BUS7450Strategic Marketing Management

Week 1Dr. Jenne Meyer

BUS7500 Introductions

Who are you? Where do you work? Experience with Marketing or Product Management? Expectations of this course? Your first concert or fun fact

Discuss syllabus Weekly article presentations Final call project presentation Class schedule (April 5th, *April 12th, *April 26th)

Groundrules

1Defining Marketing for the 21st Century

Chapter Questions

Why is marketing important? What is the scope of marketing? What are some fundamental marketing

concepts? How has marketing management changed? What are the tasks necessary for successful

marketing management?

What is Marketing?

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Marketing is an organizational function and a set of processes for creating,

communicating, and delivering value to customers and for managing

customer relationships in ways that benefit the organization and its

stakeholders.

What is Marketing Management?

Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall 1-6

Marketing management is theart and science

of choosing target markets and getting, keeping, and growing

customers throughcreating, delivering, and communicating

superior customer value.

What is Marketed?

What is Marketed? What in this class is marketed? What in this class is not marketed? How are you impacted at work by marketing? How are you impacted at home by marketing? What do you like about marketing? What don’t you like about marketing?

What is Marketed?

• Goods

• Services

• Events

•

Experiences

• Persons

• Places

• Properties

•

Organizations

• Information

• Ideas

Demand States

Negative Nonexistent Latent Declining

Irregular Unwholesome Full Overfull

Figure 1.1 Structure of Flows in Modern Exchange Economy

Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall 1-10

Figure 1.2 A Simple Marketing System

Key Customer Markets

Consumer markets Business markets Global markets Nonprofit/Government markets

Core Concepts

Needs, wants, and demands

Target markets, positioning, segmentation

Offerings and brands Value and satisfaction

Marketing channels Supply chain Competition Marketing environment Marketing planning

Types of Needs

Stated

Real

Unstated

Delight

Secret

Target Markets, Positioning & Segmentation Separate into groups based on the following

Coffee v hot chocolate Car v truck/SUV Over v under Cable v satellite Kids v no kids

Offerings and Brands

Value and Satisfaction

Marketing Channels

Communication

Distribution

Service

Marketing Environment

Demographic Economic

Socio-cultural

NaturalTechnological

Political-legal

Major Societal Forces

Network information technology

Globalization Deregulation Privatization Heightened competition

Industry convergence Retail transformation Disintermediation Consumer buying power Consumer participation Consumer resistance

Company Orientations

Production

Product

Selling

Marketing

Holistic Marketing

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Relationship Marketing

Customers

Employees

Marketing Partners

Financial Community

Integrated Marketing

Internal Marketing

Internal marketing is the task of

hiring, training, and motivating able employees

who want to serve customers well.

Performance Marketing

Financial Accountability

Social Responsibility Marketing

Types of Corporate Social Initiatives

Corporate social marketing Cause marketing Cause-related marketing Corporate philanthropy Corporate community involvement Socially responsible business practices

The Marketing Mix

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The Four Ps

The New Four Ps People Processes Programs Performance

The Old Four Ps Product Placement Promotion Pricing

Marketing Management Tasks

Develop market strategies and plans Capture marketing insights Connect with customers Build strong brands Shape market offerings Deliver value Communicate value Create long-term growth

Video

http://www.pbs.org/wgbh/pages/frontline/shows/cool/

Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall 1-31

Class wrap up

What is due for next week