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Lecture 1

MKTG 317 Lecture Notes - Lecture 1: Better Business Bureau, American Marketing Association, Chatr

Course Code
MKTG 317
Edmund Gee

of 11
Introduction & External Marketing Environment
Definition of Marketing
American Marketing Association (2013)
oMarketing is the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings
that have value for customers, clients, parents and society at
o…build strong customer relationships in order to capture value
from customers (2007)
o…influence choice whenever an individual or an organization
has a choice to make (2010)
Common elements b/w current and old
oStakeholders, exchange, value, relationships
Common Criticism
“Marketers create unnecessary demand for products people don’t
really need”
oTrue or false?
Needs vs. wants. Vs. demands
oNeeds – state of felt deprivation for basic items
i.e. you want to stay in touch with a family so you need
a phone
oWants – shaped by culture and individual personality
i.e. I need a phone. I want an iPhone
Brand that helps satisfies your need—specific product to
satisfy your need
oDemands – wants backed by buying power
Marketings Evolution
Five organizational philosophies
oProduction Concept
Available and affordable
Making things cheap and available
oProduct Concept
Quality, performance, features
i.e. food must be tasty
oSelling Concept
Sales and promotion
oMarketing Concept
Needs and wants
oSocietal Marketing Concept
Market value and societal value
Value = what you get is greater than what you give up
Sales Vs. Market Orientation
Core Concepts of Marketing
oTargeting and positioning
Needs, wants, demands
oEg. Needs: something to satisfy a desired state;
oEg. Wants: the brand name product that will satisfy the need
e.g. need a smartphone, want a iPhone 6 or Samsung Note 4
Market offering
oConcept of the market mix
oMarketing mix – Developing 4Ps (Product, Price, Place,
Creating value
oSatisfaction and loyalty
oWhat the customer receives is equal or greater than what is
given up (not always money)
oE.g. Value of an iPhone must be greater than the money
spent and time spent in line
oCan also give up psychological pain
Developing exchange relationships
oWithout customers, no company
Marketing Environments
Company, customer, competitors
Company, customer, supply chain partners