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1E03 Chapter 14.docx

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Department
Biology
Course
BIOLOGY 3FF3
Professor
Rita Cossa
Semester
Winter

Description
Marketing: Building Customer and  Stakeholder Relationships Marketing  Set of business practices designed to plan for and present an organizations products or services in a way that builds effective customer relationships o TL;DR: Plan and present products to customers  Market: Defined by as people with unsatisfied wants and need who have resources and the willingness to buy o The concept of finding and filling a need (Giggity) is at the core of marketing o Used to be about distribution from sellers to buyers (advertising mostly) but now it is about helping buyer buy products (providing information) o Finding out what the market wants is essential, this can be done through data mining on the internet by following trends, complaints and compliments towards your product The Evolution of Marketing The Production Era (1800­1920)  Demand exceeded supply  General philosophy in business was to produce as much as you can o This was because consumers would demand those goods no matter what o The oil industry today is one of the few industries today that still lives in that era because oil is being bought as it is being produced The Sales Era (1920­1960)  Supply exceeds demand  Now there is a focus on producing to selling  Persuade consumers to buy existing products  Not many companies offered extensive services after sales The Marketing Concept Era (1950­1985)  Demand for goods and services were high after WWII thus a boom in consumer spending  Baby boomers, soldiers coming back, and # of families growing caused this boom in demand  It took a while for companies to implement this model, hence the overlap in time from the sales era Three Parts to the Marketing Concept 1. Customer Orientation: Find out what customers want and provide it for them 2. A Service Orientation: Company objective of customer satisfaction 3. A Profit Orientation: Focus on goods and services that will earn the most profit The Market Orientation Era Focus Efforts on three things 1. Gathering information about customers and competitors 2. Sharing this info within the organization 3. Using information to create value, customer relationship with satisfaction  Customer Relationship Management: building long term relationships with customers by delivering value and satisfaction  This would stimulate them to become loyal customer to the company in the long term The Social Media Marketing Era  Social Media: Websites and online tools that allow users to interact with each other  Socialnomics: Where consumers no longer search for products or services, instead products find them on the internet through constant exposure Two Distinct Way to Marketing Using Social Media 1. Consumer generated online marketing: Consumers spread the word about the product a. This is changing the way marketing is going to be in the future 2. Social Media Marketing: Marketers use the online interfaces to spread word about their products and gather information *NOTE: Presently many companies can be in various different eras depending on what product they sell (Oil compared with clothing) Marketing in Non­Profit Organizations   Critical part for them to understand how to gather donations or obtaining resources  Ex. Red Cross blood donations needed, advertise on the internet and locally to get more The Marketing Mix  The Four P’s: Product, Place, Price, and Promotion  Design a product, find the place for the product, price the product, and promote the product  All these aspects are blended together to create the mix Applying the Marketing Process  The Four P’s are not everything that goes into marketing  Research is important as well Process looks a lot like this (Page 426 for figure) 1. Find opportunities 2. Conduct research 3. Identify a target market 4. Design a product 5. Do concept testing 6. Determine brand name, design a package, and set the price 7. Select a distribution system 8. Design a promotional program 9. Build relationships with customers Designing a Product to Meet Customer Needs  Product: A good or service that satisfies a consumers want or need plus anything that would enhance it in the eyes of the customers  Can vary from intangible products, to tangible products, and a mix of both  Buying a car: Get the car (Tangible), but as well the excellent service provided by the company (Intangible)  Concept testing: Ask a friend if they would buy this product, produce free samples  Test Marketing: Testing products among potential users  Brand Name: the name (letters, group of words) of the product that differentiates it from other products Setting an Appropriate Price   Price: The money exchanged for the ownership of goods and services  Stay competitive by charging what is close to competitors  Most likely charge bellow to gain more exposure  Costs of producing need to also take in effect Getting the Product to the Right Place  Where should you sell the product?  Intermediaries: are the middle links in a series of organization’s distribution of goods  Ex. Supermarkets, retail store, wholesalers Developing an Effective Promotional Strategy  Promotion: Consists of techniques sellers use to inform people/persuade them to buy the products  Building relationships with customers is crucial  Responding to complaints and finding ways to improve the product Information   Marketing Research: analyze information and determine opportunities and challenges to make a good decisions  Products customers have bought in the past and changes that have occurred to alter what they want now The Marketing Research Process 1. Defining the question/problem a. What present problems that are in society that you can possibly solve 2. Collecting research a. Secondary Data always first: Offhand data from other sources b. Primary Data comes next: Collect data based on different ways of direct collection i. Questionnaires/surveys ii. Direct Interviews (Since surveys can sometimes be unreliable in terms of information given by person doing it because they are lying or not interested) iii. Focus Group: Small group of people who meet under a discussion leader to communicate their opinions about an organization, its products, and other issues (need to facilitate discussion free of bias) iv. Observation: Involves watching either in person or mechanically at how people behave (while they shop, compare prices, bend over, etc.) 3. Analyzing data a. Interpretation of information is key i. Primary research may tell you that people love your Pizza more than the
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