First Residency A C A D E M I C S, Chapter 1

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Overview of Chapter 1 in Kotler & Keller Marketing Management text

Overview of Chapter 1 in Kotler & Keller Marketing Management text

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  • So, although Kotler is the seminal text for this course, it doesn’t go far enough in applying issues of social justice, sustainability, and Presidio values. Our class goal is to combine traditional, corporate marketing studies with the unique strategies and cases of today’s nonprofits and other sustainable groups. With that in mind, we’re defining marketing for the 21 st century in other terms that include needs, wants, and demands.
  • Tough marketing decisions include: what product features should be included; which prices will appeal to customers; selling locations; how much to spend on advertising, sales, etc.; packaging (wording, colors, etc.);
  • You probably can offer examples but just in case: Physical goods are the bulk of most marketing and production efforts…everything from food to machines. Services include airlines and accountants to software and sustainability consultants. Events are trade and other shows, while experiences are experiential marketing. The rest are more obvious, so see page 7 in Kotler for more specifics.
  • The eight demand states are good brainstorming issues when you try to determine customer need and desire. One of the most rewarding is LATENT, when consumers have a strong need that can’t be satisfied by an existing product.
  • See pages 9-10.
  • See page 11
  • See pages 12
  • See page 14
  • See page 14.
  • See page 15.
  • See page 16.
  • See pages 18-28 and should be discussed as team work in preparation for client analysis.
  • See pages 28-30 for fictional case study.
  • Good to keep notes on what authors believe are the strongest cases to emphasize their points. (Makes your job a little easier, to have that background.)

Transcript

  • 1. Managerial Marketing, SUS6060
  • 2.
    • Note: Remember that in-class lectures don’t equal your reading of the entire text.
  • 3.
    • Quick definition: “Meeting needs profitably”
    • Key to financial success
    • Must continually monitor customers /competitors
    • Examples of marketing decisions?
  • 4.
    • Goods (can be marketed by companies and individuals)
    • Services (BTW, the U.S. has a 70 /30 services-to-goods mix, e.g. fast food)
    • Events: Vancouver Olympics!
    • Experiences: The Magic Kingdom
    • Persons: Tiger Woods
    • Places: Las Vegas, Denmark, etc.
    • Properties: Real (real estate) or financial (stocks and bonds)
    • Organizations: Boost public image and compete for $$ and audiences
    • Information: Production, packing, and distribution
    • Ideas: Social marketing campaigns, etc.
  • 5.
    • “ The art and science of choosing target markets and getting, keeping, and growing customers through creating, offering, and freely exchanging products and services of value with others.
    • (pg. 5)
  • 6.
    • Seeks a response….
    • attention,
    • purchase,
    • vote,
    • donation
    • Negative
    • Nonexistent
    • Latent
    • Declining
    • Irregular
    • Full
    • Overfull
    • Unwholesome
  • 7.
    • Consumer
    • Business
    • Global
    • Nonprofit and Governmental
    • Plus…Physical marketplaces,
    • digital marketspaces,
    • mediated metamarkets (clusters of products/services)
  • 8.
    • Planning process:
    • Analyzing opportunities;
    • Selecting target markets;
    • Designing strategies;
    • Developing programs;
    • Managing effort.
    • Key functions of CMO:
    • Strengthening brands;
    • Measuring effectiveness;
    • Driving new product development based on customer needs;
    • Gathering meaningful customer insights;
    • Utilizing new technology
  • 9.
    • Five types of needs:
    • Stated
    • Real
    • Unstated
    • Delight
    • Secret
    • Segmentation:
    • Identifying and profiling distinct groups of buyers who might prefer or require varying service/product mixes by examining demographic, psychographic, and behavioral differences among buyers.
  • 10.
    • COMMUNICATION: deliver/receive messages from target buyers
    • DISTRIBUTION: Display, sell, or deliver product to user
    • SERVICE: Carry out transactions with potential buyers
  • 11.
    • TASK ENVIRONMENT =
    • Actors engaged in producing, distributing, and promoting the offering.
    • E.g. company, suppliers, distributors, dealers, and target customers.
    • BROAD ENVIRONMENT =
    • Demographic environment;
    • Economic environment;
    • Physical environment;
    • Technological environment;
    • Political-legal environment;
    • Social-cultural environment
  • 12.
    • Societal Forces include:
    • Globalization and deregulation;
    • Privatization;
    • Heightened competition;
    • Industry convergence;
    • Consumer resistance;
    • Retail transformation;
    • Disintermediation, e.g. “brick and click” retailers.
  • 13.
    • Increase in buying power;
    • Greater variety of available goods and services;
    • Greater among of information about anything;
    • Greater ease in placing, receiving, and interacting;
    • Ability to compare notes about services and products;
    • Amplified voice to influence public and peer opinion.
  • 14.
    • See page 21 for schematic overview of four broad components:
    • Integrated;
    • Relationship;
    • Internal; and,
    • Performance.
  • 15.
    • Developing marketing strategies and plans;
    • Capturing marketing insights;
    • Connecting with customers;
    • Building strong brands;
    • Shaping the market offerings;
    • Delivering value;
    • Communicating value;
    • Creating long-term growth.
  • 16.
    • Also INCREDIBLY useful in this textbook: Marketing MEMO on page 29, which outlines FAQs you should think about from your client’s perspective.
    • In order:
    • Rubber Chicken Cards ;
    • Mac Cosmetics
    • Royal Bank of Canada ;
    • McDonald’s ;
    • Ben & Jerry’s ;
    • 6. Nike recognized for BREAKTHROUGH marketing.
    • Other case studies: Royal Philips; Alaska Department of Commerce – Wal-Mart; ; KFC/Converse/Wm. Wrigley Jr.;