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Marketing management


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  • 1. MARKETING MANAGEMENT. Learn marketing concepts, terminology and practices; examine strategies to apply them to contemporary marketing situations; and gain an understanding of how they affect your organization’s profitability. (These strategies also apply to nonprofits.) Study consumer and business marketing, marketing research, product planning, distribution, pricing, and promotion. Learn how marketing integrates with other business disciplines including social media. CERTIFICATE PROGRAM IN Marketing With the Certificate Program in Marketing, you gain crucial skills and a credential to advance your career. You're ready to contribute more to your organization or take on a new professional role. You're also equipped with in-depth knowledge of the latest marketing concepts and techniques in less time and at less cost than a master's degree requires. Get an overview with courses on marketing research and planning, strategic marketing, analytics and metrics, and emerging trends in social media and other innovative technologies. The curriculum is overseen by an advisory board of business and education leaders and approved by the University of California, Berkeley, Haas School of Business, ensuring your education is relevant and up to date. Learn from some of the best in the business—leading professionals with the marketing acumen and teaching experience to provide both a theoretical foundation and practical training. Course Catalog MARKETING RESEARCH: CONCEPTS AND TECHNIQUESBUS ADM X460.6 COURSE DESCRIPTION Explore the entire cycle of market research, from objectives and planning; choice of methodology; designing questionnaires and focus group guides; collecting, analyzing and interpreting data; and presenting findings. You place special emphasis on using market research to develop and support decision-making processes to minimize risk and direct-resource investment. Curriculum does not focus on statistics and numerical analysis, but rather on each of the steps, separately and together, that make up a real-world research process.
  • 2. Course Catalog STRATEGIC MARKETINGBUS ADM X415 COURSE DESCRIPTION Learn strategic challenges and opportunities created by the dynamic nature of markets. Study marketing strategies, and determine which ones are relevant and feasible for your organization and which ones will maximize the bottom line. Corporate responsibilities (including green and social) energize the organization and can foster internal cooperation and communication. Learn customer value propositions; assets and competencies; and structured strategic analysis including detailed customer, competitor, market, environmental and internal analysis. STRATEGIC MARKETING 2.0--SOCIAL MEDIA AND OTHER INNOVATIVE TECHNOLOGIESBUS ADM X464.5 COURSE DESCRIPTION Master the next generation of strategic marketing planning and tactics made possible by the latest media channels and technologies. Learn how to establish realistic business and performance goals and systematically evaluate new technologies, as well as evaluate in-market results against specific return-on-investment metrics. Gain the ability to strategically plan and cost-efficiently execute new-channel programs with more conventional marketing approaches. ADVERTISING AND SOCIAL MARKETINGBUS ADM X464.7 COURSE DESCRIPTION Gain an understanding of the essential methods, strategies and vocabulary needed to succeed in the modern advertising world. Learn the role of advertising in marketing; buyer behavior; the interplay of advertising options, including traditional, digital, social and mobile; media planning; measuring effectiveness; and relations between the client and the agency. Analyze real-world examples from business-to-business, consumer and nonprofit sectors to build on concepts you study in class. MANAGING MARKETING COMMUNICATIONSBUS ADM X466.1 COURSE DESCRIPTION Successful marketers maximize their sales opportunities by using integrated marketing communications (IMC), which include advertising, personal selling, promotion, direct marketing, public relations, customer relationship management (CRM) and electronic media. In this course, you prepare an integrated marketing communications plan.
  • 3. COMMUNICATING ACROSS CULTURES: MARKETING AND SALES CHALLENGES AROUND THE WORLDBUS ADM X495.7 COURSE DESCRIPTION Global transactions are becoming the norm in business and marketing, and sales professionals face a variety of communications challenges in adapting to the international marketplace. Examine the theories of specific culture-bridging tools and techniques needed by today‟s international sales and marketing practitioners. MANAGING MARKETING COMMUNICATIONSBUS ADM X466.1 COURSE DESCRIPTION Successful marketers maximize their sales opportunities by using integrated marketing communications (IMC), which include advertising, personal selling, promotion, direct marketing, public relations, customer relationship management (CRM) and electronic media. In this course, you prepare an integrated marketing communications plan. STRATEGIC MARKETING PLANNINGBUS ADM X411.3 COURSE DESCRIPTION Learn how to develop and write a comprehensive marketing plan. Examine how marketing plans change with the life cycle or market conditions of a product or service. Develop a model marketing plan that includes an analysis of competition, pricing, promotion, distribution and the value proposition. Special emphasis is placed on adopting and maintaining a customer orientation when creating marketing plans. marketing management Web definitions Marketing Management is a business discipline which is focused on the practical application of marketing techniques and the management...
