...BUAD479 Chapter Outlines: Chapter 1: * Marketing is an organizational function and a collection of processes designed to plan for, create, communicate, and deliver value to customers and to build effective customer relationships in ways that benefit the organization and its stakeholders * Marketing explained: * Distinct activity in an organization- marketing department * Set of tasks, such as assembling, pricing and promoting, which may or may not be performed by the department that results in products, services, ideas, ad other tangible and intangible items * These items produce profits or achieve stated goals for an organization * Profits achieved by creating value for customers * Creation of value- realization of the benefits that are at parity or that exceed the cost of products, services, etc. * Customers search for value on a daily basis when making buying decisions * Marketing has roots in economics, psychology, sociology, and statistics * Economics- borrowed the idea of utility- satisfaction received from owning or consuming a product or service * Value that consumers attach to the products * Supply and demand for products influence price, production costs influence supply, and utility influences demand * If consumers perceive that a product has utility-> inclined to consider purchasing it * Need- necessity to meet an urgent requirement * Want- desire...
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...Executive Summary Southeast Health Plans, Inc. is a service company that will provide health plan administrative services to self-insured employers. The company will concentrate on employers with 50 to 500 employees. Many of these employers have current HMO, PPO, or major national insurance carrier health plans. While the majority of employers with 500 or more employees have at least some element of self-insurance incorporated into their health care programs, our target market is often ignored by the major national insurance companies. While more than 80% of companies with 500 or more employees are self-insured, the management of Southeast Health Plans has identified that less than 25% of Atlanta area companies with 50 to 500 employees have self-insured plans. The market for self-insured and administrative services consist of those companies that are currently self-insured and companies that have other types of health plans that will be encouraged to shift to self-insurance. One factor in the transition to self-insurance is the availability of quality administrative and consultative services. Southeast Health Plans, Inc. is led by experienced management and has formed a strategic alliance with Blair Mill Administrator, a wholly-owned subsidiary of Blue Cross/Blue Shield of Pennsylvania, for the purpose of providing first class benefits management services to its target market. The key to success for Southeast Health Plans, Inc. will be the ability to attract the initial capital...
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...T he Mark eting Plan Chapter 5 Copyright ©2000 Sutia Kim Alter. This work is licensed under the Creative Commons Attribution-Share Alike 3.0 License (http://creativecommons.org/licenses/by-sa/3.0/) Chapter 5 “Emerson said that if you build a better mousetrap the world will beat a path to your door, and that may have been true then … but it’s not true now. No one will come. You have to package and promote that mousetrap. Then they will come.” — King C. Gillette Gillette Razors O verview: Marketing is the process of planning and executing a strategy to get goods and services to customers. The components of marketing can be described as the “four P’s” or the marketing mix. Product consists of the products and services that your social enterprise furnishes; it is characterized by quality, assortment, packaging, and guarantees. Price is the amount you will charge customers for the products or services. Promotion is how you will create awareness of your products or services in the marketplace; advertising, publicity, and sales are aspects of promotion. Place (distribution) is how you will bring your products or services to your customers; distriMarketing Synergies bution comprises wholesalers, retailers, multilevel marketers, and “The most effective and efficient marketing plans are sales representatives. The marthose that maximize the synergy between products, distriketing mix is a set of tools and bution channels, price, and promotion. A unified promotechniques social...
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...Internet Marketing Opportunities Prepared for: CEO of Community Empowerment City of Philadelphia Prepared by: Denise Martinez, Employee of Community Empowerment Devry University April 3, 2015 Mobile revolution chart 1400 John F Kennedy Blvd Philadelphia PA 19107 (215) 696-7617 April 8, 2015 Community Empowerment Chief Executive Officer Attention: Ms. Marilyn White, CEO INTERNET MARKETING OPPORTUNITIES On behalf of the company’s future development, there was some research conducted for purposes of enhanced marketing opportunities. I have researched and finished a proposal on Internet marketing. The report describes some of the major benefits that are associated with online marketing. This proposal provides a detailed research with data and examples to support all the facts. This report provides a scope that offers all the reason that you should invest and take advantage of Internet marketing. There are detailed sections along with illustrations for better understanding of the proposal. There is also a list of recommendations and references so there can be further research done and you can come to a conclusion that online marketing will expand the future plans of the company. Thank you for the opportunity to complete the research for this proposal. As an employee to this company, I look forward to your feedback and I hope you take into consideration this great opportunity. Sincerely, Denise Martinez ...
