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Reference Guide

Introductory Marketing - Reference Guides

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Department
Business Administration
Course Code
BUS 343
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All

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Description
Introductory Marketing 2 Introductory Marketing 3 permacharts TM WHAT IS MARKETING? cont. SERVICES INTRODUCTORY ETHICAL MARKETING TARGET MARKETS Services are intangible activities offered to the • Inseparability – services are produced and Emphasis in Marketing Management in the 2000’s A target market is a group of people with similar consumer in exchange for money consumed at the same time and often the service provider and the service cannot be separated by has shifted from an emphasis on producers’ interests needs and who are expected to respond similarly to THE UNIQUE ASPECTS OF SERVICES: to consumer interests. However, despite this focus on a marketing action the consumer when evaluating the service MARKETING the consumer, organizations must consider the social • Intangibility – they cannot be held, touched or se• Inventory – because the service is produced and Target Markets evolve from the process of market before the purchase. A key service strategy is to WHAT IS MARKETING? and environmental implications of their decisions segmentation tangiblize the service through branding or imagery consumed at the same time by a service provider it is very important to • Inconsistency – because services are often manage demand. arketing is an organizational M arketing includes activities that deliver “value “ to customers MARKETING MIX delivered by people it is hard to maintain service M function and a set of processes by identifying customer needs and creating activities that You cannot quality at a consistent level. A key strategy has inventory a for creating, communicating and deliveringmanage the organization’s relationships with those customers The Marketing Mix Is a combination of the •Place – Channels of distribution that been standardization through automation service 4 P’s of Product, Price, Place and ensure the product or service is value to customers and for managing W HO MARKETS? Promotion Product Place available when and where customer relationships in ways that benefit customers want it PRICE Everyone markets: firms market their products or services, • Product – The product or service the organization and its stakeholders. non-profit organizations use marketing to attract clients and offering including packaging, • Promotion – The variety of • Money or other things are given up in exchange • Loss leader – a low price to lure consumers in the donations, individuals market themselves to gain employment. warranty, after sale service, branding, communication tools that are source: http://www.marketingpower.com for a good or service hopes of up-selling them The list is endless company image and value integrated together to ensure • Price is often an indicator of value when it is Cost Approach • Price – What the customer pays to Price Promotion the consumer is aware of the compared with the benefits of the product This Permachart provides a synopsis of EVOLUTION OF MARKETING obtain the product or service; the price product or service and • Mark up – a percentage mark up on price to ultimately persuades them to • Price has a direct effect on firm’s profits cover expenses key Marketing terms and concepts that Marketing is a social process that is a major force in a modern is established in relation to production • Profit = (Unit Price X Quantity Sold) – Total Cost global economy costs and competition take ownership • Cost plus – the price reflects the sum of all costs together may be used as a quick and plus a set profit per unit easy to follow reference and study tool Four Distinct Stages in the Evolution of Marketing PRICING OBJECTIVES PRODUCTS Should fit with the marketing objectives • Experience curve – pricing is variable in that as experience is gained and costs fall so does the price Production CONSUMER GOODS • Accessory Equipment – products which are used They affect the pricing policies established by the firm Era • Sales Objectives – price to sell to generate salesProfit Approach Goods purchased by the ultimate consumer to assist in the manufacture of goods but are not and market share • Target profit – the price is set to achieve a Sales used in the goods such as computers or office particular profit target Era Types of Consumer Goods: furniture • Profit Objectives – price to generate the desired • Convenience goods – bought often with little profit – target return or return on investment • Target return on sales – the price is set to Marketing • Installations – expensive major capital equipment achieve a return on sales target Concept Era thought or effort. Consumer generally knows the required to manufacture other products but not in • Status Quo Objectives – price to maintain product before purchasing. Must be widely available the actual product harmony in the competitive environment • Targetreturnoninvestment–thepriceissettoachieve Market • Shopping Goods – products bought less frequently a target return on the investment in the product Orientation PRODUCT LIFE CYCLE • New: Social Responsibility Objectives – price such Era which the consumer will comparison shop for. The that the firm compromises profit to ensure the Once the list price has been established there are a consumer looks for