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Lecture 1

MKT 100 Lecture Notes - Lecture 1: Marketing Mix, Marketing, Anything Else


Department
Marketing
Course Code
MKT 100
Professor
Fathima Saleem
Lecture
1

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Sep 11 2017
Introduction to Marketing:
Learning Objectives:
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
Marketing:
● Is a set of business practices designed to plan for and present an organization’s
products or services in ways that build value.
BUILDING 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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