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MKT350 Notes - MKT350 Notes Marketing Advertising is only...

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MKT350 Notes Marketing – Advertising is only part of it - It is a process of identifying consumer wants and needs. - Offering services to fulfill these wants and needs - It’s all done ethically and for a profit Perception – A mental picture of _______. (For example a car, movie, etc.) Marketing Mix – Product / Service Price Promotion Place or Distribution – When and where can I purchase it Utility – Satisfaction. When you buy something are you satisfied. It met the consumers expectations for the product. And you feel like it was worth the dollar amount you spent. The promotion was right. Place (Distribution) it was easy to buy, for example a Meijer that is open 24/7. Marketer – Individual or organization – they customize the mix. Marketing Strategy A plan that outlines what is to be accomplished and all the details. Basically a blue print that tells you step 1, step 2, etc. Goals and objectives It has daily tasks There will be a budget There will be tools – what is the control process (such as assignments, case studies) Must have the right people Target Market – For example a service, product Marketing Mix Every organization has a plan and a strategy Option #1 – Direct Distribution – Manufacturer sells to consumer. Option #2 – Manufacturer to retail to consumer (such as going to the store) Option #3 – Manufacturer buys whole sale products like food for Spartan stores, then sells retail to DW and then to consumer. Manufacturer > Wholesale > Retail > Consumer. The wholesale and retail are known as middle men. Refer to page 10. Look at 8 universal functions of marketing Option #1 – The manufacturer takes care of all 8 functions. Ansewer on exam: If you eliminate middle men, you will eliminate functions. FALSE. Because you can eliminate middlemen, but you cannot eliminate the functions. Macro Suppose a fastfood market consists of 40% Mcdonalds, 20% BK, 20% Wendys, and 20% Other Things they look at : Units sold – how many hamburgers were sold $ how much money was made % of Market Share. They all sell burgers, but they’re all looking to see how they can be different. They take the pulse and see what people want in the burger Differentiation – How to be different = Marketing Mix (the 4 P’s) and consumers service.
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For example Wendy’s changed up the way they do their Promotion in the 4 P’s and the % of Market Share increased for Wendy’s. Micro Now let’s take a closer look at the Micro level. For example McDonalds sells Hamburgers, French Fries, Salad Bars, etc. - If the salads sales decrease they will then go back to the 4 P’s and change something up. For example like moving the salad bar up to the front. - Every company is keeping track at Units, Dollars, and % of Market Share at the Micro level as well (hamburgers, French fries, salad bars.) The starting point is to do your research on the audience.
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