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ECON 344 Textbook Summary [Full Course] File contains concise, easy-to-read summaries of assigned textbook readings. Readings arranged chronologically by when they were assigned for ease of use; organized by chapter for increased readability.

Course Code
Harp Arora

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Chapter 1
- Marketing: A set of business practices designed to plan for and present an organization’s
products or services in ways that build effective customer relationships
- Marketing Plan: A written document composed of an analysis of the current marketing
situation, opportunities and threats for the firm, marketing objectives and strategy specified in
terms of the four Ps, action programs and projected or pro forma income (and other financial)
- Need: A person feeling physiologically deprived of basic necessities, such as food, clothing,
shelter and safety
- Want: The particular way in which a person chooses to satisfy a need, which is shaped by a
person’s knowledge, culture and personality
- Market: Refers to the groups of people to whom an organization is interested in marketing its
products, services or ideas
- Target Market: The customer segment or group to whom the firm is interested in selling its
products and services; potential customers who have both an interest in the product or service
and the ability to buy
- Exchange: The trade of things of value between the buyer and the seller so that each is better
off as a result
- Marketing Mix (Four Ps): Product, price, place and promotion the controllable set of activities
that a firm uses to respond to the wants of its target market
- Goods: Items that can be physically touched
- Service: Intangible customer benefits that are produced by people or machines and cannot be
separated from the producer
- Ideas: Includes thoughts, opinions, philosophies and intellectual concepts
- Price: The overall sacrifice a consumer is willing to make money, time, energy to acquire a
specific product or service
- B2C (Business-to-consumers): The process in which businesses sell to consumers

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- B2B (Business-to-business): The process of selling merchandise or services from one business to
- C2C (Consumer-to-consumer): The process in which consumers sell to other consumers
- Value: Reflects the relationship of benefits to costs, or what the consumer gets for what he or
she gives
- The Evolution of Marketing:
o Production-Oriented Era: Occurred around the turn of the 20th century, popular belief
was that a good product would sell itself
o Sales-Oriented Era: Between 1920 and 1950 the Great Depression and WWII
conditioned people to consume less. Thus, firms turned to marketing as a selling
function where companies try to sell as such as possible
o Market-Oriented Era: After WWII the customer became king, partly due to new
suburban communities and shopping centers
o Value-Based Marketing Era: To compete successfully, firms would have to give their
consumers greater value than their competitors
- Value-Based Marketing: Marketing that focuses on providing customers with benefits that far
exceed the cost (money, time, effort) of acquiring and using a product or service while providing
a reasonable return to the firm
- In today’s quickly changing world, consistently creating and delivering value is quite difficult
- Firms become value driven by focusing on these activities:
o Sharing Information (Sharing information about customers and competitor which has
been collected through customer relationship management)
o Balancing Benefits with Cost
o Building Relationships with Customers
Transactional Orientation: Regards the buyer-seller relationship as a series of
individual transactions, so anything that happened before or after the
transaction is of little importance (e.g. Used car sales)
Relational Orientation: A method of building a relationship with customers
based on the philosophy that buyers and sellers should develop a long-term
Customer Relationship Management (CRM): A business philosophy and set of
strategies, programs and systems that focus on identifying and building loyalty
among the firm’s most valued customers
- Supply Chain: The group of firms that make and deliver a given set of goods and services

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- Why is Marketing Important?
o Marketing Expands Firm’s Global Presence
o Marketing is Pervasive Across the Organization
o Marketing is Pervasive Across the Supply Chain
o Marketing Makes Life Easier and Provides Career Opportunities
o Marketing Enriches Society
o Marketing can be Entrepreneurial
Chapter 2
- Strategic Marketing Planning Process: A set of steps a marketer goes through to develop a
strategic marketing plan
- Planning Phase: Where marketing executives and other top managers (1) define the mission or
vision of the business, (2) evaluate the situation by assessing how various players, both in and
outside the organization, affect the firm’s potential for success, and (3) identify and evaluate
different opportunities by engaging in segmentation, targeting, positioning and develop the
marketing mix (4Ps)
- Implementation Phase: The fourth step of the planning phase. Where marketing managers
implement the marketing mix, allocate resources and develop the marketing organization
- Control Phase: The part of the strategic marketing planning process when managers evaluate
the performance of the marketing and take any necessary corrective actions
- The three major phases of the strategic planning process are:
o Planning
o Implementation
o Control
- Steps to developing a marketing plan:
o Define the Business Mission
Mission Statement: A broad description of a firm’s objectives and the scope of
activities it plans to undertake; attempts to answer two main questions: What
type of business is it? What does it need to do to accomplish its goals and
Sustainable Competitive Advantage: Something the firm can persistently do
better than its competitors
o Conduct a Situation Analysis Using SWOT
Situation Analysis: Second step in a marketing plan; uses of a SWOT analysis
that assesses both the internal environment with regard to its Strengths and
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