MGMT 130 Lecture Notes - Lecture 8: Value Proposition, Marketing Mix, Competitive Advantage
Document Summary
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large. Stakeholders are buyers, sellers, investors, community residents, citizens, consumers. The sum of the benefits we receive from using a product/service. Form utility- raw materials transformed into finished goods. Place utility- goods available where customers want them. Time utility- goods available when customers want them. Possession utility- allowing consumers to own, use, and enjoy the product: what can we market, value propositions (from different perspectives) Turning distinctive competencies into differential benefits: the marketing mix and the 4 p"s. Ongoing process of making decisions that guide the firm both in the short term and in the long term. Develops objectives before action is taken: levels of business planning (strategic, functional, operational) Managerial decision process that matches firm"s resources and capabilities to its market opportunities for long-term growth and survival.
