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Professor Andrés Musalem Marketing Management Fuqua School of Business. Introduction What’s Marketing? Three C’s Customer Company Competition Four P’s Product Promotion Price Placement Summary. Introduction to Marketing. In-class exercise: .

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introduction to marketing
Professor Andrés Musalem

Marketing Management

Fuqua School of Business

Introduction

What’s Marketing?

Three C’s

Customer

Company

Competition

Four P’s

Product

Promotion

Price

Placement

Summary

Introduction to Marketing
in class exercise
In-class exercise:
  • Let’s start with a simple word association task…

MARKETING

Write down the first WORD that comes to mind

background

Ind. Engineering

Background:

Find x:

How long?

Santiago, Chile

MBA, U. of Chile

Ph.D., Wharton

teaching interests
Teaching Interests:
  • Market Research
  • Pricing
  • Marketing Management
  • GATE (global academic travel experience):
    • South America
  • Marketing Practicum:
  • Hobbies:
agenda
Agenda
  • Teaching Philosophy
  • Course overview
  • Ford Ka
  • Marketing management
    • Analysis (The 3 C’s)
    • Planning (The 4 P’s)
teaching philosophy
Teaching Philosophy
  • Lesson first, Problem second

versus

  • Problem first, Lesson second

“Experience is a hard teacher because she gives the test first, the lesson afterward.”

course overview
Course Overview

Goals:

  • Have fun & get you to learn.
  • Frameworks:
    • Marketing Situation Analysis:
      • Company, Customer, and Competition
    • Marketing Planningand Implementation:
      • Price, Promotion, Place, Product
  • Tools:
    • Perceptions, Preferences, Customer Lifetime Value, Economic Value, Brand Associations, Diffusion of new products.
  • Skills:
    • Case analysis
    • Group effectiveness
    • Idea Communication
course overview1
Course Overview
  • Syllabus
    • Class format
      • Lectures and cases.
    • Grading
      • Cases, participation, final exam
      • Graded assignments: weekend following discussion.
    • Course Materials:
      • Required: Cases and some articles (see syllabus)
      • Optional: Textbook, press articles in course pack.
study teams
Study Teams
  • Action:
    • Name a representative who will be responsible for submitting assignments.
slide13

Peer Evaluation

Your Name: ___________________________________________

Team number : ______________________________________________

In the chart below, write in the name of each team member, including yourself. Estimate the relative effort level and the amount that each team member contributed to the effectiveness. The first column should indicate relative effort and work level while the second column indicates the degree to which each individual contributed to the success of your team.

Your estimates can range from 0% to 100% but should sum to 100%.

honor code
Honor Code
  • We take it very seriously
  • It benefits students
    • Best cases, problems
    • Equal playing field
    • Coordination with other classes
slide15

Honor Code

  • You may not get information on cases from
    • Fuqua students in other classes or study groups
    • Students or resources at other schools
    • Electronic means
  • You may not give the information to others at Duke or elsewhere
  • Your support is critical for this policy
administrative issues
Administrative Issues:
  • Platform:
    • Announcements
    • Assignment submission
    • Handouts and other materials
  • Seating Chart
frameworks
Frameworks:
  • Marketing Situation Analysis
    • Company, Customer, and Competition (3C’s)
  • Marketing Planning
    • Price, Promotion, Place, Product (4P’s)
frameworks 3 c s customers
Frameworks: 3 C’s - Customers
  • Who are the customers?
  • Whydo they buy (ValueProposition)?
    • Economic value to the customer: Cost-Benefit
    • Understanding customer psychology: Intangibles
    • What are they sensitive to (e.g., price, features, etc.)
  • How many?
  • Lifetime value, loyalty, customer satisfaction.
customer analysis rfid1
Customer Analysis: RFID

Sorensen Associates:

RFID technology to track shoppers path inside grocery stores. (PathTracker®)

frameworks 3c s company

?

Market Growth Rate

Relative Market Share

Frameworks: 3C’s - Company
  • Company
    • Strategy: Mission, Objectives
    • Portfolio Analysis:
      • Identify SBU’s
      • Evaluate SBU’s: for example, BCG, GE matrices.
    • Portfolio Design:
      • Build a pipeline of SBU’s at different stages
      • Portfolio growth: expand new/existing products/markets.
frameworks 3c s competition
Frameworks: 3C’s - Competition
  • Identify Competitors
  • Industry Analysis (5 Forces)
  • Strengths Weaknesses - Opportunities Threats:
    • SW: Company versus Competitors
    • OT: Industry
  • Competitive reactions
southwest effect competitive reactions
Southwest Effect: Competitive Reactions
  • Increase in passengers per day each way (PDEW )
  • Drop in average fare
  • Effects on surrounding airports (lower demand)

Source: Southwest Airlines: An In-Depth Review

combining the 3 c s
Combining the 3 C’s

Wal*Mart quits Germany (85 stores, $2.55 billion, 2006):

Customers?

Competition?

Company?

integration
Integration:

3C’s4P’s

What’s the right price for Angiomax?

Should Team Sameeruse a traditional promotional approach?

Should XM air ads?

Should Starbucks invest in improving its customer service?

How should Ford promote the adoption of the Ford Ka?

Should Unilever launch a new product for the low income segment in Brazil?

frameworks 4p s product
Frameworks: 4P’s - Product
  • Define the product
    • Core benefit—essence
    • Basic, Expected, Augmented and Potential Product
    • First Mover Advantage
frameworks 4p s pricing
Frameworks: 4P’s – Pricing
  • Price is the only P that captures value
    • Small changes in price lead to major profit impact
  • The issues
    • What is the value to customers of the benefits the product provides?
    • How much does it cost to deliver these benefits?
    • How much do or will customers have to pay to get these same or substitute benefits elsewhere (i.e., from competitors)?
importance of pricing price leverage for selected firms
Importance of Pricing(Price leverage for selected firms)*

Creates operating profit improvement of:

1% improvement in price at

Philips

28.7%

26%

17.5%

16.7%

6.4%

*From Dolan and Simon (1996)

frameworks 4p s place

Manufacturer

Retailer

Manufacturer Store

M

C

D

M

C

M

C

Consumers

Frameworks: 4P’s – Place
  • Channels exist when they are more efficientthan direct distribution:
  • Channel decisions/issues:
    • Channel depth
    • Channel breadth
    • Channel conflict/coordination
frameworks 4p s promotion

Awareness

Interest

Desire

Action

Frameworks: 4P’s - Promotion

The promotional plan:

  • Target market
  • Objectives
  • Message
  • Media Mix
  • Budget
  • Measure the results
  • Coordinate the process
profitability a reality check
Profitability (A Reality Check)
  • Are assumptions realistic?
  • Breakeven analysis
    • Can we sell breakeven volume at given price?
  • How are other company businesses affected (cannibalization)?