  • 4. WHAT IS MARKETING? Introduction The term marketing has evolved over time; today marketing is based around providing continual benefits to the customer following a transactional exchange. The Chartered Institute of Marketing define marketing as 'The management process responsible for identifying, anticipating and satisfying customer requirements profitably' Marketing Definitions Philip Kotler defines marketing as 'satisfying needs and wants through an exchange process' Customers will only undertake the exchange, if they feel that their needs are being satisfied, clearly the transactional value cannot be more than the amount customers are prepared to pay to satisfy their need. P.Tailor of suggests that 'Marketing is not about providing products or services it is essentially about providing changing benefits to the changing needs and demands of the customer (P.Tailor 7/00)' Marketing is the job of the marketing department? If we look at CIM's definition in more detail Marketing is a management responsibility and should not be left to a specific department or person. In fact everyone that works for or represents a company is responsible for marketing, as their actions contribute towards the company's reputation. What does marketing involve? Marketing requires co-ordination, planning, implementation of campaigns and employees with the appropriate skills to ensure marketing success. Marketing objectives, goals and targets have to be monitored and met, competitor strategies analyzed, anticipated and exceeded. Through effective use of market and marketing
  • 5. research an organization should be able to identify the needs and wants of the customer and try to deliver benefits that will enhance or add to the customers lifestyle, while at the same time ensuring that the satisfaction of these needs results in a healthy turnover for the organization. Exercises Answers What is Marketing? Scenario: As the new Marketing Manager for LM Ltd, a newly formed PC Manufacturer, you plan to give a talk to the rest of the management team about meeting customer needs, and discuss with them what marketing is about. Exercise: If you were delivering the speech what would you cover? List some points. Answer
  • 6. 1. Marketing is about providing benefits not products/services. 2. The benefit LM Ltd products offer to their target market. 3. The importance of continuous research to meet consumer needs. 4. The importance of understanding competitors and competitor products. 5. The importance of understanding the industry and industry trends. 6. The importance of managing differentiation and positioning. 7. The importance of after sales services in the computer industry. Market and Marketing Research Answers Read about Market and Marketing Research here Having just talked to the management team about why marketing is important, you know what to conduct some secondary research into the computer industry and primary research into consumers’ needs, views and wants. Exercise: Using the internet find some secondary information on the computer industry within your country or a country of your choice. See if you can find two pieces of information: 1. Market share of computer manufacturers within your country. 2. The value of the computer industry within your country. A) Having found this information, list why you think it is important for LM Ltd to have both sets of data? Primary Research Your company needs to find out more about the potential of computer users. B) What primary research methods are appropriate to find out about the needs of computer users? What are the advantages and disadvantages of each?
  • 7. C) Why is it important for LM Ltd to conduct both primary & secondary research? Answers Here Computer Industry Market Share of Computer Manufacturers You should have found market share information on computer manufacturers within your country, with the value of the industry also. The value of the industry is the total turnover of PC sales amongst all manufacturers. List why is it important for LM LTD to have both sets of data? The data will help management in decision making. The data will give management an idea of the competitiveness of the industry. Market share information will help the organization to set realistic objectives for themselves. Industry sales will tell management overall if the PC industry is in decline, stagnating or growing Primary research methods The company can use any or all of the following methods to assist them in understanding consumer needs: Questionnaires Advantages Relatively cheap compared to other forms of research methods. Respondents can be guided through with ease. Disadvantage
  • 8. There is always threat of bias from interviewer. Personal Interviews Advantages More qualitative and quantitative information can be otained from these. Respondents can be guided and questions can be explained clearly if they are not understood. Disadvantages Cost of interviewers are expensive. There is a threat of a bias response. Focus groups Advantages In-depth qualitative data can be collected from a group of respondents. Discussion amongst groups leads to greater understanding of consumer needs. Disadvantages Can be difficult to organize. Costs of hiring a moderator i.e. the person who will referee the focus group. Always dangers of bias from the moderator. Why is it important for LM Ltd to conduct both primary and secondary research? Both are crucial, secondary research will give the company initial information on whether the industry is in decline or not and will assist them in deciding whether to enter the industry. Primary information will give LM Ltd a greater insight into the needs of particular users, what the main reason they purchase a PC, from where and so on.
