MKT 574 Strategic Marketing Basics Paper

December 16, 2022

MKT 574 Strategic Marketing Basics Paper

Order Number	636738393092
Type of Project	ESSAY
Writer Level	PHD VERIFIED
Format	APA
Academic Sources	10
Page Count	3-12 PAGES

Instructions/Descriptions

MKT 574 Strategic Marketing Basics Paper

MKT 574, Strategic, Marketing, Basics, Paper

Slide 1

Title: Collaboration Warm-Up Exercise: Strategic Marketing Basics

Slide 2

Title: Exercise Objective

Collaborate on basic marketing concepts and marketing strategies.

Slide 3

Title: Challenge

In this warm-up, you will practice collaboration skills while learning about basic marketing concepts and marketing strategies. Then, you will use your own experiences to reflect on marketing strategies.

Slide 4

Title: Marketing Basics – What it is and What it isn’t

As a field, marketing is often misconceived.

Marshall & Johnston (2019) outline six marketing misconceptions.

Misconception #1: Marketing is all about advertising.

Reality: Yes, advertising is highly visible by its very nature, but it is not the only way to market to a customer.

Misconception #2: Marketing is all about selling.

Reality: Personal selling is another form of marketing communication, in addition to advertising, as well as direct marketing, promotions, and other publicity.

Misconception #3: Marketing is all about the sizzle.

Reality: Successful marketing strategies rely on sophisticated analysis, data, and careful decision making.

Slide 5

Title: Marketing Basics – What it is and What it isn’t

Misconception #4: It is unethical and harmful to society.

Unfortunately, there are examples of unethical practices across all business sectors, and these occurrences are not unique, nor are they inherent to marketing. Acting ethically is a best practice and should be upheld.

Misconception #5: Only marketers market.

Every one of us has the capacity to practice marketing and is a set of skills that can contribute to personal success in everyday life.

Misconception #6: It is just another cost center in a firm.

Reality: Marketing should be considered an investment versus an expense. Sound investment in marketing will reap rewards beyond the costs associated with it; it should be an essential component of a firm’s competitive strategy.

Slide 6

Title: Marketing Mix (4Ps)

Marketing can be thought of as consisting of 4 key components known as the Marketing Mix or 4Ps of Marketing. The 4Ps of marketing are:

Product
Price
Place
Promotion

It is the mixture or combination of these “ingredients” that are used by one company to gain the competitive advantage over other companies.

Download: 4Ps of Marketing Handout

Download link: https://drive.google.com/file/d/1xFaDxfCTBbQKMa8uP-ovnRJCNXhzOlaN/view?usp=sharing

Slide 7

Title: Societal Marketing

In a nutshell, societal marketing involves marketing to the society as a whole. Viral marketing is easily the most popular type of societal marketing. Visit the AMA’s Types of Marketing (external link: https://www.ama.org/the-definition-of-marketing-what-is-marketing/ ) to learn about the types of societal marketing:

Influencer
Relationship
Viral
Green
Keyword
Guerilla

Slide 8

Title: Value Proposition

You may have heard the term value proposition . When identifying the value proposition of a product or service, ask the question, “What benefit does the product / service bring to customers?” A benefit is a type of utility that makes customers want a product / service.

Slide 9

Title: Customer Satisfaction

Customer satisfaction means keeping your customers happy with the products / services offered by a company. Customer loyalty and retention. Companies aim to retain customers by keeping them happy. When customers are happy, they will most likely stay loyal. Customer switching occurs when customers are unhappy and change to another company’s product / service. It is simple.

Slide 10

Title: Customer Satisfaction Practice

Discuss two reasons that drive customer satisfaction. In other words, why would a customer stay with a brand or choose to leave a brand?

[Entry]

Slide 11

Title: Customer Satisfaction Practice

Feedback

Price and quality are two reasons that would drive customer satisfaction. Customers might switch from a brand if they find another comparable one with better quality and a cheaper price.

Slide 12

Title: Marketing Planning – SWOT Analysis

When companies plan their marketing strategies, they begin by looking at their goals, objectives, and then strategies. SWOT analysis is a tool that helps companies assess themselves internally and externally in the market. When conducting a SWOT analysis, companies look at:

(S)trengths (internal)
(W)eaknesses (internal)
(O)pportunities (external)
(T)hreats (external)

Download: SWOT Analysis Template

Download link: https://drive.google.com/file/d/1CRHmblwa11mvW_khGJ_I30PWmd3oO4pR/view?usp=sharing

Slide 13

Title: Big M vs. Little M Marketing Strategies

When considering marketing strategies, companies consider:

Big M,which are marketing strategies that drive the overall business.
Little M, which are marketing strategies that are more tactical or operational.

Slide 14

Title: Marketing Strategies

Marketing strategies can be divided into:

Market penetration, strategies which involve investing in existing customers and existing products.
Product development, strategies which involve creating new products for existing customers.
Market development, strategies which involve expanding the product line into new markets.
Diversification, strategies which involve developing new products and new markets.

Slide 15

Title: Sustainability

Sustainability for a company involves doing well in the business while doing good for society. A sustainable business doesn’t just follow a single bottom line – profit – but follows a triple bottom line – people, planet, and profit.

Download: Triple Bottom Line Handout

Download link: https://drive.google.com/file/d/1EowwhSVLH7c1PxjntxwYgvPG1K8xRetA/view?usp=sharing

Slide 16

Title: Final Submission

Return to your course in Blackboard where you will write a reflective response addressing the following questions:

As a marketing manager, how does a focus on sustainability inform your tasks and activities? Pick a company / brand you are familiar with and give an example of how the company has incorporated sustainable

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RUBRIC

Excellent Quality

95-100%

Introduction

45-41 points

The context and relevance of the issue, as well as a clear description of the study aim, are presented. The history of searches is discussed.

Literature Support

91-84 points

The context and relevance of the issue, as well as a clear description of the study aim, are presented. The history of searches is discussed.

Methodology

58-53 points

With titles for each slide as well as bulleted sections to group relevant information as required, the content is well-organized. Excellent use of typeface, color, images, effects, and so on to improve readability and presenting content. The minimum length criterion of 10 slides/pages is reached.

Average Score

50-85%

40-38 points

More depth/information is required for the context and importance, otherwise the study detail will be unclear. There is no search history information supplied.

83-76 points

There is a review of important theoretical literature, however there is limited integration of research into problem-related ideas. The review is just partly focused and arranged. There is research that both supports and opposes. A summary of the material given is provided. The conclusion may or may not include a biblical integration.

52-49 points

The content is somewhat ordered, but there is no discernible organization. The use of typeface, color, graphics, effects, and so on may sometimes distract from the presenting substance. It is possible that the length criteria will not be reached.

Poor Quality

0-45%

37-1 points

The context and/or importance are lacking. There is no search history information supplied.

75-1 points

There has been an examination of relevant theoretical literature, but still no research concerning problem-related concepts has been synthesized. The review is just somewhat focused and organized. The provided overview of content does not include any supporting or opposing research. The conclusion has no scriptural references.

48-1 points

There is no logical or apparent organizational structure. There is no discernible logical sequence. The use of typeface, color, graphics, effects, and so on often detracts from the presenting substance. It is possible that the length criteria will not be reached.