03 Jan What are Rob’s sales for

MKT301 Principles of Marketing

Module 1 Discussion

We defined marketing as, “the art and science of getting people to spend their money on your product rather than the other guy’s, and be happy that they did so.” Do you think that’s true? Does some Wizard of Oz person-behind-the-curtain get you to buy something by manipulating you through the 7 Ps? And is “manipulate” the right word for us to use? Which one of the Ps gets you to purchase – a great price? Superior product no matter what the cost? Or are you influenced by a cool promotion? Give an example of a product and why you bought/buy it. Be specific in referring to the 7 Ps in your post, and include which of the Ps is less relevant to you as well. Don’t forget that the Ps often are inter-related – there may be more than one P that influences your decision to buy a product.

MKT301 Principles of Marketing

Module 2 Discussion

The Good, the Bad, and the Ugly

We’ve all heard the cliché that “nice guys finish last.” Is this true in marketing? Do firms that use good ethical practices have an advantage or disadvantage? Do you think consumers will pay a few cents more for non-polluting soap or environmentally friendly food products? Even popular movies have raised this question. In the film, “Heaven Can Wait,” Warren Beatty plays Joe Pendleton, a former NFL quarterback who came back to life as a CEO after a fatal accident. Joe tells his executives that he wants his company to be the “good guy tuna company.” Joe believed his customers would pay a little more to not kill dolphins. This sounds good in the movies, but is it true in real life? How about for you and your family?

For this week’s discussion, select a company that you believe has exceptionally good, or bad, ethical practices. Begin by describing the actions or activities that you believe demonstrate why you selected them. Be very specific so that we are clear on why the firm does, or does not, demonstrate good corporate social responsibility. In your discussion, include if you believe they are at an advantage or disadvantage due to these activities, and why. You should also select at least one of Saint Leo core values and describe why the firm either does, or does not, demonstrate that value.

Use specific examples to support your opinions. Don’t forget to include your personal experiences with the company and with our core values. Please type the name of your firm in the title of your post (e.g., TOM’S SHOES) so your classmates can easily see it. Any firm can only be used ONCE – first come, first served!

Your opening post should be no less than 350 words, free from spelling and grammar errors and college level writing is expected. If you use sources be sure you cite them.

MKT301 Principles of Marketing

Module 3 Discussion

Creating a Marketing Research Plan

By now you should know the basics of marketing research from the materials Tess and Maddie loaded for Jack. In this week’s discussion you’ll be designing a short market research plan for the product you selected for your marketing project. You’ll follow the same basic process we covered in the research materials that looked like this:

Define the business problem.

Convert that business problem to a research question

Determine segment and sampling technique

Select which type of research will work best for our question

Analyzing our results

Reporting our results

1. In this week’s scenario Tess described the business issues that Jack is concerned about. Using those as a starting point identify TWO business problems you might have with your project.

2. Next, convert those business problems to research questions. What are specifically trying to learn as a result of your research project?

3. Describe the customers you will target for your research and the sampling technique you will use. Make sure you are clear how you will use it and why you chose it.

4. Describe what types of research techniques you will use. Identify ONE secondary source and describe how you will use it and why you chose it. Select ONE primary research technique and describe how, and why, you will use it.

5. Write a one paragraph memo describing how you plan to report your finding. Think about the memo that Monique wrote to the students – how can you make your report accurate yet easy to understand?

Your post should be no less than 350 words and well organized. As always, spelling and grammar will count. In your response to two of your classmates, critique their research plan and offer any suggestions you may have. Responses that lack insight and critical analysis, such as “Great plan” will receive few points. Be fair, professional and supportive. If you wish, you may also revise your own plan by incorporating their ideas. Collaborative responses are fine.

MKT301 Principles of Marketing

Module 4 Discussion

Marketing to a global world

This week’s discussion will allow you to combine what we learned about global marketing with the product you are using for your marketing plan.

Assume that you are being sent to the country you were assigned at the beginning of the module (no, you cannot change) to market the product you are using in your class marketing plan.

