MKT 100 Lecture Notes - Lecture 1: Marketing Mix, Voice Of The Customer, Retail

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2 Aug 2016
Department
Course
MKT 100
Chapter 1
Overview of Marketing
What is marketing and what are the core concepts?
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.
Marketing is the activity, set of institutions and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners and
society at large.
How do marketers create value for a product or service?
A. Satisfies Customer Needs and Wants
Needs: Basic Necessities
Wants: Everything Else
Figure out who YOUR target market is
B. Marketing is an Exchange
Can occur between a organization and a client
The exchange is between a buyer and a seller to which both entail a better
outcome (ie. ITunes and their customers)
The organization gives communications(ie. Promotions) and delivery. Whilst the
client gives not only money but information as well. (ie. Emails, Social Media)
C. Marketing Requires Marketing Mix Decisions
Creating Value;Product: Brand, Size, Quality, Features, Packaging, Warranty
Communicating Value;Promotion: Communication activities to inform, influence,
persuade, and remind potential buyers. (ie. Advertising, Sales, Personal Selling)
Delivering Value;Place: All activities to get the product to the customer when the
customer wants it: supply chain management. (ie. Locations, Supply Chain)
Transacting Value;Price: What the consumer will pay for not only the product but
the work involved. (List Price, Costs, Payment Period, Discounts)
Goods – Items that can be physically touched
Services – Intangible customer benefits that are produced by people or
machines and cannot be separated from the producer
Price – The overall sacrifice a consumer is willing to make – money, time,
energy to acquire a specific product or service
D. Marketing Can Be Performed by Both Individuals and Organizations
B2B: Business to Business (Wholesale)
B2C: Business to Consumer (Retail)
C2C: Consumer to Consumer (eBay)
E. Marketing Impacts Many Stakeholders
Both profit and non-profit entities
Developing Economies
Entire Industries
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