Marketing 101 Book Notes
Marketing Book Notes chapter 18
Marketing Impact * The basic objective * To satisfy consumer needs as the consumers see them * Marketing’s effectiveness must be measured by how well I satisfies consumers * Many firms such as J.D. Power and Associates, marketing research firm, studies consumer satisfaction
Marketing Success * Firms that fail in satisfying consumers and thus failing in making products is high * Lack of foucs on 4Ps and customer orientation * Example Cola Blak * Inability to target and win over new markets is a major failure as well * Market and consumer oriented strategy planning is key to success
Criticism * Macro-marketing system leads to unfair distribution of income * Helps create monopoly and monopolistic competition * However, monopolistic competition also allows for potential entry and more investment and growth. * Based on materialistic values
Logic and Creativity * Developing a good marketing strategy and turning the strategy into a marketing plan requires creative blending * Strategic * Product * Physical good * Service * Warranty * Branding * Place * Channel type * Intermediaries * Etc * Promotion * Objectives * Sales people * Advertising * Publicity * Price * Objectives * Flexibility * Level over product lifecycle * Discounts * Allowances
Challenges
* Welcome international competition * Use technology wisely * If it ain’t broke, improve it * Change is the only thing that’s constant
Summary Outline of Marketing Plan
Situation Analysis * Company analysis * Objective * Resources * Product-market opportunity, ROI, profitability * Customer analysis * Dimensions * Target * Size * Nature of
Marketing Impact * The basic objective * To satisfy consumer needs as the consumers see them * Marketing’s effectiveness must be measured by how well I satisfies consumers * Many firms such as J.D. Power and Associates, marketing research firm, studies consumer satisfaction
Marketing Success * Firms that fail in satisfying consumers and thus failing in making products is high * Lack of foucs on 4Ps and customer orientation * Example Cola Blak * Inability to target and win over new markets is a major failure as well * Market and consumer oriented strategy planning is key to success
Criticism * Macro-marketing system leads to unfair distribution of income * Helps create monopoly and monopolistic competition * However, monopolistic competition also allows for potential entry and more investment and growth. * Based on materialistic values
Logic and Creativity * Developing a good marketing strategy and turning the strategy into a marketing plan requires creative blending * Strategic * Product * Physical good * Service * Warranty * Branding * Place * Channel type * Intermediaries * Etc * Promotion * Objectives * Sales people * Advertising * Publicity * Price * Objectives * Flexibility * Level over product lifecycle * Discounts * Allowances
Challenges
* Welcome international competition * Use technology wisely * If it ain’t broke, improve it * Change is the only thing that’s constant
Summary Outline of Marketing Plan
Situation Analysis * Company analysis * Objective * Resources * Product-market opportunity, ROI, profitability * Customer analysis * Dimensions * Target * Size * Nature of