...Marketing I (Fundamentals) Week 2 Marketing Orientation Marketing Management Ø The analysis , Planning , Implementation and Control activities of management with regards to marketing. Marketing Management Philosophies 1. Production Concept Focus on production and distribution efficiencies Consumers will favour products that are available and affordable 2. Product concept Focus on product improvement Consumers favour better products 3. Selling concept Focus on more selling and promotion Consumers won’t buy unless you persuade them 4. Marketing Concept Focus on satisfying target markets needs and wants better than competitors as a way to achieve organisational goals. 5. Societal Marketing Concept Ø Same as marketing Ø But do it in a way that the society’s well-being is maintained or improved. The pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare –e.g. fast food. The societal concept seems appropriate bin an age of: • • • • Environmental problems Resource shortages Rapid population growth World-wide economic problems 1 Marketing I (Fundamentals) • Neglected social services Marketing Challenge into the Next Century 1. Growth of nonprofits marketing 2. The information Technology Boom 3. Rapid globalisation 4. The changing world economy 5. The call for move ethics and social responsibility 6. The new marketing landscape The 4ps 1. Product • • • The product can be tangible or intangible The right product for...
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...Experience."International Journal of Market Research 55.2 (2013): n. pag. WARC. Web. 7 Apr. 2013. <www.warc.com>. Klaus, Philipp, and Stan Maklan. "Customer Experience: Are We Measuring the Right Things?" International Journal of Market Research 53.6 (2011): n. pag. WARC. Web. 7 Apr. 2013. <www.warc.com>. Ryals, Lynette. "Marketing Solutions Services." Warc Best Practice (2013): n. pag. WARC. Web. 7 Apr. 2013. <www.warc.com>. Cue, Oscar, Gabriela De La Riva, Carlos De León, Alice Garretti, Claudia Martínez, Monica Moctezuma, Rocío Ordoñana, and Mariana Ramirez-Degollado. Proc. of Neurosemiotics - the Key to Successful Marketing, Mexico City. Amsterdam: ESOMAR, 2008. WARC. Web. 7 Apr. 2013. <www.warc.com>. "Warc Industry Trends Snapshot: Vending Innovation - New Opportunities for Packed Goods in an Established Retail Channel." WARC. Warc, 2012. Web. 8 Apr. 2013. <www.warc.com>. Marketers must be able to identify the needs of the customer and the problems that arise without such needs and sell not a simple product, but the solution to their dilemmas. In a globalised and highly competitive world successful marketing revolves around a quality customer experience. A relationship must occur between the customer and product where they are able to understand the solutions the product possesses. Marketers are able to produce this relationship by understanding the needs of the customer and being able to deliver them successfully in order to earn the trust...
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...Marketing fundamentalsFUNDAMENTALS OF AN INTEGRATED MARKETING COMMUNICATION PLAN This document is intended to provide a general guide to students in Bus 134B, Integrated Marketing Communications, as they develop their semester project. Hopefully, this will provide an additional “comfort zone” to students, enabling a clearer understanding and a faster start with the project. References to page numbers and figures whose content is incorporated here refer to Chapter 4, The IMC Planning Process, of Integrated Advertising, Promotion, and Marketing Communications, Clow & Baack, 5th Edition, Prentice Hall, 2011. Integrated Marketing Communications (IMC) is the term used to describe the entire program by which you communicate with your customers. The “face, personality and spirit” of your company and products (all marketing mix variables) should blend together to present a unified message. Note that an IMC plan is NOT a marketing plan. An IMC plan is the portion of the marketing plan that involves all promotional aspects of the marketing plan. All communications with customers, including but not limited to • personal selling • consumer sales promotions • trade (channel) promotions • advertising • public relations • corporate as well as product positioning • customer service experiences are included in a complete IMC plan. Each of these different communication types must be aligned with and in support of each other and the overall positioning (Value Image) of company. To develop a feeling...
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...Application of the marketing mix is no longer relevant for firms adopting a contemporary approach to marketing. Is this statement true? Write an essay that critically assesses this statement with reference to relevant literature and briefly outline suitable practical examples of firms’ practises where appropriate. Tip: You might want to use some of the literature used in the group presentation exercise as a starting point in your literature search and consider other approaches to marketing when critically examining the role of the marketing mix. Length 2,000 word essay Deadlines You will be given both formative and summative feedback for this essay if you submit your first attempt by the first deadline date. The first deadline for submission is 3pm Thursday 24th October. Written feedback on first attempts of the essay will be released on Thursday 14th November. The second and final submission deadline for the essay is 3pm Thursday 21st November. The second submission will then be marked and you will receive an (unconfirmed) summative mark and final feedback should be by 12th December 2013. Submission A paper copy of the essay should be submitted via the reception/ submission desk in PGT reception. Make sure you receive a receipt for the submission. An electronic copy should also be submitted via TurnItin. Both a paper copy and an electronic copy (via TurnItin) must be submitted for both deadlines. Penalty for late submission The penalty for late submission...
