MKT 337 Lecture Notes - Lecture 2: Marketing Mix
Document Summary
Hyper-competition = producing more goods than consumers can buy. Marketing is answer on how to compete on bases other than price. Marketing mix = product, price, promotion, place. If (cid:455)ou do(cid:374)"t sol(cid:448)e positioning strategy, the marketing mix is a mess. (cid:862)marketi(cid:374)g is the acti(cid:448)it(cid:455), set of i(cid:374)stitutio(cid:374)s, a(cid:374)d processes for creati(cid:374)g, co(cid:373)(cid:373)u(cid:374)icati(cid:374)g, delivering, and exchanging offerings that have value for customers, clients, partners, a(cid:374)d societ(cid:455) at large. (cid:863) amda definition. 2 core activities: disco(cid:448)er custo(cid:373)ers" (cid:374)eeds, atisf(cid:455) custo(cid:373)ers" (cid:374)eeds, ultimate responsibility = generating revenue for org. Perceived value = (what you get)/(what you pay) = (price*place*promotion)/price. Marketing drives revenue by creating value for the customer. Aggressive sales techniques & beliefs that high sales result in high profits. Satisfying customer needs & wants while meeting objectives. Satisfying customer needs & wants while enhancing individual & societal well-being. People pay for a need rather than perceived want marketers manipulate behavior. Margin = profit cost: highest margin item in produce = cuties.
