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.

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

Week OneWeek One

MKT 421 Marketing

Explain the importance of marketing to the organization’s success.

Topic for Hour 2Topic for Hour 2

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

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?

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

MKT 421 Marketing

• Vision Statement• Mission Statement• SWOT Analysis• Core Competencies• Competitive Advantages• Perceptual Mapping• Marketing Research

Marketing ToolsMarketing Tools

MKT 421 Marketing

Describe the four elements of the Marketing Mix.

Topic for Hour 3Topic for Hour 3Topic for Hour 3Topic for Hour 3

MKT 421 Marketing

• Product

• Price

• Place (channels of distribution)

• Promotion

Marketing Mix OverviewMarketing Mix Overview

MKT 421 Marketing

• The tangible object or service a customer exchanges money for.

• Satisfies a need whether practical, emotional or basic.

Product OverviewProduct Overview

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

MKT 421 Marketing

• The “bridge” connecting customers and products• Distribution takes place through channels

involving:– Manufacturers (producers)– Wholesalers– Retailer– Consumers

Place OverviewPlace Overview

MKT 421 Marketing

• Personal Selling

• Advertising

• Sales Promotion

• Public Relations

Promotion OverviewPromotion Overview

MKT 421 Marketing

• In addition to defining your message Promotion is used to

– Position a product

– Inform

– Persuade

– Reduce cognitive dissonance

Promotion OverviewPromotion Overview

MKT 421 Marketing

Assess the importance of marketing research in the development of marketing strategy and tactics.

Topic for Hour 4Topic for Hour 4

MKT 421 Marketing

• Importance (avoid being a NOVA)• Types

– Internal

– External

– Primary

Qualitative - Focus Groups, One-On One Interviews

Quantitative - Surveys, Observation, etc

– SecondaryCompany Info, Competitive Review, Online Research

Market ResearchMarket Research

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?What is a Target Market?What is a Target Market?

MKT 421 Marketing

Demographics- Who they arePsychographics- What they are

Purchase Behaviors- How they buyGeographic Considerations- Where they buy

SegmentationSegmentation