AB219 Marketing Unit One Welcome! Course Overview Creating Customer Value and Marketing Strategy Note: This seminar will be recorded by the instructor. Lets 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 Ps- our tool box The role of marketing in service firms Practice global interconnectedness as it applies to Marketing. Lets Review: Course Element Overview Six Grading Elements- See your Syllabus for grading allocation -Discussions- Units Assignments- Units 2, 3, 4, 6, 7, 9, 10 -Research Project - Unit 8 -Quizzes - Units 1, 5, and 9 -Graded Seminars 1-9 -Simulations- Units 4, 5 and 8. Ebook This class has an e-text. Reading your e-text is important in order to complete all assignments GRADING CRITERIA/COURSE EVALUATION AssessmentsNumberPoints eachTotal Points Discussions Assignments Quizzes Seminars Final Project1120 Activities Simulations31030 Total Points 1,000 Lets 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 Read the discussions directions first! Hit the directions logo. Exchange ideas and ask questions to others They are fun! Discussion Parameters Quality (40%) of your post will be measured on: All assigned discussion questions were answered completely Posts were on topic and unique in content All posts demonstrated analysis of the topic Participation Guidelines (30%) will be measured on: Initial post no later than Saturday, midnight EST Posts made to each discussion question on at least 3 different days The original post to be no less than 100 words Clarity and Organization of Writing (20%) of your post: Posts were organized and logical No spelling or grammatical errors References were used and cited properly Professional & Netiquette (10%) in your post will be measured on: Respect and consideration toward peers/instructors Appropriate language Professional use of abbreviations and acronyms Lets 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 Lets Review: Quizzes 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 Lets Review: Research Project 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 research 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. Lets 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 Lets Review: Deadlines All units close midnight EST on Tuesdays Discussion threads will be closed at that time and cannot be handed in late All unit projects are also due at that time Without Extenuating Circumstances: Up to one week (1-7 calendar days) late 20% deduction in points After one week (8-14 calendar days) late 30% deduction in points No work will be accepted more than two (2) weeks after the due date. Lets Review: Seminars You must be an active participant- What does this mean? Rewarding part of the online experience. Opportunity to ask questions Opportunity to interact with classmates You must attend or you will be required to do the alternate assignmenta 2-3 page paper in order to receive any of the 15 points. SEMINAR: For those of you who are unable to attend the live class, the seminars are recorded and will be made available for you to review at a later time. These archived seminars will remain available for the entire term. Any questions on the syllabus? How would you describe marketing? 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 (Armstong and Kotler, 2010) The history of how 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 societal marketing orientation History of Marketing First era in the history of marketing - the production era. Businesses focused efforts on increasing the efficiency of their production lines. Henry Ford was known by some as The Godfather of the Production Era. You can have a car in any color you wantas long as its in black. Henry Ford. What did he mean by that? History of Marketing Second era- The sales era. Occurred prior to the 1950s. Idea that creative advertising and selling would convince consumers to buy a product or service. Third era- The marketing era was the third era in the history of marketing. Revolutionary idea. Businesses focused on the needs and wants of the consumer. The last era might be called the societal marketing era Company must consider the different stakeholders of the company in developing their marketing strategies. 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. (Armstong and 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 Ps 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 customers 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 organizations marketing activities. SWOT Analysis Internal - S trengths - W eaknesses External -O pportunities -T hreats Any Questions? Thank you for attending! See you next week!