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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

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

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

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