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...___________________________________________________________03 Task 1 – Marketing _____________________________________________________04 Task 2 – Marketing benefits, costs and problems ______________________________06 Task 3 – Predicted Questions______________________________________________07 Conclusion ____________________________________________________________09 References ____________________________________________________________10 Introduction Companies have realized that is essential to know how to plan for success. Much more than a theoretical tool, the marketing plan is essential for the organization where they can focus their efforts on the opportunities that the market presents and applying effectively the resources. As the world is changing businesses are competing to each other all the time and we need to show the customers that we have what they need. Marketing will help with this relationship. The companies that won’t change because they are still thinking on how well they were doing in the past will probably not succeed. Marketing is an essential department to the company and will help to increase sales in large number. Task 1 - Explain the various elements of the marketing process. What the new marketing department will do. Marketing Systematically, day to day, it can mean fulfilment. Marketing encompasses the full range of design, planning and implementation; intend to satisfy the needs of customers through products and services. Marketing identifies the need and creates...
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...The Marketing Plan Introduction As a marketer, you’ll need a good marketing plan to provide direction and focus for your brand, product, or company. With a detained plan, any business will be better prepared to launch a new product or build sales for existing products. Non-profit organizations also use marketing plans to guide their fundraising and outreach efforts. Even government agencies put together marketing plans for initiatives such as building public awareness of proper nutrition and stimulating area tourism. The Purpose and Content of a Marketing Plan Unlike a business plan, which offers a broad overview of the entire organizations mission, objectives, strategy, and resource allocation, a marketing plan has a more limited scope, it serves to document how the organization’s strategic objectives will be achieved through specific marketing strategies and tactics, with the customer as the starting point. The Role of Research To develop successful strategies and action plans, marketers need to up date information about the environment, the competition, and the market segments to be served. Marketing Research helps marketers learn more about their customers’ requirements, expectations, perceptions, and satisfaction levels. This deeper understanding provides a foundation for building competitive advantage through well-informed segmenting, targeting, and positioning decisions. The Role of Relationships The marketing plan shows how the company will establish...
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...definition of the ingredients that cannot be proven or supported. Federal Trade Commission (FTC) guidelines are very specific in the requirements for environmental marketing claims. There must be qualifications and disclosures as well as a distinction between the benefits of the product, packaging, and service. Therefore, developing a new product line that will be promoted as safe, effective, and eco-friendly and priced at one and one-half times the current price may be too risky a plan to pursue. While this approach may provide a substantial net profit increase; it must be considered that it could also provide a much larger downside without further research and development to ensure compliance with the FTC’s guideline for environmental claims. Development of a private label for sale by Wal-Mart, K-Mart, and other selected outlets would definitely be a good approach to expanding the market that would conceivably increase market share and net profits with the appropriate marketing strategy and implementation of the marketing plan. This label, in my opinion, could very well include an upholstery cleaner that would fit very well in the marketing plan for carpet cleaning products. The consumer plan, as described here, will work well for a short period of time. The reason I say this is because the plan is described as a plan that implies a new product when in reality, it is the same product with the description and labeling altered in an attempt to fool the consumer into believing it...
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...– DQ 1, What is the definition of marketing? What are the benefits and drawbacks of incorporating marketing into the sales function of an organization? Do you think that marketing should be included as part of the sales organization within a company? Explain why or why not. Marketing is the foundation, direction, and/or functions an entity uses to produce a product, service, or idea and makes certain that the product, service, or idea they produce reaches consumers. There are a couple benefits and drawbacks to incorporating marketing into the sales function of an organization. The benefits of incorporating marketing into the sales function of an organization is the marketing function can decrease operating expense defining the consumer’s needs and wants which will decrease the cost. The drawbacks of incorporating marketing into the sales function of an organization deals with micro marketing and macro marketing. Being socially responsible and ethical to both, consumers and non consumers, may increase sales costs, due to production costs, and decrease sales profits (Perreault, Cannon, McCarthy, 2011). I do feel that marketing should be included as part of the sales organization within the company because services that the company provides in a marketing sales aspect can apply the analysis so that the consumers needs and wants can be analyzed. Perreault, W. D. Jr., Cannon, J. P., & McCarthy, E. J. (2011).Basic marketing: A marketing strategy planning approach (18th ed...
