MGT 6450 Marketing. Web Main Menu Syllabus Schedule & Outline Class e-mail News Overview of marketing Small group formation & discussion of products/services via product life cycle Next week: market segmentation. Marketing News. Generational Marketing Social Marketing News
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"Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives."
“The societal marketing concept holds that the organization's task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors, in a way that preserves or enhances the consumer's and the society's well-being. “
Effects of Change Drivers
Information from Market Research
Relationship/Partnering Era (1990-): Short term financial focus, downsizing, globalization, reengineering trends. Publish or perish pressure on research. Concern, trust, and investment in collaborative relationships with long term customers and competitors (e.g., Saturn owner parties, Sam’s Club memberships, etc.). Specialized interest areas; sophisticated multivariate segmentation; wide application [Problem: still short term, fragmented research, customer manipulation]
Marketing Era (1950s-1980s): Mass market boom! Use of behavioral and quantitative sciences. Customer is King! Find (create) a need and fill it; (market segmentation & targeting) satisfy needs! [problem: too short term & costly]
Sales Era (1925-1950s): Marketing principles. Good advertising and sales will overcome consumer resistance” (Brand image differentiation); Marketing associations & journals [problem: broad advertising not cost-effective]
Production Era (1900-1925): “a good product sells itself”; offer more products! Build it and they will come! [problem: unsold inventory]. First courses with “marketing” title. Focus on distribution.
Pre-Marketing Era (1750-1900): “I got it, you want it?”
death of an idea
Marketing decreases costs, improves the quality of ideas, and ensures better fit with the marketplace
Example: Products positioned along the product lifecycle
Team activity: Construct a product life cycle diagram for one of the companies in your team
What’s your product lifecycle mix?
Low point share but may have high growth rate and therefore potential, but require high effort to grow; risky new ventures may become stars or dogs
High growth business strong in competitive market; high point share & ideal business; promote question marks & support R&D
Low relative share and low expected growth rate; may generate enough points to sustain but not competing; possible niche market; consider divestment
Low growth business with low point share; were stars but have lost their attractiveness; finance question marks and stars
The GE/McKinsey Matrix
High Medium Low
Invest in, growth strategy
Monitor performance, selective strategy
High Medium Low
No growth or investment, consider divestment or liquidation