Rider University Introduction to Marketing Essay Hi, how its going? here is the instructions: (you may see the files attached there is the syllabus of the

Rider University Introduction to Marketing Essay Hi, how its going? here is the instructions: (you may see the files attached there is the syllabus of the course, and the assignments i did for the course too also more importantly my notes. these all for you to get an idea of how the course going and to answer the questions perfectly. this is a very important assignment. if you have any questions feel free to ask me. thank you.

Part A:? Essay.

Format: computerized, 12 pt font, single spaced. Minimum 2 pages and maximum 3 pages.

Must be submitted on BB

No pdf format, must be in a word document format.

Imagine your roommate is considering taking a marketing principles class and has no idea what marketing is, what it is about, what topics are studied. Your job is to explain to him/her what marketing is about? What kind of topics (with a summary each entail) are studied? How are these related? What are the key takeaways when studying each topic marketing? What should he/she take out of the class? (Key takeaways and how you relate the different topics and themes are parts of the assessment in this question). Consider the marketing plan diagram in the marketing strategy, which could help you related the topics.

Explain to your roommate how assignments are integrated with what he/she is expected to learn.

Then answer your roommate: Is marketing evil? Are there marketing ethics to be followed?

Finally, reflect in short sentences your experiences of what you expected to learn versus what you studied and what you found surprising? What did you enjoy the most?

Address every component of the question. You will be evaluated on your ability to relate the topics together, the comprehensiveness of your essay, the accuracy of information presented, the depth of information, and the creative style.