  • 9. Marketing Environment Exercise Answers here The personal computer market is very competitive and is influenced by many internal and external factors. Some of the uncontrollabe factors that influence the personal computer market include, political , economical, social and technological factors that can have an impact on the organisations strategy. We just have to look at Microsoft and the anti- competitive lawsuit which was brought against the company in the USA which had an impact on how the company sells its product. Exercise: List below the PEST factors that could influence LM Ltd marketing strategy. Answers Political. 1. Government legislation from the selling of goods one to one or over internet. 2. Government taxation policy. Direct or indirect tax on consumers and businesses. Economical 1 Inflation rate. 2 Interest policy and rates. 3 Employment/unemployment levels. Social
  • 10. 1 Buying habits of consumers. 2 Amount of time spent on leisure activities. 3 Technological 1 Rates of technological change within the business and industry. 2 The internet and popularity of e-commerce. Segmentation, Targeting and Positioning Answers Read about Segmentation, Targeting, Positioning Segmentation, Targeting & Positioning worksheet LM Ltd plan to launch a wide range of personal computers to cater for the many types of users. 1) List the various segmentation variables the company can use to segment their market. 2) Briefly explain why you have selected each one. 3) Which segments could the company aim for? Segmentation lesson answers Segmentation Variables • Age • Income • Social Class – From A-D • Lifestyle - The company could look at the activities and interests of the consumers. • Benefit - Segment users by benefit. That is benefit of speed, or graphics or ease of use.
  • 11. • Usage – Segment by how often they would use the computer and again what purpose. Understanding how to use these variables to segment the market will help the organization in its promotion and positioning strategy. Targeting lesson answers What targeting strategy would you recommend that LM Ltd adopt. Explain your reasons with a help of a diagram(s). The company should adopt a differentiated targeting strategy selling products with different features aimed at different segments. Students would require different benefits to businesses that would buy the products. Students would want low cost, with word processing, spreadsheets. Business customers, speed, reliability, high performance and so on. The diagram below suggests that the company should adopt a differentiated marketing strategy, students could be segment one and businesses segment 2. Positioning lesson answers LM Ltd realize that there are many computer organizations offering similar services, but you‟re different! Explain what positioning strategy you would adopt for the company. How can you be seen as different in this already overcrowded personal computer market? Answers
  • 12. The company may want to offer some form of service differentiation. Computers can be quite similar whether it is from one manufacturer or another. LM Ltd could differentiate themselves by offering good customer and after sales service. By positioning themselves within a particular field is another option e.g. develops a name and identity within the corporate or consumer market. Product Strategies Answers Marketing Mix Exercise One: Product Strategies. As the marketing manager, you know the product (s) has to be right. The PC industry is competitive, lifecycles are short, and the marketing mix ingredients have to be correct. Looking at the points covered in products: 1. Apply Kotlers theory of benefits to the computers LM Ltd wish to sell. What benefits are consumers really getting from purchasing one of LM Ltds PC‟s? What particular product decisions are important in the product planning process? 2. Draw a product lifecycle for one of LM Ltd computers and show at what point the firm will re-invent or update the product. Answers Core Benefit: The core benefit offered to consumers depends much on what their primary need is. Purchasing a computer can have the benefit of „need for speed‟, as a communication device over the net, or an entertainment device for playing games or watching movies or as a work or educational machine. Total product: One way for the company to differentiate the product is via branding, packaging, designing the product and by promoting the variety of features the product offers. Augmented product
  • 13. Differentiating via branding and features in this market is not enough. You must also be able to make sure that the customer has some form of good quality after care service in the form of warranties, technical back up line and so on. This sometimes is the selling point for many people. Good after sales service usually encourages good word of mouth, creating a good reputation for the organization. Total Product Concepts 2. The company will have to start thinking about replacement models soon after launch, possibly growth stage. In this fast moving market of personal computers where the average lifecycle is about six months, the company will have to launch replacement models at the decline stage so they can see a smooth transmission of one lifecycle to another. Marketing Exercise Marketing Mix Exercise Two: Pricing Strategies.
