MT-499 UNIT 2 SEMINAR Welcome! 1

Contents Unit 1 Review Unit 2 Expectations Unit 2 Assignment Unit 2 Content 2

Unit 2 Marketing Strategy In a 3-5 page paper, address the following areas: Please describe the marketing strategy and then explain how you plan to use marketing strategies to promote your business. Include the necessary marketing research you either have done for your business or are planning to conduct. The costs of these items/activities should also be itemized and included in this section of the proposal. Include ongoing costs as well as one-time fees. Note: Do not include SWOT analysis or 4P's in this assignment When you are ready, you may submit your paper on the Dropbox page. *Note, include your name in the file name of the assignment. For help using the Dropbox, click on Academic Tools above then Dropbox Guide. 3

Unit 2 Content Role of Marketing Market Research (including Benchmarking) Different Types of Marketing Campaigns Macro/Micro Marketing (Levels of Marketing) Key Elements for a Successful Marketing Campaign Marketing Mix (4 P’s of Marketing) Product Price Place Promotion 4

Marketing and You Thoughts on the role of marketing Super Bowl Ads Have become almost as popular as the Super Bowl itself Are any of the 4 P’s (product, price, place, promotion) more important than the others? Your Own Customer Experiences (positive or negative) CRM – Ethical or Not? Anything else that you want to share... 5

Contents (continued) Customer Relationship Marketing (CRM) Developing a Positive Customer Experience Branding Campaigns Top Brands Ethics in Marketing Benefits Criticisms Marketing and You 6

Role of Marketing What is the Role of Marketing? To develop a relationship with customers that is positive and beneficial to both the customer and the company. What is the Desired Outcome? For-Profit Organizations To create revenue (and profits) for an organization. Not-For-Profit Organizations To attract customers to support (and/or utilize) the organization’s mission. In addition obtain donations Know This LLC (2010). The role of marketing. Retrieved from of-marketing/ 7

Market Research (incl. Benchmarking) Marketing is more than just advertising Research can be both Quantitative and Qualitative Research is used to: Determine customer needs (Whether B2B or B2C) Create or improve products/services Determine effective Marketing campaigns Benchmarking for Success You need to offer a product/service that is superior to (or at least competitive with) your competitors’ products/services. Therefore, you need to benchmark: Competitors’ Products/Services Competitor Processes (including supply chains) Industry Best Practices 8

Different Types of Marketing Campaigns Television Radio Print Newspapers / Magazines Billboards / Benches / Bus Stops / etc. internet Direct Mail 9

E-Commerce Marketing Online Pay Per Click Banner Advertising Marketing Organic Search E-Commerce M-Commerce Generating Publicity Resource Nation, Inc (2010). Guide to different types of marketing. Retrieved from 10

Macro/Micro Marketing To What Level are you going to market Local Statewide Regional National Global 11

Key Elements of Successful Marketing Campaigns Know your Customer (your target audience) Thoroughly Analyze your data Be Creative You need to stick out to be noticed Response Capturing Analyze and Improve Note: The information here is identified for direct marketing campaigns but can apply to all types of marketing campaigns. AllBusiness.com (2010). Five key elements of a successful direct marketing campaign. Retrieved from advertising/ html 12

Marketing Mix (4 P’s of Marketing) Marketing Mix Parameters the marketing manager can control, subject to the external and internal constraints of the marketing environment Goal is to make decisions regarding the 4 P’s that will create perceived value and generate desired results 4 P’s Product Price Place (distribution) Promotion Note: Do not include SWOT analysis or 4P's in the unit 2 assignment NetMBA.com (2007). The marketing mix: The 4P’s of marketing. Retrieved from 13

4 P’s (Product) Product Product refers to the tangible products (and/or services) of a company Product Decisions include: Brand Name Functionality Styling Quality Safety Packaging Repairs and Support Warranty Accessories and Services NetMBA.com (2007). The marketing mix: The 4P’s of marketing. Retrieved from 14

4 P’s (Price) Price Decisions include: Pricing strategy (determining margins) Suggested retail price Volume discounts and wholesale pricing Cash and early payment discounts Seasonal Pricing Bundling Price Flexibility Price Discrimination (selling at different prices to different customers even though costs are the same) NetMBA.com (2007). The marketing mix: The 4P’s of marketing. Retrieved from 15

4 P’s (Place) Place (Distribution) Getting the product to the customer Place (Distribution) Decisions include: Distribution channels Market Coverage (inclusive, selective, exclusive) Specific channel members Inventory management Warehousing Distribution centers Order processing Transportation Reverse logistics (remanufacturing / refurbishing) NetMBA.com (2007). The marketing mix: The 4P’s of marketing. Retrieved from 16

4 P’s (Promotion) Promotion (Marketing) Communication of information about the product/service designed to generate a positive customer response Promotion (Marketing) Decisions include: Promotional strategy (push, pull, etc.) Advertising Personal selling & sales force Sales promotions Public relations & publicity Marketing communications budget NetMBA.com (2007). The marketing mix: The 4P’s of marketing. Retrieved from 17

Customer Relationship Management (CRM) Definition Strategies within an organization to attract new customers and retain current customers (generating repeat business) Online Example: Amazon.com 18

Developing a Positive Customer Experience 3 D’s of Customer Experience Design the right products and services (and offers) to the customers Deliver value to the customer by focusing the entire company on this goal Develop the capabilities to deliver the positive experience again and again Problems with a negative customer experience Bad publicity Power of word of mouth Customer Experience Manager (or Customer Relationship Manager) 19

Branding Campaigns Designed to develop: Brand recognition Get people to know your brand name – they may not buy or need your product, but word of mouth can create other customers Brand loyalty Get a customer and keep that customer. This can span generations of a family or friends Gaining New Customers vs. building Customer (Brand Loyalty) 20

Ethics in Marketing (Benefits) Social Benefits: Develop products that meet customer needs, including products that enhance quality of life Create a competitive environment that helps lower product prices Develop product distribution systems that offer access to products to a large number of customers and many geographic regions Build demand for products that require organizations to expand their labor force Offer techniques that have the ability to convey messages that change societal behavior in a positive way (e.g., anti- smoking advertising) Know This LLC (2010). The role of marketing. Retrieved from marketing/role-of-marketing/ 21

Ethics in Marketing (Criticism) Criticism of Marketing: Encourages people to buy something they don’t need Embellishes product claims/capabilities Discrimination in customer selection Adds to environmental waste (non-biodegradable products/packaging) Encroaches on rights to privacy (Amazon.com’s CRM model) Do Marketers have a Social Responsibility? Know This LLC (2010). The role of marketing. Retrieved from marketing/criticisms-part-1/ Know This LLC (2010). The role of marketing. Retrieved from marketing/criticisms-part-2/ Know This LLC (2010). The role of marketing. Retrieved from marketing/criticisms-part-3/ 22

Questions? 23