bus343 ch1

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Business Administration
BUS 343

CHAPTER 1Marketing refers to 3 things1 business function2 business philosophy3 Decisionmaking process1 Marketing as a Business FCT and Philosophybusiness fct provide bus with a long term advantage in marketplace by understanding needs of customersmarketplace any location or medium used to conduct an exchange done by focusing on business phil marketing conceptlong term profitability best met by knowing customer needs marketing concept applies to all aspects of firm integrate marketing wother bus fct like financeacct marketers must work wRD to make products that meet customer needs2 Marketing as a processprimarily a decision making process Marketingthe process of planningexecuting the conception pricing promotion and distribution of ideas goods and services tocreate exchanges that satisfy individual and organization objectives3 Marketing Satisfies needs satisfy individualorganization objectives central aspect of definition satisfying needs of buyerssellersConsumer ultimate user of goodservice can be individualsorganizationsNeed recognition of difference bw consumers actual stat and an idealdesired state when difference is big enough the customer is motivated to take action to satisfy the needWant the desire to satisfy needs in specific ways influenced culturallysociallyBenefitthe outcome sought by a customer that motivates buying behavior Product delivers a benefit when it satisfies a need or want Challenge is to identify what benefits people look for develop the product and convince buyer it delivers those benefitsbetter than competitorsSocial Mrkting an orientation that focuses on satisfying consumer needs while also addressing the needs of the larger societyConcept recent movement cleaner safer environment by developing reachable packaging 4 Marketing Is an Exchange of Value to create exchangesExchangethe process by which some transfer of value occurs bw buyer and seller each must have something the other wants both parties must perceive the xchange as being a good deal challenge to marketer is to create price distributecommunicate a value proposition to the customer5 Anything Can be Marketed ideas goods services good physical product service intangible product or idea that can be marketed as a product product can for B2C or B2B more sold by B2BProduct tangible good service idea or some combination that thru the exchange process satisfy consumer or business customerneeds a bundle of attributes including features functions benefits and usersNot For Profit marketing museums churches charities etc only the 1s that meet needs of their constituentsdonors will surviveIdea PlacePeople Marketing marketing is used to get ppl to endorse ideas or change their behaviors in positive ways placeppl are also marketing ex TEAM SHAQshaq is part of a marketing machine
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