MKTG 1001 Lecture Notes - Lecture 1: Under Armour, Sodium Bicarbonate, Baby Boomers
Document Summary
Satisfying the needs and the wants of the customer while meeting corporate goals. Marketing mix/4 ps: product, price, place (distribution, promotion. When a company views marketing strictly from the standpoint of selling a specific product rather than from the standpoint of fulfilling customer needs. U(cid:272)h a good deal, (cid:272)usto(cid:373)er (cid:272)a(cid:374)"t pass up. What"s i(cid:374) it for the lo(cid:374)g ru(cid:374) (cid:862)do (cid:449)ell (cid:271)(cid:455) doi(cid:374)g good(cid:863) (cid:1006)7(cid:1006)4. (cid:1005)9. A short statement of an organization"s purpose, identifying the scope of its operations: what kind of product or service it provides, its primary customers or market, and its geographical region of operation. Product market matrix (new/existing product-new-existing market) =ways to increase sales. Forces in the external (outside the comp) that impacts the company. Opportunity for one industry = threat for another. To protect consumers from unfair business practices. Increased emphasis on ethics and socially responsible actions. Baby boomers- hold 50% of consumer spending. Gen x- work to live vs. live to work.
