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Lecture 1

ADM2320 Lecture 1: Untitled1

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University of Ottawa
Gurprit Kindra

Chapter 1: Marketing = a process by which companies create value for customers and build strong customer relationships (to capture value from customers in return) Value is in the eye of the beholder! value proposition = the set of benefits or values a company promises to deliver to customers to satisfy their needs. —> Marketing is about understanding the needs of the customer. —> the customers don't always know what they want so Marketers must often understand consumers needs even better than the consumers themselves do. Consumer-driving (companies are driving their customers to their products, “you don't know what you really want”) vs. Consumer-driven marketing strategy (customers drive companies to decide what they will sell) a. Satisfying customer needs & wants —> Need: basic necessities (e.g, hungry) —->Want: how to fulfill that need (e.g, grabbing a coke, drinking juice…) b. Marketing entails an exchange —> The exchange can occur between any two parties, not simply a buyer and seller exchanging money for a good or service c. Marketing requires marketing mix decisions (product, price, place and promotion!) i. Product: creating value —> The fundamental purpose of the firm is to create value by developing a variety of offerings, including: goods, values, ideas ii. Price: transacting value —> price is everything the buyer gives up in exchange for the product (money, time, energy) iii. Place: delivering value —> Supply chain management (Marketing channel management) = the field that examines all activities necessary to get the product to the right customer when and where that customer wants it. iv. Promotion: communicating value —> The communication activities of marketing are used to: —> inform, persuade and remind potential buyers —> influence their opinions or elicit a response d. Marketing ca
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