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ADMS 2200 (143)
Lecture

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Department
Administrative Studies
Course
ADMS 2200
Professor
Brian Coon
Semester
Winter

Description
What is Marketing? - marketing is managing profitable customer relationships. - attracting new customers by promising and creating superior value - building long-term relationships with customers by delivering continued customer satisfaction - Capturing value and managing these relationships profitably over time Goals: - attract new customers by promising superior value - keep and grow current customer base by delivering satisfaction Marketing: - The process of creating value for customers and building strong relationships to capture value from customers in return - Old view of marketing: telling and selling - New view of marketing: satisfying customer needs - Customers have needs, wants and demands - Market offerings are products, services, information and experiences - Customers seek value and satisfaction from offerings - Markets involve exchange and relationships - Markets are all potential customers with a similar demand Needs, Wants and Demands: - Needs are states of felt deprivation - Physical, social and individual - Wants are needs shaped by culture and individual personality - Wendy’s Hamburgers vs. Rice - Demands are wants combined with buying power - Jetta vs. Jaguar Market Offerings: Physical products – houses, cars, clothes Services – banking, health clubs, hotels Persons – movies stars, politicians Places – countries, cities Organizations – girl guides, YMCA Information – weather network Ideas – flu shots, family planning Marketing Myopia: - Sellers pay more attention to the specific the specific products they offer than to the benefits and experiences produced by the products. - They focus on the “wants” and lose sight of the “needs” o The great railroads lost out to the exploding trucking industry. o They forgot that their business was solving transportation problems, not running railroads Value and Satisfaction: - If performance is lower than expectations, satisfaction is low. - If performance is higher than expectation, satisfaction is high. Exchange and Transactions: - Exchange o The act of obtaining a desired object from someone by offering something in return - Transaction o A trade between two parties that involves:  Two things of value  Agreed upon conditions  Time of agreement  Place of agreement Exchange and Relationships: - Exchange o The act of obtaining something of value (a product, service, information or experience) by offering something in return (money, time, effort) - Relationships o A successful exchange between the two parties will lead to the development of a relationship What is Market? - The set of actual and potential buyers of a product - These people share a need or want that can be satisfied through exchange relationships #2. Customer-Driven marketing: - Divide markets into segments - Choose the right segment to target - Offer a unique value proposition - Differentiate your offer from competitor offers - Build customer value and satisfaction - Nurture long-term customer relationships Segmentation and Targeting: - Segmentation divides the market into groups of customers with varying needs and wants - Targeting selects the right segment to nurture Choosing a value proposition: - Offer a value proposition o The set of benefits or values (contained in the market offering) that the marketer promises to deliver to its customers to satisfy their needs. - Differentiate this value proposition from the competition - Build customer value and satisfaction through the offer Marketing Management: - The art and science of choosing target markets and building profitable relationships with them Marketing Management Philosophies: - Production – affordability and availability - Selling – promotion and hard selling - Product – quality and innovation - Marketing – customer satisfaction and relationships - Societal marketing – long term value to both customer and society The Selling Concepts: - The production concept o The idea that consumers will favor products that are widely available and highly affordable - The product concept o The idea that consumers favor the best products - The selling concept o The idea that customers need to be persuaded into buying anything The Marketing Concepts: - The marketing concept o The idea that customers will favor products that best serve their needs o Is a customer driven philosophy o Marketing is viewed as less like hunting an
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