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• Marketing involves creating, communicating delivering, and exchanging offerings with value for customers, clients, and partners.
• The components of marketing are creating, delivering, communicating and exchanging.

The 4 P's to the 7 P's

• The 4-7 P's include value proposition, positioning, people, promotion, place, product and price.
• Value Proposition is what makes a customer pick you.
• Buyers consider benefits meeting their needs, the price, and what they go through to receive the benefit.
• Positioning is how your offerings product, price, promotion, and place compare to the competition.
• Differentiation impacts buyer decisions.

Ways to Go to Market

• The ways to go to market include product and selling orientation.

Marketing Eras

• Include a value era, one-to-one era, and a transformative era.
• The value emphasize creating value for customers
• One-to-one era builds relationships with customers individually to serve each of their needs.
• The transformative era involves marketing transforming complete companies and products to serve customers more completely.
• Sound positioning is compelling and differentiated
• Promotion creates awareness for a product or service
• A product is any item or service that is sold to satisfy buyers wants, need or both.
• Place delivers an offering, value and logistics.
• Supply chain is part of value delivery, and how to get the most out of the product.

Brand

• A brand is a unique name/image for an offering targeting a segment that promises a significant and differentiated benefit
• Strategy starts with setting objectives and turning the target market into consumers.
• The objective of a marketing strategy is to turn people from a target group into customers/consumers.

External Environment

• The external environment involves databases, trade journals, and interviews/surveys with customers.

Internal Environment

• The internal environment involves business results and interviews/surveys with employees and customers.
• Companies use their strengths to capitalize on opportunities and competitive advantages.
• Mission statements, social trends and knowledge of competitors aid understanding consumers, and improves future strategies.
• Reviewing past and current strategies helps managers determine successes and failures.

Macro Environment

• Macro environment includes ecomomic factors, demographic, cultural, social trends, political/legal regulations, technological changes, and natural resource prices and availability.

Micro Environment

• Consists of Competition, suppliers, marketing intermediaries (retailers, wholesalers), the public, and the company.
• Involves customers

Michael Porter's Five Forces Model

• The model analyzes industries and organizational strengths and impact considering substitute products, potential entrants, supplier and buyer bargaining power.
• Competitive analysis focuses on direct competitors strengths, weaknesses, image, and resources and involves competitor information and mystery shoppers.

Pestel Analysis

• Pestel involves political, economical, social, technological, environmental and legal factors.
• Organizations must comply with government regulations
• The Sherman Act (1890) prohibits U.S. firms from restraining trade by creating monopolies and cartels.
• The Federal Trade Commission (FTC) regulates deceptive advertising.
• The Food and Drug Administration (FDA) regulates labeling of consumable products such as food and medicine.
• Economic factors: inflation, unemployment, interest rates, and economic growth.
• Inflation occurs when the cost of living continues to rise and erodes purchasing power.
• During a recession, both high-end and low-end products can sell well.
• Demographic, social and cultural environments are constantly changing.
• Demographics: age, income, marital status, education, and occupation.
• Culture is related to people's beliefs and values.
• Technology: changing communication and business practices, increasing online ads and mobile marketing, organizations adapt to new technologies.
• Natural resources are scarce commodities and green marketing involves safe products and services.
• Green marketing helps the environment and the company financially.
• A marketing plan details a project intending to persuade an audience, provide project details, and gather feedback.
• The executive summary comes after a marketing plan is written
• Should consist of knowing whats being summarized, objectives, a data driven story, and quickly engage key decisions-makers.
• Value proposition must be articulated.

Week 2

Objective Setting

• Strategy involves turning a target group into customers.

Segmentation

• It “segments” people to find a target demographic
• Defining a segment means defining people who need a specific job done.

Marketing Segments

• Marketing segments divide people and organizations into groups with similar characteristics.
• This involves using the marketing mix to tailor products for different groups
• Targeting segments selects market segments to pursue with plans
• Positioning is about creating a place in the mind of consumers for a product.
• Segmentation bases classify and divide buyers.
• These help a firm in getting a fuller picture of customers for real value creation.

