Week 1 - Fundamentals of Marketing Instructor Kevin W. Brooks Marketing 421 - University of Phoenix

1. MKT 421: MarketingMKT 421: Marketing
"I am the world's worst salesman, therefore, I
must make it easy for people to buy."
- F. W. Woolworth, founder of Woolworth's,
1852-1919.

2. MKT 421 Marketing
Weekly TopicsWeekly Topics
• Week 1 - Fundamentals of Marketing
• Week 2 - Segmentation, Product & Place
• Week 3 - Price & Promotion, Product Life Cycle
• Week 4 - Differentiation & Positioning
• Week 5 - Evaluation of Marketing Plans & Ethics

3. Week OneWeek One

4. MKT 421 Marketing
Explain the importance of marketing to the
organization’s success.
Topic for Hour 2Topic for Hour 2

5. MKT 421 Marketing
• Marketing overview
– Definition of marketing (hour 2)
– Role of a marketing plan (hour 2)
– Tools of a marketer (hour 2)
– 4 P’s of marketing (hour 3)
– Marketing research (hour 4)
Fundamentals of MarketingFundamentals of Marketing

6. MKT 421 Marketing
Marketing is the performance of activities that
seek to achieve an organization’s mission and
vision by anticipating a customer’s need and
providing a product or service to satisfy that
need.
What is Marketing?What is Marketing?

7. MKT 421 Marketing
• Supports Organization’s Mission & Vision
• Defines individual Marketing Strategies (product
lines, competition, timeline and budget)
• Communicates Marketing Strategies and their
Goals
• Monitors and Adjusts itself to meet Objectives
Role of the Marketing PlanRole of the Marketing Plan

8. MKT 421 Marketing
• Vision Statement
• Mission Statement
• SWOT Analysis
• Core Competencies
• Competitive Advantages
• Perceptual Mapping
• Marketing Research
Marketing ToolsMarketing Tools

9. MKT 421 Marketing
Describe the four elements of the Marketing
Mix.
Topic for Hour 3Topic for Hour 3

10. MKT 421 Marketing
• Product
• Price
• Place (channels of distribution)
• Promotion
Marketing Mix OverviewMarketing Mix Overview

11. MKT 421 Marketing
• The tangible object or service a customer
exchanges money for.
• Satisfies a need whether practical, emotional or
basic.
Product OverviewProduct Overview

12. MKT 421 Marketing
• Only “P” that generates revenue
• Pricing strategies
– Maximize profits – skimming
– Maximize sales – penetration
• Life Cycle considerations
• Elasticity of Demand
Price OverviewPrice Overview

13. MKT 421 Marketing
• The “bridge” connecting customers and products
• Distribution takes place through channels
involving:
– Manufacturers (producers)
– Wholesalers
– Retailer
– Consumers
Place OverviewPlace Overview

14. MKT 421 Marketing
• Personal Selling
• Advertising
• Sales Promotion
• Public Relations
Promotion OverviewPromotion Overview

15. MKT 421 Marketing
• In addition to defining your message
Promotion is used to
– Position a product
– Inform
– Persuade
– Reduce cognitive dissonance
Promotion OverviewPromotion Overview

16. MKT 421 Marketing
Assess the importance of marketing research
in the development of marketing strategy
and tactics.
Topic for Hour 4Topic for Hour 4

17. MKT 421 Marketing
• Importance (avoid being a NOVA)
• Types
– Internal
– External
– Primary
Qualitative - Focus Groups, One-On One Interviews
Quantitative - Surveys, Observation, etc
– Secondary
Company Info, Competitive Review, Online Research
Market ResearchMarket Research

18. MKT 421 Marketing
Group of potential customers with similar needs who
have the willingness and ability to purchase the
sellers goods or services
What is a Target Market?What is a Target Market?

19. MKT 421 Marketing
Demographics- Who they are
Psychographics- What they are
Purchase Behaviors- How they buy
Geographic Considerations- Where they buy
SegmentationSegmentation