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Introduction to Marketing

Professor Andrés Musalem Marketing Management Fuqua School of Business. Introduction What’s Marketing? Three C’s Customer Company Competition Four P’s Product Promotion Price Placement Summary. Introduction to Marketing. In-class exercise: .

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Introduction to Marketing

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  1. Professor Andrés Musalem Marketing Management Fuqua School of Business Introduction What’s Marketing? Three C’s Customer Company Competition Four P’s Product Promotion Price Placement Summary Introduction to Marketing

  2. In-class exercise: • Let’s start with a simple word association task… MARKETING Write down the first WORD that comes to mind

  3. Does Marketing Matter?

  4. Does Marketing Matter?

  5. Ind. Engineering Background: Find x: How long? Santiago, Chile MBA, U. of Chile Ph.D., Wharton

  6. Research: Quantitative Marketing 6

  7. Teaching Interests: • Market Research • Pricing • Marketing Management • GATE (global academic travel experience): • South America • Marketing Practicum: • Hobbies:

  8. Agenda • Teaching Philosophy • Course overview • Ford Ka • Marketing management • Analysis (The 3 C’s) • Planning (The 4 P’s)

  9. Teaching Philosophy • Lesson first, Problem second versus • Problem first, Lesson second “Experience is a hard teacher because she gives the test first, the lesson afterward.”

  10. Course Overview Goals: • Have fun & get you to learn. • Frameworks: • Marketing Situation Analysis: • Company, Customer, and Competition • Marketing Planningand Implementation: • Price, Promotion, Place, Product • Tools: • Perceptions, Preferences, Customer Lifetime Value, Economic Value, Brand Associations, Diffusion of new products. • Skills: • Case analysis • Group effectiveness • Idea Communication

  11. Course Overview • Syllabus • Class format • Lectures and cases. • Grading • Cases, participation, final exam • Graded assignments: weekend following discussion. • Course Materials: • Required: Cases and some articles (see syllabus) • Optional: Textbook, press articles in course pack.

  12. Study Teams • Action: • Name a representative who will be responsible for submitting assignments.

  13. Peer Evaluation Your Name: ___________________________________________ Team number : ______________________________________________ In the chart below, write in the name of each team member, including yourself. Estimate the relative effort level and the amount that each team member contributed to the effectiveness. The first column should indicate relative effort and work level while the second column indicates the degree to which each individual contributed to the success of your team. Your estimates can range from 0% to 100% but should sum to 100%.

  14. Honor Code • We take it very seriously • It benefits students • Best cases, problems • Equal playing field • Coordination with other classes

  15. Honor Code • You may not get information on cases from • Fuqua students in other classes or study groups • Students or resources at other schools • Electronic means • You may not give the information to others at Duke or elsewhere • Your support is critical for this policy

  16. Administrative Issues: • Platform: • Announcements • Assignment submission • Handouts and other materials • Seating Chart

  17. Roadmap for the rest of course

  18. Frameworks: • Marketing Situation Analysis • Company, Customer, and Competition (3C’s) • Marketing Planning • Price, Promotion, Place, Product (4P’s)

  19. Frameworks: 3 C’s - Customers • Who are the customers? • Whydo they buy (ValueProposition)? • Economic value to the customer: Cost-Benefit • Understanding customer psychology: Intangibles • What are they sensitive to (e.g., price, features, etc.) • How many? • Lifetime value, loyalty, customer satisfaction.

  20. Customer Analysis: RFID

  21. Customer Analysis: RFID Sorensen Associates: RFID technology to track shoppers path inside grocery stores. (PathTracker®)

  22. ? Market Growth Rate Relative Market Share Frameworks: 3C’s - Company • Company • Strategy: Mission, Objectives • Portfolio Analysis: • Identify SBU’s • Evaluate SBU’s: for example, BCG, GE matrices. • Portfolio Design: • Build a pipeline of SBU’s at different stages • Portfolio growth: expand new/existing products/markets.

  23. Frameworks: 3C’s - Competition • Identify Competitors • Industry Analysis (5 Forces) • Strengths Weaknesses - Opportunities Threats: • SW: Company versus Competitors • OT: Industry • Competitive reactions

  24. Southwest Effect: Competitive Reactions • Increase in passengers per day each way (PDEW ) • Drop in average fare • Effects on surrounding airports (lower demand) Source: Southwest Airlines: An In-Depth Review

  25. How might the 3 C’s vary by country?

  26. Combining the 3 C’s Wal*Mart quits Germany (85 stores, $2.55 billion, 2006): Customers? Competition? Company?

  27. Integration4P’s  3C’s

  28. Integration: 3C’s4P’s What’s the right price for Angiomax? Should Team Sameeruse a traditional promotional approach? Should XM air ads? Should Starbucks invest in improving its customer service? How should Ford promote the adoption of the Ford Ka? Should Unilever launch a new product for the low income segment in Brazil?

  29. 4P’s: Marketing Planning -Product, Price, Place, Promotion 4P’s: Marketing Planning -Price, Promotion, Place, Product

  30. Frameworks: 4P’s - Product • Define the product • Core benefit—essence • Basic, Expected, Augmented and Potential Product • First Mover Advantage

  31. Frameworks: 4P’s – Pricing • Price is the only P that captures value • Small changes in price lead to major profit impact • The issues • What is the value to customers of the benefits the product provides? • How much does it cost to deliver these benefits? • How much do or will customers have to pay to get these same or substitute benefits elsewhere (i.e., from competitors)?

  32. Importance of Pricing(Price leverage for selected firms)* Creates operating profit improvement of: 1% improvement in price at Philips 28.7% 26% 17.5% 16.7% 6.4% *From Dolan and Simon (1996)

  33. Manufacturer Retailer Manufacturer Store M C D M C M C Consumers Frameworks: 4P’s – Place • Channels exist when they are more efficientthan direct distribution: • Channel decisions/issues: • Channel depth • Channel breadth • Channel conflict/coordination

  34. Awareness Interest Desire Action Frameworks: 4P’s - Promotion The promotional plan: • Target market • Objectives • Message • Media Mix • Budget • Measure the results • Coordinate the process

  35. Promotion and Brand Associations

  36. Profitability (A Reality Check) • Are assumptions realistic? • Breakeven analysis • Can we sell breakeven volume at given price? • How are other company businesses affected (cannibalization)?

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