COMM 299 Lecture Notes - Lecture 1: Monopolistic Competition, Oligopoly, Customer Relationship Management
11 Feb 2017
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Document Summary
What is marketing: the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and service to create exchanges that satisfy individual and organizational objectives, fundamentally about exchanges. Tangible, attributes or features can be specified. Efficiency of production and distribution: selling orientation. Why they buy, matching needs to products, sophisticated promotions. Profits based on increasing sales: marketing orientation. Emphasis on identifying customer needs and motivation. Focus on customer satisfaction and retention: socially responsible marketing orientation. Purpose of target marketing: can achieve high efficiency and success if they concentrate on one key groups o consumers with similar characteristics. Customers who have been pushed into buying will like it, but if they don"t dissatisfaction is temporary. Steps in target marketing: asses customer needs. Identify target markets: develop strategic marketing plan, evaluate results. Marketing mix: the four p"s: product, price, place, promotion, under the managers control. External influences: economic factors, competitive factors.
