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Lecture 1

MKT 220 Lecture 1: Marketing

Course Code
MKT 220

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Marketing: Product, Price, Place, Promotion
Process of creating, distributing, promoting and pricing goods, services, and ideas
Facilitate satisfying exchange- buyer and seller are both happy
Develop and maintain favorable relationship w stakeholders- employees, suppliers
Anyone that has a claim to the product
In a dynamic environment- changing
Not in control of the outside circle
The inside circle is what we can control (4 P’s)
All decisions should be based on the understanding of the customer
Marketing focuses on customers- business or individual that buys the product
Focus on the target market- group that you’re going after
Marketing Mix = 4 P’s = product, distribution, promotion, and pricing
What the firm can control to meet the needs of customers within the target market
Product- good (tangible- belongs to you forever) service (intangible-short amount of time; something
directed at you) or idea that satisfies customer needs
Also involves modifying brand names and packaging
These decisions are important because they address customer needs and wants
Distribution- ready, convient, and timely availability of products
Available to target market when and where they want them in quantities desired
Look to minimize inventory (just enough to meet demand and prevent stockouts)
Transportation- airplane vs. truck- have to weigh costs and benefits
Storage- don’t want to keep things tied up
Promotion- activities that inform customers about the organization and its products
Can increase public awareness of new or existing products
Can educate customers about product features or urge people to take a stance
Can help sustain interest in established products
Pricing- the only one of the marketing mix that can change instantenously
Decisions and actions that establish pricing objectives and set product prices
Price is directed to the target market and perceived quality
Shouldn’t charge a high price to poor customers for a low quality product
Price is used as a competitive tool because you can change it quickly
Intense price competition- cuts into profit- can lead to price wars
The value of a product must correlate with the price
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