MT 219 Marketing Unit Nine

Course Review

Note: This seminar will be recorded by the instructor.

Review of Unit Eight

• How did Unit 8 go? Questions or concerns?

• Instructor suggestions for Unit 9

• How is the Research Project coming?

• Additional questions?

Our Topics for This Week

• Review of the course objectives• Your Research Project

Course Objective #1-

• Describe how the marketing environment affects a firm’s market strategy – In Unit 2

• Six environmental factors that impact a firm’s marketing strategy

- Competitive forces- Economic forces- Political forces - Legal and Regulatory forces- Technological forces- Sociocultural forces

Course Objective #1-

• Key things to remember:

- All of these components impact the firm

- Firms impact the external environment also, but have less influence over the external forces than they have on the firm

- Firms need to scan the external environment so they are aware of threats and opportunities.

Course Objective #2-

• Identify influences on consumer behavior- In Unit 3

- The buying behavior of people who purchase products for personal or household use and not for business purposes

- Involvement level- High, Low, Situational and Enduring

- Buying behaviors- Routine, Limited and Extended Problem-Solving

- Culture- Single broadest determinant of consumer behavior

Course Objective #3-

• Apply the concepts of segmentation, targeting and positioning

• Targeting and Segmentation- In Unit 4- Targeting- Basic Process: Heterogeneous Market Segmentation

Homogeneous Sub-markets

- Three major segmentation strategies- Concentrated, Differentiated and undifferentiated

- Four major segmentation variable groupings- Demographic, Geographic, Psychographic and Benefits

Course Objective #3-

• Positioning- Covered in Unit 5

- Where a product lives in a consumers mind relative to competition

- Important- This is a perception or feeling of consumer- not important what a marketer thinks it is.

- There are many bases for positioning- Benefits, features, away or towards the competition are just a few

- Repositioning is sometimes done for existing products and brands- Must be done very carefully or customers will be lost- New Coke

Course Objective #4- Analyze the marketing mix- Units 4-8 • Product- Unit 4 & 5

- Product- Types- Convenience, Specialty, Shopping, Unsought

- Product Life Cycle- Introduction, Growth, Maturity and Decline

- Each Stage of the life cycle has strategies the firm can use for its products

• Price- Unit 6- Price is the value exchanged for a product

- Firms use both price and non-price competition

- Due to competition in the marketplace, products tend to have elastic qualities

- Pricing Objectives- Survival, Profit Maximization, Target Profit, Market Share Leadership, Product Quality Leadership

- There are many pricing strategies that are used by firms

Course Objective #4- Analyze the Marketing Mix- Units 4-8

• Place (Distribution)- Unit 7- There has been increasing emphasis on supply chain management within the marketing function

- Channels and supply chains need to be stable so customers benefit

- Coverage- Intensive, Selective and Exclusive

- Managing conflict in a channel is important

• Promotion- Unit 7 & 8- An integrated marketing communications strategy is important for marketing and promotional success

- The Promotional Mix- Advertising, Public Relations, Personal Sales and Sales Promotion

Course Objective #5-

• Describe the role of marketing within service firms- Covered in Unit 5

- Services- Intangible products involving a deed, performance, or effort that cannot be physically possessed

- Special characteristics of services-

- Intangibility

- Inseparability

-Perishability

-Heterogeneity/variability of delivery

-Customer involvement in service production- part of inseparability

Unit 9- Research Project

- Focuses on the Marketing Mix for your brand-Provide all four marketing mix components and all four of the promotional mix components in your paper

-This is in Microsoft Word format-Make sure it is in APA format and provides a reference list and citations

• Questions?

Unit 10- Written Exercise

• Don’t forget the written exercise in Unit 10.

• If you have any questions, please let me know.

Any Questions?

Thank you for attending!

It has been great having you in the seminars!