This is an individual assignment and will go through a plagiarism check. Any evidence of plagiarism will result in a zero for this exam and possibly failing the course. Use class material, notes, and explanations in conjunction with assigned text. 1 sur 54
INTRODUCTION TO MARKETING
Marketing: Organizational efforts to stimulate & increase demand by: ICM,MBE,IPC,CW
i.
Identifying, creating and maintaining
ii.
mutually beneficial exchanges (4 conditions: slide 55)
iii.
In the presence of competitors
iv.
In an ever changing world
Observational Research: People would go to your house and observe what you have at your place
i. You must IDENTIFY what the consumers use, want, like
CREATE something of value based on everybody’s needs and what you’ve found, give
them the option i.e: ketchup different sizes
MAINTAINING your customers.
you have to build a good relationship with them for example by giving a thank you note,
by keeping in touch (email), giving rewards
ii.
MUTUALLY BENEFICIAL EXCHANGES
Whenever there is an exchange there must be at least 2 parties they must exchange
something of value
What is Value: (benefit – sacrifice), must be a subjective perception and its not
always about price could be time… – Usually a successful exchange product for money
in returnMarketer must always actively COMMUNICATE to consummate the exchange
1.
Two or more parties
2.
Each has something of VALUE the other wants
3.
Each _____________ to give up the thing of value they have, for the thing
of value the other has.
4.
Effective COMMUNICATION to consummate the exchange
iii. IN THE PRESENCE OF COMPETITORS
Numbers of competitors
Intensity amount of competition=
Type of competition
Strategies used
iv. IN AN EVER CHANGING WORLD
Trends are always changing, you must be able to adapt.
———————————————
CRITICISMS OF MARKETING:
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Advertising drives pieces higher + lower fixed cost
Distribution costs too much
Forces people to buy what they don’t need (always have free will) + marketing assosiate
with wants
Make us all too materialistic (there is a materialistic side but there also is innovation)
Creates cultural pollution) might make u loose your ethnic? background/everything ooks
the same now) (gives cultural knowledge which makes it learn more about other
cultures)
Too much political power for firms (power also used to change, campaigns)
Too many deceptive practices (there is inside of us a perception, we know that its
exaggerated, ain’t nothing wrong with that)
—————————————————————
WHY IS MARKETING IMPORTANT?
Its creative, entrepreneurial, expands global presence, enriches society
Always Brings In new customers
Part of everyone’s lives
Education by telling the consumers what the are getting…
Expands Global Presence
Can be Entrepreneurial
Enriches Society
Offers Jobs
——————————————————————
MARKETING CONCEPT
Happy Customer = Repeat Customer
——————————————————————
CUSTOMER VALUE
Customer value = customer benefits – customer costs
Value is the customer’s subjective assessment of benefits relative to the costs in
determining the worth of a product
Competitors
•
•
•
•
Number of compititors
Type of
Intensity of
Strategic used, etc.
—————————————————————————MARKETING MIX- 4 Ps- slide 72
Price – capturing value- Price is everything a buyer gives up (money, time, energy) in
exchange for the product. How much are customers willing to pay and can a profit can
be made at that point.
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Place – delivering value- Place, or supply chain management, describes all activities
necessary to get the product to the right customer when the customer wants it. Where
would you find this product in the store?
Product – creating value- The fundamental purpose of Marketing is to create value by
developing a variety of offerings, including goods, services, and ideas, to satisfy
customer needs.
Promotion – communicate value -Promotion is communication by a marketer that
informs, persuades, and reminds potential buyers about a product or service to influence
their opinions or elicit a response.All marketing mix is tailored towards maximization of
value.
As marketers, you must adjust the marketing mix around the economy -currency,
inflation, interest rates-, political, legal and regulatory, technology, socio cultural
environment.
RELATIONSHIP TO VALUE
B2B providing to retailers- he product is not used for final consumption i.e.: Microsoft
providing computers to Stetson University (the final consumer is not Stetson its the
students)
B2C manufacturers ie make.
C2C consumer to consumer, ebay, garage sell
MARKETING EVOLUTION
Social Media
FOCUS:
ON PRODUCT
SALES
MARKET ORIENTED
PROODUCT AND MARKET
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MARKETING STRATEGY
3 big questions; Where are we Now? Where do we want to go as a company? How do
we want to get there in other words…
STRATEGIC PLANNING: Creating and maintaining a fit between organization’s
