MT 219 Marketing Unit One Welcome! Course Overview Strategic Marketing Note: This seminar will be recorded by the instructor.

Let’s Review: Overall Course Objectives The effect of the external environment on marketing strategy What influences consumer behavior? Segmentation, targeting, positioning The marketing mix – The Four P’s- our tool box The need for synergy in marketing strategies The role of marketing in service firms

Let’s Review: Course Element Overview Five Grading Elements- See your Syllabus for grading allocation -Discussions- Units 1-9 -Assignments -Writing Assignment- Reflection- Unit 10 -Reviews -Research Projects- Units 7 and 9 This class has an e-text. Reading your e-text is important in order to complete all assignments. Extra Credit is not offered

Let’s Review: Discussions Opportunity to clarify concepts Work with material covered in the unit Ask questions to others Get help from instructor and classmates Exchange ideas Get feedback They are fun!

Let’s Review: How to do well in discussions Pay attention to the rubric in your syllabus- points at stake Post early- you must post a primary response by Saturday You must post on three separate days for full credit Respond to at least two classmates Apply the language and concepts from your readings in your responses Interpret your own knowledge in terms of the course – personal experience is great, but apply your reading to it Check out the key terms at the end of each unit – try to incorporate them Use web based research where appropriate to make a point Use material from previous units to link concepts Be thoughtful, thorough, and substantive (100 words at least) Check frequently to see if anyone has asked questions Be aware of the deadline- the board closes automatically

Let’s Review: Working with the assignments Assignments require you to apply what you have learned in that unit. In Unit 10 it will ask you to reflect on what you have learned Review the rubric in the syllabus for guidelines Use the templates that are available on the last assignment page Proof, proof, proof – grammar and spelling matter. Using APA is recommended. See your syllabus and visit Kaplan Writing Center BRING THE TEXT INTO THE ASSIGNMENTS- NO CUTTING and PASTING Apply the concepts and language of the course Answer all the questions in terms of the key concepts of that unit Be thorough, especially when examining the website Additional research may be used. For example, if you are working with a video and wish to examine websites as well, that can only enhance your work. If something is confusing, check with your professor

Let’s Review: Reviews Multiple choice quizzes Think the question through ALWAYS read instructions- Some may have time limits or not allow you to take more than once. Keep aware of the deadline- system closes access automatically

Let’s Review: Research Projects You will select your brand from the list in the Unit 2 Discussion You can only select a brand that is on the list in the discussion After selecting your brand from the list, this is the brand you must use in the both research Projects. The projects will require research, application, and creativity as well as analysis You will have an opportunity to spend more time discussing the project in the other seminars Once you select your brand in the discussion, you should independently do research in preparation for your Research Projects A few minutes of researching your brand every day or so will help ensure your research and Research Projects go smoothly, so plan ahead.

Let’s Review: Deadlines All units close midnight EST on Tuesdays If you are having a difficulty getting work in- Contact me BEFORE the deadline. Discussion threads will be closed at that time. Plan appropriately. All unit reviews and assignments are also due at that time See the syllabus for late policies for projects 1-7 calendar days late = 20% penalty 8-14 calendar days late = 30% penalty more than 14 days = automatic zero

Let’s Review: Seminars Fun and helpful Opportunity to ask questions Opportunity to interact with classmates Day and time, as well as link to seminar room, will be posted by the instructor in the Announcements You can review the recording (which will be posted as a link in an Announcement) if you are unable to attend

Let’s Review: Special Announcement- The Continue Button on Screens Located in the lower right hand corner of many screens in the class. Clicking on the “Continue” will not advance you to the next screen. To advance to the next screen, roll your mouse over to the right hand side of the screen and an arrow will appear. Click on the arrow and you will advance to the next page. Rolling your mouse over to the left hand side of the screen will open an arrow to go back to the previous page. Demo:

What is Marketing ? A process that focuses on -consumer relationships and satisfaction, and -the creation, distribution, promotion, pricing of: -goods -services -ideas

What is the purpose of Marketing? The purpose of Marketing – to make a profit by providing value in a social context. Benefits/value to customers = sales (possibly profits) Marketing, more than any other topic deals with the customer. Your e-book by Pride and Ferrell gave a fantastic definition. It states, “Marketing is the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchanges with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.” That’s a pretty big definition! There are also some very important words in that definition. By process, we are referring to a system or a method. A majority of that definition contains the elements of a very important term called the “Marketing Mix.”