  • 14. Right, you‟ve got the product right; the next stage is to price it. Wow what a task! 1. List the factors LM Ltd will have to take into account while deciding how to price the product. 2. What combination of pricing strategies could LM Ltd consider? 3. Work out a pricing strategy as the product moves through the four stages of the product life cycle. Plot how your pricing strategy may change at it moves through the product lifecycle. Answers 1. List the factors LM Ltd will have to take into account while deciding how to price the product. The factors LM Ltd will have to take into account when pricing include: a) Levels of competition. b) Fixed and variable costs. c) Competition.. d) Company objectives. e) Proposed positioning strategies. f) Target group and willingness to pay. 2. What combination of pricing strategies could LM Ltd consider? When selling computers LM Ltd could use the following pricing strategies: Competition pricing: Pricing the computer products similar to competitors. Bundle pricing: Bundling the computers with scanner, digital camera, printer. Psychological pricing: Selling PC‟s at £499.99 or £999.99, just below the psychological price of £500 or £1000, whatever price the company decides. Optional pricing: Giving the users the options of upgrades as is common in the PC industry. 3. Work out a pricing strategy as the product moves through the four stages of the product life cycle. Plot how your pricing strategy may change at it moves through the product lifecycle. Introduction – Premium psychological price. Product is new with latest technology. Growth –Skimming price reduce price as product sells grow.
  • 15. Maturity – Physiological pricing, with price lowered offered with bundles. Decline – Product line pricing, reduce price on existing model and introduce new. SERVICE MARKETING Service Marketing Mobile Edition Introduction Some businesses sell products, others sell services and the remainder sell products and services. This article examines the characteristics of a service and looks at how the marketing mix can be adapted to market a service. CHARACTERISTICS OF A SERVICE There are five characteristics to a service: Lack of ownership Intangibility Inseparability Perish ability Heterogeneity Each of these needs to be taken into account when marketing a service. Lack of Ownership You can not own a service and you cannot store a service like you can store a product. Services are used or hired for a period of time. For example when you buy an airplane ticket to fly to the USA, you are buying a service which will start at the beginning of the flight and finish at the end of the flight. You cannot take the airplane flight home with you. Intangibility
  • 16. You cannot hold or touch a service unlike a product. This is because a service is something customers experience and experiences are not physical products. Inseparability Services cannot be separated from service providers. A product can be taken away from the producer but a service cannot be taken away as it involves the service provider or its representatives doing something for the customer. For example a company selling ironing services needs the company to iron the clothes for you. Perish ability Services last a specific time and cannot be stored like a product for later use. For example an interior designer will design a property once. If you would like to redesign the house you will need to purchase the service again. Heterogeneity Firms have systems and procedures to ensure that they provide a consistent service but it is very difficult to make each service experience identical. For example two identical plane journeys may feel different to the passengers due to circumstances beyond the airline's control such as weather conditions or other passengers on the plane. SERVICE MARKETING MIX (Extended Marketing Mix) Introduction In the previous article we discussed the characteristics of a service. In this article we look at how the marketing mix for marketing a service is different to the marketing mix for products. Just like the marketing mix of a product the service marketing mix comprises of Product, Price, Place and Promotion. How ever as a service is not tangible the marketing mix for a service has three additional elements: People, Process and Physical Evidence.
