Marketing I

1. Marketing I Curriculum Guide

2. MarketingInformation Management Standard 3

3. Marketing-Information Management Marketing Information Management – Gathering, storing, and analyzing information, customers, trends, and competing products

4. Marketing Research Marketing Research – the systematic gathering, recording, and analysis of data about issues relating to marketing products and services -American Marketing Association

5. Primary & Secondary Market Research Primary Data – Data obtained for the first time and used specifically for the particular problem or issue under study. Secondary Data – Data already collected for some purpose other than the current study.

6. Methods to collect primary data Surveys – Internet, telephone, face-to-face, focus groups, panels, etc. Observation – Secret shoppers, store cameras, watching customers reaction to products, etc. Experiment – Taste tests, test marketing, or product sampling. Hypothesis based.

7. Secondary Data Sources Internal Company Records – Sales charts, info on where customers live, top selling products, etc. Internet Sources – Society trends, data from a variety of research, etc. Government Reports – U.S. Census, Department of Commerce data, employment reports, etc. Professional & Trade Organizations – Wall Street Journal, National Restaurant Association, etc.

8. Marketing Strategy Marketing Strategy – A statement (implicit or explicit) of how a brand or product line will achieve its objectives. The strategy provides decisions and direction regarding variables such as the segmentation of the market, identification of the target market, positioning, marketing mix elements, and expenditures. A marketing strategy is usually an integral part of a business strategy that provides broad direction to all functions. -American Marketing Association Marketing Strategy – A marketing strategy identifies target markets and sets marketing mix choices that focus on those markets. -Marketing Essentials

9. Marketing Strategy examples NIKE - Over the past three years Nike has decreased its spending in TV and Print advertising by 40% and is shifting resources into the digital realm. http://management.fortune.cnn.com/2012/02/13/nike-digital-marketing/ McDonalds – With the sluggish economy McDonald’s is stressing value to grow guest count and coax customers into buying regular-price items. http://nrn.com/article/mcdonalds-stress-value-marketing-strategy

10. Marketing Plan Marketing Plan – A formal, written document that directs a company’s activities for a specific period of time. -Marketing Essentials Included with the teacher resources is a sample marketing plan called MarketingPlan_Example. The specific parts of a marketing plan will vary based on the company, but students should understand the nature of a marketing plan.

11. What is the purpose of a marketing plan? • Guides the marketing efforts of a company • Describe a real-world example of a marketing strategy for a company. (Nike switching from a traditional media focus to Social Media, McDonald’s focusing on price to drive traffic, etc.)

12. Components of a marketing plan: • Executive Summary • Mission Statement & Goals • Situation Analysis • Target Market • Marketing Mix • Budget • Schedule

13. What is the difference between a marketing strategy & a marketing tactic? • Marketing strategy is an overall direction or focus for marketing activities • Marketing tactic is a very specific method to accomplish the strategy. • i.e. McDonald’s strategy is to draw consumers in with low prices, a tactic is to make all drinks $1)