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Lecture 1

ADMS 2200 Lecture Notes - Lecture 1: E-Commerce, Marketing Myopia, Channel (Communications)Premium


Department
Administrative Studies
Course Code
ADMS 2200
Professor
Kim Snow
Lecture
1

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Lecture 1 (Chapter 1) Marketing: The Art and Science of Satisfying Customers
Needs: something is missing in their life
Want: how we can fulfill that
What is Marketing?
Production and marketing together create utility (want-satisfying power of a
good or service)
Organization must create utility and customers to survive
Activities marketer perform to create customers:
o Identifying customer needs
o Designing products to meet those needs
o Communicating information
o Making the product available when and where customers want them
o Pricing merchandise and services
o Providing service and follow-up
Definition of Marketing
Marketing An organizational function and a set of processes for:
o Creating, communicating, and delivering value to customers
o Managing customer relationship in ways that benefit the organization
and its stakeholders
o Factors that have extended economic views:
Increase in international trade agreements
Growth of electronic business
Interdependence of the world’s economies
o Companies seek the most efficient manufacturing sites and most lucrative
markets worldwide
o Companies are tailoring their marketing efforts to the needs and
preferences of local markets
Types of Utility
Form conversion of raw materials and components into finished goods and
services
Time availability of goods and services when consumers want them
Place Availability of goods and services at convenient location
Ownership ability to transfer title to goods or services from marketer to buyer
Five Eras in the History of Marketing
Exchange process Activity in which two or more parties give something of value
to each other to satisfy perceived needs
1) Production (start with industrial revolution)
o Stressing efficiency in producing a quality product, with the attitude
toward marketing that “A good product will sell itself”
o Characterized by production shortages and intense consumer
demand
o Products are identified
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2) Sales Creative advertising and selling will overcome consumers’ resistance
and persuade them to buy
o Customers will resist purchasing nonessential items
o Task of personal selling and creative advertising is to persuade them
to buy
3) Marketing The consumer rules! Find a need and fill it (start in 1950) it is
an important period for marketing especially in Canada (Reasons: Television
invented - marketing on TV can reach broad of viewer (reach the all nation)
television related to social media + baby boomer’s generation – 1/3
Canadians are baby boomers almost the whole population huge
market / customer target niche market)
o Shift from a seller’s market to a buyer’s market
o Strong buyer’s market created the need for consumer orientation
o Emergence of marketing concept A companywide consumer
orientation to achieve long-run success.
o A strong market orientation improves market success and overall
performance
4) Relationship Long-term relationship with customers and other partners
lead to success (who have the power in term of relationship used to be the
company published the information for customer, NOW customers have
choice and able to search for information)
o Developing long-term, value-added relationship over time with
customers and suppliers
o Strategic alliances and partnerships benefit everyone
5) Social Connecting to consumers via Internet and social media sites is an
effective tool
o Characterized by the accessibility to the Internet and the creation of
social media sites
o Routine use of the Web and social networking sites by companies to
connect to consumers
Converting Needs to Wants
Consumers acquire goods and services on a continuing basis to fill certain needs
To convert needs into wants, marketers:
o Focus on the benefits of goods and services
o Sometimes require skill
o Listen to what consumer’s want
Marketing Myopia: short sighted and inward looking approach to marketing which
focuses on fulfillment of immediate needs of the company rather than focusing on
marketing from consumer’s point of view Marketers AVOID marketing myopia
Marketing in Not-for-Profit Organizations
Operate in both the public and private sector
Adopt marketing strategies to meet service objectives
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