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...Hkb hgfd ddd dddddd ddddd ddddd ddddddddd ddd ddddd dd ddddddddddddddddddddddd ddd Hkb hgfd ddd dddddd ddddd ddddd ddddddddd ddd ddddd dd ddddddddddddddddddddddd ddd Hkb hgfd ddd dddddd ddddd ddddd ddddddddd ddd ddddd dd ddddddddddddddddddddddd ddd Hkb hgfd ddd dddddd ddddd ddddd ddddddddd ddd ddddd dd ddddddddddddddddddddddd ddd Hkb hgfd ddd dddddd ddddd ddddd ddddddddd ddd ddddd dd ddddddddddddddddddddddd ddd Hkb hgfd ddd dddddd ddddd ddddd ddddddddd ddd ddddd dd ddddddddddddddddddddddd ddd Hkb hgfd ddd dddddd ddddd ddddd ddddddddd ddd ddddd dd ddddddddddddddddddddddd ddd Hkb hgfd ddd dddddd ddddd ddddd ddddddddd ddd ddddd dd ddddddddddddddddddddddd ddd Hkb hgfd ddd dddddd ddddd ddddd ddddddddd ddd ddddd dd ddddddddddddddddddddddd ddd Hkb hgfd ddd dddddd ddddd ddddd ddddddddd ddd ddddd dd ddddddddddddddddddddddd ddd Hkb hgfd ddd dddddd ddddd ddddd ddddddddd ddd ddddd dd ddddddddddddddddddddddd ddd Hkb hgfd ddd dddddd ddddd ddddd ddddddddd ddd ddddd dd ddddddddddddddddddddddd ddd Hkb hgfd ddd dddddd ddddd ddddd ddddddddd ddd ddddd dd ddddddddddddddddddddddd ddd Hkb hgfd ddd dddddd ddddd ddddd ddddddddd ddd ddddd dd ddddddddddddddddddddddd ddd Hkb hgfd ddd dddddd ddddd ddddd ddddddddd ddd ddddd dd ddddddddddddddddddddddd ddd Hkb hgfd ddd dddddd ddddd ddddd ddddddddd ddd ddddd dd ddddddddddddddddddddddd ddd Hkb hgfd ddd dddddd ddddd ddddd ddddddddd ddd ddddd dd ddddddddddddddddddddddd ddd Hkb hgfd ddd dddddd ddddd...
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...2. Social Cultural 5 3. Economic 6 IV - Conclusion 6 V - References: 6 I - Introduction KFC, which has full name as Kentucky Fried Chicken, is one of well-known fast food brand names in the world due to their effective marketing strategies. To create good marketing strategies, KFC needs to understand the market by conducting a market research and collecting information about micro and macro environment. Therefore, they can influence factors in the micro environment and respond to potential macro environmental factors that can affect to them within next 12 months in Australia. This report focuses on marketing concepts which explain micro and macro environment. These key marketing concepts will be analysed and explain how KFC applied into their strategies. This report is based on academic resources such as marketing lecture notes of Insearch, text books of Philip Kotlers and academic online resources. II - Micro Environment Micro environment is examined as an environment in which the company can indirectly influence such as customers, partners, competitors and industry. For each factor, the company need to have suitable strategies to affect. 1. Customers Under marketing concepts of Philip Kotler (Marketing Management, Defining marketing for the 21st century, Philip Kotler), customers are determined as people who purchase product and they may or may not use that product for themselves. Besides, Kotler states that customers are centred instead of products. The company...