  • 17. People People are an essential ingredient in service provision; recruiting and training the right staff is required to create a competitive advantage. Customers make judgments about service provision and delivery based on the people representing your organization. This is because people are one of the few elements of the service that customers can see and interact with. The praise received by the volunteers (games makers) for the London 2012 Olympics and Paralympics demonstrates the powerful effect people can create during service delivery. Staff requires appropriate interpersonal skills, attitude, and service knowledge in order to deliver a quality service. In the UK many organizations apply for the "Investors in People" Accreditation to demonstrate that they train their staff to prescribed standards and best practices. Process This element of the marketing mix looks at the systems used to deliver the service. Imagine you walk into Burger King and order a Whopper Meal and you get it delivered within 2 minutes. What was the process that allowed you to obtain an efficient service delivery? Banks that send out Credit Cards automatically when their customer‟s old one has expired again require an efficient process to identify expiry dates and renewal. An efficient service that replaces old credit cards will foster
  • 18. consumer loyalty and confidence in the company. All services need to be underpinned by clearly defined and efficient processes. This will avoid confusion and promote a consistent service. In other words processes mean that everybody knows what to do and how to do it. Physical Evidence (Physical Environment) Physical evidence is about where the service is being delivered from. It is particularly relevant to retailers operating out of shops. This element of the marketing mix will distinguish a company from its competitors. Physical evidence can be used to charge a premium price for a service and establish a positive experience. For example all hotels provide a bed to sleep on but one of the things affecting the price charged, is the condition of the room (physical evidence) holding the bed. Customers will make judgments about the organization based on the physical evidence. For example if you walk into a restaurant you expect a clean and friendly environment, if the restaurant is smelly or dirty, customers are likely to walk out. This is before they have even received the service. Summary The Service Marketing Mix involves Product, Price, Place, Promotion, People, Process and Physical Evidence. Firms marketing a service need to get each of these elements correct. The marketing mix for a service has additional elements because the characteristics of a service are different to the characteristics of a product. The Characteristics of a service are: (1) Lack of ownership (2) Intangibility (3) Inseparability (4) Perish ability (5) Heterogeneity. To certain extent managing services are more complicated then managing products, products can be standardized, to standardize a service is more difficult as there it can be affected by factors outside the service providers control
  • 19. MARKETING THEORY ARTICLES Marketing Foundations Marketing Definition Marketing Concepts Marketing Budgets Marketing a Service Sound Marketing Maslow's Hierarchy of Needs Consumer Goods Classifications Ethical Marketing Recession Inflation and Credit Crunch Terms and Phrases Explained Marketing and the Credit Crunch Marketing Quiz OFCOM: UK Consumers spend 45% of their waking hours using mobiles and other communication devices. Marketing Strategy Marketing Analysis Research and New Products The Marketing Mix Generic Strategy BCG Analysis Market and Marketing Research Marketing mix What is it? Message & Media Strategy Gap Analysis Primary Research Product Business Objectives (SMART) Total product concept Secondary Research Price Objectives Strategy and Planning Three product levels Observational Research Place Push and Pull Strategy Perceptual Map Ethnographic Research Promotion Hierarchy of Effects Model Positioning Map Sampling Promotional Mix Expanded Buzz Marketing Consumer Buying Behavior Questionnaire Design Service Marketing Mix Ambush Marketing SWOT Analysis Mystery Shopper Promotion through music and sound marketing Packaging Strategies Value Chain Analysis Why Develop New Products Promotion through music and sound to reinforce brands An off‟s Matrix Diffusion of Innovations New Product Development Promotion through music and sound to influence behavior Balanced Scorecard Force Field Analysis White Labeling Product Mix and Product Lines
  • 20. AIDA: Attention, Interest Desire, Action Porter's Five Forces Model Branding Environmental Product Strategies Product Strategy: Product Mix and Product Lines Product Life Cycle Selecting Brand Names Environmental Price Strategies Product Placement Product Life Cycle Adopters Environmental Place Strategies Role of Advertising Agencies Types of Product Life Cycles Environmental Promotion Strategies Marketing Plan: Definition, Content and how to write one Internet Marketing Marketing Mix Website Optimization Viral Marketing Marketing and smart phones Benefits of internet marketing for the business Benefits of internet marketing for the customer Relationship marketing and the internet Internet marketing and objectives Market research and the internet Marketing with Social Networking Sites The Marketing Environment Selecting Your Customers Technology and Other Articles International Marketing The Marketing Environment Segmentation Part 1 I pad and PC Tablet marketing International Marketing Competitor Segmentation The Marketing International Marketing
