...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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...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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...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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...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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...Lakeisha Riley 7/6/15 ES2560 Unit 4 Assignment 1: Marketing & the Economy: Critical Thinking Pepsi's Latest Ad Campaign Has Little to Do With Soda Pepsi wants to sell you a feeling, with a little soda on the side. This year marks the 40th anniversary of the soda giant's famous "Pepsi Challenge" campaign, which asked people to do a blind taste test to see if they preferred Pepsi or Coke. To celebrate, the company is re-launching the challenge, complete with celebrities like Usher and Serena Williams, as well as Vine and Snapchat sensation Jerome Jarre. But instead of picking Pepsi or Coke, the new campaign asks fans to take part in sports, tech, and design and music challenges. The modernized challenge isn’t completely devoid of images of Pepsi cans, and there will be a taste test component in some markets. But the ad push centers largely around creating an emotional connection with the Pepsi brand and less on lauding the taste of its cola. A new Pepsi ad released as part of the challenge. The can dispenses emoji’s instead of soda. That's because the company's ethos is about more than just a bubbly drink, said Brad Jakeman, the president of PepsiCo's Global Beverages Group. “This is a brand that has stood next to major cultural moments all around the world; it’s a brand that always operates in the consumer zeitgeist,” Jakeman said. “The brand is much bigger than a product concept, and actually that has allowed us to do a lot of interesting things with this brand...
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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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...Running Head: COMPANY VALUATION Company Valuation [Name of writer] [Name of institute] Company Valuation Introduction This is the case of a partnership business, Midwest Lightning Inc. (MLI) partnered between two entrepreneurs Jack Peterson and David Scott. Over the years these two partners have developed differences, which have escalated to the point of separation. Hence, in this assignment we are going to provide solution that would be required as the partnership culminates. Overview of the case The partners of the company Midwest Lightning have over the years developed differences and they are now at complete 180 degrees when it comes to their views about the business. The solution that has been suggested is that the partnership should end as the differences have become irreconcilable. In the course of separation, various issues have now arisen, regarding the valuation of the company and how much worth each partner should be accrued in the event of separation. 1) Evaluation of the company-Buy and Sell bids Allen Burke, the accountant of Jack Peterson and David Scott suggested a bid agreement. The agreement finalised was that both owners had agreed on the signing of a mutual buyout agreement. The agreement mentioned that the owners were to submit a secret bid in relation to what the other owner’s half of the business should be. The partner that would offer the maximum price would then buy out the share of other partner. A minimum...
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...shares are sold (back-end load), or as long as the fund is held by the investor (level-load). If a fund limits its level load to no more that 0.25% (the maximum is 1%), it can call itself a "no-load" fund in its marketing literature. Expenses – The expense ratio is the annual fee that all funds or ETFs charge their shareholders. It expresses the percentage of assets deducted each fiscal year for fund expenses, including 12b-1 fees, management fees, administrative fees, operating costs, and all other asset-based costs incurred by the fund. The expense ratio, which is deducted from the fund's average net assets, is accrued on a daily basis. Turnover – The percentage of a mutual fund or other investment vehicle's holdings that have been "turned over" or replaced with other holdings in a given year. The type of mutual fund, its investment objective and/or the portfolio manager's investing style will play an important role in determining its turnover ratio. All things being equal, investors should favor low turnover funds. High turnover equates to higher brokerage transaction fees, which reduce fund returns. Also, the more portfolio turnover in a fund, the more likely it will generate short-term capital gains, which are taxable at an investor's ordinary income rate. Fundamental Analysis – A method of valuing securities such as stocks and bonds that attempts to discover their true value (intrinsic value) by examining related economic and financial factors. Debt Load - The amount of...
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...Edwin Porusingazi Monash I.D -22853766 Date - 04/25/2014 Brief profile of Adobe Systems Adobe Systems, Inc. is a software company, which provides digital marketing and digital media solutions. It offers a line of software and services used by creative professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring, optimizing and engaging with compelling content and experiences across multiple operating systems, devices and media. The company operates through three business segments: Digital Media, Digital Marketing and Print & Publishing. The Digital Media segment provides tools and solutions that enable individuals, small businesses and enterprises to create, publish, promote and monetize their digital content anywhere. Its customers include traditional content creators, web application developers and digital media professionals, as well as their management in marketing departments and agencies, companies and publishers. The Digital Marketing segment provides solutions and services for how digital advertising and marketing are created, managed, executed, measured and optimized. Its customers include digital marketers, advertisers, publishers, merchandisers, web analysts, chief marketing officers and chief revenue officers. The Print & Publishing segment addresses diverse publishing needs of technical and business publishing, and OEM printing businesses. Adobe was founded by Charles...
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