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...Marketing Plan Final Phase MKT/421 Marketing Plan Phase I The marketing plan is a comprehensive blueprint, design, or proposal, which outlines an organization marketing efforts. Most organizations use marketing plans for the purpose of increasing profit, revenue, and shareholders’ wealth (Kerin, Hartley, & Rudelius, 2011). The task of Charlie Team consists of completing the marketing planning phase one. Charlie Team will use the outline of the marketing plan from the student website for assistance in accomplishing the following process of the marketing plan phase one. Selecting an existing organization and discussing its overviews is the first step in phase one. The second step is giving a description of the new product or service. Step three is explaining the importance of marketing for organizational success. The fourth step analyzes the factors of strengths, weaknesses, opportunities, threats, and trends (SWOTT) of the new product or service. Step five is the marketing research approach for developing the marketing strategy and tactics of the new product or service (Perreault, Cannon, & McCarty, 2011). Organizational Overview Team Charlie chose the Walmart organization for completing this assignment. Walmart is one of the best known organizations in the world that have successful marketing plans and strategies. Sam Walton is the founder of Walmart and opened the first store in Rogers, Arkansas, 50 years ago in 1962 (Walmart, 2012). Currently...
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...Marketing Strategy Do I need a marketing strategy? Making and using a marketing strategy has a strong positive impact on profitability. This is because firms that employ a marketing strategy tend to focus on their customers and markets, integrate their marketing responses and work out in advance where their profits will come from. This briefing answers a range of questions people in small business often ask about marketing strategy: * what is a marketing strategy? * what's the difference between marketing strategy and business strategy? * where does the marketing mix fit in? * what is a marketing plan? * what information do I need and where do I get it? * what should my marketing strategy consist of? * how do I get started? What is a marketing strategy? A marketing strategy defines objectives and describes the way you're going to satisfy customers in your chosen markets. It does not have to be written down but it is easier to communicate to outsiders, like your bank manager or other investors, when it is. A set of strategies found quite commonly in smaller businesses are growth strategies. One way to look at strategies to grow your business is through the way you will use products and markets or customers. * Current product/current market Market penetration is a strategy of increasing your share of existing markets. You might achieve this by raising customers' awareness of your products and services or finding new customers. For further information...
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...head: KUDLER'S MARKETING PLAN 1 Kudler's Marketing Plan Kathy Kudler had an idea and transformed that idea into what is known today as Kudler Fine Foods. Starting up a business can be a difficult task and so can future growth of that same business. As of present, Kathy has again had an idea and started the transition to implement catering services. In an effort to make this business venture successful, Kathy has to consider several marketing strategies that not only benefits the company in the immediate but also creates future growth and stability of revenue in the long term. Three Pieces of Market Research Kudler Fine Foods (KFF) marketing strategy will require the “organizational function and a set of processes for creating, communicating, and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stakeholders” (p. 8). Based on that conclusion a market consists of potential customers with desires and ability to buy specific products. Through the three pieces of marketing research KFF will “define the marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions” (Kerin, Hartly, Berkowitz, & Rudelius, 2006, p. 205). Consumer and Company This organization will link the consumer and the company through information to identify and define marketing opportunities, and problems by reducing risks and uncertainty to improve decisions made by the marketing managers. KFF...