  • 21. Analysis Part 2 of Mobile Phone Handsets Environment PEST Analysis PESTLE Segmentation Criteria Marketing Strategies within the Games Console Industry International Marketing Market Entry Considerations Macro Environment Factors Market Positioning Strategy OFCOM: UK Consumers spend 45% of their waking hours using mobiles and other communication devices International Marketing Market Entry Methods Micro Environment factors. Market Targeting Options Marketing for Personal Trainers International Marketing Mix Managing Your Customers Customer Relationship Management (CRM) Customer Services Components of Customer Services Managing Customer Services Online Relationship Marketing Benefits of Relationship Marketing Internal Marketing Ladder of Customer Loyalty Françoise Marketing Mix Des Services Objectify SMART Matrices d'Ansoff Matrices BCG Strategies de Prix Strategies de Marque Place des Strategies Strategies Product Norms de Marque L'analyse SWOT Cycle de vie du products La segmentation du Marché Part Deux La segmentation du Marche Strategies Qu'est-ce que le marketing Strategies d'emballage Business Articles in Partnership with
  • 22. Business Costs, Revenue and Break Even Point Profit and loss accounts Balance sheets Financial Ratios Quality Total Quality Management Cost of Quality Garvin: Dimensions of Quality ISOs International Standards Organizations Key Performance Indicators Business Integration Fishbone Analysis Product As the product is the item being sold to the customer, the thing that will bring in money, its features and design need careful consideration. Whether the firm is manufacturing the product or purchasing the product for resale, they need to determine what product features will appeal to their target market. When an organisation is considering introducing a product into a market, they should ask themselves the following questions: 1. Who is the product aimed at 2. What benefit will customers expect from it 3. What will be its advantage over competitor products? Or its unique selling point? 4. How does the firm plan to Position the product within the market?
  • 23. The answers to these questions will help a firm design, package and add value to its products. To learn more about product strategies within the marketing mix click on the following link: Marketing Mix and Product strategies Price There are lots of different pricing strategies but every strategy must cover at least your costs unless the price is being used to attract customers to the business (loss leader pricing). A product is only worth as much as people are prepared to pay for it. The amount your target market are prepared to pay for your products/services depends on product features and the target market's budget. You will also need to consider competitor pricing and factors within your marketing environment. Effective pricing involves balancing several factors, to find out more about pricing including example pricing strategies click here. Place The Place element of the marketing place is about where the product is made, where is it stored and how is it transported to the customer. The place for each of these things should ensure that the product gets to the right place at the right time without damage or loss. The ideal place will be Convenient for the customer and the business Accessible for the customer if it is the place where the product is sold Low cost or free for the customer if it is the place where the product is sold Reasonable cost to the business The following link provides further information on place: Marketing Mix and Place Strategies Promotion A successful product or service means nothing unless the benefit of such a service can be communicated clearly to the target market. Promotion is any activity to raise awareness of a product or to encourage customers to purchase a product. Advertising is a form of promotion but not all promotions are advertisements. Promotional activities for consumer sales will be different to promotional activities for business to business sales. The following things will influence how a firm chooses to promote its product:
  • 24. Promotional campaign purpose the budget for the promotional campaign Legal rules about what you can promote and how the target markets for the product the marketing environment in which the firm operates The following link provides further information on place: Marketing Mix and Promotion Strategies Other Marketing Mix Links Service Marketing Mix: The ideal marketing strategy for a firm selling services, includes the traditional marketing mix and three additional elements: people, process and physical evidence. Click on the attached link to learn more about the 7Ps: Service Marketing Mix E-Marketing Mix: A massive increase in internet sales has changed the way the marketing mix is implemented by firms. The following link will take you to an article explaining how the marketing mix can be used for online marketing Marketing Mix and The Internet Environmental Marketing Mix. An increased focus on environmental issues, has contributed to a rise in the demand for environmentally friendly products and services. The spotlight on sustaining the environment has created new terminology such as “carbon footprint” and “offsetting”. Many organizations have adapted their marketing strategies to capitalize on the consumer appetite for Environmentally Friendly Products. Click on this link to read more about how the marketing mix can be used to market environmentally friendly products and services