Types of segmentation

• These include Behavioural, Geographic and Demographic
• Behavioural bases marketing on benefits/usage
• Marketers can tailor products to customer knowlege based on consumer sought benefits or purchase frequency.
• Geographic divides buyers by location.
• Geocoding plots marketing info on maps.
• Geodemographics combines demographic and geographic info.
• Proximity marketing tailors offers based on proximity to buyers/business with wireless tech.
• Demographic: profile of customers using age, gender, incomes and race.
• Demographic data is often available publicly.
• Psychological marketing cares how customers think about value and their lives, including how they prioritize.

VALS Types

• VALS groups people into Innovators, Thinkers, Achievers, Experiencers, Believers, Strivers, Makers, and Survivors.
• Target Marketing, differentiation marketing differentiates marketing aspects for different groups of customers selected.
• Mass Marketing, undifferentiated marketing sells one items to everyone.
• Targeting focuses your marketing efforts towards specific groups of customers or consumers.

Good targeting

• A good target is growing, sizable, not over-saturated, accessible, and aligns with firm objectives
• Focus efforts tend to lead to better performance
• Trend is towards more precise targeting
• Internet tracking is used for customers’ web browsing patterns.
• Finding and attracting new customers is more difficult and costly than retaining current customers
• It more difficult and potentially more expensive to target new customers.
• Positioning is how consumers perceive a product relative to its competition
• Companies want to have a distinctive image and offering that stands out from the competition.
• Perceptual mapping is a two-dimensional graph that visually shows where product stands relative to competitors, based on important criteria.
• It uses key variables in people that bought a product in certain categories
• A Tagline, Slogan, or Selling Idea sums up a product.
• Repositioning “moves” a product to a different place.

Week 3

• Consumer behavior focuses on the personal, situational, psychological, and social factors.
• Companies collect data.

Situational factors

• These are location, crowding, social situation, time, and mood.
• Physical factors are controlled by design.
• Atmospherics: physical aspects of the selling environment retailers try to control such as store layout, music, lighting and temperature.
• Uncontrolled aspects are the weather.
• Social situations impact consumer's circumstances and behaviors.
• People reduce spending during economic downturns
• Lost leaders: products that are for sale at a store that lure customers to come in and eventually buy regular price items

Big 5 Personality Traits

• These include Openness, Conscientiousness, Extraversion, Agreeableness, Neuroticism.
• The link between personality and buying behavior is unclear
• Self concept links better to buying behaviours.

Your Self-Concept

• Self concepts can portray someone is fitter, more popular, or more eco-conscious.
• People buy products to enhance how they feel about themselves
• Consumers purchasing behaviours change as they age
• Chronological age: persons age in years
• Cognitive years: the age a buyer perceives themselves to be
• Abraham Maslow developed the hierarchy of needs in the mid-1900s.

Maslow's Hierarchy

• Maslow's levels of needs go Physiological, Safety, Social, Evaluation and Self-Actualization.
• Includes selective attention, selective retention, shock and subliminal advertising.
• Selective attention: filtering irrelevant information
• Selective retention: forgetting information that contradicts beliefs.
• Shock advertising: surprising stimuli that can increase retention
• Subliminal advertising: stealthily embedded messages in media (Banned by the Federal Communications Commission (FTC)
• Learning means consumers change behavior after gaining information/ experience
• Operant (instrumental) conditioning: behavior is repeated when rewarded
• Gamification: a game component builds into a product to encourage consumers
• Attitudes: mental positions, evaluations and action tendencies towards products, organizations, etc as well as beliefs and values.
• Societal factors: culture, subculture, social class, reference groups and opinion leaders and family.
• Culture: shared beliefs, costumes, behaviors and attitudes.
• Social class: group of people with the same social, economic or educational status in society.
• Social class is defined through occupation.
• Family is the most important determinant in buying behaviour
• Routine response behavior: automatic purchase decisions based on past experiences
• Impulse buying: unplanned purchases
• Low-involvement decisions: products with little risk/price
• High-involvement decisions: expensive/risky
• Limited problem solving: consumers already have information but seek more
• Extended problem solving: consumers gathers a significant amount of information
• Stages in the consumer's purchasing: need recognition, search for product info, product evaluation, product choices and purchases, post purchase use and evaluation, disposal of the product
• Post-purchase dissonance: experiences do not match expectations.

