MT 219 Marketing Unit One Welcome! Course Overview Creating Customer Value and Marketing Strategy 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 role of marketing in service firms

Let’s Review: Course Element Overview Six Grading Elements- See your Syllabus for grading allocation -Discussions- Units 1-9 -Assignments- Units 2 and 4 -Writing Assignment- Reflection- Unit 10 -Reviews- Units 1, 2, 3, 5, 7 and 9 -Research Projects- Units 6 and 8 -Simulations- Units 4, 5 and 8 This class has an e-text. Reading your e-text is important in order to complete all assignments.

Let’s Review: Discussions Make sure to follow discussion requirements in syllabus -Primary post by Saturday, a minimum of two posts to others -Post on three days -Minimum of 100 words Opportunity to clarify concepts covered in unit Exchange ideas and ask questions to others They are fun!

Let’s Review: Working with the assignments Review the rubric in the syllabus for guidelines Use the templates that are available on the last assignment page Proof your work– grammar and spelling matter. Use APA as appropriate when citing sources- NO cutting and pasting from sources Apply the concepts and language of the course Answer all the questions thoroughly 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 Select only a brand that is on the list in the Unit 2 Discussion You must use the brand you select in your Research Projects. The projects will require research, application, and creativity as well as analysis Once you select your brand in the discussion, you should independently research in preparation for your Research Projects A few minutes of researching your brand every day or so will help ensure your Research Projects go smoothly.

Let’s Review- Simulations In Units 4, 5 and 8 Follow the instructions Simulations see how well you have learned concepts Graded, so make sure to complete them before the Tuesday deadline

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, reviews and simulations will be closed at that time. Plan appropriately. 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 Optional Fun and helpful Opportunity to ask questions and interact with classmates You can review the recording if you are unable to attend

Let’s Review: Special Announcement- The Continue Button on Screens Lower right hand corner of many screens in the class. Clicking on the “Continue” will not advance you 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 to advance 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? Kotler: “Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.” (Kotler, 2010) Notice that there is a lot of emphasis on establishing value and relationships. Marketing, more than any other business function deals with the customer and creating value for them. Notice that there is a lot of emphasis on establishing value and relationships. Things that are marketed- Goods, services, ideas, personal images

The Marketing Process Figure 1.1 (Kotler, 2010)

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 Creates value for the consumer greater than the cost of products 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 is Dynamic Marketers realize their relationships with consumers is always changing Importance of some customers -Careful relationships with selected customers -Developing relationships that are deeper and more interactive than typical customers What companies might you feel a a deep and interactive link with?

Trends in the Marketing Environment Consider trends taking place in these areas: -The domestic and global economy -Changes in technology, including communications and computer-based technologies. -Growth in importance of non-profits and NGOs -Trend towards sustainable marketing -Growing diversity and awareness of other cultures -Others?

Company and Marketing Strategy 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 currently. Vision- What the company aspires to do in the future.

What is a marketing strategy? “The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.” (Kotler, 2010) A process that includes three important things: - Segmenting the market - Targeting key segments - differentiating and positioning products and brands

Marketing Mix or The Four P’s Term used throughout the course. How products are differentiated. Four components- Product, Price, Promotion and Place (Distribution). What do each of these mean? Marketing Managers create and control the right mix of these elements to create value and satisfy customer’s needs for a general product type. They are synergistic and rely on one another for marketing success Example: A company could have the best product in the world, great price s and promotion. Without good distribution, it may fail. Figure 2.4 in text shows the importance of the marketing mix as an integral part of developing marketing strategy. (Kotler, 2010)

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

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