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Lecture

Management and Organizational Studies 1021A/B Lecture Notes - Earth Hour, Corporate Social Responsibility, National Do Not Call Registry


Department
Management and Organizational Studies
Course Code
MOS 1021A/B
Professor
Prof

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MOS 1021
Lecture 1
American Marketing Association:
“Marketing is an organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders”
Marketing:
“Generating profit by focusing on customers and providing them with value
through goods and services that meet their needs.”
“A practical application of psychology, sociology, economics, and
communications.”
Customer Value:
- Unique combination of benefits received by targeted buyers
- Includes quality, price, convenience, delivery, service before and after the
sale
- Different customers will get different types of value from the same
product/service
- A single product will not satisfy everyone
Target Market: The specific group of existing and potential customers we will
focus our marketing on
Marketing Mix (The 4 P’s)
Product: Can refer to a good, a service or an idea
- Good – something tangible that you can touch/feel (ie. Smartphone)
- Service – intangible (i.e. Wireless Provider)
- Idea – a concept that looks for support (ie. Earth Hour)
Decisions Include: Design, Features, Packaging, Warranty, and Service Levels
Place: Where to sell? Distribution channels, retail formats, wholesalers, or online
Price: Expected regular retail or sale price for a product
- What will we charge?
- What is our target market willing to pay?
- What are we trying to communicate with our price? (upscale vs budget)
Promotion: Communication tools needed to inform customers about a product,

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including advertising, public relations, sales promotion, direct response, event
marketing and sponsorship, and personal selling
The Marketing Process: (A logical process that focuses on consumer needs)
1) Identify customers needs
2) Manage the marketing mix to meet consumer needs
3) Realize profits for a company (or objectives for non-profit organizations)
Market:
Potential customers who have both the ability and willingness to pay
Consumers:
Actual users of the product
Evolution of Business Philosophies:
Product Orientation (<1930): manufacturing focused. Manufactured goods
tended to sell regardless of their quality, because they were in short supply
Sales Orientation (1930-1960): selling as many products as possible focused.
The market was more competitive and production more efficient.
Marketing Orientation (1960s): focusing organizational efforts to collect and use
information about customers needs to create customer value
Relationship Marketing Orientation (1990s): create long term links with
customers, employees, suppliers, and partners to increase loyalty and customer
retention.
- Relationship can last before and after the sale occurs
Trends driving relationship marketing
Internet technology allows unprecedented information capture
-Social Media: online media that allows members to create their own
network of friends and contracts to share comments, videos, and images
as a form of self-expression
- Database Technology-Customer Relationship Management (CRM):
building and maintaining profitable customer relationships by delivering
superior customer value and satisfaction
(EXAMPLE. Capturing information at checkout, for example if someone is
pregnant they would buy a pregnancy test)
- Corporate Social Responsibility (CSR): Customers want to be associated
with businesses that share their interests, so CSR considers the well-
being of society by taking responsibility for how their businesses impact
society
(EXAMPLE. BMO reducing greenhouse gases, CIBC run for the cure)
New Marketing Practices:

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Experiential Marketing: Consumers directly interact with brands (word of
mouth)
Partnership Marketing:
- Associations between brands that result in increased profits for both
brands that couldn’t have been achieved separately
- Can be both short term (promotional partnerships) or long-term
(strategic alliances)
Metrics: measure and monitor business performance through data that is
collected; Routine Metrics are measured against marketing plan targets and look
at elements such as sales, market share, profit margins, and profit levels.
Program-specific metrics analyze specific marketing programs and measure
performance against benchmarks and targets.
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