Considering everything we have learned so far about the marketing mix, environment and other factors you need to develop a plan to sell your product. Prepare your plan as if you were giving a briefing to the staff that is coming with you. Thus, it must be clear, concise and in professional business language.

Your briefing should include:

Will you standardize or adapt each of the four Ps in the marketing mix. Why? Be specific.

Review each of the four traits in the Hofstede cultural index. What should your staff be aware of regarding differences between the US and your destination? Think carefully, you don’t want to embarrass your firm or insult your hosts.

What is the country’s currency and exchange rate against the dollar? Average income? What does this suggest about how affordable your product will be for the average consumer?

Finally, list one thing that your staff should know about the economic environment (what is important about the country – do NOT use exchange rates or PPP). Also, list one “just for fun fact” that your staff will enjoy knowing about their destination.

As always, college level writing is expected and if you use a source be sure to give credit (it is not necessary to cite the material directly from the course).

In your responses, comment on the conditions in the country as if you were going with your classmates. Your instructor will be looking for insight questions and/or useful feedback on the country in question.

MKT301 Principles of Marketing

Module 5 Discussion

My Favorite Bands

If you’ve had a really bad day (one of those “I wish I had stayed in bed days”), is there a product that always makes you feel better? How about at the holidays; does your family have favorite foods that you associate with all the good things the holidays mean to you? The firms that make those products certainly hope so, because it means they have been successful in creating a brand image that you associate with positive feelings or values. We don’t even have to eat that favorite food; just the logo or jingle can cause us to make those associations. But for every person that shares your love for Coke there’s one that won’t settle for anything other than Pepsi.

In this week’s discussion we’re going to continue our study of branding by comparing two competing brands. In this discussion we hope to accomplish two things. First, demonstrate that you have grasped, and can apply, the basic concepts of branding. If you did not take your time with the Elder Care scenario this week you will find this very difficult. Second, apply those concepts to analyzing not just the brand image of a given product, but how that brand compares and contrasts with a direct competitor.

To begin, select a brand that you like. Describe the brand image of the product or firm and provide very specific examples of how they firm’s supports that image. Then, select a competing brand and compare and contrast the brand image of the second product to the first. Be very specific and provide detailed examples. You are encouraged to use your own experiences with the product in your discussion. Examples of ads or other promotional activities will be very helpful in evaluating how the firm supports the brand.

As always, your initial post is due Thursday evening and should be no less than 350 words. Spelling, grammar and college level writing is required.

MKT301 Principles of Marketing

Module 6 Discussion

You want HOW MUCH for that bag?

Why can Prada sell a handbag for $2,000 that costs the firm a little more to manufacture than the $200 bag sold at a department store? At the other end of the pricing spectrum, why would a consumer goods company provide a coupon that makes their new snack product all but free? We learned in the Elder Care scenario that there are a number of pricing strategies firms can use to achieve their marketing objectives. Do they want to build market share, create a perception of exclusivity, or simply get you to try those new cookies?

Consider the product you are using for your marketing plan. How would you price it to achieve your objectives? Describe the pricing strategy you would use to introduce your product to the market, and why you selected that strategy over other options. Be very precise – you must use the correct terminology to receive ANY points.

Your analysis must include:

If your choice a long-term or short-term strategy?

What advantages or disadvantages do you foresee?

Suppose that sales are not meeting your objectives, what change might you make in your pricing?

Be sure to complete the Elder Care scenario and the exercises before you attempt to post. Posting is not available until you have completed the scenario. As always, college level writing is expected and your post should be a minimum of 300 words.

By the way, that $2000 Prada bag may seem like lot of money for a simple handbag, but it is not even close to top of the pyramid. For that, check out the Tanaka designed bag sold by Hermes for a staggering $1.9 million. Why not order two?

MKT301 Principles of Marketing

Module 7 Discussion

Have you ever “liked” a company or product on Facebook? Participated in a company’s blog or posted pictures on their website? Do you and your friends have the next great commercial for Doritos? The snack food firm has turned user generated content into an advertising phenomenon. Their customer created ads are frequently among the most popular during the Super Bowl, and in many cases, have gone viral. User generated content is exactly what it sounds like, content such as blogs, videos, pictures, and tweets (among many other types) that are created and shared by ordinary customers.

