MT 219 Marketing Unit Nine Course Review Note: This seminar will be recorded by the instructor.

Review of Unit Eight How did Unit 8 go? Questions or concerns? Instructor suggestions for Unit 9 How is the Research Project coming? Additional questions?

Our Topics for This Week Review of the course objectives Your Research Project

Course Objective #1- Describe how the marketing environment affects a firm’s market strategy – In Unit 2 Six environmental factors that impact a firm’s marketing strategy -Competitive forces -Economic forces -Political forces -Legal and Regulatory forces -Technological forces -Sociocultural forces

Course Objective #1- Key things to remember: -All of these components impact the firm -Firms impact the external environment also, but have less influence over the external forces than they have on the firm -Firms need to scan the external environment so they are aware of threats and opportunities.

Course Objective #2- Identify influences on consumer behavior- In Unit 3 -The buying behavior of people who purchase products for personal or household use and not for business purposes - Involvement level- High, Low, Situational and Enduring -Buying behaviors- Routine, Limited and Extended Problem-Solving -Culture- Single broadest determinant of consumer behavior

Course Objective #3- Apply the concepts of segmentation, targeting and positioning Targeting and Segmentation- In Unit 4 -Targeting- Basic Process: Heterogeneous Market  Segmentation  Homogeneous Sub-markets -Three major segmentation strategies- Concentrated, Differentiated and undifferentiated -Four major segmentation variable groupings- Demographic, Geographic, Psychographic and Benefits

Course Objective #3- Positioning- Covered in Unit 5 -Where a product lives in a consumers mind relative to competition -Important- This is a perception or feeling of consumer- not important what a marketer thinks it is. -There are many bases for positioning- Benefits, features, away or towards the competition are just a few -Repositioning is sometimes done for existing products and brands- Must be done very carefully or customers will be lost- New Coke

Course Objective # 4- Analyze the marketing mix- Units 4-8 Product- Unit 4 & 5 -Product- Types- Convenience, Specialty, Shopping, Unsought -Product Life Cycle- Introduction, Growth, Maturity and Decline -Each Stage of the life cycle has strategies the firm can use for its products Price- Unit 6 -Price is the value exchanged for a product -Firms use both price and non-price competition -Due to competition in the marketplace, products tend to have elastic qualities -Pricing Objectives- Survival, Profit Maximization, Target Profit, Market Share Leadership, Product Quality Leadership -There are many pricing strategies that are used by firms

Course Objective # 4- Analyze the Marketing Mix- Units 4-8 Place (Distribution)- Unit 7 -There has been increasing emphasis on supply chain management within the marketing function -Channels and supply chains need to be stable so customers benefit -Coverage- Intensive, Selective and Exclusive -Managing conflict in a channel is important Promotion- Unit 7 & 8 -An integrated marketing communications strategy is important for marketing and promotional success -The Promotional Mix- Advertising, Public Relations, Personal Sales and Sales Promotion

Course Objective #5- Describe the role of marketing within service firms- Covered in Unit 5 -Services- Intangible products involving a deed, performance, or effort that cannot be physically possessed -Special characteristics of services- -Intangibility -Inseparability -Perishability -Heterogeneity/variability of delivery -Customer involvement in service production- part of inseparability

Unit 9- Research Project - Focuses on the Marketing Mix for your brand -Provide all four marketing mix components and all four of the promotional mix components in your paper -This is in Microsoft Word format -Make sure it is in APA format and provides a reference list and citations Questions?

Unit 10- Written Exercise Don’t forget the written exercise in Unit 10. If you have any questions, please let me know.

Any Questions? Thank you for attending! It has been great having you in the seminars!