BUS 7450 Strategic Marketing Management Week 1 Dr

BUS 7450 Strategic Marketing Management Week 1 Dr. Jenne Meyer

BUS 7500 § Introductions § § § Discuss syllabus § § Who are you? Where do you work? Experience with Marketing or Product Management? Expectations of this course? Your first concert or fun fact 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? 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. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1 -5

What is Marketing Management? 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. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1 -6

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 • Places • Services • Properties • Events • Organizations • Experiences • Information • Persons • 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 Demographic Political-legal Technological Economic Socio-cultural Natural

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-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 § http: //www. pbs. org/wgbh/pages/frontline/show s/cool/ Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1 -31

Class wrap up § What is due for next week