BUAD100 Lecture 3: WEEK 3 → Basics of Marketing

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WEEK 3 Basics of Marketing
A Preview into our discussion on Marketing: Hershey’s Chocolates
- What is the product hershey’s sells
- What is the price
- Where is Hershey’s sold? (place)
- How is Hersey’s promoted?
- Who is Hershey’s Target market?
- Who is Hershey’s competition?
What is Marketed?
- Goods
- Services
- Events
- Experiences
- Persons
- Places
- Organizations
- Properties
Let’s Define Marketing:
- “marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have VALUE for customers, clients, and society
at large
o marketing should be regarded as a broad activity in companies, not just a
o Marketing provides long term value rather than a narrow exchange of money
- Marketing is an exchange for SOMETHING OF VALUE
Marketing and Mission Statements:
- Mission statement is the written declaration of an organization’s core purpose; typically
unchanged over time
o Product oriented versus market-oriented
- Chipotle example: “we sell burritos and other Mexican food” vs “We give customers
‘Food with Integrity,’ served with a commitment toward the long-term welfare of
customers and the environment”
- Facebook Example: “We are an online social network” vs “We connect people around
the work and help them share important moments in their lives”
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