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Western University
Management and Organizational Studies
Management and Organizational Studies 1021A/B
James O' Brien

MOS 1021 Chapter 1 MARKETING FUNDAMENTALSThe essence of marketing is discovering consumer insightsProduct must be relevant and engaging enough for the consumers to choose your product or service Marketing Mix Product WhatPricehow muchPlacewherePromotionHow to attracto Public Relations o TV advertisement Showscelebrities watched by the target marketo Printbased advertising o Online advertising o Pointofsale materialsThe Essence of MarketingSuccess is rooted in focusing on consumers and providing them with value through products and services that meet their needsObjective realize a profit or if working in the nonprofit sector to generate revenue to fund their programs and run their operationsCustomer NeedsEncourage consumer loyaltyAt times can get wrong information can ask wrong questions target market doesnt know what their wantneed isCreating Customer ValueIs the unique combination of benefits received by targeted buyers that includes quality price convenience ontime delivery and both beforesake and aftersale service Achieved after carefully managing every element of marketing mixOngoing marketing encourages consumers to become longterm loyal consumers Gaining customer loyalty providing the consumer with value Pricing strategyProduct designService elementsAppealing to Target MarketTarget marketa specific group of people that have the same needswantsOne company may have several products for different target marketsCoordinating the Marketing MixElementsProduct o All attributes that make up a goodserviceidea Including the physical features colorshape and incentives warranteePrice o Expected retail and sale pricePlace o Distribution channels and retailers required to sell the productPromotion o Communication tools to help reach to the target market advertising sales promotion public relations direct marketing and personal selling The Marketing Process It involvesIdentifying consumer needsManaging the marketing mix to meet these needsRealizing profitsMarketing describes the process of planning goods services or ideas to meet consumer needs and organization objectives Exchange trade of things of value between buyers and sellers so that each benefits usually moneyvolunteer Market describes the potential consumers who have both willingness and ability to buy a product Realize profits for Manage the Identifythe companymarketing mix to consumer needs manage the needsThe Evolution of Business Philosophiesst1 stage Production orientation focused on manufacturing Short in supply so manufactures goods sold regardless of quality 1930sModel T sold in blackEngineeringdriven nd2 stage Sales orientation focused on selling as many products as possible Market became more competitive production became more efficient and products were in abundance1960sPostwar prosperityBaby boom rd3 stage marketing orientation organization to strive to satisfy the needs of consumers while trying to achieve organizations goal Marketing concept follows this ideath4 stagerelationship marketing when organizations create longterm links with customers employees suppliers and other partners to increase loyalty and customer retention The Progression of Marketing and Evolving AreasSome of the latest evolving areasCustomer Relationship Management CRMThe overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction Air miles rewards points cardHigh cost of obtaining new customers and database marketing help create the focus on CRM 13 Experiential Marketing Creating opportunity for consumers to directly interact with brandsCreate an occasion for a few consumers to interact personally with the brandBMW provides a test track with prospective customers can test drive the cars under the supervision of a professional driver and test the superior handling and performance of the vehiclesCorporate Social Responsibility CSRIs a concept where organizations voluntarily consider the wellbeing of society by taking responsibility for how their businesses impact consumers suppliers employees shareholders communities the environment and society in general
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