Marketing Management, Ch. 23: Managing a Holistic Marketing Organization for the Long Run
Read pages 658-685 and 687 of Marketing Management.
Consider the following as you watch:
Review the various jobs in the marketing organization. What areas appeal to you and why?
Ethics Discussion
Describe ethical standards
Ethical considerations
Describe ethical marketing including a few guiding principles that should be considered and examples of unethical marketing behaviors.
Marketing Metrics Discussion
Measurable outcomes
Monitoring the outcomes of your marketing for each product line, business unit, and campaign is critical. What types of metrics should marketers analyze? What is the best way to track this information?
Cause Marketing Discussion
Cause marketing
Social responsibility
How does cause or corporate societal marketing affect your personal consumer behavior? Do you ever buy or not buy any products or services from a company because of its environmental policies or programs? Why or why not?
Most Challenging Concepts
Recall the readings and activities you have completed this week and describe the one or two points that were least clear to you. What questions do you have that would help you understand these points better?
Cost
PLEASE RESPOND
The book references three types of costs related to marketing. Direct costs can be assigned to the proper area without issue. Direct sales expenses would include commissions, salaries, and travel expenses.
Traceable common costs include items that can be indirectly linked to marketing operations such as building rent. Nontraceable common costs are considered arbitrary and can only loosely be tied to marketing operations.
According to Keller (2016), "To allocate them proportionately to the sales of the various products would be arbitrary because relative product sales reflect many factors besides corporate image making. Other examples are top management salaries, taxes, interest, and other overhead" (pg. 692). Companies need to determine how it will analyze the performance of marketing departments based on their costs and ultimate results.
Reference
Keller, K. (2016). Marketing Management. Retrieved from The University of Phoenix eBook Collection database.
Financial analysis
PLEASE RESPONSD
The book discusses how to determine the financial impact of marketing activities. Profit margins and asset turnover need to be determined to confirm the overall return on assets. Combining this with financial leverage, the rate of return over net worth can be analyzed.
According to Keller (2016), "To improve its return on net worth, the company must increase its ratio of net profits to assets or increase the ratio of assets to net worth.
The company should analyze the composition of its assets (cash, accounts receivable, inventory, and plant and equipment) to see whether it can improve its asset management" (pg. 689). These calculations can help a company determine if they are taking proper steps and what processes need to be reviewed.
Reference
Keller, K. (2016). Marketing Management. Retrieved from The University of Phoenix eBook Collection database.
Virgin Group
PLEASE RESPOND
The book gave a good example of how Virgin innovates and expands into new markets on a continuing basis. Richard Branson has started over four hundred companies across a wide range of industries.
According to Keller (2016), "The Virgin name--the third most respected brand in Britain--and the Branson personality help sell the company's diverse portfolio of branded air travel, railroads, financial services, music, mobile phones, cars, wine, publishing, and medical devices" (pg. 685).
Virgin finds markets where the potential competition is not innovative, and customers are under appreciated or charged unreasonable prices. It would seem that entering markets with no prior experience would be an issue and costly, but revenues continue to increase as the Virgin Group maintains and expands its area of operations.
Reference
Keller, K. (2016). Marketing Management. Retrieved from The University of Phoenix eBook Collection database.