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Lecture 5

MKT 100 Lecture 5: Marketing lectures 1- 5


Department
Marketing
Course Code
MKT 100
Professor
Fathima Saleem
Lecture
5

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Marketing
Lecture 1
January 20th , 2016
What is marketing?
‘’Marketing is a set of business practices designed to plan for and present an organization's products or
services in ways that build effective customer relationships.”
- Brand is everything; a company’s ability to brand itself/ products determines its ability to sustain in
the market and attract customers etc.
- Ex. McDonalds offers a variety of beverages and meals at cheap prices
- In order for a brand to be successful a company must maintain a loyal customer base and
distinguish itself from its customers.
- Ex. Tim Hortons offers its customers ‘’convenient locations and a variety of product
offerings/quick-service restaurant traffic in Canada/differentiated itself through its
community involvement as a sponsor of Timbit minor sports. Its Children's Foundation
highlights some of the company's corporate social responsibility initiatives.’’ Also
promotions such as roll up the rim and chill time
- Marketing requires planning, efficiency and customer relationships
- 4 Ps (production, price, place, promotions)
-

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- Need: the obvious would be food, clothing, shelter and water, when the individual feels deprived
of those elements.
- Want: is the method in which the individual prefers to satisfy their needs, which is shaped by
knowledge and culture. Ex. What do I want when I am hungry? Some days I want poutine, other
days I want to eat sushi, etc etc. a want is not something that is considered a ‘’luxury’’ rather a
way to satisfy oneself.
- Wants/ needs later described in detail in chapter 4 (human psychology)
- Market can be divided into groups of people 👉 groups pertinent to an organization. Ex male/
female etc
- For example, the marketplace for soft drinks may include most people in the world, but as Pepsi
and Coke battle each other worldwide, they divide the global population into a host of categories:
men versus women, calorie-conscious or not, people who prefer carbonated versus
noncarbonated drinks, and multiple categories of flavour preferences, among others.7 If you
manufacture a beverage with zero calories, you want to know for which market segments your
product is most relevant, then make sure that you build a marketing strategy that targets those
groups. Certain diet- and health-conscious customers may prefer Diet Coke or Diet Pepsi; others
may opt for bottled water products like Dasani or Aquafina.
- Target market: refers to people whom are interested and able to BUY the product. Not just be
interested, actually have the means to do so. Ex buying a song off of itunes requires an itunes
account and money.
Marketing Entails an Exchange
Exchange: requires an exchange of services between a buyer and seller
- Tunes creates a record of your purchase, which it uses, together with your other purchase trends,
to create personalized recommendations of other albums or songs that you might like. This
example shows how Apple uses the valuable information you provide to facilitate future
exchanges and solidify its relationship with you.

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LO2: Describe how marketers create value for a product or service?
- 4 P’s
- Product , price, promotions, place
- Value is the relationship between benefits to cost
- Firms can increase their value by being efficient. I.e. increasing benefits and lowering costs, or
both etc etc. need the right balance
- Value based marketers need to build a strong relationship with their customers so that they stay
loyal to them (but these hoe’s ain’t loyal)
- CREATING VALUE 🔑
- Value created by offering a variety of goods/services to satisfy consumer need. Ex water was
viewed as a basic commodity, until companies came out with ‘filtered/spring’ water product to
interest the consumer into buying --- bcos consumers find it VALUABLE. Opposition is that water
bottles are banned in some places, also hazardous to the environment.
- Nike primarily makes shoes but also adds value to its products. For example, it offers custom
designs under its Nike ID brand that increase their fashionable appeal and enlists popular
celebrities such as Rafael Nadal to add their names to the designs.
- Services are intangible customer benefits that are produced by people or machines and
cannot be separated from the producer. Ie banking, beauty treatment, air travel, etc.
- Ideas include thoughts, opinions, philosophies, and intellectual concepts that also can be
marketed. Ex idea of ‘’bicycle safety’’ by going to school and presenting.
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