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BUSS320 Week 1 Lecture - 2018.docx - Marketing Management...

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Marketing Management and the 5CsWeek 1 LectureWelcome to BUSS320 – Marketing Management!This week we will review, what is marketing? Many confuse the concept ofmarketing is all about sales and advertising, which is only partly true.Marketing is about what the business is looking to communicate to itscustomers. Marketing management is using all of the various types ofinformation and using them to formulate a cohesive marketing strategy.Below is a video that describes marketing, but also includes other elementsto consider when building a marketing plan.The Marketing Management Framework outlines the structure which helpsdetermine what a company needs to closely examine when formulating amarketing strategy. By following this diagram, a marketer can ensure allfactors are considered and in the end, creating an effective marketingstrategy.Over the next couple of weeks, we will look at each square and why they areimportant. This week we will discuss the first one with the 5Cs and what eachentails.CUSTOMER:When a company is looking to develop a marketing strategy for its productsor services, the more they know about their audience the more effective themarketing message. The first area of focus is the Customer. In the researchprocess, there are three areas to use in order to closely examine the group ofcustomers based on similar qualities:
BUSS320 Marketing Management21.demographics:The customer’s demographics help narrow down alarge group to similar characteristics such as: gender, race (ethnicity),age, household income, disabilities, education, employment status,children, location, and marital status. The buying habits of a customerwho has higher income and a family may be considerably differentthan someone who is single and has a lower income.2.geographic:This quality is more straight-forward with its information.Although this would most likely include a region of the country, state,or city, other geographic information to consider could be if thecustomer lives in a rural or urban setting, close to the business’locations, or near landmarks such as an ocean or mountain setting.3.psychographics:The information from this category include:activities, interests, opinions, habits, hobbies, and their values. Whywould it be important to know the target markets are avid hikers, go tomovies frequently, or love to travel?Test your knowledge: Select the characteristic with the quality.Example: New York state = geographicmakes $100,000 a year (demographic)avid reader (psychographic)lives on a farm (geographic)has a Bachelor’s degree (demographic)?female (demographic)Boston, MA (geographic)married with 2 children (demographic)supports animal shelters (psychographic)unemployed (demographic)COMPANY:When a company is creating a marketing strategy, it is important tounderstand what the business stands for and its belief structure. A marketer

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Term
Spring
Professor
L. Bishop

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