Marketing and Advertising Quiz

Course Information

• Course name: Marketing Management
• Course code: MKTG 1030
• Instructor: Steve Pulver
• Instructor email: [email protected]

Course Agenda

• Introductions
• Course Overview
• What is Marketing?
• What is Marketing Strategy?
• What is a Value Proposition?
• What is a Marketing Plan?
• This Week's Lab
• Next Week's Lecture

Instructor Background

• 40+ years experience in marketing
• Worked for Procter & Gamble, CBS Records/Sony Music
• Co-owned Echo Advertising agency (1987-2002)
• Shareholder and marketing director at Mill Street Brewery (2006-2015)
• Instructor at Schulich School of Business (since 2006)
• Recipient/nominee for Schulich Teaching Award (6 times)

Lab Leader

• Name: Dolly Shao
• Email: [email protected]
• Experience in digital marketing, PR, and community engagement
• Philanthropy cabinet member at Southlake Foundation
• Marketing Committee Leader at Federation of Asian Canadians Toronto
• Fashionista and dessert foodie

Other Lab Leaders

• Name: Mahsan Hajirasouliha
• Email: [email protected]
• Visiting professor at Schulich School of Business
• Specializes in qualitative research methodologies
• Research focuses on meaningful marketing/consumption and Consumer Culture Theory (CCT)
• Team Lead: Sheila Sinclair
• Email: [email protected]
• Phone: 416-650-8167
• Room: N304A

Course Grading

• Lab Attendance: 15% (1.25 marks per lab, doctors note required if missing lab)
• Midterm Exam: 20% (20 multiple choice questions, 30 minutes)
• Group Project: 25% (slide deck (15%) and 10-minute video presentation (10%))
• Final Exam: 40% (40 multiple choice questions, 45 minutes)

Lecture Attendance

• 15% of midterm and final exam questions based on lecture content only
• Lecture attendance is not otherwise graded

Marketing Definition

• Marketing is 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)
• Creating, Communicating, Delivering and Exchanging value(4 key components)
• Traditional 4 P's - Promotion, Place, Product, and Price.
• New 7P's - Value Proposition, Positioning, People

Marketing Eras

• Value era: Companies emphasize creating value for customers, customer-centric
• One-to-one era: Building relationships with customers individually, serving each customer's specific needs.
• Transformative era: Transforming companies and products to create complete customer service.

Marketing Plan

• A comprehensive, detail-oriented document
• Used to sell the plan, describe the project and obtain feedback/approval
• Structure includes the Executive Summary, Objectives, Research Findings & Methodology, Brand Architecture, & the Communication Plan

Research Findings and Methodology

• Presenting proof points for recommendations
• Describing the research method(s) used
• Explaining the development of the questionnaire/interview guide
• Detailing sample acquisition and any data collection issues

Value Proposition

• Explicitly articulated statement of why consumers buy a brand (e.g., "We make safe durable cars that handle well.")
• Must resonate throughout the plan

Positioning

• The differentiated place a product occupies in the target customer's mind
• Good positioning is compelling and differentiated

Positioning Map

• Graphical representation of product positioning based on different attributes. (Example shown using cell phones)

Other Important Concepts

• What is a Brand? - A unique name/image promising a differentiated benefit.
• What are Unbranded Products and Services? - Often commodities like sand, lumber, nail salons where brand isn't emphasized.
• Promotion: How awareness for a product is created (e.g., advertising, social media, events, product placement)
• Place (Distribution): The process of getting a product to consumers, and how this is done effectively.
• Price: How prices are determined, considering competitor prices, costs, and desired profit margin
• People: Identifying and understanding the target customer via relevant data points including demographics, psychographics and geography.
• What is Strategy? - Overall plan to achieve business objectives
• Understanding Strategy and Strategy development processes (including secondary and primary research)
• SWOT Analysis: (Internal factors: Strengths/Weaknesses) + (External factors: Opportunities/Threats)- used in Business planning; Market Analysis; Competitive Analysis; Strategic Planning
• Competitive Analysis: Analyzing competitor strengths, weaknesses, resources and strategies.
• PESTEL Analysis: (Political, Economic, Sociological, Technological, Environmental, and Legal) factors influencing a business; External Factors Analysis

Additional Topics for Next Week

• Further discussion of Marketing's Ps including; People, Positioning, Segmentation.
• The textbook (Principles of Marketing by Jeff Tanner and Mary Raymond V 5.0, Chapter 5) is also referenced.