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Lecture 2

ADM2320 Lecture 2: Untitled2

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Gurprit Kindra

Why is marketing important? a. Marketing expands firms’ global presence: —> Good are available to consumers from many countries from the far reaches of the globe —> Must understand customers needs & wants, Segment-by-segment, region-by-region b. Marketing is pervasive across channel members —> Each step in the supply chain involves marketing (raw material suppliers, manufacturer, distributor, customer) —> All members in the chain must ultimately focus on creating value for their customer and the end user consumer c. Marketing Makes Life Easier and Provides Employment Opportunities —> Choices of products and services choices as well as information about those choices —> Employment in diverse fields such as research, sales, promotions, global marketing d. Marketing enriches society e. Marketing can be entrepreneurial —> Though important to large firms, marketing is equally important to the success of small ventures—especially new ventures. e.g, Promotion is ____________ by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response ( ANSW: COMMUNICATION! What must firms do to become value driven? A) Share information, balance benefits and costs, 
 and build customer relationships. B) Set low prices, put profit above service, and use 
 effective marketing strategies. C) Make logistics a priority, expand globally, and 
 always offer new goods and services. D) Keep a vigilant eye on the market-place, 
 undercut competitors, and provide competitive 
 salaries. Which of the following would NOT be considered part of a supply chain? A) consumer B) retailer C) manufacturer D) customer service representative Chapter 2: Developing Marketing Strategies and a Marketing Plan Marketing strategy identifies: —> a firm’s target market (s) —> a related marketing mix –the four P’s and —> the bases upon which the firm plans to build a sustainable competitive advantage Developing Customer Value & sustainable competitive advantage: EQ: please describe 4 macro str
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