine o Diet sodas used to be targeted at women but today brands have switched their strategies to aim packaging more at men coke zero Sleek black masculine appearance Admittance of the word diet Branded products sell more than generic ones o Consumers go for brands they know and recognize from advertisements and labels o Consumer reports ratings rates all of the duplicate brand name and generic products as o A lot of the times stores outsource products to be made from the exact same brand the exact same names we are familiar with Aka publix brand muffins are actually made by Pillsbury Pepsi or coke might make the Publix cola o Great value green beans are the exact same as green giant beans o Costco brand liquor grey goose History of Marketing o Simple Trade Era Pre 1860s Products made by hand grown traded in small quantities Lasted up until industrial revolution o Production Era 1860 1920 You can have any color model T you want as long as its black Inward focus anything we can produce as fast as we can limited sellers in the marketplace o Sales Era 1920s Demand exceeds supply Technical development Sell what we make changing their minds Aggressive promotion Short term profit maximization o 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 Customer is the key delight Make what we sell Understanding consumers and getting them the products they want and need Clues to Marketing Orientation Customer centric marketing needs and concerns Relationship Marketing o collaborative relationships based on customers individual o Long term mutually satisfying buyer seller relationships Customer Relationship Management o Using information about customers to develop and sustain desirable customer relationships Green Marketing o meaningful long term relationships while o maintaining supporting and enhancing the natural o Relationship Marketing Era 1990s 2010 environment 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 customers Rewards programs and store credit cards makes it financially more difficult to go to competition o 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 Lecture 2 2 Marketing Strategy 4 Ps of Marketing o Product the most important Goods o Place Services Ideas o Price Make products available in places and quantities desired Decisions and actions associated with establishing pricing objectives and policies Determining product prices Determines the value of the exchange Minimize cost Inventory Transportation Storage Walmart Detergent o Promotion Inform individuals or groups about the organization and its products services Advertising Public relations Personal selling In store promotions Street teams Guerilla Marketing Viral marketing Macro Marketing Strategies o Creating Value What is value o What you get divided by what you give up value o Not necessarily about lowering the price o Some businesses can offer you MORE Relationships Chick fil a employees are trained to go the extra mile Getting more for your money Disney not about the rides it s about satisfying buyer seller relationships Charmin sets up booth and nice free bathrooms for customers to come try out their product and build a relationship with the consumer o Segmenting Markets aiming products at certain groups of people Departments Coca cola has a variety of flavors and features to be competitive with different groups of people Mariott owns a huge group of hotels each aimed at a different group of people o Ritz Carlton o Springhill o Courtyard etc Best Buy would analyze customers based on sales and stats and train employees to recognize groups of people and show them the products they were most likely to buy Course Delivery o Identifying Opportunities Market opportunity where circumstance and timing meet to create strategic windows Core competencies things a firm does well Competitive advantage opportunity competency Mcdonalds competent because consist and readily available to customers Through the process of strategic planning a firm establishes an organizational mission and goals corporate strategy marketing objectives marketing strategy and finally a marketing plan everything else Lecture 2 1 An Intro to Marketing Strategy Who products are aimed at masculine vs feminine o Diet sodas used to be targeted at women but today brands have switched their strategies to aim packaging more at men coke zero Sleek black masculine appearance Admittance of the word diet Branded products sell more than generic ones o Consumers go for brands they know and recognize from advertisements and labels o Consumer reports ratings rates all of the duplicate brand name and generic products as o A lot of the times stores outsource products to be made from the exact same brand the exact same names we are familiar with Aka publix brand muffins are actually made by Pillsbury Pepsi or coke might make the Publix cola o Great value green beans are the exact same as green giant beans o Costco brand liquor grey goose History of Marketing o Simple Trade Era Pre 1860s Products made by hand grown traded in small quantities Lasted up until industrial revolution o Production Era 1860 1920 You can have any color model T you want as long as its black Inward focus anything we can produce as fast as we can limited sellers in the marketplace o Sales Era 1920s Demand exceeds supply Technical development Sell what we make changing their minds Aggressive promotion Short term profit maximization o 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 Customer is the key delight Make what we sell Understanding consumers and getting them the products they want and need Clues to Marketing Orientation o collaborative
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