Marketing Mix or The Four P’s This is a term we will reference throughout the course. Figure 1.1 in your e-book has a fantastic diagram that shows the importance of the marketing mix as a component of marketing. The marketing mix includes 4 elements/activities of marketing. These are sometimes referred to as the 4Ps of marketing, which include Product, Price, Promotion and Place. Place is also referred to as “distribution.” Your text states that the primary job of a marketing manager is to create and maintain the right mix of these elements to satisfy customer’s needs for a general product type. For example, a company could have the best product in the world offered at a great price with exceptional promotion. However, if you cannot get the product to the customer, then you have no sales. This example refers to the importance of the “place or distribution” element of the marketing mix. These concepts will make more sense as we dive deeper into the class.

Summary – the Marketing Mix The Marketer’s tool box – the Marketing Mix Product – anything that is offered to consumers for their satisfaction. This includes services too! Price – what consumers give up for the product Place – where, when and how consumers access and possess the product Promotion- communication between the provider of the product and the consumer.

The marketing orientation has evolved 1 st Stage- The production orientation 2 nd Stage- The sales orientation 3 rd Stage- The marketing orientation 4 th Stage- The Relationship Era

History of Marketing When I studied marketing many, many years ago, I was taught that marketing by definition was satisfying a customer’s needs and wants at a profit. Today, marketing is so much more. As you read your textbook for the course, you will come across the word “RELATIONSHIP” frequently. Marketing is a concept that has evolved over time....there is an actual history behind the concept of marketing For example, the first era in the history of business was called “the production era”. What made the production era significantly different is that a business focused most of their efforts on increasing the efficiency of their production lines. Henry Ford was known by some as “The Godfather of the Production Era”. He had a wonderful phrase that has been quoted in business textbooks for almost a century. -You can have a car in any color you want…as long as it’s in black. -Henry Ford was not particularly interested that some customers may have wanted their cars in blue, white, and green or orange; he wanted to make his life as easy as possible.

History of Marketing Following the production era was the “sales era”. The sales era occurred prior to the 1950’s and the concept was that creative advertising and selling would convince consumers to buy a product or service. This era didn’t focus too much on the customer’s needs and wants. The “marketing era” was the third era in the history of marketing. This concept was revolutionary because for the first time, businesses were approaching the consumer asking them what products or services they would like. Businesses focused on the needs and wants of the clients. The last era is called the “relationship era” which focuses on long-term relationships with customers and other partners to achieve success. This is where we are today.

What is the marketing concept? A managerial philosophy involving -The satisfaction of consumer needs and wants -The coordination of activities -Satisfaction of goals -In a coordinated way -The basic management process- plan, organize, lead, control

What is customer relationship marketing? Long term Mutually satisfying Buyers and sellers both benefit

What is Value? Benefits minus costs = Value -Benefits are what customers get out of a product -Costs can take many forms -Money -Time -Risk -Aggravation -Other?

Marketing does not exist in a vacuum Marketers must consider the External Environment -the economy -demographic changes -social and cultural changes -technological changes -the natural environment has an impact -politics and laws

Marketing is crucial to the global economy Marketing costs are high Marketing is important to both organizations that make profits and those that do not The global economy is fueled by new products and services Consumers learn from marketing communications Marketing can be used for both profit and for furthering the interests of society Marketing offers many careers

You Have Marketing Experience Believe it or not, every person in this class has a degree of marketing experience. We are marketed to as consumers on a daily basis. -Consider ads and promotions that attract your attention. Are you more easily reached via mailings, radio, television, billboard, or online advertising? -What factors influence your purchasing decisions? -Price -Convenience -Service -Product availability How do you think you can apply marketing concepts to either your career or personal life?

Strategic Planning The process of establishing an organizational mission and formulating OVERALL goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan. Mission- What the company does. Vision- What the company aspires to do in the future.

What is a marketing strategy? A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market.

What is a marketing plan? A written document that specifies those activities to be performed to implement and control an organization’s marketing activities.

Core Competencies and Competitive Advantage Core competencies are those things a firm does extremely well. Competitive advantage is the result to a company’s matching a core competency to opportunities in the marketplace.

SWOT Analysis Internal - S trengths - W eaknesses External -O pportunities -T hreats

Any Questions? Thank you for attending! See you next week!