Management and Organizational Studies 1021A/B Lecture Notes - Customer Relationship Management, Engagement Marketing, Marketing

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PRODUCTION
Make it
SALES
Sell as many as
possible
MARKETING
Satisfy customers &
organizations goals
MOS: Chapter 1
Marketing Fundamentals
Marketing Fundamentals:
Give the people what they want
Compete
Profit
Business Philosophy:
MARKETING MIX The 4 P’s:
1. Product All the attributes that make up a good, a
service, or an idea, including product design, features,
colour, packaging, warrantee, and service levels
2. Price The expected retail shelf price and sale price of
the product
3. Place The distribution channels and retailers required
to sell the product
4. Promotion The communication tools needed to
inform consumers about the product, including
advertising, sales promotion, public relations, direct
marketing, and personal selling
o Marketers need to understand what makes their consumers tick: What
delights them, and what does not
MARKETING CAREERS
Typical entry-level jobs include: Marketing coordinators, marketing analysts,
marketing assistants, sales representatives, and account coordinators; networking is
key;
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HOW? PRINCIPLES:
Essence of marketing: 4 Key Things
- Focus on consumer needs (market search)
- Creating customer value
- Appealing to target markets
- Coordinating the marketing mix
HOW? SPECIFICS:
Marketing process 3 Steps:
1. Identify consumer needs
2. Manage marketing mix to meet said needs
3. Realizing profits
PLUS 2 explanatory points
1. What can be marketed?
2. What is a market?
Evolution of business philosophies:
- Product orientation (focus efforts on the manufacture of goods)
- Sales orientation (focus efforts on selling as many products as possible)
- Marketing orientation (focus efforts to collect and use info about customers’
needs to create customer value)
- Relationship marketing orientation (
Evolving areas within marketing (3):
- Customer relationship management (focuses on identifying a
firm’s most-valued customers and building programs that appeal
to their needs while fostering long-term customer relationships
and loyalty; the overall process of building and maintaining
profitable customer relationships by delivering superior customer
value and satisfaction)
- Experiential marketing (Marketers create opportunities for their
consumers to interact directly with a brand; instead of solely
relying on media, a brand creates an occasion for a few consumers
to interact personally, generating word-of-mouth awareness)
- CSR (Organizations voluntarily consider the well-being of society
by taking responsibility for how their businesses impact
consumers, customers, suppliers, employees, shareholders,
communities, the environment, and societies in general)
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