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Lecture 1

MGMT 1 Lecture Notes - Lecture 1: Merage Family, Marketing Mix, Test Market


Department
Management
Course Code
MGMT 1
Professor
G Mclaughlin
Lecture
1

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Paul Merage School of Business
MGMT 1
Intro to Business Management
4 units
No Pre-reqs
Course code: 38001
tuesday/thursdays 9:30-10:50
Location:SB1 1200
Final: Thursday of finals week
Course Notes
Lecture: Nonprofit Organizations & Marketing
Nonprofit Organizations & Marketing
Charities use marketing to raise funds for combating world hunger, for instance,
or to obtain other resources.
Red Cross uses promotion to encourage people to donate blood when
local/national supplies run low; Greenpeace uses it to promote ecologically safe
technology.
States use marketing to attract new businesses and tourists; schools use marketing
to attract new students.
Organizations use marketing to promote everything from environmentalism and
crime prevention to social issues.
THE MARKETING MIX
Marketing mix - the ingredients that go into a marketing program (product, price, place,
promotion):
o Designing a want-satisfying product.
o Setting a price for the product.
o Putting the product in a place where people will buy it.
o Promoting the product, including how green” it is.
Applying the Marketing Process
o One of the best ways to understand the marketing process is to take a product or a
group of products and follow the process that led to their development and sale.
o You notice an opportunity, you conducted some preliminary research to see
whether your idea had any merit, and then you identified who might be interested
in your product, your target market people you will try to persuade.
o Consists of the following steps:
Find opportunities
Conduct research
Identify a target market
Design a product to meet the need based on research (Product)
Do product testing
Determine a brand name, design a package, and set a price (Price)
Select a distribution system (Place)
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