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...by Sanchai Khammaha (5849102) STRATEGIC MARKETING MANAGEMENT (MGMG 508) Marketing Basics The Marketing Frame Work Customers SITUATION ANALYSIS (5Cs) Company Competitors Collaborators CREATING VALUE (STP) Targeting Segmentation Product Climate Positioning CAPTURING VALUE (4Ps) Place Price Promotion SUSTAINING VALUE (CRM) Customer Acquisition Custormer Retention PROFIT Situation Analysis (5Cs) Analyze market situation → Consider internal and external factors → identify opportunities, threats 5Cs framework 1. Company – What is the firm’s competency? → SWOT 2. Customers ื้ – Who are they? Market Size? (Maybe Consumer ≠ Consumer; แม่ซอ ผ ้าอ ้อมให ้ลูก) 3. Competitor – Who are serving the same needs (Direct & Indirect) 4. Collaborators – Supportive network 5. Climate/Context – Environmental, Market (Political, Economic, Social impact, Technology) Create Value (STP) Identify the various market need and select one or more to develop the positioning for the product (There are 3 Steps). 1. Segmentation – Grouping consumers with similar needs. o Demographic → Personal attributes such as age, marital status, gender, ethnicity, sexuality, education, or occupation. o o o Geographic → by country, region, state, city, or neighborhood. Psycho-graphic → by personality, risk aversion, values, or lifestyle. Behavioral → by how people use the product, how loyal they are, or the benefits that they are looking for...
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...Marketing may be described as a process where goods and services transcend to the customer from concept. This usually involves the elements of marketing being well coordinated. This starts with the development of a product that has been identified and selected, price determination, channel selection and implementation of the promotional strategy. New Apple products, for instance, are developed to include advanced application and systems, set at different price depending on how much capability the customer desires and sold at locations where other Apple products are sold. It is paramount that marketers identify the needs of the customer and the challenges that arise without such needs and sell not just a product, but the solution to their dilemmas. In a globalized and highly competitive world, successful marketing gyrates around a quality customer experience. A connection must occur between the customer and product. This where they are able to comprehend the solutions the product possesses. Marketers are able to yield this connection by understanding the needs of the customer and being able to covey them successfully in order to earn the trust of the customer. The Apple Watch developers seem to have understood this by creating a gadget that makes iPhone customers less socially awkward while giving them the motivation to keep moving through the fitness apps (Chowdhry, 2015). However a service encounter or any interaction between a consumer and sales attendant may not be needed...
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...htm IMR 24,1 The fundamentals of standardizing global marketing strategy Nanda K. Viswanathan Delaware State University, Dover, Delaware, USA, and 46 Received February 2004 Revised February 2006 Accepted February 2006 Peter R. Dickson Florida International University, Miami, Florida, USA Abstract Purpose – To examine issues of standardization and adaptation in global marketing strategy and to explain the dynamics of standardization. Design/methodology/approach – This is a conceptual research paper that has been developed based on gaps in prior frameworks of standardization/adaptation. A three-factor model of standardization/adaptation of global marketing strategy was developed. The three factors include homogeneity of customer response to the marketing mix, transferability of competitive advantage, and similarities in the degree of economic freedom. Findings – The model through the use of feedback effects explains the dynamics of standardization. Research limitations/implications – Future research needs to empirically test the model. To enable empirical validation, reliable and valid measures of the three factors proposed in the model need to be developed. Additionally, the model may be used in future research to delineate the impact a variable may have on the ability of a firm to follow a standardized global marketing strategy. Practical implications – The three-factor model aids decisions relating to standardization in a global marketing context. Originality/value...
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...What is the relationship between marketing and the fundamental theory of exchange? To understand the relationship between marketing and the fundamental theory of exchange, one must define the two separately to know the benefit of them together. The Merriam-Webster dictionary defines marketing “as the process or technique of promoting, selling, and distributing a product or service.” (1) With any business, one must have this skill to be able to promote the goods or service that they wish to sell to the public. In relation to the fundamental theory of exchange an article written by a grad student from Illinois State University wrote about the fundamental theorem of exchange, "One of the most important principles of economics is the Fundamental Theorem of Exchange: ... trade is mutually beneficial. Voluntary exchange increases [net benefits] for all parties involved." (2) For one to have a truly successful relationship between these two they need to have an understanding on what they are selling. The worst thing a consumer wants when they go to a store or shop is for the salesman helping them to not know anything about what they are talking about. With being in retail for the majority of my life I have come to know that just a small portion of consumers know what they want when they walk into a store. It is the job of the salesman to use his, “promoting, selling, and distributing” skills to be able to secure a successful transaction of exchange between the consumer and the...
