MKT 574 Module 1 Collaboration Warm-Up Exercise: Strategic Marketing Basics

MKT 574 Module 1 Collaboration Warm-Up Exercise: Strategic Marketing Basics

QUESTION 1

Complete the warm-up exercise, Strategic Marketing Basics. A transcript of this interactive exercise is also available.

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Consider what you learned in the experience and respond to the following in a minimum of 175 words:

  • As a marketing manager, how does a focus on sustainability inform your tasks and activities?
  • Pick a company or brand you are familiar with and share an example of how the company has incorporated sustainable practices. Why is it important to take a sustainable approach?
  • What partnerships and collaborations might a company enter into in order to maintain effective sustainability practices?
  • How might sustainability contribute to customer satisfaction?

QUESTION 2

 

Respond to the following in a minimum of 175 words:

  • Do you think organizations differ from each other when placing importance on areas of the SWOT analysis?
  • Describe a real-world example of an organization that would place more importance on one area of the SWOT analysis compared to another area.

MKT 574 Module 1 Collaboration Warm-Up Exercise: Strategic Marketing Basics

 

Slide 1

Title: Collaboration Warm-Up Exercise: Strategic Marketing Basics

 

Slide 2

Title: Exercise Objective

Collaborate on basic marketing concepts and marketing strategies. MKT 574 Module 1 Collaboration Warm-Up Exercise: Strategic Marketing Basics

 

Slide 3

Title: Challenge

In this warm-up, you will practice collaboration skills while learning about basic marketing concepts and marketing strategies.  Then, you will use your own experiences to reflect on marketing strategies.

Slide 4

Title: Marketing Basics – What it is and What it isn’t

 

As a field, marketing is often misconceived.

 

Marshall & Johnston (2019) outline six marketing misconceptions.

 

Misconception #1: Marketing is all about advertising.

  • Reality: Yes, advertising is highly visible by its very nature, but it is not the only way to market to a customer.

 

Misconception #2: Marketing is all about selling.

  • Reality: Personal selling is another form of marketing communication, in addition to advertising, as well as direct marketing, promotions, and other publicity.

 

Misconception #3: Marketing is all about the sizzle.

  • Reality: Successful marketing strategies rely on sophisticated analysis, data, and careful decision making.

Slide 5

Title: Marketing Basics – What it is and What it isn’t

 

Misconception #4: It is unethical and harmful to society.

  • Unfortunately, there are examples of unethical practices across all business sectors, and these occurrences are not unique, nor are they inherent to marketing. Acting ethically is a best practice and should be upheld.

 

Misconception #5: Only marketers market.

  • Every one of us has the capacity to practice marketing and is a set of skills that can contribute to personal success in everyday life.

 

Misconception #6: It is just another cost center in a firm.

  • Reality: Marketing should be considered an investment versus an expense. Sound investment in marketing will reap rewards beyond the costs associated with it; it should be an essential component of a firm’s competitive strategy. MKT 574 Module 1 Collaboration Warm-Up Exercise: Strategic Marketing Basics

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Slide 6

Title: Marketing Mix (4Ps)

 

Marketing can be thought of as consisting of 4 key components known as the Marketing Mix or 4Ps of Marketing.

The 4Ps of marketing are:

  • Product
  • Price
  • Place
  • Promotion

 

It is the mixture or combination of these “ingredients” that are used by one company to gain the competitive advantage over other companies.

Download: 4Ps of Marketing Handout

Download link: https://drive.google.com/file/d/1xFaDxfCTBbQKMa8uP-ovnRJCNXhzOlaN/view?usp=sharing

 

 

Slide 7

Title: Societal Marketing

 

In a nutshell, societal marketing involves marketing to the society as a whole. Viral marketing is easily the most popular type of societal marketing.

Visit the AMA’s Types of Marketing (external link: https://www.ama.org/the-definition-of-marketing-what-is-marketing/)  to learn about the types of societal marketing:

  • Influencer
  • Relationship
  • Viral
  • Green
  • Keyword
  • Guerilla

 

Slide 8

Title: Value Proposition

You may have heard the term value proposition.  When identifying the value proposition of a product or service, ask the question, “What benefit does the product / service bring to customers?”

A benefit is a type of utility that makes customers want a product / service.

 

Slide 9

Title:  Customer Satisfaction

 

Customer satisfaction means keeping your customers happy with the products / services offered by a company.

Customer loyalty and retention.
Companies aim to retain customers by keeping them happy.  When customers are happy, they will most likely stay loyal.

Customer switching occurs when customers are unhappy and change to another company’s product / service. It is simple.

 

Slide 10

Title: Customer Satisfaction Practice

Discuss two reasons that drive customer satisfaction. In other words, why would a customer stay with a brand or choose to leave a brand? MKT 574 Module 1 Collaboration Warm-Up Exercise: Strategic Marketing Basics

 

[Entry]

 

Slide 11

Title: Customer Satisfaction Practice

 

Feedback

Price and quality are two reasons that would drive customer satisfaction. Customers might switch from a brand if they find another comparable one with better quality and a cheaper price.

 

 

Slide 12

Title:  Marketing Planning – SWOT Analysis

 

When companies plan their marketing strategies, they begin by looking at their goals, objectives, and then strategies.

SWOT analysis is a tool that helps companies assess themselves internally and externally in the market.

When conducting a SWOT analysis, companies look at:

  • (S)trengths (internal)
  • (W)eaknesses (internal)
  • (O)pportunities (external)
  • (T)hreats (external)

Download: SWOT Analysis Template

Download link: https://drive.google.com/file/d/1CRHmblwa11mvW_khGJ_I30PWmd3oO4pR/view?usp=sharing

 

Slide 13

Title:  Big M vs. Little M Marketing Strategies

 

When considering marketing strategies, companies consider:

  • Big M,which are marketing strategies that drive the overall business.
  • Little M, which are marketing strategies that are more tactical or operational.

 

Slide 14

Title: Marketing Strategies

 

Marketing strategies can be divided into:

 

  • Market penetration, strategies which involve investing in existing customers and existing products.
  • Product development, strategies which involve creating new products for existing customers.
  • Market development, strategies which involve expanding the product line into new markets.
  • Diversification, strategies which involve developing new products and new markets.

 

Slide 15

Title:  Sustainability

 

Sustainability for a company involves doing well in the business while doing good for society.

A sustainable business doesn’t just follow a single  bottom line – profit – but follows a triple bottom line – people, planet, and profit.

 

Download: Triple Bottom Line Handout

Download link:  https://drive.google.com/file/d/1EowwhSVLH7c1PxjntxwYgvPG1K8xRetA/view?usp=sharing

 

 

Slide 16

Title: Final Submission

 

Return to your course in Blackboard where you will write a reflective response addressing the following questions:

 

As a marketing manager, how does a focus on sustainability inform your tasks and activities? Pick a company / brand you are familiar with and give an example of how the company has incorporated sustainable practices. MKT 574 Module 1 Collaboration Warm-Up Exercise: Strategic Marketing Basics