suitability, quality, price and sThe stages the product goes through in the marketplace betterment of the target consumer variety of pricing adjustments that can be made to 1860 1880 1900 1920 1940 1960 1980 2000 enhance the competitiveness and success of the • Specialty Goods – consumer has a strong brand APPROACHES TO SETTING A PRICE LEVEL pricing strategy preference and seeks the brand when shopping • Unsought Goods – products that the consumer Demand Approach • Discounts and Allowances – reductions from list • Production Era – only one choice so those who could afford it by the seller to buyer as a reward for some bought it. Produce all you can does not yet know about or knows about but does For new products activity the buyer performed not initially want • Skim – high entry level price • Sales Era – competition created choice so business emphasis • Geographic adjustments – reductions or was on aggressive selling BUSINESS GOODS • Penetrate – low entry level price adjustments made by the manufacturer and For established products wholesalers to reflect the cost of transportation • Marketing Concept Era – ‘an organization strives to satisfy the Goods and services used in the production of other needs of the customer while making a profit’ goods. Their key characteristic is derived demand • Prestige – high price to reinforce prestigious Price legalities (demand for the organizations product is driven by Time positioning is the driving force as companies focus on There are regulatory and legal restrictions the customer demand for consumer products) PACKAGING • Odd even – the use of .99 at the end of the price as determined by the • Price lining – a line of products priced at various levelsion Act that • Marketing Orientation Era – Types of Business Goods: The container on which product label information is today businesses focus on collecting • Raw Materials – unprocessed included • Target – price based on what it is assumed the must be considered materials that are used to consumer will pay when establishing the consumer information on a Functions of the Package: final price continuous basis, sharing this make other products • Bundle – two or more products priced together as • Component Parts and • To contain and protect contents a single package The practices receiving information throughout the • Promote products – communicate usage directions the most scrutiny are: organization and using the Materials – partially finished Competition Approach • Price fixing information to create value, materials or completely and reinforce positioning • Customary – pricing at a level that is the norm finished materials that are • Aid in storage and usage • Price discrimination customer satisfaction and for the industry • Deceptive pricing customer relationships used in the manufacturing of • Facilitate recycling and reducing environmental • Above, at or below the market – subjective other products damage pricing relative to competition • Predatory pricing www.permacharts.com © 2009-2012 Mindsource Technologies Inc. © 2009-2012 Mindsource Technologies Inc. © 2009-2012 Mindsource Technologies Inc. Introductory Marketing 2 Introductory Marketing 3 permacharts TM WHAT IS MARKETING? cont. SERVICES INTRODUCTORY ETHICAL MARKETING TARGET MARKETS Services are intangible activities offered to the • Inseparability – services are produced and Emphasis in Marketing Management in the 2000’s A target market is a group of people with similar consumer in exchange for money consumed at the same time and often the service provider and the service cannot be separated by has shifted from an emphasis on producers’ interests needs and who are expected to respond similarly to THE UNIQUE ASPECTS OF SERVICES: to consumer interests. However, despite this focus on a marketing action the consumer when evaluating the service MARKETING the consumer, organizations must consider the social • Intangibility – they cannot be held, touched or se• Inventory – because the service is produced and Target Markets evolve from the process of market before the purchase. A key service strategy is to WHAT IS MARKETING? and environmental implications of their decisions segmentation tangiblize the service through branding or imagery consumed at the same time by a service provider it is very important to • Inconsistency – because services are often manage demand. arketing is an organizational M arketing includes activities that deliver “value “ to customers MARKETING MIX delivered by people it is hard to maintain service M function and a set of processes by identifying customer needs and creating activities that You cannot quality at a consistent level. A key strategy has inventory a for creating, communicating and deliveringmanage the organization’s relationships with those customers The Marketing Mix Is a combination of the •Place – Channels of distribution that been standardization through automation service 4 P’s of Product, Price, Place and ensure the product or service is value to customers and for managing W HO MARKETS? Promotion Product Place available when and where customer relationships in ways that benefit customers want it PRICE Everyone markets: firms market their products or services, • Product – The product or service the organization and its stakeholders. non-profit organizations use marketing to attract clients and offering including packaging, • Promotion – The variety of • Money or other things are given up in exchange • Loss leader – a low price to lure consumers in the donations, individuals