Check out this ad that turned into an entire storyline for the firm that developed it and now has not only millions of views, but a following that waits for the next “episode” as if it were a TV series. Thousands have posted their comments, photos and shared the ad with other potential customers – the original in the series has hundreds of thousands “likes”. Not bad for stuff in a can…

OK, your turn. Conduct a web search for examples of firms that have successfully employed user generated content; there are lots of great ones to choose from. If they can do it, so can you! How would you employ user generated content to promote, brand, and sell the product you are using in your marketing plan? Is mommy blogging for you? Photo contests? How will you create the “buzz” you need to launch your product? Describe your user generated content plan and why you selected one type of content over another. How will you get your customers to participate? What’s in it for them? Be specific and share at least one example of a firm that has used a similar strategy.

Your opening post should be at least 350 words and feel free to include photos and samples of the content. As always, college level writing and grammar are expected.

In your responses, critique the examples your classmates have selected and add your ideas for the product or brand.

MKT301 Principles of Marketing

Module 8 Discussion

Developing an IMC Plan

While Maddie, Tess and Chris wrap things up with Elder Care let’s get you and your classmates started on this week’s discussion. You’ve already done the groundwork with the exercise in the scenario – now we are going to expand on what you’ve already done.

You will be playing the role of the marketing director for either EnviroCamp or Madison Pet Foods and targeting the consumer segment you selected earlier. You MUST use the combination of firm and segment that you have already selected. You will be developing an IMC proposal for the firm and target audience you selected. Remember that Maddie recapped some of the important things to consider when you develop an IMC plan, including objectives, segmentation, branding and integrating different parts of promotion into your strategy.

Begin by telling your client what you hope to achieve with your IMC plan – these are your objectives – be sure they are SMART. Then, select at least three of the types of media listed in the scenario exercise. You do NOT have to use the same ones you selected originally, but you do need to stay in the same budget. Here they are below.

Advertising

Personal selling

Pricing

Social media

Sales promotion

Brand image

Direct marketing

Dog bone

Public relations

Guerilla marketing

For each of the three, describe in detail what you will present to your client, including the theme of your message, which execution technique (slice of life, demonstration. etc) you will use and if you plan to use an emotional or cognitive approach to reach the consumer. For at least ONE of your media types, you must provide your client with a visual of some type, such as PowerPoint mockup of your ad or billboard, a screen shot your social media page or a storyboard.

Remember your initial post is due Thursday.

For your responses, play the role of the client and give them feedback, which might include questions, regarding their proposal. As usual, your initial post is expected to be at least 350 words and college level writing is expected.

MKT301 Principles of Marketing

Module 3 Assignment

Product Description

Describe your product or service concisely, but specifically, in no more than three (3) double spaced pages and written in formal business style. The most important requirement for this assignment is that after reading it your instructor has a clear understanding of your product/service/non-profit, what it does for the consumer and how it works or functions.

This is NOT a sales pitch. Do not use this section to promote or advertise your product. Product descriptions which do so will be penalized in grading. Rather, this is a factual and objective description of your product. Some information you typically include:

• The name of your product

• What it does

• How it works (functionality).

• What it looks like

• Key design elements

• What makes it special or unique

MKT301 Principles of Marketing

Module 4 Assignment

Features and Benefits

You will find an in-depth introduction to features and benefits in Module Three. You MUST read this before attempting this assignment.

Using a chart, similar to the one in the example below, list no less than FIVE features of your product with at least TWO customer benefits for EACH of the features.

MKT301 Principles of Marketing

Module 5 Assignment

Segmentation

We will spend a week in class discussing segmentation. For this component you will be required to identify and define the market segments you will target in your plan. It is vital to your success in this assignment that you complete Module Four, including all the activities and the Elder Care Scenario.

You must have a minimum of TWO segments for your project.

