MKT 100 Lecture Notes - Lecture 1: Marketing Mix, Marketing, Anything Else
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Sep 11 2017
Introduction to Marketing:
❏Define the role of marketing and explain its core concepts
❏Describe how marketers create value for a product or service
❏Summarize the 4 orientations of marketing
● Is a set of business practices designed to plan for and present an organization’s
products or services in ways that build value.
●Build and maintain a loyal customer base
●Distinguish from competitors
●Strong brand, customer appeal
●Ability to protect the brand
Why Do Brands Need to Build Value?
●Instagram sold to Facebook for $1 billion
●80% of future profits come from 20% of existing customers
●Hermes sells bags ranging from $12000 upwards
●You pay significantly more for an Apple product
Main Aspects of Marketing:
A. Marketing is about satisfying customer needs and wants
B. Marketing entails an exchange
C. Marketing requires: Product, Price, Place, and promotion decisions (4Ps)
D. Marketing can be performed both by individuals and organizations
E. Marketing occurs in many settings
F. Marketing helps create value
A. Satisfying Customer Needs and Wants:
●Brands must first understand what customers need and want
○Needs: basic necessities
○Wants: how you satisfy the need
●Develop products and services to suit customer needs and wants.
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