market themselves to gain employment. warranty, after sale service, branding, communication tools that are source: http://www.marketingpower.com for a good or service hopes of up-selling them The list is endless company image and value integrated together to ensure • Price is often an indicator of value when it is Cost Approach • Price – What the customer pays to Price Promotion the consumer is aware of the compared with the benefits of the product This Permachart provides a synopsis of EVOLUTION OF MARKETING obtain the product or service; the price product or service and • Mark up – a percentage mark up on price to ultimately persuades them to • Price has a direct effect on firm’s profits cover expenses key Marketing terms and concepts that Marketing is a social process that is a major force in a modern is established in relation to production • Profit = (Unit Price X Quantity Sold) – Total Cost global economy costs and competition take ownership • Cost plus – the price reflects the sum of all costs together may be used as a quick and plus a set profit per unit easy to follow reference and study tool Four Distinct Stages in the Evolution of Marketing PRICING OBJECTIVES PRODUCTS Should fit with the marketing objectives • Experience curve – pricing is variable in that as experience is gained and costs fall so does the price Production CONSUMER GOODS • Accessory Equipment – products which are used They affect the pricing policies established by the firm Era • Sales Objectives – price to sell to generate salesProfit Approach Goods purchased by the ultimate consumer to assist in the manufacture of goods but are not and market share • Target profit – the price is set to achieve a Sales used in the goods such as computers or office particular profit target Era Types of Consumer Goods: furniture • Profit Objectives – price to generate the desired • Convenience goods – bought often with little profit – target return or return on investment • Target return on sales – the price is set to Marketing • Installations – expensive major capital equipment achieve a return on sales target Concept Era thought or effort. Consumer generally knows the required to manufacture other products but not in • Status Quo Objectives – price to maintain product before purchasing. Must be widely available the actual product harmony in the competitive environment • Targetreturnoninvestment–thepriceissettoachieve Market • Shopping Goods – products bought less frequently a target return on the investment in the product Orientation PRODUCT LIFE CYCLE • New: Social Responsibility Objectives – price such Era which the consumer will comparison shop for. The that the firm compromises profit to ensure the Once the list price has been established there are a consumer looks for suitability, quality, price and sThe stages the product goes through in the marketplace betterment of the target consumer variety of pricing adjustments that can be made to 1860 1880 1900 1920 1940 1960 1980 2000 enhance the competitiveness and success of the • Specialty Goods – consumer has a strong brand APPROACHES TO SETTING A PRICE LEVEL pricing strategy preference and seeks the brand when shopping • Unsought Goods – products that the consumer Demand Approach • Discounts and Allowances – reductions from list • Production Era – only one choice so those who could afford it by the seller to buyer as a reward for some bought it. Produce all you can does not yet know about or knows about but does For new products activity the buyer performed not initially want • Skim – high entry level price • Sales Era – competition created choice so business emphasis • Geographic adjustments – reductions or was on aggressive selling BUSINESS GOODS • Penetrate – low entry level price adjustments made by the manufacturer and For established products wholesalers to reflect the cost of transportation • Marketing Concept Era – ‘an organization strives to satisfy the Goods and services used in the production of other needs of the customer while making a profit’ goods. Their key characteristic is derived demand • Prestige – high price to reinforce prestigious Price legalities (demand for the organizations product is driven by Time positioning is the driving force as companies focus on There are regulatory and legal restrictions the customer demand for consumer products) PACKAGING • Odd even – the use of .99 at the end of the price as determined by the • Price lining – a line of products priced at various levelsion Act that • Marketing Orientation Era – Types of Business Goods: The container on which product label information is today businesses focus on collecting • Raw Materials – unprocessed included • Target – price based on what it is assumed the must be considered materials that are used to consumer will pay when establishing the consumer information on a Functions of the Package: final price continuous basis, sharing this make other products • Bundle – two or more products priced together as • Component Parts and • To contain and protect contents a single package The practices receiving information throughout the • Promote products – communicate usage directions the most scrutiny are: organization and using the Materials – partially finished Competition Approach • Price fixing information to create value, materials or completely and reinforce positioning • Customary – pricing at a level that is the norm finished materials that are • Aid in storage and usage • Price discrimination customer satisfaction and for the industry • Deceptive