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Lecture

MKT 2210 Lecture Notes - Marketing Mix, Social Forces


Department
Marketing
Course Code
MKT 2210
Professor
Subbu Sivaramakrishnan

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what marketing is and what it is not
a. marketing defined
the ama definition: an organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing customer relationships in
ways that benefit the organization and its stakeholders
requirements for marketing to occur
four things are needed for marketing to occur:
1. two or more parties (individuals or organizations) with unsatisfied needs.
2. a desire and ability to satisfy these needs.
3. a way for the parties to communicate.
4. something to exchange.
the breadth and depth of marketing
five issues to analyze:
1. what is a market? a market is people with the desire and ability to buy a
specific product.
2. who markets? every organization markets.
3. what is marketed? goods (physical objects), services (activities, deeds or
other basic intangibles) and ideas (intangibles involving thoughts about
actions or causes). social marketing is designed to influence behaviour of
individuals by which benefits accrue to those individuals or to society in
general and not to the marketer.
4. who buys and uses what is marketed? ultimate consumers are people who use
the goods and services purchased. organizational buyers are units, such as
manufacturers, retailers, and customers, that buy goods and services for their
own use or for resale.
5. who benefits? consumers who buy, organizations that sell and society as a
whole.
discovering consumer needs
marketing's first objective is discovering the needs of prospective customers.
consumer needs and consumer wants
a. a need occurs when a person feels deprived of basic necessities.
b. a want is a need that is shaped by a person’s knowledge, culture,
and individual personality. marketing does not create the need for
a product, but shapes a person’s wants.
satisfying consumer needs
an organization does not have the resources to satisfy the needs of all consumers,
so it focuses on the needs of its target market--the specific group or groups of
potential consumers toward which it will direct its marketing program.
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