Your analysis should include:

1. A narrative description of each of the segments. You are required to give each a name. For example, if I were segmenting older consumers for a pet product I might have “Empty Nesters” or “Little Old Lady Cat Lovers”. This narrative is usually a one paragraph summary of the segment’s profile.

2. How you are segmenting the groups (demographics, psychographic, geographic or other criteria) including the characteristics of your target segments. Be VERY specific and use no less than four demographic and four psychographic variables for each of your segments.

You may use any combination of text, charts and graphs you wish to accomplish parts 1 and 2. However, be sure that it is clear what, and who, comprise your segments.

MKT301 Principles of Marketing

Module 6 Assignment

Supply Chain Management

The global economy, advanced planning techniques, and technology have changed what we once called “logistics” into the science of SCM. SCM is managing both the upstream (where a firm finds materials and supplies) and the downstream (where it sells and/or ships products) “chain” of suppliers, sellers and partners. Some firms, such as Wal-Mart owe much of their success to SCM and logistics. Wal-Mart is considered a world leader in managing their supply chain using advanced logistics and IT systems.

A major change in SCM is the emergence of “third-party logistics suppliers” aka “3PL” firms. The most widely known of these is UPS, whose new tagline is “what can Brown do for you” focuses not on delivering packages, but on SCM.

Product Adaptation

How about a KFC Shrimp Burger?

Truly global firms find that they must adapt the products they sell to meet local market conditions, which may include legal, cultural or physical requirements. This often requires developing new products or components to meet local needs. Product adaptation is changing the physical product, creating a new product or changing other parts of the marketing mix to meet local needs and requirements.

o Changing the name of the product is often not enough, in many cases the product itself needs to be modified. Some examples:

o McDonald’s has burgers in India – but no beef. It’s consumption is taboo. Instead, you’ll find tofu or chicken.

Marketing Plan Guide

o Wal-Mart sells live fish, turtles and frogs in their China stores – not as pets but for dinner tables.

o American appliance manufacturers had to adjust the size of their home machines– many urban European kitchens were too small for our large appliances.

Assignment requirements:

You will follow a format similar to the “do first” assignment at the beginning of Module

5. Make sure that you have completed that exercise before attempting this component of the marketing plan.

There are TWO parts to this component.

Part One:

In about 2-3 paragraphs provide a high level view of your supply chain. Consider what you will need to successfully take your product to market and where you might encounter breaks or obstacles in the chain.

You should also address the issue of what type of suppliers you might need and where they are located. What issues do you anticipate? Do not forget to consider political, trade and social issues. If you need a steady supply of coffee or chocolate, will you buy only Fair Trade? Are there child labor issues? Import restrictions?

Part Two:

You will create Word chart with three columns:

Up stream

Mid-stream

Down stream

If you are not familiar with these terms, visit the activity in Module 5.

For each of the columns, identify 4-5 items that you will need for a complete supply chain. Bullets are fine, but make sure that you are clear.

In the last row, list your typical end user. Are you direct to consumer or are you selling to a retailer or wholesaler? In some cases, you may have an entirely different end user.

MKT301 Principles of Marketing

Module 7 Assignment

Integrated marketing communication

This is the culmination of your marketing plan and will carry more weight in the grading. In this section you will detail the advertising and promotional activities you will use in your project.

You have many options regarding what IMC plans you create for your project and should select those that best fit your product/service/non-profit. You should also select those that interest you personally or professionally.

You are required to complete TWO advertising or promotional IMC items for your product or service.

DO NOT ATTEMPT THIS UNTIL YOU HAVE COMPLETED MODULE 7! THE GRADING WILL ASSUME YOU HAVE THE KNOWLEDGE AND INFORMATION FROM THE MODULE AND ELDER CARE SCENARIO.

There are two parts to your IMC assignment.

First, you will complete a creative brief for each of your activities. There is an example below.

Second, you will create an example or mock-up of your activity. You will find some examples in Module Seven. These examples will not cover all the options you might select for your IMC activities. They will, however, give you some ideas regarding what is expected of you. Generally, everything you need to do can be created in PowerPoint or similar applications.