Business to Business (B2B)

• B2B (Business to business) customers are different from consumers
• Derived demand: demand derived from source other than primary buyer.
• Fluctuating demand: small change amongst consumers can affect production
• Joint demand: occurs when demand for one product increases another
• B2B buyers: can be nonprofit or for-profit businesses.
• B2B buyers: producers, resellers, institutions, governments, and interpersonal factors.
• B2B marketers try to influence buying.
• B2B marketing is strategic
• Selling firms gather information about customers and use that information.

Week 4

• The art of asking develops good questions and understanding the why behind questions to drive innovation.
• Anticipating environmental changes can be powerful
• Marketing research designs, gathers, analyzes, and reports information.

Steps in the Marketing Research Process

• Market research establishes need, defines the problem, assesses the research objectives, determines the research design, identifies information types and sources, determines methods of accessing data, design data collection forms, determines the sample plan and size, analyze data & communicate the insights.
• It assesses: dynamic environments, rising opportunities and a potential space for creating value.
• Research takes time and costs money. Cost of information must be evaluated..
• Conducting when firms need to make a decision and need decision-making info.
• A well crafted problem statement should address the following: Clear identification of the problem, context and background, impact of the problem, supporting data, potential causes of the problem, urgency and importance.
• Data can be quantitative or qualitative.
• Big data: large amounts of data from multiple sources
• Quantitative data: research involving response options in which a large amount of participants and potential options are invovled.
• Qualitative Includes observations, in-depth interviews, focus groups, ethnographic research, projective techniques.
• Thematic coding identifies and analyzes textual data patterns.
• Focus groups occur in small groups with discussions guided by moderators.
• Ethnographic research immerses in community life to observe trends.
• Projective techniques: simulated activities in the hopes that participants will reveal things about themselves.
• In surveys a predesigned questionnaire gets posted to a larger pool of people with representation of important categories in mind.
• Properties: features that distinguish an object
• Objective = tangible
• Subjective = intangible
• Sampling is influenced format, wording, audience or external factors.
• Sample: a subset of the population that will represent the group
• Sample unit: the basic level of investigation
• Probability samples: ones in which members of the population can be selected.
• Non-probability samples: where a population cant be selected.
• Storytelling presents final findings in marketing research to make data more engaging, reliable and memorable.

Week 5 - Branding

• Product: a tangible good people can buy, sell and use
• Service: an intangible benefit.
• Price: what’s paid for product benefits
• Total Cost of Ownership (TCO) includes usage and disposal
• The RATER Model focuses on key dimensions of services like Reliability, Assurance, Tangible, Empathy, Responsiveness.
• Product-dominant marketing started with the industrial revolution
• Service-dominant marketing integrates the product price and services of an offering
• Sharing Economy is information technology that shares assets for exchange of services or money.
• Disrupts many established businesses and makes sharing possible.
• A product's technology platform is the core technology which is building and is not limited to tangibles.
• Segment the product for position to customers of the market.

Differentiation

• Product Lines: related offerings, make marketing strategies more efficient.
• Line Depth: the # of offerings in a product line
• Line Extension: new with new products
• Line Breadth: distint products
• Product Mix: products offered by a company.
• Four Consumer Offerings: convenience, shopping, unsought, and specialty.
• Can combine both tangent and intransigent for cetain prices
• An offering bases platform that create poductlines.
• Product line us groups of sameness offering

Branding

• Branding uses a number, picture, or design combination to identify a seller's offerings and differentiate it from competitors.
• Branding includes branding, brand name, brand mark and brand extension.
• Cannibalization: when a firm eats into the sales of one of its older offerings
• Brand owners can command a higher price, without losing volume or deliver more volume than competitors, at the same price.
• Two Branding Strategies: house of brands (P&G) and branded house (colgate)
• Efficiency is using less amount of tools to succeed where Effectiveness is succeeding.

Setting Price

• Objectives depend upon the brand is trying to achieve, based on what their annual objectives and reports are.
• Setting Price (factors) are Customer factors, Competitor factors and Cost factors,.
• Skimming makes money through margin.
• Penetration through volume.
• Promotion combines Medium and Message (Rational vs Emotional)
• Consider messages and the public reactions.

Structures

• Direct to customer (dell) / Indirect via retailers (HP)

Marketing Management Positions

• Brand product category market vertical manager