Marketing Management Intro Lecture Recap

2. Developing marketing strategies;

3. Planning marketing programs, which entails choosing the marketing mix (the four Ps of product, price, place, and promotion); and

4. Organizing, implementing, and controlling the marketing effort.

Marketing Approaches

• Value
• Customer Focus
• Exchange
• Transaction Focused

Either approach involves providing a Product or Service the buyer perceives as valuable

Customer Orientation SIVA (Solution, Information, Value, Access).

• Renames four Ps to provide a customer focus. The SIVA Model provides a demand/customer-centric alternative to the well-known 4Ps of marketing management.

Product → Solution

Promotion → Information

Price → Value

Place (Distribution) → Access

Product

• That which provides value to customer
• Constructive Criticism helps marketers adapt product offerings to meet changing customer needs

Promotion: Marketing vs. Advertising

• Advertising: The paid, public, non-personal announcement of a persuasive message by an identified sponsor; the non-personal presentation or promotion by a firm of its products to its existing and potential customers.
• Marketing: The systematic planning, implementation and control of a mix of business activities intended to bring together buyers and sellers for the mutually advantageous exchange or transfer of products.

Advertising

• Single component of the marketing process.
• Part of Promotion - getting the word out
• Includes the placement of an ad in such mediums as newspapers, direct mail, billboards, television, radio, and the Internet.
• Largest expense of most marketing plans, with public relations following in a close second and market research not falling far behind.

Successful Ad Campaigns

• Just Do It Nike adopted this slogan in 1988 while in the midst of financial difficulties.