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Unformatted text preview: USC Marketing 307 • #15 Summary © 2006 Ira S. Kalb. All rights reserved. 1 1. What is Marketing ? Process by which products (goods and services) are developed and brought to the marketplace. 2. What is Market-driven versus Product-driven ? • The market-driven (outside-in) approach, which always works better, starts by finding out what people (in your target audience) want (using your MIS) and giving it to them. • The product-driven (inside-out) approach takes a product developed by an inventor and then tries to find a market for it. 1. What do you give them ? Strategies comprised of an integrated mix of the 7 building blocks and their numerous sub-components and elements. 2. Marketing Cycle . The marketing process can be represented by the marketing cycle, which are the sequential steps of the marketing function. 3. Marketing Plan . After doing a SWOT analysis, or internal evaluation of your organization’s strengths and weaknesses and external evaluation of the opportunities (unfilled needs) and threats (competition, other) in the marketplace, you match up your strengths with opportunities and develop a plan to exploit them. 5-1. Main elements of a marketing plan . (1) Measurable goals and (2) Strategies to achieve them. 5-2. Main purposes of a marketing plan . (1) Blueprint to follow and (2) Selling document to attract human and financial resources. Why is the order of the building blocks important? Firm Market Find what people want and then give it to them rather than make the product and then look for buyers Knowledge = Power USC Marketing 307 • #15 Summary © 2006 Ira S. Kalb. All rights reserved. 2 1. Goal setting methods . • Market Potential Method – estimate the potential based on data and a logical analysis and subtract or apply the effect of limiting factors. • Historic + Percentage Method – look at past performance and apply market growth/decline rates to set a new sales/revenue goal. • Number of Employees (FTEs) – count how many full-time equivalent employees you have, figure the breakeven point, and add the profit you want/expect to earn to arrive at a sales/revenue goal. 1. Marketing Mix . Once goals are established, you create an integrate mix of strategies based on the seven building blocks of marketing. If you need to change the mix, remember you cannot make a change without it affecting all the connected building blocks so you need to rebalance. 1. Order is important . After using your MIS to do research (collect), analyze data, and take action/corrective action, you should develop strategies in order, corporate image, positioning, product, price, distribution, and promotion (using MIS throughout to adjust)....
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- Marketing, Ira S. Kalb