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...two way information sharing process which involves oneparty sending a message that is easily understood by thereceiving party. Effective communication by businessmanagers facilitates information sharing between companyemployees and can substantially contribute to itscommercial success. What Is Marketing Communication Strategy? Marketing communication helps to develop brand awareness, which means that consumers translate product information into perceptions about the product’s attributes and its position within the larger market. Businesses also use marketing communication to retain the product’s current customer base, and to cement relationships with customers and suppliers, notes "Reference for Business." Marketing communication strategy defines the business’s plan for product information dissemination and brand awareness development. Components: Design an effective marketing communication strategy with one or more marketing communication components. Advertising allows a business to reach a large audience through mass market or target market appeals. Personal selling enables a company to communicate product benefits directly to the customer, as in a retail setting. Direct marketing permits a business to reach customers without a third party medium; examples include catalogs and direct mail. Sales promotion provides a customer with an incentive to buy the company’s product, such as a company that makes a charitable contribution with each sale. Public relations involves a company’s...
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...marketing Appendix 1 Marketing Plan The Marketing Plan: An Introduction (pp A1–A2) As a marketer, you’ll need a good marketing plan to provide direction and focus for your brand, product, or company. With a detailed plan, any business will be better prepared to launch a new product or build sales for existing products. Nonprofit organizations also use marketing plans to guide their fund-raising and outreach efforts. Even government agencies develop marketing plans for initiatives such as building public awareness of proper nutrition and stimulating area tourism. The Purpose and Content of a Marketing Plan Unlike a business plan, which offers a broad overview of the entire organization’s mission, objectives, strategy, and resource allocation, a marketing plan has a more limited scope. It serves to document how the organization’s strategic objectives will be achieved through specific marketing strategies and tactics, with the customer as the starting point. It is also linked to the plans of other departments within the organization. Suppose a marketing plan calls for selling 200,000 units annually. The production department must gear up to make that many units, the finance department must arrange funding to cover the expenses, the human resources department must be ready to hire and train staff, and so on. Without the appropriate level of organizational support and resources, no marketing plan can succeed. Although the exact length and layout will vary from company to...
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...Executive Summary RECOMMENDATION My recommendation to the Board is to approve the merger with Medco. Medco is one of the top benefit management companies and with the right preparation prior to merger the downside of the merger can be minimized. The potential upside given industry trends and where it is headed are too great to ignore. Medco’s position in the market and success as a company, have proven it would be a valuable asset. The insight it can give Merck and the access to the market to increase share and give insight to Merck’s drug treatments will be invaluable. MARKETING & SALES CONSIDERATIONS Currently Merck has to send out its own reps to doctors where Medco does the same to doctors and companies. This will eliminate that area for Merck and result in a $1 billion annual savings in redundant marketing costs by a reduction of Merck’s sales force by using the marketing strategies of Medco’s database and ideology of marketing to plan managers as opposed to doctors. OPERATERATIONAL CONSIDERATIONS Medco’s database that allows Merck to identify prescriptions that can be switched from competitors to their brand will help increase market share while weakening competition. Merck pharmacists will be able to suggest these switches to the patient’s doctor. FINANCIAL CONSIDERATIONS Medco has about 33 million customers in the United States and manages 95 million prescriptions a year for government, unions, insurance firms and companies. Revenues for Medco were...
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...Danyale Pinckard American Intercontinental University Marketing Plans MKTG305-1103A-04: Marketing Management Unit 1 Individual project July 22, 2011 Abstract This paper will discuss the definition of marketing plans. It will provide an example of both a success and a failure of a product due to its marketing plan. Lastly this paper will provide an example of a poor marketing plan that made a film fail at the box offices. Marketing Plans Introduction For any business, product, or service to succeed, they must understand how to market themselves. If done properly, the product, service or individual will succeed but if done poorly then the product, service or individual will fail. One of the first steps a company must take is to make a plan; a marketing plan. Definition of Marketing Plan According to Kotler and Keller (2009) marketing plan is “written documentation that summarizes what the marketer has learned about the marketplace, indicates how the firm plans to reach its marketing objectives, and helps direct and coordinate the marketing effort.” Basically the book is defining marketing plans as something in writing that helps solve customers’ problems profitably and includes activities that create customer satisfaction (AIU live chat, 2011). Marketing Plans: an Example of Success One example of a successful marketing plan was used by Hankook Tire America Corp. This marketing plan will help build brand recognition and accelerate its growing market share...
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