Marketing workshop for the WVU Law Entrepreneurship Law Clinic
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Marketing Workshop for the WVU College of Law Entrepreneurship Law Clinic March 6, 2013 Darryl M. Lee Principal Grey Oaks Consulting, LLC
description
Marketing Workshop conducted at the WVU College of Law Entrepreneurship Law Clinic
Transcript of Marketing workshop for the WVU Law Entrepreneurship Law Clinic
Marketing Workshopfor the
WVU College of LawEntrepreneurship Law Clinic
March 6, 2013
Darryl M. LeePrincipal
Grey Oaks Consulting, LLC
Marketing Workshop Agenda
What is Marketing? The Triple Bottom LineThe Marketing EnvironmentUnderstanding the Marketplace and
Customer NeedsCustomer Driven Marketing Strategy Integrated Marketing Program-
The 4 Ps: Product, Price, Promotion, & Place
Michael Porter’s Five Forces ModelLegal Issues: Apple vs. Samsung Case
What is Marketing?
“The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large”
-American Marketing Association
The Triple Bottom Line -Make Money and a Contribution- Sustainability
Financial=Profits Social=Communit
y Environmental=
Sustainability
Source: Solomon, M. Marshall, G. Stuart, E. (2009). Marketing: Real People, Real Choices 6e. New Jersey: Prentice Hall
The Triple Bottom Line -
Make Money and a Contribution-Community
Now in its 5th year as the Official Furniture Provider for RMHC, La-Z-Boy has donated more than 4,500 pieces of furniture to more than 150 Ronald McDonald Houses and Ronald McDonald Family Rooms across the U.S. and Canada.
Source: Armstrong, G., & Kotler, P. (2011). Marketing: An Introduction. New Jersey: Prentice Hall
What is Marketing?
Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
The Marketing Environment
Source: Nickels, W.G., McHugh, J. M., McHugh, S. M. (2013 )Understanding Business. New York: McGraw-Hill Irwin
Source: Armstrong, G., & Kotler, P. (2011). Marketing: An Introduction. New Jersey: Prentice Hall
Understanding Marketplace- (Situational Analysis) and Customer Needs
It starts with Human Needs
• Needs, wants, and demands
• Market offerings
• Customer value and satisfaction
• Exchanges and relationships
• Marketplace
Market Offerings • Products-Smartphones, Shoes
• Services-Education, Legal Services
• Persons-Lady Gaga, LeBron James
• Places-Las Vegas “What Happens Here, Stays Here”
• Organizations-Girl Scouts
• Ideas-Do not Text and Drive, UNCF
Do Not Text and Drive Ad
Do Not Text and Drive Ad
Texting While Driving Causes:
1. 1,600,000 accidents per year – National Safety Council2. 330,000 injuries per year – Harvard Center for Risk
Analysis Study3. 11 teen deaths EVERY DAY – Ins. Institute for Hwy Safety
Fatality Facts4. Nearly 25% of ALL car accidents
United Negro College Fund Ad
UNCF has helped over 350,000 minority students graduate from college.
Customer value and satisfaction
Customers form expectations about:◦ value◦ satisfaction
Satisfied customers buy again and tell others
Dissatisfied customers switch and may disparage your product
Source: Armstrong, G., & Kotler, P. (2011). Marketing: An Introduction. New Jersey: Prentice Hall
Exchanges and relationshipsExchanges-Obtaining a desired object
by offering something in return
◦Organizations want money for products/services
◦Politicians want votes for ideas/plans??◦Social action groups want idea
acceptance for societal good
Marketers want to build & maintain relationships by delivering superior customer value
Source: Armstrong, G., & Kotler, P. (2011). Marketing: An Introduction. New Jersey: Prentice Hall
Marketplace
MalleBay auctionWebsite-
AmazonSocial mediaApp StorePlay Store
Source: Armstrong, G., & Kotler, P. (2011). Marketing: An Introduction. New Jersey: Prentice Hall
Customer Driven Marketing Strategy Market Segmentation Target Marketing Choosing a Value
Proposition Value propositions answer
the customer’s question:
“Why should I buy your brand instead of your competitors?”
http://www.youtube.com/watch?v=XiO1_nVr3no
e-Trade Advertisement
◦ To which target segment does this ad appeal?
◦ What is the value proposition?
An Integrated Marketing Program: The 4 Ps-Marketing Mix
Product
• Brand• Features• Design• Quality• Packaging• Warranties• Customer
Service• Style
Price
• List Price• Credit
Terms• Discounts• Payment
periods• Price
Elasticity of Demand
• EDLP-Walmart
• Competition
Promotion
• Advertising
• Sales Promotion
• Personal Selling
• Public Relations
• Word of Mouth
• Product Placements
• Digital Mktg.
Place
• Channels• Locations• Websites• App Store• Play Store• Franchisin
g
American Marketing Association Code of EthicsGeneral Norms:
Marketers must do no harm Marketers must foster trust in the marketing
system Marketers must practice ethical values:
◦ Honesty◦ Responsibility◦ Fairness◦ Respect◦ Openness◦ Citizenship
Source: Armstrong, G., & Kotler, P. (2011). Marketing: An Introduction. New Jersey: Prentice Hall
