BUS7450 Strategic Marketing Management Week 1 Dr. Jenne Meyer
BUS7500 Introductions Who are you? Where do you work? Experience with Marketing or Product Management? Expectations of this course? Your first concert or fun fact Discuss syllabus Weekly article presentations Final call project presentation Class schedule (April 5 th, *April 12 th, *April 26 th ) Groundrules
1 Defining Marketing for the 21 st Century
Chapter Questions Why is marketing important? What is the scope of marketing? What are some fundamental marketing concepts? How has marketing management changed? What are the tasks necessary for successful marketing management?
What is Marketing? Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-5 Marketing is an 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.
What is Marketing Management? Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-6 Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
What is Marketed? What is Marketed? What in this class is marketed? What in this class is not marketed? How are you impacted at work by marketing? How are you impacted at home by marketing? What do you like about marketing? What don’t you like about marketing?
What is Marketed? Goods Services Events Experiences Persons Places Properties Organizations Information Ideas
Demand States Negative Nonexistent Latent Declining Irregular Unwholesome Full Overfull
Figure 1.1 Structure of Flows in Modern Exchange Economy Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-10
Figure 1.2 A Simple Marketing System
Key Customer Markets Consumer markets Business markets Global markets Nonprofit/Government markets
Core Concepts Needs, wants, and demands Target markets, positioning, segmentation Offerings and brands Value and satisfaction Marketing channels Supply chain Competition Marketing environment Marketing planning
Types of Needs Stated Real Unstated Delight Secret
Target Markets, Positioning & Segmentation Separate into groups based on the following Coffee v hot chocolate Car v truck/SUV Over v under Cable v satellite Kids v no kids
Offerings and Brands
Value and Satisfaction
Marketing Channels Communication Distribution Service
Marketing Environment DemographicEconomic Socio-cultural Natural Technological Political-legal
Major Societal Forces Network information technology Globalization Deregulation Privatization Heightened competition Industry convergence Retail transformation Disintermediation Consumer buying power Consumer participation Consumer resistance
Company Orientations Production Product Selling Marketing
Holistic Marketing Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-22
Relationship Marketing Customers Employees Marketing Partners Financial Community
Integrated Marketing
Internal Marketing Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well.
Performance Marketing Financial Accountability Social Responsibility Marketing
Types of Corporate Social Initiatives Corporate social marketing Cause marketing Cause-related marketing Corporate philanthropy Corporate community involvement Socially responsible business practices
The Marketing Mix Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-28
The Four Ps The New Four Ps People Processes Programs Performance The Old Four Ps Product Placement Promotion Pricing
Marketing Management Tasks Develop market strategies and plans Capture marketing insights Connect with customers Build strong brands Shape market offerings Deliver value Communicate value Create long-term growth
Video s/cool/ s/cool/ Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-31
Class wrap up What is due for next week