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...Marketing Plan McBride Financial Services is a regional mortgage lender that will specialize in FHA, and VA loans for people to either buy a home or refinance their current home. The company has its headquarters located in Boise, Idaho and the company is also looking to expand into the areas of Wyoming, Montana, North Dakota and South Dakota. McBride offers a one price for all primary services that include a credit report, mortgage, inspection, and appraisal for a fixed price of $1,500 dollars. The mission of McBride Financial Services is to provide low cost mortgage services using state of the art technology in these five states. In the first six months, McBride wants to break-even financially and become a profitable company within one year. For McBride to succeed with the mission and its company goals, the company will need a successful marketing plan. Research In order for McBride to have a successful marketing plan it will have to start off with a little research into the areas around each section of the business. "Lenski says some clients find their niche first by focusing on the areas in which they already have a strong interest, or by looking at markets that already know about you and your services. Then, look for areas of the marketplace where a gaping need exists that you can fill with your company's services(Donnelly, 2011)." One thing that McBride will have to research into is information on the supply and demand for housing in the locations. Following the...
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...Describe the important Internet properties that affect marketing and the fundamental changes the Internet has brought to marketing. According to Strauss and Frost (2009), the Internet properties have affected the way marketing should be done and delivered to the consumers. Internet data is sent in bits and not in atoms – all the data and information are being stored and sent to the consumers in digital form. The digital form cannot be touch, tasted or smelled. In contrast to other types of marketing, the seller does not need to deliver the items itself for inspection by the consumer before it is being purchased. 1. Internet is a mediating technology – anywhere in the world, music and other data is being passed on and shared. This encourages communication for businesses in a supply chain. 2. Internet encourages global reach - regardless of location, the internet is accessible to all. Businesses can be conducted globally easier while encourages worldwide partnership and products distribution even better than before. 3. Internet works as network externality – target markets are being reached easily and faster with automated communication. 4. Internet is a time moderator – time is a valuable essence where consumers would expect faster service as in the communication with the company itself and faster feedback response. 5. Internet is an information equalizer – information on the product is easily accessible to consumers via the internet, therefore consumers have better access...
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...MARKETING FUNDAMENTALS: LECTURE 2: RAZZAQUE MARK1012: LECTURE 2 MARKETING STRATEGY & MARKETING ENVIRONMENT Mohammed Abdur Razzaque: School of Marketing Associate Professor MARK1012: LECTURE 2A Marketing Strategy Strategy Marketing Environment Consumer and Business Market Introduction to Marketing Marketing Research 1 MARKETING FUNDAMENTALS: LECTURE 2: RAZZAQUE Lecture objectives 1. 2. 3. 4. 5. Explain company‐wide strategic planning and its four steps Discuss how to design business portfolios and develop growth strategies Explain marketing’s role in strategic planning and how marketing works with its partners to create and deliver customer value Describe the elements of a customer‐driven marketing strategy and mix, and the forces that influence it List the marketing management functions, including the elements of a marketing plan, and discuss the importance of measuring and managing return on marketing investment L 2L2A-3 3 Strategic planning: A task and a process The task of selecting an overall company strategy for long‐ run survival and growth. The process of developing and maintaining a strategic fit between the organisation’s goals and capabilities and its changing marketing opportunities. Sets the stage for the rest of the planning in the firm such as annual plans and long‐range plans which deal with the company’s current businesses and how to keep them going. Strategies follow a hierarchy Corporate level...
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...undertaking research and reporting on the results of such inquiries. e) The Institute, singly or in collaboration with others, shall bring to bear the world's vast store of knowledge in science, engineering and other realms on the problems of the industry and the community in order to make the Philippines and the world a better place. MISSION a 1. To prepare students for a professional Engineering Management career including a vital role in the overall management of organizations with an orientation to manufacturing, engineering, technology or production. 2. To provide students knowledge and skills in the areas of management of technology, product and process, quality, organizational management, operations management, program management, marketing and finance. 3. To educate...
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...Fundamentals of Marketing Glossary of Marketing Terms and Concepts Account A specific category of financial information such as sales, labor expense, or cash; also can refer to a specific customer who owes the business money for credit purchases. Acquisition The process of buying another firm or business unit; a method of direct investment that allows a firm to gain country and market-specific knowledge without incurring a long and costly learning process. Advertising Mass communication with customers or prospects, usually through public media. Agribusiness Any business organization that supplies farm inputs or services, or that processes, distributes, or wholesales agricultural products, or retails them to consumers. Agribusiness management The management of any firm involved in the food and fiber production and marketing system. Analyzing facts A step in the planning process requiring answers to such questions as "Where are we?" and "How did we get here?"; helps pinpoint existing problems and opportunities, and provides insights upon which to base successful decisions. Apprenticeship A form of training where a new employee works with a more experienced person, and learns under that person's direction. Assets Items of value, including physical and financial property, that are owned by the business. Balance sheet A financial statement that shows the financial makeup and condition of a business at a specific point in time by listing what the business owns, what it owes, and what...
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