Lecture 01 - January 15th.docx

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Management and Organizational Studies
Management and Organizational Studies 2320A/B

Marketing: lecture one th January 15 Marketing: is about attracting and keeping customers *Part of a person’s attraction depends on what their experience was in the past Five major value themes: Creating value for customers in order to capture value from customers in return Building and managing strong brands to create brand equity Measuring and managing return on marketing Harnessing new management technologies Marketing in a socially responsible way around the globe Marketing mix: The target market depends on price, product, place, and promotion. Target market: customers. Product: is tangible – you own it. If the product isn’t good, you can return it. Objective Service: is intangible – you don’t own it. You can’t return the product, but can get a refund. Subjective. *Sometimes things can be both products and service (you pay for your plane ticket, but the service is getting from point A to B with as little hassle as possible) Needs, wants, demand Needs – basic Wants – culture/personality shaped “needs” Demand – affording wants Products and services Product – all-encompassing offerings from companies to their markets Services – included above but this idea can be dangerous when managing Value and satisfaction and quality Value (V) = product value (minus) cost of buying it Satisfactions (S) – expected versus actual performance Quality f(V,S) Peter F Drucker: “The aim of marketing is to know and understand the customer so well, the product or service fits him and sells itself”. *I have a feeling you will never need to know this quote. Returning customers (3+ times) have an influence on the product Exchange, transaction and relationships Exchange, transaction (attraction) Relationship (retention) Markets The market is not a place A set of customers who are able (actual) and willing (potential) to buy a product Marketing “A social and managerial process whereby people and groups obtain what they need and want through creating and exchanging products (attracting) and value (retaining) with others” - Textbook *Part of a manager’s job is to make sure everyone in the business knows what the product is/stands for Core Marketing Concepts Marketing offers (products, services and experiences)  values and satisfaction  exchange, transactions and relationships  markets  needs, wants and demands  Ele
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