Chapter 14 Notes (on marketing)

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5 Oct 2011

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MGM Chapter 14 Outline
What is Marketing?
Marketing is the process of planning, conceptualizing, pricing, promoting, and
distributing goods and services to meet organizational objectives.
Green Marketing is marketing to promote eco-friendly products
The Evolution of Marketing:
The Production Era
During early times up to 1900, production capabilities were limited relative to demand for
products. Therefore, the world focused on producing as much as possible.
The Sales Era
1920: Production capabilities began to overtake demand, so companies began to focus
their efforts on selling their products.
The Marketing Concept Era
After WWII, there was a boom in population and consumer spending. Competition for
the consumer’s dollar was fierce. Marketing concept was born.
Marketing concept consisted of 3 mindsets: customer orientation (satisfying
consumers), service orientation (ensuring individuals in organization had same
objective), and profit orientation (focus on making profit)
The Customer Relationship Era
1990’s: Companies focused on customer relationship management (CRM), which is the
process of learning about customers and finding ways to satisfy them.
Non-Profit Organizations Prosper from Marketing
Self explanatory. Examples include red cross and churches.
The Marketing Mix
4P’s of Marketing: Product, Price, Place, and Promotion
Applying the Marketing Process
Process: Find --> Conduct Research --> Identify Target Market --> Design Product
based on Research --> Product Testing --> Determine Brand Name --> Package Design
--> Set Price --> Select Distribution System --> Set Promotional Program --> Build
Customer Relation
Designing a Product to Meet Needs
A Product is a good or service that satisfies a customer’s wants and needs
Process of testing products among potential users is called test marketing.
A brand name and logo has to be designed
Setting an Appropriate Price
Self Explanatory
Getting the Product to the Right Place
Getting the product to consumers when and where they want it is critical to market
Developing an Effective Promotional Strategy
Promotion consists of techniques sellers use to get people to buy their products
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