Week 1 Discussions: Clearly label each part and list references. Part 1: What is Marketing? Marketing has often been defined in terms of satisfying customers’ needs and wants. Critics, however, maintain that marketing goes beyond that and creates needs and wants that did not exist before. They feel marketers encourage consumers to spend more money than they should on goods and services they do not really need. With a minimum of 200 words; What is your understanding of the role of marketing and the marketing management process? Part 2: Marketing Strategies Complete the “Think About It” activity in Section 1.2 of the text: Select a consumer product of personal interest—one that you have purchased within the past six months. It can be anything, just as long you are familiar with the product and generally understand how it is marketed. Using the matrix model of marketing management in Table 1.2, fill in the cells of the matrix as completely and thoroughly as you can for the brand that you purchased. Be sure that your entries correspond to your perspective as a customer for this brand. In short, you are the target market. You may wish to create one or more positioning maps to help illustrate how you perceive the competitive playing field. Once you’re done, examine the intersection of each cell. · How do the elements of the marketing mix align with the four strategy categories in the left-hand column? · Does every one of the 4 P’s contribute to each of the strategic objectives established in the left-hand column? · Do you see room for improvement? How would this assessment be different for other types of customers? Think About It Activity: look at the table in the attachment Select a consumer product of personal interest—one that you have purchased within the past six months. It can be anything, just as long you are familiar with the product and generally understand how it is marketed. Using the matrix model of marketing management in Table 1.2, fill in the cells of the matrix as completely and thoroughly as you can for the brand that you purchased. Be sure that your entries correspond to your perspective as a customer for this brand. In short, you are the target market. You may wish to create one or more positioning maps to help illustrate how you perceive the competitive playing field. Once you’re done, examine the intersection of each cell. How do the elements of the marketing mix align with the four strategy categories in the left-hand column? Does every one of the 4 Ps contribute to each of the strategic objectives established in the left-hand column? Do you see room for improvement? How would this assessment be different for other types of customers? Table 1.2: A matrix model of marketing management The Marketing Mix PRODUCT PRICE PLACE PROMOTION Generic Market Strategy Market Segmentation Product Differentiation Brand Positioning Required Resources: Text Read the following chapters in Managerial marketing: · Chapter 1: Strategic Planning and the Marketing Management Process · Chapter 2: Value Creation and Customer Satisfaction Article McCorvey, J. J. (2013, August 5). Amazonfresh is Jeff Bezos’ last mile quest for total retail domination. Fast Company. Retrieved from http://www.fastcompany.com/3014817/amazon-jeff-bezos Recommended Resources Article Day, G.S. (1994). The capabilities of market-driven organizations. The Journal of Marketing, 58(4), 38 Retrieved from EBSCOHost Multimedia Marketing in Action: Marketing Mix M https://secure.films.com/OnDemandEmbed.aspx?token=41113&aid=18596&loid=88026&plt=FOD&w=420&h=315&fWidth=440&fHeight=365 · Basic strategies of marketing include the marketing mix, namely products, pricing, placement, and promotion. Principles can be applied to businesses big or small. Importance of Market Research Strategy. http://searchcenter.intelecomonline.net/playClipDirect.aspx?id=4870EEC7664070BB9D6744FDA7325EE44F626D5471CFAC29F5AE837853B8A15DD5EEB7BB9150D0D13BBD68F50C0036C5
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