BE SURE THAT IF YOU USE ANY GRAPHIC PROGRAM OTHER THAN MS OFFICE YOU SUBMIT YOUR EXAMPLES OR MOCKUPS AS PDFs SO YOUR INSTRUCTOR CAN VIEW THEM.

Note that you are not expected to be a graphic artist or Website designer. Nor are you expected to create an entire social media campaign. You ARE expected to demonstrate that you have a basic understanding of the IMC activities you have selected.

Some IMC Options:

Here are just some of the options you have for an IMC activity. Select any TWO of these or add ideas of your own. You may use any one option ONCE. You must select two different activities. NO “flyers” allowed. Flyers are not marketing, they are wat you use to announce the school dance. These are ONLY suggestions – feel free to use your imagination.

Magazine print ad

Radio ad

TV commercial

Social media

YouTube ad

Guerilla campaign

Direct mail

Direct email

Press release

Outdoor ad (billboard, bus ad, car wrap)

Coupons

Trade show or event

Web site (create your landing page)

Regardless of which options you select, you will be required to complete a Creative Brief using a format similar to the one below.

Creative briefs:

Creative briefs are used as a standard template to communicate between those involved in a marketing communication project. This might be between an ad agency and their client or between marketing staff members and their director. The exact information and the template will vary from organization to organization, but the one below is fairly common.

In our class, you will use the brief to describe the IMC portion of your marketing plan.

These will be included in your final written project and your presentation.

MKT301 Principles of Marketing

Module 8 Assignment

As the final step in your marketing plan, you will create a narrated PowerPoint presentation. Your presentation should be about 7-8 minutes long and cover all the major parts of your project.

The Presentation

A narrated presentation to the class not to exceed seven (7) minutes in length. You should assume that you are presenting your plan to a potential investor or lender – a professional business audience (think TV’s Shark Tank).

Keys to a successful presentation:

• Professionally prepared slides

• Presentation skills count – enunciation and correct pronunciation is important

• Avoid background noise

• Do not read the slides – tell your story

• Be prepared for the discussion in Module 8 – your classmates will provide feedback on your presentation

Your slides should follow this format and sequence:

• Cover slide which includes your name and project

• You may have optional slide(s) with pictures or relevant images

• Product description with FAB – 2-3 slides

• SWOT – 4 slides (one each factor)

• Segmentation – 2 slides (one each segment)

• Supply chain – 1 slide – should be similar to the chart in the written plan

• IMC – will vary, but commonly 3-5 slides

• Closing

• Reference list – you are required to keep a list of all sources other than the course materials (text, module content, this guide) used to develop your plan. Include these as your final slide.

MKT301 Principles of Marketing

Quiz 1

Question 1Sam has been tasked with writing a series of objectives for the coming year. If each of them has a very exact relationship to his project, which part of the SMART is this?

Specific

Measureable

Achievable

Relevant

Timed

Question 2Which of these is NOT part of the SMART model

Time

Achievable

Reliable

Measurable

Specific

Question 3Tom’s Shoe’s uses a buy one – give one business model in which they give a pair of shoes to a needy child for each one you buy. What type of marketing best describes this?

Applied

Market mix based

Cause

Social advertising

Community

Question 4A firm that applies the marketing mix to helping save an endangered species is most likely practicing what kind of marketing.

Applied

Market mix based

Cause

Social advertising

Community

Question 5Another Time Around helps young inner city kids develop products they can make and sell to earn money for college. What concept best describes this?

The marketing mix

Cause marketing

Benevolent advertising

A tax deduction

Corporate charitable marketing

MKT301 Principles of Marketing

Quiz 2

Question 1Regardless of where you travel in the world, a Starbucks looks like a Starbucks. They remain very consistent. What type of global strategy are they using?