pricing customer relationships used in the manufacturing of • Facilitate recycling and reducing environmental • Above, at or below the market – subjective other products damage pricing relative to competition • Predatory pricing www.permacharts.com © 2009-2012 Mindsource Technologies Inc. © 2009-2012 Mindsource Technologies Inc. © 2009-2012 Mindsource Technologies Inc. Introductory Marketing 2 Introductory Marketing 3 permacharts TM WHAT IS MARKETING? cont. SERVICES INTRODUCTORY ETHICAL MARKETING TARGET MARKETS Services are intangible activities offered to the • Inseparability – services are produced and Emphasis in Marketing Management in the 2000’s A target market is a group of people with similar consumer in exchange for money consumed at the same time and often the service provider and the service cannot be separated by has shifted from an emphasis on producers’ interests needs and who are expected to respond similarly to THE UNIQUE ASPECTS OF SERVICES: to consumer interests. However, despite this focus on a marketing action the consumer when evaluating the service MARKETING the consumer, organizations must consider the social • Intangibility – they cannot be held, touched or se• Inventory – because the service is produced and Target Markets evolve from the process of market before the purchase. A key service strategy is to WHAT IS MARKETING? and environmental implications of their decisions segmentation tangiblize the service through branding or imagery consumed at the same time by a service provider it is very important to • Inconsistency – because services are often manage demand. arketing is an organizational M arketing includes activities that deliver “value “ to customers MARKETING MIX delivered by people it is hard to maintain service M function and a set of processes by identifying customer needs and creating activities that You cannot quality at a consistent level. A key strategy has inventory a for creating, communicating and deliveringmanage the organization’s relationships with those customers The Marketing Mix Is a combination of the •Place – Channels of distribution that been standardization through automation service 4 P’s of Product, Price, Place and ensure the product or service is value to customers and for managing W HO MARKETS? Promotion Product Place available when and where customer relationships in ways that benefit customers want it PRICE Everyone markets: firms market their products or services, • Product – The product or service the organization and its stakeholders. non-profit organizations use marketing to attract clients and offering including packaging, • Promotion – The variety of • Money or other things are given up in exchange • Loss leader – a low price to lure consumers in the donations, individuals market themselves to gain employment. warranty, after sale service, branding, communication tools that are source: http://www.marketingpower.com for a good or service hopes of up-selling them The list is endless company image and value integrated together to ensure • Price is often an indicator of value when it is Cost Approach • Price – What the customer pays to Price Promotion the consumer is aware of the compared with the benefits of the product This Permachart provides a synopsis of EVOLUTION OF MARKETING obtain the product or service; the price product or service and • Mark up – a percentage mark up on price to ultimately persuades them to • Price has a direct effect on firm’s profits cover expenses key Marketing terms and concepts that Marketing is a social process that is a major force in a modern is established in relation to production • Profit = (Unit Price X Quantity Sold) – Total Cost global economy costs and competition take ownership • Cost plus – the price reflects the sum of all costs together may be used as a quick and plus a set profit per unit easy to follow reference and study tool Four Distinct Stages in the Evolution of Marketing PRICING OBJECTIVES PRODUCTS Should fit with the marketing objectives • Experience curve – pricing is variable in that as experience is gained and costs fall so does the price Production CONSUMER GOODS • Accessory Equipment – products which are used They affect the pricing policies established by the firm Era • Sales Objectives – price to sell to generate salesProfit Approach Goods purchased by the ultimate consumer to assist in the manufacture of goods but are not and market share • Target profit – the price is set to achieve a Sales used in the goods such as computers or office particular profit target Era Types of Consumer Goods: furniture • Profit Objectives – price to generate the desired • Convenience goods – bought often with little profit – target return or return on investment • Target return on sales – the price is set to Marketing • Installations – expensive major capital equipment achieve a return on sales target Concept Era thought or effort. Consumer generally knows the required to manufacture other products but not in • Status Quo Objectives – price to maintain product before purchasing. Must be widely available the actual product harmony in the competitive environment • Targetreturnoninvestment–thepriceissettoachieve Market • Shopping Goods – products bought less frequently a target return on the investment in the product Orientation PRODUCT LIFE CYCLE • New: Social Responsibility Objectives – price such Era which the consumer will comparison shop for. The that the firm compromises profit to ens
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