MKT 574 Strategic Marketing Basics Paper
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
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 practices.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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