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Lecture 1

MKT 100 – LECTURE ONE NOTES.docx

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Department
Marketing
Course
MKT 100
Professor
Armand Gervais
Semester
Fall

Description
MKT 100 – LECTURE ONE NOTES JANUARY 15  2013H Why Products or services Fail § No differential advantage (NO REAL REASON TO BUY IT) § Competitive forces  § Innovation makes the product obsolete § Poor market definition  § Lack of channel support  § Poor company fit  § Poor understanding of customer's needs  § Production costs underestimated  § Low sales volume  § Selling costs too high  § Development cost too high Chapter 1 Overview of Marketing What is marketing? • Marketing is a set of business practices designed to plan for and present an  organizations products or services in ways that build effective customer  relationships.      Marketing’s Core Aspect  • Marketing helps create value • Occurs in many settings • Can be performed by both individuals and organizations • Requires product, price, place and promotion decisions.  • Is about satisfying customer needs and wants • Marketing entails an exchange The fundamental purpose of marketing is to create value for both the firm and customer. Value is in essence what you get for what you give up  Value based Marketing      • Firms must offer customers something in excess of that being offered by the  competitors.  • Firms must understand how each aspect of their product or service creates value  for their customers.  How Firms Compete on the Basis of Value • Constantly changing consumer perceptions • Firms must constantly monitor the marketplace in order to create value  Becoming Value Driven: Balancing Benefits and Cost • Understand key benefits • Focus on key benefits • Eliminate cost of less strategic benefits   Marketing Entails Exchange    
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