MKT 300 Lecture Notes - Lecture 2: New Current, Operational Excellence, Marketing Mix

• School: University of Kentucky
• Department: Marketing
• Course: MKT 300
• Professor: Holly Hapke

Document Summary

Week 1 (cid:862)marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (cid:863) Marketing is about satisfying customer wants and needs and entails an exchange. Value-driven: balancing benefits with costs, building relationships, connecting with customers on media platforms. Marketing strategy identifies: a fir(cid:373)"s target (cid:373)arket, a related (cid:373)arketi(cid:374)g (cid:373)ix (cid:894)4 p"s(cid:895, a sustainable competitive advantage (meaning that this is a product that is somewhat unique and has a place for consumers. It will not be easily copied by others. Marketing plan: planning phase, missions and objectives, what kind of business are we, what do we need to do to accomplish our goals and objectives, situational analysis, swot (strengths, weaknesses, opportunities, threats. ) Implement marketing mix: product- creating value, price- capturing value, place- delivering value, promotion- communicating value.