2. Define the
Role of
Marketing
Marketing is defined as the activity set by
institutions, and processes for creating,
capturing, communicating, delivering, and
exchanging offerings that have value for
customers, clients, partners, and society at
large.
Definition
- Affects various stakeholders
- It is about satisfying customer needs and wants
- Entails an exchange
- Creates value through product, price, place and
promotion decisions
- Can be performed by individuals and
organizations
Core Aspects
A marketing strategy identifies a firm’s target
market, marketing mix of the four P’s product,
place, price, and promotion which plans to build
a competitive edge or advantage.
Strategy
3. The 4 P’s of
Marketing
Of the marketing mix, the product creates value by
developing a variety of offerings, including goods, services,
and ideas to satisfy customer needs. Goods are items that
you can physically touch such as a Hydro flask water bottle
or a pair of Air Jordan shoes to fulfill the need of thirst or
footwear. Services are intangible customer benefits that are
produced by people or machines and cannot be separated
from the producer such as a personal trainer training a
client. Some sellers even supplement their product offerings
with services to provide more value. Ideas include thoughts,
opinions and philosophies that create a platform in which
how these goods and services can be marketed to meet the
needs of consumers.
Product
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4. The 4 P’s of
Marketing
The Job of the price of to capture the value of the product
or service. The price of a product or service is not always
paid in the form of money. Energy or time can be used to
obtain a product or service. The price of a product or
service must be determined carefully based on the
potential buyer’s belief of the service or product’s value.
For example, a pitching coach may charge sixty dollars an
hour to work with an athlete. While the pitching coach
believes that his time is worth sixty dollars an hour the
athlete must decide whether spending sixty dollars will
return a greater value. While the hourly rate is expensive
the time spent with the pitching coach could elevate the
athlete’s game to next level in order to receive a college
scholarship. Therefore, the value is worth the price.
Price
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5. The 4 P’s of
Marketing
Place of the marketing mix delivers the value of the
product or service. It represents all the activities necessary
to get the product to the right customer when the
customer needs it. Place could be a physical store, kiosk or
small booth. Another essential piece to place is marketing
channel management. Marketing channel management
ensures merchandise is available when customers want it
which is due to a well operated supply chain. For example,
if a pitching coach ordered training tools to enhance the
quality of his pitching lesson, he is going to want the
training tools in time for his lessons. If the marketing
channel management is operated inefficiently the coach
will not have the proper training tools for the lessons and
could result in the athletes possibly looking for another
pitching coach due to the decreased quality of the lesson.
Place
6. The 4 P’s of
Marketing
The last P of the of the marketing mix is promotion.
Promotion is communicating the value of a product or
service to the consumer. Promotion is used to persuade the
influence of the consumer that their product or service
holds an amount of value to them. For example, a pitching
coach who is kickstarting his business of pitching lessons
may be struggling who to target. The pitching has the idea
to contact High School baseball coaches within the city to
ask whether their team or players would be interested in
pitching lessons. By promoting his business to high school
teams, he has entered the market of high school baseball
players which will add eventual value to his business.
Promotion
7. Competitive
Advantage
Definition
• An
advantage
over
competition
that is not
easily copied
copied and
can be
maintained.
Core Aspects
• - Customer
excellence
-
Operational
excellence
- Product
excellence
- Locational
Excellence
Examples
• - Having a
loyal
customer
base
- Views
customers
from a
lifetime
perspective
- Distinctive
brand image
that builds
value
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8. How Marketing is Performed
B2C
B2C stands for business to
consumer. An example would be
Kroger selling you groceries
B2B
B2B represents business to
business. An example would be
Keurig selling their coffee
products to a manufacturing
company for office use.
Examples
C2C stands for consumer to
consumer. An example would be
selling a personal item such as
headphones or a car to another
person.
9. Aspects of a
Marketing
Plan
Definition
• A written document composed of an analysis of the current
marketing situation, opportunities and threats.
The 3 Phases
• - Planning
- Implementation
- Control
The 5 steps
• - Define the business mission and objectives (Planning)
- Conduct situation analysis (Planning)
- Segmentation, targeting, positioning (Implementation)
- 4 P’s ( Implementation)
- Evaluate performance (Control)
10. Statements in a Marketing
Strategy
MISSION STATEMENT
Summarizes what your company does for
customers, employees and owners which
includes descriptions, core functions and
goals.
VISION STATEMENT
The vision for the direction of your company
and what it aspires to be.
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