Marketing Management Business & Finance homework help

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Reflection and Discussion Forum Week 1

Reflection and Discussion Forum Week 1Assigned Readings:Chapter 1. Why Is Marketing Management Important?Chapter 2. Customer Behavior.Initial Postings: Read and reflect on the assigned readings for the week. Then post what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding in each assigned textbook chapter.Your initial post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion.Also, provide a graduate-level response to each of the following questions:

  1. Before reading this chapter or beginning class, what did you expect marketing to be? Ask a family member, classmate, or coworker what they think marketing is. See whether you can persuade them that marketing enhances a mutually beneficial exchange between a customer and a company.
  2. New businesses are frequently launched as a means to address a current glitch in the industry. Pick an industry and identify a typical customer problem. What changes could you make to enter that industry and enhance customer satisfaction (and be profitable)?  

[Your post must be substantive and demonstrate insight gained from the course material. Postings must be in the student’s own words – do not provide quotes!] [Your initial post should be at least 450+ words and in APA format (including Times New Roman with font size 12 and double spaced). Post the actual body of your paper in the discussion thread then attach a Word version of the paper for APA review] 

 

Activity 1

This activity/assignment will allow students to systematically understand the general and specific environments of business.

Activity I: Select any company of your choice. Identify its strengths and weaknesses. Then analyze the company’s context, customers, competitors, and collaborators.This activity/assignment will help students understand the importance and impact of market segmentation.

Activity II: What social problems do you think is the world’s biggest? Wars? Global warming? Resource imbalances? How could you start to solve a big social problem through marketing?. 

© 2018 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Why Is
Marketing Management Important?

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Discussion Questions #1

What is the definition of marketing?

What can be marketed?

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Marketing Defined

Marketing is defined as an exchange between a firm and its customers

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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What Can We “Market”?

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Evolution of Modern Marketing

Product/production orientation

Focus on building a better gadget

Sales orientation

Focus on convincing the customer that your product works best for them

Customer orientation

Focus on identifying customers’ wants BEFORE formulating attractive solutions

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Discussion Questions #2

Which orientation do you think would mostly likely lead to an exchange?

Who do you think is responsible for marketing?

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Who Is Responsible for Marketing?

Marketing and customer satisfaction is everyone’s responsibility

Marketing should permeate the firm

Accounting/finance

Sales

Research and development

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Reasons to Measure Marketing Success

Pressure to show results

Ensure that the chief marketing officer (CMO) carries as much weight as the CEO, CFO, or COO

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Measuring Marketing Success
(slide 1 of 2)

Quantify results when possible

Sometimes the effectiveness of marketing programs is easy to quantify

Did the coupon promotion lift sales?

Measure the percentage sales increase, etc.

Did the direct mail campaign increase web usage?

Measure the number of web visits, etc.

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Measuring Marketing Success
(slide 2 of 2)

However, sometimes the effectiveness is not easy to quantify

Was the segmentation study effective?

Difficult to quantify

Did the advertising campaign increase sales?

Difficult to quantify because great advertising is geared toward long-term brand building not short-term results

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Marketing Management Framework

The 5Cs, STP, and the 4Ps constitute the marketing management framework

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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5Cs
(slide 1 of 3)

Customer

The firm’s current and potential customers

What are current customers’ preferences, buying trends, etc.?

What are potential customers’ preferences? Should they be targeted?

Company

The firm’s capabilities, resources, etc.

What does it do well?

What doesn’t it do well?

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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5Cs
(slide 2 of 3)

Context

Macro-environmental forces facing the firm

What is going on politically or legally that might affect the firm?

What is going on with the economy that might affect the firm?

What trends are occurring in society that might affect the firm?

What technological innovations might affect the firm?

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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5Cs
(slide 3 of 3)

Collaborators

The companies/people firm works with

Are these relationships strong? Can these relationships be improved or leveraged?

Competitors

The companies/people firm works against and how they compare to the firm in terms of resources, capabilities, customer preferences, reaction patterns, etc.

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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STP

Segmentation

Grouping customers with similar needs

Targeting

Pursuing segment who makes the most sense for the firm

Positioning

Communicating product’s benefits clearly to the intended target

Developed through the 4Ps

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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4Ps
(slide 1 of 2)

Product

Goods or services customers need or want

What should constitute your product mix? What features and benefits should comprise each product?

Price

How much should you charge given your costs, competitive pricing, and customer demand?

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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4Ps
(slide 2 of 2)

Place

How will you get the product into the customers’ hands? Will you go directly to customers or use channel partners?

Promotion

What communications mix will you use to communicate with your targets? What message will you use?

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Considerations
(slide 1 of 2)

The situation facing the company changes over time

Customer preferences change

Competitors change offerings

Government passes new laws, etc.

Firm must consistently monitor the 5Cs

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Considerations
(slide 2 of 2)

5Cs, STP, and 4Ps are interdependent

As contextual factor changes, what would the impact be on distribution channels?

As a collaborator shifts their demands, what will that do to our pricing structure?

As our company sells off a nonperforming function, what impact might that have on our positioning and customer satisfaction?

Marketers must understand the interdependencies

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Book Layout

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Flow of Each Chapter

Each chapter covers the “What,” “Why,” and “How.”

What is the topic in this chapter?

Why does it matter?

How do I do this?

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Managerial Recap
(slide 1 of 2)

Marketing can make customers happier and companies more profitable

Marketing is about trying to find out what customers would like, providing it to them, and doing so profitably

Marketing facilitates a relationship between customers and a company

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Managerial Recap
(slide 2 of 2)

Just about anything can be marketed

The marketing management framework—5Cs, STP, 4Ps—will structure the book

If you can remain customer-centric, you’ll be five steps ahead of the competition

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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