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Lecture 1

MKT 350 Lecture Notes - Lecture 1: Consumer Behaviour, Customer Relationship Management, Mass Marketing


Department
Marketing
Course Code
MKT 350
Professor
Raju
Lecture
1

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Marketing 350 Day 1
Aug 20th
Marketing:
Marketing is the activity, set of institutions and processes for creating, communicating, and
delivering offerings that have value for customers, clients, partners, and society.
Consumer Behavior:
Consumer behavior is the study of consumer’s choices during searching, evaluating, purchasing
and using products/services that they believe will satisfy their needs.
CB is interdisciplinary: we borrow concepts from several disciplines:
Psychology, sociology, economics, etc
We focus on the personal consumer; the organizational consumer is the focus of B2B
courses.
Discussion Question:
How is the stage of disposal relevant for Consumer Behavior?
-Think of all the ways that disposal of a product affects what you buy or what you do?
Two themes: Sustainability and the use of technology
Concept: Marketing consists of satisfying consumers’ needs, creating value, retaining customers,
companies must produce only those goods that they have determined would satisfy consumer
needs and meet organizational goals.
Production Concept-> Product Concept -> Selling Concept -> Marketing Concept
Low Cost High quality hard selling satisfy needs
Mass marketing over-engineering transaction-based need-based
Foundations of Marketing Concept:
Mission statement- emphasis on customer needs and not product features (marketing
myopia) emphasis on global needs
Mission statement answers the question: Why are you in business?
Organizational Structure: importance of marketing within the organization. Marketing
should drive other functions within the organization such as sales, production,
accounting, finance, etc
Attitudes and procedures
Consumer research: companies want to know everything about you
Marketing segmentation, targeting, positioning
The marketing mix (4 P’s)
Product
Price
Place
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