MGMT 105 Lecture Notes - Lecture 1: Relationship Marketing
27 Jun 2018
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Mgmt 105 Lecture 1
● Marketing is a philosophy, an attitude, a perspective
○ Set of activities that you do that establish health and wealth of brand
● Marketing sets up an exchange
○ At least two parties
○ Something of value
○ Communication and delivery
○ Freedom to accept or reject
○ Desire to deal with other party
● Does an exchange automatically happen if conditions of both parties are met?
○ No bc conditions don’t make the final decision
● Has marketing occurred even if exchange does not take place?
○ Yes
● Marketing is setting up the conditions for an exchange
○ Tell the person what their needs are and how we meet them
● Four marketing management philosophies
○ Production: internal capability of the firm
■ What can we make or do best?
○ Sales: aggressive sales technique
■ How can we make more sells?
○ Market: satisfying consumer needs and wants
■ What do customers want and need?
○ Societal: satisfy consumer needs while also enhancing societal wellbeing
■ What do customers want/need and how can we benefit society?
● We want to be market orientation
○ Focus on consumer wants and needs to differentiate products from competitors’
offerings
○ All organizations activities are to satisfy wants and drive growth and profit
○ Achieving the organization’s long term brand and financial goals by satisfying
consumer wants and needs legally and responsibly
● We achieve this by
○ Obtain info about consumers, competitors and overall markets
○ Examine the info for key insights
Document Summary
Marketing is a philosophy, an attitude, a perspective. Set of activities that you do that establish health and wealth of brand. No bc conditions don"t make the final decision. Marketing is setting up the conditions for an exchange. Tell the person what their needs are and how we meet them. Societal: satisfy consumer needs while also enhancing societal wellbeing. Focus on consumer wants and needs to differentiate products from competitors" offerings. All organizations activities are to satisfy wants and drive growth and profit. Achieving the organization"s long term brand and financial goals by satisfying consumer wants and needs legally and responsibly. Obtain info about consumers, competitors and overall markets. Create strategic plan to deliver superior consumer value based on the insights. Implement actions to provide value to consumer such that an exchange is desired and takes place again and again. Sales are so focused, they give up long term satisfaction to achieve a sell.
