First Residency A C A D E M I C S, Chapter 1

Managerial Marketing, SUS6060

Note: Remember that in-class lectures don’t equal your reading of the entire text.

Quick definition: “Meeting needs profitably”

Key to financial success

Must continually monitor customers /competitors

Examples of marketing decisions?

Goods (can be marketed by companies and individuals)

Services (BTW, the U.S. has a 70 /30 services-to-goods mix, e.g. fast food)

Events: Vancouver Olympics!

Experiences: The Magic Kingdom

Persons: Tiger Woods

Places: Las Vegas, Denmark, etc.

Properties: Real (real estate) or financial (stocks and bonds)

Organizations: Boost public image and compete for $$ and audiences

Information: Production, packing, and distribution

Ideas: Social marketing campaigns, etc.

“The art and science of choosing target markets and getting, keeping, and growing customers through creating, offering, and freely exchanging products and services of value with others.

(pg. 5)

Seeks a response….

attention,

purchase,

vote,

donation

Negative

Nonexistent

Latent

Declining

Irregular

Full

Overfull

Unwholesome

Consumer

Business

Global

Nonprofit and Governmental

Plus…Physical marketplaces,

digital marketspaces,

mediated metamarkets (clusters of products/services)

Planning process:

Analyzing opportunities;

Selecting target markets;

Designing strategies;

Developing programs;

Managing effort.

Key functions of CMO:

Strengthening brands;

Measuring effectiveness;

Driving new product development based on customer needs;

Gathering meaningful customer insights;

Utilizing new technology

Five types of needs:

Stated

Real

Unstated

Delight

Secret

Segmentation:

Identifying and profiling distinct groups of buyers who might prefer or require varying service/product mixes by examining demographic, psychographic, and behavioral differences among buyers.

COMMUNICATION: deliver/receive messages from target buyers

DISTRIBUTION: Display, sell, or deliver product to user

SERVICE: Carry out transactions with potential buyers

TASK ENVIRONMENT =

Actors engaged in producing, distributing, and promoting the offering.

E.g. company, suppliers, distributors, dealers, and target customers.

BROAD ENVIRONMENT =

Demographic environment;

Economic environment;

Physical environment;

Technological environment;

Political-legal environment;

Social-cultural environment

Societal Forces include:

Globalization and deregulation;

Privatization;

Heightened competition;

Industry convergence;

Consumer resistance;

Retail transformation;

Disintermediation, e.g. “brick and click” retailers.

Increase in buying power;

Greater variety of available goods and services;

Greater among of information about anything;

Greater ease in placing, receiving, and interacting;

Ability to compare notes about services and products;

Amplified voice to influence public and peer opinion.

See page 21 for schematic overview of four broad components:

1.Integrated;2.Relationship;3.Internal; and,4.Performance.

Developing marketing strategies and plans;

Capturing marketing insights;

Connecting with customers;

Building strong brands;

Shaping the market offerings;

Delivering value;

Communicating value;

Creating long-term growth.

Also INCREDIBLY useful in this textbook: Marketing MEMO on page 29, which outlines FAQs you should think about from your client’s perspective.

In order: 1.Rubber Chicken Cards; 2.Mac Cosmetics3.Royal Bank of Canada; 4.McDonald’s; 5.Ben & Jerry’s;6. Nike recognized for BREAKTHROUGH marketing.

Other case studies: Royal Philips; Alaska Department of Commerce – Wal-Mart; ; KFC/Converse/Wm. Wrigley Jr.;