College Marketing

What is the primary concept of Marketing?
An organization should seek to make a profit by serving the needs of customer groups.
What is the definition of Marketing
An organizational function and a set of processes for creating, communicating, and delivering value to customer and for managing customer relationships in a way that benefit the organization and its stakeholders.
What are the six different types of marketing?
Product Marketing
Service Marketing
Person Marketing
Place Marketing
Cause Marketing
Organization Marketing
Product marketing
Marketing designed to create exchange for tangible products
Service Marketing
Marketing Designed to create exchange for intangible products
Person Marketing
Marketing designed to create a favorable opinion of a person, and attract people towards other people.
Place Marketing
Marketing designed to attract people towards a location
Cause Marketing
Marketing designed to create support for ideas, causes, or issues, or to get people to change undesirable behaviors
Organization Marketing
Marketing designed to attract donors, members, participants, or volunteers
Strategic Planning
All activities that lead to the development of a clear organizational mission, organizational objectives, and appropriate strategies to achieve objectives for the entire organization
What are the aspects of the strategic planning process?
Mission Statement
The organization’s history
The organization’s distinctive competitiveness
The organization’s environment
Mission Statement
Describes the business’s reason for existence, and attempts to guide behavior, create a culture, and inspire commitment
Organization’s History
Every organization has a history of objectives, accomplishments, mistakes, and policies. In formulating a mission, the critical characteristics and events of the past must be considered.
Organization’s Distinctive Competencies
What an organization does well, and that gives the company an advantage over the similar organizations
Organization’s Environment
The organization’s environment dictates the opportunities, constraints, and threats that must me be identified before a mission statement is developed.
aspects of Organizational Growth based on products and markets
Market Penetration Strategy
Market Development Strategy
Product Development Strategy
Diversification
Market Penetration Strategy
Focus primarily on increasing the sale of present products to present customers
Market Development Strategy
Organization seeks to find new customers for its present products
Product Development Strategy
Organization seeks to make new products for current customers
Diversification
Involves seeking new products (often through acquisition) for customers not being served. Expanding into more markets
Name the strategies based on competitive advantage
Cost Leadership Strategy
Strategy based on differentiation
Cost Leadership Strategy
Focus on being the low cost company in the industry
ie. Wal-Mart, Southwest Airlines
Strategy Based on differentiation
Firm seeks to be unique in its industry or market segment
Name the strategies based on value
Best Price/Value
Best Product
Best Service
Strategies based on Value
As competition increases, concept of “customer value” has become critical for marketers as well as customers
Best Price/Value
Has the best value. Best price for the best quality.
ie. Walmart, Southwest
Best Product
Offering the best quality product
i.e. Starbucks, rolex, nike
Best Service
Has the best service; offers the best intangible product
(four seasons, hyatt)
Organizational Portfolio Plan
Final phase of the strategic planning process. A company starts to attain a group of businesses, and have product lines. Due to limited financial resources (most cases) management must decide which businesses to build, maintain, or eliminate.
What are SBUs?
They are all divisions of a portfolio.
Stands for Strategic Business Units.
Each SBU has its own:
1. Distinct mission
2. They have their own competitors
3. They are a single business or collection of related businesses
4. They can be planned independently of the other businesses of the total organization
Aspects of the marketing management process
The situation analysis, which is consisted of 6 major areas of concern:

1. The Cooperative Environment
2. The Competitive Environment
3. The Economic Environment
4. The Social Environment
5. The Political Environment
6. The Legal Environment

Situation Analysis
With a clear understanding of organizational objectives and missions, the marketing manager must then analyze and monitor the position of the firm and, specifically, the marketing department, in terms of its past, present, and future situation. The future situation is of primary concern.
The Cooperative Environment
Everyone who has vested interest in the firm accomplishing its goals, such as suppliers, resellers, other department in the firms, sub departments, and employees of the marketing development.
The Competitive Environment
Rival firms that compete with the firm for both resources and sales. Opportunities in this environment include acquiring competing firms, offering demonstrably better value to consumers and attracting them away from competitors out of the industry, and in some cases drive their competitors out of businesses.
The Economic Environment
The state of the macroeconomy and the changes in it bring about marketing opportunities and constraints. Factors, such as, high inflation and unemployment levels can limit the size of the market that can afford to purchase a firm’s top-of-the-line product.
The Social Environment
The general cultural and social traditions, norms, and attitude of the people. This can affect the way how a product should be marketed.
The Political Environment
The attitudes and reactions of the general public, social and business critics, and other organizations, such as the Better Business Bureau. Businesses must comply with certain regulations.
The Legal Environment
Includes a host of federal, state, and local legislation directed at protecting both business competition and consumer rights. In the past years, legislation has reflected social and political attitudes and has been primarily directed at constraining business practices.
Marketing Planning
Used to plan an appropriate strategy to take advantage of the situational opportunity. Must be aligned with organizational objectives and marketing opportunities are often found by systematically analyzing situational environments. Can be broken in to 3 interrelated tasks:
1. Establishing marketing objectives
2. Selecting the Target Market
3. Developing the Marketing Mix
Establishing Marketing Objectives
Provide the framework of the marketing plan by establishing goals. Usually stated as standards of performance or as tasks to be achieved by given dates. Marketing concept emphasizes that profit rather than sales should be overriding objective of the firm and marketing department.
Selecting the Target Marketing
The company then must choose the best target market for their product. 4 questions should be answered:
1. What do customers want or need?
2. What must be done to satisfy these wants or needs?
3. What is the size of the market?
4. What is the growth potential?
Developing the Marketing Mix
The set of controllable variables that must be managed to satisfy the target market and achieve organizational objectives.
Has 4 basic strategies:
1. Product
2. Place
3. Price
4. Promotion
All 4 elements are interconnected. Actions in one area affect decisions another.
Implementation and Control of the Marketing Plan
Control of the marketing plan involves 3 basic steps:
1. The results of the implemented marketing plan are measured
2. Results are compared with the objectives
3. Decisions are made on whether the plan is achieving objectives.
Marketing Information System and Marketing Research
Responsible for providing the most current, reliable, and valid information needed to make effective marketing decisions.