BSB126 Notes 1-3.docx

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Department
Management and Human Resources
Course
BSB126
Professor
All Professors
Semester
Fall

Description
Lecture 1 Market: People with the desire and ability to buy a specific product Marketing: Process of developing, pricing, promoting and distributing goods, services and ideas, to satisfy the needs of customers Target Market: Specific group of potential customers towards which an organisation directs is marketing program Evolution of Marketing – 5 Stages 1. Production concept: Assumes consumers favour products that offer the most quality for the price (risk is too much focus on product and not on consumer) 2. Product concept 3. Selling concept: Producing a product and then trying to persuade customers to purchase it. In effect, trying to alter consumer demand. It is internally focused 4. Marketing concept: The idea that organisations should strive to satisfy the needs of consumers while also trying to achieve the organisation's goals. 5. Marketing orientation: Focusing organisational efforts to collect and use information about customers’ needs to create customer value Relationship Marketing: Linking the organisation to individual customers, employees, suppliers and other partners for their mutual long-term benefit Marketing Program: Plan that integrates the marketing mix to provide a good, service or idea to prospective buyers Societal marketing concept: The idea that organisations should satisfy the needs of customers in a way that provides for society's well-being (social responsibility and ethical considerations). Marketing Mix -Controllable factors Four Ps:  Product  Price  Promotion  Place Environmental Forces - Uncontrollable factors:  Social  Economic Forces  Technological Forces  Competitive Forces  Regulatory Forces Lecture 3 Environmental Scanning: Acquiring information on events outside the organisation to identify potential trends External Uncontrollable Forces Macro-Environment  Social Forces: Demographics and Values/Culture  Economic Forces: Income, Expenditures and Resources  Technological Forces: Technological Impact and Advances  Competitive Forces: Pure Competition, Monopolistic Competition,
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