Welcome to MKTG 370: Marketing

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Welcome to MKTG 370Marketing!

• Course objectives and philosophy
• About the Instructor
• Course logistics
• Text and supplements
• Assignments and exams
• Policies
• What is marketing?
• Meeting consumer needs and wants
• Some topics we will cover this quarter...

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Course Objectives

• Understand
• the role of marketing in firms that function in
  an increasingly global and competitive market
• basic concepts and terms used in marketing
• the advantages, disadvantages, opportunities, and
  tradeoffs involved in different marketing
  strategies and choices
• Develop knowledge and tools necessary to design
  and implement effective marketing programs
• Appreciate ethical implications of marketing
  decisions and
• Appreciate the dual roles of formal analysis and
  creativity in designing and implementing
  effective marketing programs.

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Course Philosophy

• Application to needs of real firms rather than
  memorization
• Broad overview of marketing
• Assignments require individual initiative and
  thinking

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About the Instructor Lars Perner

• Ph.D., University of Southern California
• Research interests Consumer behavior,
  international marketing, price
• Teaching experience
• Institutions U.C.Riverside, USC, U. of Maryland,
  George Washington U., Cal State LA, Loyola
  Marymount
• Courses Intro Marketing, Consumer Behavior,
  International Marketing, Marketing Strategy,
  Intro to International Business,
  Channels/Distribution
• Country of birth Denmark

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Warning!

• Beware of relying on PowerPoint printouts!
• Psychological research shows that comprehension
  and memory suffer if you do not take notes in
  your own hand.

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Assignments

• Must complete at least 4/6
• Consumer Behavior
• International Marketing
• Segmentation--Diffrent strokes for diffrent
  folks
• Product
• Distribution
• Pricing

• See instructions for each in syllabus
• Have fun!

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Why does Tony the Tiger wear a scarf?
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Some Topics Covered This Quarter...

• The Marketing Environment
• Strategic Planning
• Consumer Behavior
• International Marketing
• Segmentation, Targeting, and Positioning

• The 4 Ps of Marketing
• Product Strategies, designs, introduction, life
  cycle issues
• Distribution (Place)
• Promotion--advertising, price promotion, and much
  more
• Pricing

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Marketing--What Is It?

• Scope of marketing
• Marketing tools
• Reasons for studying marketing
• The Marketing Concept vs. the Selling Concept

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Definition

• Marketing The (1) process of (2) planning and
  (3) executing the (4) conception, (5) pricing,
  (6) promotion, and (7) distribution of (8) ideas,
  (9) goods, and (10) services to create (11)
  exchanges that (12) satisfy (13) individual and
  (14) organizational (15) objectives. (American
  Marketing Association official definition
  numbering added.)

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The Reality of Marketing

• Matching consumer needs with suppliers
• Providing value to customerse.g.,
• Lower prices (e.g., auto insurance)
• Reliability/consistency
• Extra services (e.g., dry cleaning picked up and
  delivered mobile mechanic online banking)
• Special segment need

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Requirements for Marketing to Occur

• 2 parties
• with unsatisfied needs
• Desire and ability to satisfy these needs
• A way to communicate
• Something to exchange

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The Marketing Concept

• Focus on finding (or creating) consumer needs and
  satisfying them--not
• just producing--no guarantee that anyone will buy
• aggressive selling--there is too much competition
  around

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Contrasting Selling and Marketing Concepts
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Consumer Needs and Wants

• Need Based on perceived physiological
  deprivation.
• Want Felt need based on persons culture,
  personality, and knowledge.

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Creating Consumer Utility

• Form utilitytransformation of raw materials into
  products
• Place utilitymaking product conveniently
  available

• Time utilitymaking product available when needed
• Possession utilityaccess to a large assortment
  of products

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Marketing Opportunities

• Products
• For consumers
• For businesses
• Services
• For business
• For consumers
• Social objectives Ideas, practices, knowledge

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Making and Delivering Value
MAKING MARKETING VALUE DECISIONS
UNDERSTANDING CONSUMERS VALUES AND NEEDS
CREATING THE VALUE PROPOSITION
COMMUNICATING THE VALUE PROPOSITION
DELIVERING THE VALUE PROPOSITION
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Satisfying Consumer Needs Controllable and
Uncontrollable Factors

• Controllables The 4Ps
• Product
• Price
• Promotion
• Place
• May be controllable only in the medium to long run

• Uncontrollables Environmental factors
• Social
• Economic
• Technological
• Competitive
• Regulatory