Conformation

Adaptation

Market consistency

Standardization

Coffee con leche

Question 2Which of these is the best definition of the segmentation concept of “persona”

The promotional strategy a firm uses for a given segment

The lifetime value a firm assigns to a group of consumers

The personality of any given segment of consumers

A name and a set of characteristics that describe the segment

The psychographic traits that define a group of consumers

Question 3What is the first step in the marketing research process?

deciding the research design

selecting which consumers we will study

selecting our primary research plan

determining the business or managerial problem we are solving

getting a good grade in applied decision methods

Question 4Dave plans to include Saint Leo’s core values in his new social media platform. If he wants to appeal to students that believe strongly in our values what type of segmentation is he using?

Social

Psychographic

Ethical

Demographic

Cultural

Question 5For a sample to be truly random what must be true

it must distinguish between different members of the population

it must focus on only those fitting a specific profile

a sample can never be truly random – there is always bias

all members of the population must have an equal chance of being selected

the sample must contain some members of all ages and races

MKT301 Principles of Marketing

Quiz 3

Question 1Which of these is NOT a common part of a firm’s brand?

Public relations

Identity

Image

Associations and beliefs

Logos, colors and taglines

Question 2Which of these is NOT necessarily true of sales promotion marketing?

Sales promotions allow marketers to gather valuable data

Coupons and other promotions let retailers and service providers build customer loyalty

Sales promotions encourage customers to buy quickly, rather than some time in the future

Coupons are especially useful for appealing to lower income consumers

Sales promotion are a useful way for marketers to build customer lifetime value

Question 3Which of these is typically a characteristic of a sales promotion?

It requires the consumer to act on the offer in a fixed time

It is advertised via e-media

The consumer must buy the product to benefit from the offer

It is a key part of social media marketing

Answers a and c are both correct

Question 4State Bank has been accused of overcharging customers for routine transaction and taking advantage of lower income customers. Their marketing department ran a series of ads showing happy customer thanking employees for their help. The most important outcome of these ads for the firm was ____________________

Generate revenue

Increase awareness of their social responsibility

Attract low income customers

Repair their poor brand image

Help the CEO keep his job

Question 5This form of social media content is usually considered to be the most credible because personal stories, photos and reviews from stores and restaurants is considered to be more real and believable.

Earned

Buzz

User generated

Open source

Word of mouth

MKT301 Principles of Marketing

Pricing Quiz

Question 1Kevin and Sarah are opening a business that delivers a week’s worth of gourmet dinners to your home every Sunday afternoon. This allows dual income busy families to have nice dinners every evening with minimal work. They plan to limit the number of customers to maintain high quality and service. Which pricing strategy you would use if you were Kevin and Sarah.

1) Penetration

2) Cost plus

3) Skimming

4) Freemium

5) Everyday low pricing

Question 2 Rob is opening a carpet cleaning business – a highly competitive business with several existing companies. He plans on sending out some direct mail advertising, with the objective of getting people to try his service and build a customer base. What pricing strategy would advise him to use?

1) Penetration

2) Cost plus

3) Skimming

4) Freemium

5) Everyday low pricing

Question 3If Rob has the following costs and sales results, what is his breakeven? (round UP to the nearest whole carpet cleaning)

Price to clean a carpet = $75

Materials (variable costs) = $15

Monthly fixed costs = $4000

1) 72

2) 67

3) 65

4) 6

5) 71

Question 4What is the unit contribution of each carpet that Rob cleans?

1) $50

2) $60

3) $9

4) $75

5) none of these is correct

Question 5Rob is considering investing in a new method of cleaning carpets that will cost him more both in fixed and variable costs, but will allow him to charge more. He wants to know what his total sales will be for both his current method and the new method at his breakeven point. You will need to calculate his BEv for both methods first and then determine his total sales for BOTH to give him the information he needs. Be sure you round UP to the nearest whole carpet.

Remember the current has these factors:

Price to clean a carpet = $75

Materials (variable costs) = $15

Monthly fixed costs = $4000

The new method has these factors:

Fixed costs: $4750

Variable costs per carpet: 18.50

Price per carpet: $99

What are Rob’s sales for the current method AND the new method, in that order?

1) $5010 and $5841

2) $5025 and $5950

3) $5025 and $5841

4) $5005 and $5775

5) There is not enough information to determine this