objectives and resources and evolving market opportunities
It has two objectives: Profitability & Growth
Why put the start engine button, coffee, and redox slides? To show that there is a
current need that is not met
ie: Netflix case
Core Competency:
• Convenience -quick-,
• Movie selection of titles,
• Access to New releases,
• Inexpensive,
• Original Content,
• Accessibility -different devices- -different users-,
• Place Utility
Market Opportunity:
Instant entertainment from home,
The need to access shows on the go
Intelligent
Competitive Advantage:
Competitors
What does Netflix have?
Hulu
No ads & cheaper
Redbox
No travel time, no need for DVD player,
Economical for heavy users
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Amazon Prime
Cancelling at any time, No bulk payment, Not
catering younger needs, not all are free
Movies on Demand (HBO)
Cheaper, no expiration date, not outside HBO
TV shows/cable
No tickets, no big gaming system, variety of
gamers
Video/games
variety of gamers
————————————————————————
MISSION STATEMENT
– Aspirational vision of what the organization wants to become
– Internal mantra— gets everyone marching in the same direction
Answer 2 MAIN questions:
– Who are our customers?
– What is our Competency?
Benefits:
–
Articulates purpose
Keeps the firm on track
Distinguishes organization from competitors
Provides direction for strategic planning
Fosters market orientation
—————————————————————————————
WHAT IS A MARKETING STRATEGY?
Tool for identifying & analyzing target markets & developing marketing mix (4 Ps)
suitable for mutually beneficial relationships to achieve a sustainable competitive
advantage.
It identifies:
– a firm’s target market(s)
– a relate marketing mise 4Ps
– the bases on which the firm plants to build a sustainable competitive advantage
(advantage over the competition that is not easily copied, and can be maintained for
a long period of time)
——————————————————————————————
HOW TO ACHIEVE SUSTAINABLE COMPETITIVE ADVTG? -Four Sources Of ValueFour macro, or overarching, strategies that focus on aspects of the marketing mix to
create and deliver value and to develop sustainable competitive advantages:
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– CUSTOMER EXCELLENCE: Focuses on retaining loyal customers and excellent
customer service. CE is achieved when a firm develops value-based strategies for
retaining loyal customers by :
• viewing customers with a life time value, not just for one item
• providing something unique
• create an emotional attachment through loyalty programs which are part of a
Customer Relationship Management (CRM) program. It’s used to identify
members through loyalty card or membership info the customer provides when
making purchases.
and provides outstanding customer service:
• its given by employees,
– OPERATIONAL EXCELLENCE: Achieved through efficient operations and excellent
supply chain and human resource management. -get the product fast• It’s achieved through their efficient operations, excellent supply chain
management, and strong and strong relationships with their supplies.
• All marketers strive for efficient operations operations to get their customers the
merchandise they want, when they want it, in the required quantities and at a lower
delivered cost than cost than that of their competitors. By doing so they ensure
good value to their customers, earn profitability for themselves, and satisfy there
customers’ needs.
• Efficient operations enable firms either to provide their consumers with lowerpriced merchandise or, even if their prices are not lower than those of the
competitors by offering been better service, merchandise assortments, or visual
presentations.
– PRODUCT EXCELLENCE: Having products with high perceived value and effective
branding and positioning
– Good quality, keep it forever
– LOCATIONAL EXCELLENCE: Having a good physical location and Internet presence
• Starbucks: You have it everywhere
CORE COMPETENCY: = something firm does well, giving an advantage over
competitors
MARKET OPPORTUNITY: = combination of circumstances & timing allowing firm to
reach a target market
COMPETITIVE ADVANTAGE = CORE COMPETENCY + MARKET OPPORTUNITY
————————————————————————
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THE MARKETING PLAN
Written document composed of
EXECUTIVE SUMMARY usually written at the end
1) an analysis of the current marketing situation, opportunities and threats for the firm,
2) marketing objectives
3) strategy specified in terms of the four P’s, action programs, and
4) projected or pro-forma income (and other financial)
What do we do with a Marketing Plan?
– Making a marketing plan forces decision makers to THINK SYSTEMATICALLY
– Forces confrontation with TRADEOFFS
– Blueprint for action
–
• Who is responsible for what.
• Spells out timing/coordination of actions
Helps sell the idea to those who give the money
There are Steps to the MKTG PLAN:
– Planning Phase
