Introduction - Introduction RSM250 - L0301 Principles of...

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Unformatted text preview: Introduction RSM250 - L0301 Principles of Marketing Winter 2011 Class & Office Hours Class Wed 1-3pm, WO30 Office hour Wed 3-4pm Contact (416) 946-3384 yutec.sun07@rotman.utoronto.ca TA Jun Mo Park junmo.park10@rotman.utoronto.ca Grading 1. 2. 3. 4. 5. 6. Class participation (5%) Research requirement (3%) Case discussion presentation (5%) Case discussion paper (12%) Mid-term exam (30%) Final exam (45%) Late submission penalty 10%/day after due date Remarking policy Only written requests to TA Class Participation 5-point system - 1 point for each contribution to class discussion - Total 5 points - Subject to instructor's judgement Research Requirement 1. Participation You will be asked to participate in a marketing research study that will take roughly 1 hour. 2. Analysis of Article Find an article from one of the following journals: The Journal of Consumer Research, The Journal of Marketing, Marketing Science or Management Science. Write a summary of it. It will probably take several hours to do this. Due on April 1 You must do three studies, each one will earn you 1%. Case Discussion Group list 4-6 team members (6 recommended) Due on Feb 9 Case choice Mar 2 Presentation PPT slides due at 4pm on Mar 25 Paper 2 hard copies due at 1pm on Mar 30 Peer evaluation Teamwork guideline Faculty advisor: Ann Armstrong Midterm & Final Exams Midterm Feb 16 in class No make-up exam Will cover topics within textbook/lecture Remarking request to TA within 1 month No past exam needed Final Cumulative Sample questions will be given Marking Principle TA in charge of all marking/grading Demonstrate knowledge/understanding of subject in grader's view No ambiguity Speak same language Academic Integrity Copying, plagiarizing, or other forms of academic misconduct will not be tolerated. Any student caught engaging in such activities will be subject to academic discipline ranging from a mar of zero on the assignment, test, or examination to dismissal from the university as outlined in the academic handbook. Any student abating or otherwise assisting in such misconduct will also be subject to academic penalties. Marketing: Creating and Capturing Customer Value What is Marketing? Managing profitable customer relationships attract new customers maintain current customers Market share and profits Success of every organization Part of your life Goal: complete into to basic concepts and best practices Extensive Concept of Marketing Marketing vs sales & ads Social & managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others Marketing Process 5 stages of marketing process 1. Market Research 5 Core concepts Needs, wants, and demands Market offerings Customer value and satisfaction Exchanges and relationships Markets 1. Market Research Need State of felt deprivation Physical, social, and individual Wants The form of needs as shaped by culture and the individual Demands Wants backed by buying power 1. Market Research Market offerings Not limited to physical products Include products, services, information or experiences that satisfy a need or want May include services, activities, people, places, information, or ideas Also includes brands 1. Market Research Value Customers form expectations regarding value Marketers must deliver value to consumers Satisfaction A satisfied customer will buy again and tell others about their good experience Level of expectation 2. Designing Marketing Goal 1. Select customers to serve 2. Choose a value proposition Marketing management orientation Production concept Product concept Selling concept Marketing concept Societal marketing concept SunChips ad Users' response 3. Implement Marketing Strategy Marketing goal is achieved by managing the four marketing tools Product Price Place Promotion The Marketing Mix 4. Manage Customer Relationship Customer Relationship Management Overall process of building and maintaining profitable customer relationship By delivering customer value and satisfaction Key requirements Customer value Customer satisfaction Must be profitable relationship Selective relationship management Customer engagement New media to engage customers 5. Capture Value from Customers Customer lifetime value Value of entire revenue stream over a lifetime of patronage of a customer How to improve? Customer equity Total CLV combined over all customers Review of Ch. 1. Designing Business Portfolio A business portfolio is the collection of businesses and products that make up the company Business portfolio planning involves two steps: Analyzing its current business portfolio Shaping the future portfolio by developing strategies for growth and down sizing Company and Marketing Strategy Partnering to Build Customer Relationships Strategic Planning Planning strategy that fits organization's goals/opportunities and resources Marketing-oriented mission statement Business portfolio Portfolio Analysis - BCG Matrix Growth Strategy Marketing Strategy & Marketing Mix Segmentation Targeting Positioning Marketing Mix 4P Product Price Place Promotion 4C Customer solution Customer cost Convenience Communication Review of Ch. 2. Understand marketing planning is a part of strategic planning ...
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This note was uploaded on 05/17/2011 for the course RSM 250 taught by Professor Yutecsun during the Spring '11 term at University of Toronto- Toronto.

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Introduction - Introduction RSM250 - L0301 Principles of...

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