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Lecture

Chapter 14 Notes (on marketing)

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Department
Management
Course
MGM101H5
Professor
James Appleyard
Semester
Fall

Description
MGM Chapter 14 OutlineWhat is MarketingMarketing is the process of planning conceptualizing pricing promoting and distributing goods and services to meet organizational objectivesGreen Marketing is marketing to promote ecofriendly productsThe Evolution of MarketingThe Production EraDuring early times up to 1900 production capabilities were limited relative to demand for productsTherefore the world focused on producing as much as possibleThe Sales Era1920Production capabilities began to overtake demand so companies began to focus their efforts on selling their productsThe Marketing Concept EraAfter WWII there was a boom in population and consumer spendingCompetition for the consumers dollar was fierceMarketing concept was bornMarketing concept consisted of 3 mindsetscustomer orientation satisfying consumers service orientation ensuring individuals in organization had same objective and profit orientation focus on making profitThe Customer Relationship Era1990sCompanies focused on customer relationship management CRM which is the process of learning about customers and finding ways to satisfy themNonProfit Organizations Prosper from MarketingSelf explanatoryExamples include red cross and churchesThe Marketing Mix4Ps of MarketingProduct Price Place and PromotionApplying the Marketing ProcessProcessFindConduct Research Identify Target MarketDesign Product based on ResearchProduct TestingDetermine Brand NamePackage DesignSet PriceSelect Distribution SystemSet Promotional ProgramBuild Customer RelationDesigning a Product to Meet NeedsA Product is a good or service that satisfies a customers wants and needsProcess of testing products among potential users is called test marketingA brand name and logo has to be designedSetting an Appropriate PriceSelf ExplanatoryGetting the Product to the Right PlaceGetting the product to consumers when and where they want it is critical to market successDeveloping an Effective Promotional StrategyPromotion consists of techniques sellers use to get people to buy their products
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