MKT 337 Lecture Notes - Lecture 1: Marketing, Business Marketing, Individualism
Document Summary
[(product)(place)(promotion)/(price): create value for customers to bring value to the organization (more revenue) Core activities of marketing: discover customers" (consumers or industrial buyers) needs, satisfy customers" needs, ultimate responsibility is to generate revenue for the organization. Customer motivation: unsatisfied needs (underlying state of felt deprivation for basic items such as food and clothing and psychological needs such as belonging, maslow"s hierarchy of needs: Unsatisfied wants (form that a human need takes as shaped by culture and individual personality) Three primary levels of strategy: corporate, business-unit, and functional. Stars: profit potential, attracts competition, may need heavy investment want to become cash cow as market matures instead of falling to dog. Question marks/problem children: build into stars or phase out spend enough money to become a star and stay in market, otherwise leave market, requires cash to build market share. Cash cows: established, successful sbus, competition weakened little competition.
