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Marketing 1 Chapters 1-2.docx

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McGill University
Management Core
MGCR 352
Fabienne Cyrius

Chapter 1 Marketing: The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large. To serve both buyers and sellers, marketing seeks -to discover the needs and wants of prospective customers -to satisfy them Social marketing: marketing designed to influence the behavior of individuals in which the benefits of the behavior accrue to those individuals or to the society in general and not to the marketer ie antismoking campaigns Ultimate consumers: use the goods and services purchased for a household Organizational buyers: manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for sale How marketing discovers and satisfies consumer needs Want is a felt need that is shaped by a person’s knowledge, culture, and personality Concentrate on a certain consumer need, for a specific group Target Market: one or more specific groups of potential consumers toward which an organization directs its marketing program The four Ps: Marketing mix -product: features, brand name, packaging, service, warranty -price: list prices, discounts, allowances., credit terms, payment period -promotion: advertising, personal selling, sales promotion, public relations, direct marketing -place: outlets, channels, coverage, transportation, stock levels marketing managers controllable factors; the marketing actions of the four Ps that he can take to create ,communicate, and deliver value environmental forces: the uncontrollable factors involving social, economic, technological, competitive, and regulatory forces new inventions can create new markets Marketing program: a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. Evolution of north American businesses -Production era -sales era -marketing era marketing concept: the idea that an organization should strive to satisfy the needs of consumers, while also trying t achieve the organization’s goals -marketing orientation era Marketing orientation: focusing efforts on 1) continuously collecting information about customers’ needs and competitors’ capabilities 2) sharing this information throughout the organization 3) using the info to create value, ensure customer satisfaction, and develop customer relationships customer value: the unique combination of benefits received by the customer that include quality, price, convenience, on-time delivery, and service customer satisfaction: match between customer expectations and the product’s performance customer relationship management (CRM): the process of building and developing long-term relationships with customers by delivering customer value and satisfaction customer lifetime value (CLV): the profit generated by customer’s purchase of an organization’s product or service over the customer’s lifetime eCRM interactive marketing: buyer-seller communication -Customer experience management era customer experience management (CEM): managing the customers’ interactions with the organization so that the customer has a positive impression of the organization, is satisfied with the experience, and will remain loyal customer centric marketing organization -Social Media Marketing Era social media marketing: consumer-generated Ethics and social responsibility -ethics -social responsibility: accountable to society for their actions -societal marketing concept: view that should discover and fulfill consumer needs in a way that also provides for society’s wellbeing -macromarketing: the aggregate flow of a nation’s goods and services to benefit society -micromarketing: how an individual organization directs its marketing activities and allocates its resources to benefit its customers Chapter 2 Firms… Goals -specific measurable -attainable -relevant -time-based can pursue many different kinds of goals: profit, sales revenue, market share, unit sales, quality, customer satisfaction, employee welfare, social responsibility Organizational strategies: -variation by level -variation by offering Setting strategic directions Competencies: competencies: an orgs special capabilities, including skills, technologies, and resources, that distinguish it form other organizati
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