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Principles of Marketing BA 390
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Transcript of Principles of Marketing BA 390
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Principles of Marketing
BA 390
Fall 2006Dr. McAlexander
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What is Marketing? Do you know your pharmacist? What about the person who made your
shoes?
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What do we do? We facilitate exchange
– Effectiveness– Efficiency
Who are our customers?
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Key Terms Needs: Functional, Symbolic, and
Experiential Wants: Culturally shaped needs Demands: Add buying power Product: Complex bundle of
satisfactions.
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Marketing ManagementStrategic Planning
and theMarketing Process
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Evolution Production Orientation Product Orientation Selling Orientation Marketing Orientation: The Marketing
Concept Societal Marketing Concept
– Balance interests of consumer, society, and firm
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Managerial Imperative Marketing Generates Revenue Mandate: Attract, Retain, and Grow
Customers– Customer value: differences between customer
costs and benefits– Customer satisfaction, loyalty, and retention
Customer Equity: Combined Customer Lifetime Values
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Strategic Planning Process
Define the Mission
Set ObjectivesAnd Goals
Design BusinessPortfolio
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Defining the Mission Statement of purpose
– Market Oriented Product orientation could be short-sighted
Based on Distinctive Competencies Motivating
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Harley-DavidsonWe fulfill dreams through the
experience of motorcycling,by providing to motorcyclists and to
the general publican expanding line of motorcycles and
branded products and servicesin selected market segments.
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Setting Objectives and Goals
Obviously relate to mission statement Time specific and measurable
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Business Portfolio: BCG and Friends
High Share Low Share
HighGrowth
LowGrowth
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Porter’s Generic Strategies
Low Cost Differentiation Focus
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Growth Strategies Existing Products and Markets:
– Market Penetration Existing Products and New Markets
– Market Development New Products and Existing Markets
– Product Development New Products and New Markets
– Diversification
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Marketing Process: Segmentation, Targeting, and Positioning
Market Segmentation– Demographic– Benefit– Psychographic
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Market Targeting Choose to serve one or more
segments Fit with abilities and resources of the
firm. Competitive intensity
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Market Positioning The place the product occupies in the
mind of the consumer relative to the competition.
http://www.buell.com/
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Marketing Mix
PRODUCT
PLACEPRICE
PROMOTION
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Marketing Environments Micro Environments
– The company
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Marketing Environments Micro Environments
– The company– Suppliers– Marketing Intermediaries– Customers– Competitors– Publics
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Marketing Environments Macro Environments
– Demographic Age Ethnicity Geographic shifts Income distribution
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Marketing Environments Macro Environments
– Demographic– Economic– Natural
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Natural Environment Natural Resources and Marketing
Perspectives– Market Segments– Impacts upon the environment
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Marketing Environments Macro Environments
– Demographic– Economic– Natural – Technological
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Technological Environment
WSJ– Having babies: prenatal screening…– Stay in touch with families: myfamily.com– Find love: 73% of singles use the internet– Watch TV and listen to the radio– Fandom– Shop
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Marketing Environments Macro Environments
– Demographic– Economic– Natural – Technological – Political
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Political Environment Impact of legislation: all levels of
government– Pricing: price discrimination (Robinson-
Patman Act)– Product: unsafe toys and articles (Child
Protection Act also Consumer Product Safety Act) and warranties (Manuson-Moss Warranty Act)
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Marketing Environments Macro Environments
– Demographic– Economic– Natural – Technological – Political – Cultural