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MARK1020 (22)

MARK1012 Week 1

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George Brown College
Robert Goode

MARK1012 PRINCIPLES OF MARKETING Week 1: 9/3/2013 LECTURE Instructor: Robert Goode Ch.1 Overview of Marketing Marketing. A set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships. - Not just about exchanging goods/services for money or making profit - Requires thoughtful planning with an emphasis on the ethical implications of any of those decisions on consumers and society in general eg. Don’t break labour laws Value. The fundamental purpose of marketing = create value for the firm and customer. - What you get for what you give up; benefits to cost Core Aspects of Marketing (1) Satisfying customer wants and needs (4) Performed by individuals and (2) Entails an exchange organizations (3) 4P’s: Product, Price, Place, and (5) Occur in many settings Promotion decisions (6) Creates value 1. Satisfying customer wants and needs • Begins with understanding their needs and wants • Developing products and services • How does a company address the diverse needs and wants of consumers for dental care products? Firms must first understand how customers vary in their purchase behavior. What motivates purchase? Fresh breath? Sensitive teeth? 2. Entails an exchange • The exchange can occur between any two parties • Not simply a buyer and seller exchanging money for a good or service • Can be an exchange of information for convenience 3. 4 P’s: Product, Price, Place, Promotion Product Creating value: brand, size, quality features (ie. M.A.A.D Mothers Against Drunk Driving) - How to be responsible (education) in exchange that you don’t drink and drive - Ideas: thoughts, opinions, philosophies, and intellectual concepts Price Transacting value: discounts, allowances, costs, payment periods, credit terms - Everything the buyer gives up in exchange for product - Time, energy, money Place Delivering value: marketing channels, distribution intensity, locations, supply chains, logistics - All activites required to get product to customer when customer wants it - Supply chain management examines these activities Promotion Communicating value: advertising, sales promo, personal selling, public relations, direct marketing, electronic media - Inform/persuade/remind potential buyers - Influence opinions or elicit a response Week 1: 9/3/2013 LECTURE Marketing Shaped by External Forces Culture, demographics, political-legal, social, economic, technological (greatest impact) └ Company, competition, corporation partners └ Consumers In response to concerns about the environment and obesity, marketers use more environmentally friendly packaging for their products; some are even using alternative materials in the products themselves. In response to the obesity trend, marketers try to distinguish their products by using labels such as non-fat, low-fat, fat-free, sugar-free, and cholesterol-free. 4) Performed by Individuals and Organizations: B2B Business to business: wholesaling B2C Business to consumer: retailing C2C Consumer to consumer: swap meets, eBay, yard sales 5) Many Settings - Both profit and non-profit entities - Developing economies - Entire industries 6) Helps creates Value - Implement a marketing strategy according to what customers value Marketing through several eras Turn of the Century 1920 1950 1990 Value-Based Production Sales Market
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