1. Business Mission & Objectives
2. Situation Analysis SWOT
– Implementation Phase
3. Identify Opportunities: Segmentation Targeting Positioning
4. Implement Marketing Mix 4Ps
– Control Phase
5. Evaluate Performance Using Marketing Metrics
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Organizational Objectives
• Flows from mission statement
• Provide focus
• Short-term objectives address immediate competitive necessities
• Long-term objectives aim at achieving sustainable competitive advantage
—————————————————————————————
WHERE ARE WE NOW?
Use SWOT Analysis
Means you are always looking where you fit in this ever changing world
Is it something you control?
————————————————————————————————
—.SEGMENTATION
Group people in a process that make sense
Targeting
Positioning
COMPETITIVE MARKETING GROWTH STRATEGIES
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– Strategic Business
Unit (SBU)
Division, product
line, or other profit
center within parent
company
Portfolio Analysis
Portfolio = set of
SBUs firm owns
Involves classifying performance
capabilities of SBUs to determine
allocation of resources among
them
Market-Growth/Market-Share
Matrix : planning tool based SBU’s
relative market growth & market
share
SEGMENTATION
AND TARGET
MARKET
What is a MARKET?
a group of individuals or organizations who:
–
Need/desire a particular product
Have the ability to purchase that product
Are willing to purchase the product
Have the authority to buy the product
SEGMENTATION: Dividing a heterogeneous market into smaller, more homogeneous
pieces, called segments
…such that customer differences within segments < differences between segments + 10 sur 54 - Non-price focus - Increase Inelastic demand - Operational efficiency. . for resources - Hard to measure demand elasticity Hard separating sub groups Increased costs Over fragmentation STEP 1: STRATEGY OR OBJECTIVES Check Yourself, derived from mission and current state STEP 2: SEGMENTATION METHODS Types of segmentation: - Demographics Age, Gender, Ethnicity, Family, Income, Life Cycle, - Usage Rate Behavioral -based on your usage pattern- - Geography Region, Climate, Market Size Density - Psychographics Personality, Motives, Life style (how time is spent, importance of things, beliefs, socioeconomic characteristics) - Benefits Segment by product 11 sur 54 Sometimes, you may have Geo-demographic segmentation which is a unique segment lying at the intersection of location & demographics Benefits of Segmentation: Grouping customers into market segments according to the benefits they seek from the product eg: Regular, vs. diet, vs. caffeine-free Pepsi STEP 3: EVALUATE SEGMENT ATTRACTIVENESS Is It substantial? is segment large enough to be profitable? - Too small and it is insignificant - Too big and it might need it’s own store Is It Reachable? can segment be effectively reached & served? Is It Responsive? can firm effectively communicate with the segments? Is It Profitable? Is It identifiable? -=can segment be defined in practical terms? Evaluate Segments Sales Assessment: Market potential (how many MP3 players could be sold in the U.S.? Company sales potential (e.g. how many Zune MP3 players could be sold in the U.S.? Competitive Assessment Which other firms compete in the same segment? What market shares do they have? Can we compete against them effectively? Cost Estimate— what will it cost the firm in time, managerial effort and money to compete effectively? 12 sur 54 All done for the sales forecast(amount of product firm expects to sell during a specific period at a specified level of marketing), if its +ve number, it means you can go for it. • • Segment Profitability= Segment size x Segment adoption percentage x Purchase behavior x Profit margin percentage)- Fixed cost Purchasing behavior= purchase price x number of times the customer would by the product per term • Profit margin percentage= (Selling price- variable cost)/ selling price • Fixed cost= Advertising expenditure, rent, insurance STEP 4: SELECT TARGET MARKET A Target Market is the market segment towards aims a particular Marketing Mix. There are FOUR TYPES TARGETING STRATEGIES: - Undifferentiated…Mass market, same product, same way, to everyone (e.g. Domino Sugar) - Concentrated …Single market segment using one marketing mix (e.g. RC Cola) - Differentiated…Two or more segments using a different marketing mix for ________ (e.g. automakers) - Micromarketing…Unique marketing mix for each & every customer (e.g. NikeID) TARGETING STRATEGIES: Undifferentiated…mass market, same product, same way, to everyone (e.g. Domino Sugar) Concentrated …single market segment using one marketing mix (e.g. RC Cola) Differentiated…two or more segments using a different marketing mix for ________ (e.g. automakers) Micromarketing…________________, unique marketing mix for each & every customer (e.g. NikeID STEP 5: IDENTIFY AND DEVELOP POSITIONING STRATEGY WHAT ARE PRODUCT DIFFERENTIATION & POSITIONING? Positioning: Creating a share in the customer’s mind, over the competitors.! Positioning Methods: - Value Salient Attributes Symbol Competition 13 sur 54 Product Positioning 1. Positioning = ____________________________, vis-à-vis competing products 2. Whether deliberate, or accidental, all products have positioning, 3. Repositioning = changing consumers’ perceptions of product vis-à-vis competing products 4. A positioning statement describes the product’s competitive position, vis-à-vis competing products Effective Positioning 1. Assess competitor’s positioning 2. Determine dimensions underlying these positions Choose a position where marketing efforts will have the greatest impact Product Differentiation: Competitive marketing tool, premised on the assumption that people are variety seekers. It is the firm’s effort to distinguish one product from another, so as to make it more attractive to the target market. Differentiation is conducted with respect to competitors‘ as well as the firm’s own product. Product differentiation can be built around on ANY DIFFERENCE, REAL OR PERCEIVED -size, color, packaging, style, quality, price…- One very important differentiation tool is product positioning. HOW ARE SEGMENTATION, TARGET MARKETING, PRODUCT DIFFERENTIATION AND POSITIONING USED? Perceptual Mapping: Method of graphing, in two or more dimensions, the location (positioning) of products, brands, or groups of products in customers’ minds, vis-à-vis the competition 14 sur 54 INTERNATIONAL/GLOBAL MARKETING Disney Case - one or two general questions about it - France - Willingness to spend - Weather,Don’t eat breakfast,Did not take their children out of school,Vacation time - “French see Euro Disney as American imperialism” Emphasizing glitz and size rather than variety of rides and experienceAmerican movies - Customers prefer walking than rides Prefer fancier look Gulf war, breaks on vacation and currency surge Ban on alcohol 15 sur 54 - Saudi Arabian business convention center Different sausage to suit tourist Disney land as holy land in Tokyo Jacques Chiraq “ecological disaster” Imposes quotas on non French movie Disney in China : family consist of one child Feng shui in planning Competition in China .. Too small and not different from nay theme park Chinese love to take pictures WHAT IS INTERNATIONAL MARKETING? Organizational efforts to stimulate, increase demand, by - Identifying, creating, maintaining, mutually beneficial exchanges, In the presence of competitors In an ever changing world In more than one country WHAT ARE SOME OF THE COMPONENTS OF INTERNATIONAL MARKETING ENVIRONMENT THAT AFFECT MARKETING? (what are some controllable (if you can control it, ) and some uncontrollable factors) FOREIGN ENVIRONMENT Political Legal Forces: - Boycott - Embargo = Legal Ban of products or exchanges ie Cuba - Laws & Regulations i.e.: Competitive Advertising (saying that this brand is better than the other one) Religious Ideologies: Economic Forces: Analyzing Government Actions: - Quota: • Maximum Limit • Reduces availability of imported goods - Exchange Control: • Exchange Rate -> converting $$ to €€, €€ higher so you spend more money
converting from $$
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• Countertrade ->
– Trade Agreement:
• EU 27
• NAFTA 3
• CAFTA
• MERCOSUR
• ASEAN
– Tariff:
-US CR DR GUAT HOND NICUA EL SLVDR-ARG BRSL PARAG URUG VENE-
• Tax
• Artificially Raises Prices
• Lowers Demand
Tariff and Quote reduce foreign competition and benefit local products
Search about WTO
Big Mac Index: Working time needed to buy a BigMac
Most Dev Countries -> 0-39
Less Dev Countries -> 160
Improved Measures:
GNI- Per Capita Conversion
Rate of Change
Purchasing Power Parity: relative purchasing power of different countries’ currencies for
the same basket of goods and services. (e.g. how many hours are required for you to work to
be able to afford a Big Mac Index)
Degree of Human Development
Competitive Forces.
Level of Technology:
Structure of distribution:
Geography and Infrastructure:
WHO ARE THE BRIC?
Brazil Russia India China (BRIC)
–
Developing Nations (dense Pop: poor )
Growth Rate
Economic Reform
Law of large numbers
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Difference between four main types of cultural measures:
Cultural Factors: Values, Beliefs, Customs, Norms
– Power Distance: acceptance and expectancy of unequal power distribution i.e.
Japan, Venezuela. Low us, hight KSA
– Uncertainty Avoidance: Taking Risks -ie you will make sure your product is safe
before selling it/make sure you are stable before expanding.
– Individualism vs Collectivism: what drives you/what makes you identify yourself US
vs Guatemala
– Masculinity VS Femininity: Reflections of certain values reflect on the society ) M:
competition, power (employee of the month) Japan, Austria F: warmth, harmony,
Sweden
WHAT ARE THE DIFFERENT MODES…
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