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Lecture 1

MKT 350 Lecture Notes - Lecture 1: Marketing Mix, Marketing Myopia, Internal Communications


Department
Marketing
Course Code
MKT 350
Professor
Raju
Lecture
1

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MKT 350 Consumer Behavior Chapter 1
Chapter 1: Technology Driven Consumer-Behavior
The Marketing Concept- The essence of marketing consists of satisfying consumers’ needs,
creating value, and retaining customers
Evolution of the Marketing Concept-
Production Concept – efficient low cost production
Product concept – high quality products
Selling concept – focus is on hard sell
Marketing concept – focus is on satisfying needs
Foundations of the marketing concept:
Mission statement: emphasis on customer needs and not product features (Marketing
Myopia), emphasis on global needs
*Your mission statement answers the question “Why are you in business?” If your
answer to this question is money then this may be why you might be struggling. Your
business must serve a higher purpose first. A business is primarily here to solve a
problem and fill a need first. If the business does this honestly and truly then it will make
money.
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 – buy in from top management into customer friendly attitudes
and procedures. All levels of the organization must be customer oriented
Implementing the Marketing Concept:
Consumer research – companies want to know everything about their customers
Market segmentation, targeting and positioning
The marketing mix – integrative marketing
oProduct or service
oPrice
oPlace (distribution)
oPromotion
Environmental facilitators of the marketing concept:
Companies often pay more attention to the marketing concept when there is
Intense competition within the industry
Environmental change and constant turbulence within the industry – this may be due to
economic conditions, changing cost structure, government regulation, etc.
Societal marketing concept – considers consumers’ long run best interest, and facilitates good
corporate citizenship
The switch from a transaction orientation to a relationship orientation demands the knowledge of
how to create and maintain successful relationships: create customer value, high level of
customer satisfaction, and customer retention.
find more resources at oneclass.com
find more resources at oneclass.com
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