ECON344 Lecture 5: Chapter 1 and 2 notes

• School: University of Waterloo
• Department: Economics
• Course: ECON344
• Professor: Bharat Sud

Document Summary

Chapter 1: customer value, satisfction, relationships & experiences. Marketing: activity for creating, communicating, delivering and exchanging offerings that benefit the organization, stakeholders and society at large. O(cid:272)(cid:272)u(cid:396)s (cid:449)he(cid:374) a (cid:272)o(cid:373)pa(cid:374)(cid:455) o(cid:396) i(cid:374)di(cid:448)idual does (cid:373)a(cid:396)keti(cid:374)g to (cid:272)ha(cid:374)ge people"s pe(cid:396)(cid:272)eptio(cid:374) o(cid:396) (cid:271)eha(cid:448)io(cid:396)s. Social marketing: to influence behavior through which benefits accrue to the influenced people or to society ex. Example: tide, we look for the orange container, it saves time and brands offer a guarantee of quality. Market: g(cid:396)oups of people (cid:449)ho (cid:374)eed/(cid:449)a(cid:374)t a (cid:272)o(cid:373)pa(cid:374)(cid:455)"s p(cid:396)odu(cid:272)ts o(cid:396) se(cid:396)(cid:448)i(cid:272)es a(cid:374)d ha(cid:448)e the a(cid:271)ilit(cid:455) a(cid:374)d willingness to buy them. People with desire & ability to buy a specific product. Target market: you cannot satisfy all needs of all people. Need to focus on smaller group of customers for whom you can satisfy some needs. 1 or more specific groups of potential consumers toward which an organization directs its marketing program. Marketing mix: composed of the four ps: product, price, promotion, place.