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Midterm

ECON 344 - Midterm Material.docx

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Department
Economics
Course
ECON 344
Professor
Kal Kotecha
Semester
Winter

Description
Chapter1OverviewofMarketing05072014WhatisMarketingMarketingsetofbusinesspracticesdesignedtoplanforandpresentanorganizationsproductsservicesinwaysthatbuildeffectivecustomerrelationshipsFirmsdevelopamarketingplanthatspecifiesthemarketingactivitiesforspecificperiodoftimeVariouscomponentshowproductservicewillbeconceiveddesignedhowmuchitshouldcostwhereandhowitwillbepromotedhowitwillgettoconsumerBuyersellershouldbesatisfiedwithvaluetheyobtainedfromtransactionMarketingIsAboutSatisfyingCustomersNeedsWantsNeedpersonfeelsdeprivedofbasicnecessitiesoflifefoodclothingsheltersafetyWantparticularwayinwhichpersonchoosestofulfillhisherneedshapedbypersonsknowledgeculturepersonalityMustfirstidentifycustomerorthemarketforitsproductorserviceMarketforfirmsofferingsconsistsofallconsumerswhoneedwantacompanysproductsservicesandhaveabilityandwillingnesstobuythemMarketersdividemarketintosubgroupssegmentsofpeopletowhomtheyareinterestedinmarketingtheirproductsservicesideasMakesureyoubuildamarketingstrategythatmeetstheneedsandwantsofthetargetgroupstargetmarketCanidentifycustomersegmentscompanywantstotargetwithitsproductsandservicesrequiresmarketresearchMarketingEntailsValueExchangeExchangetradeofthingsofvaluebetweenbuyersellersothateachisbetteroffasaresultSellersprovidegscommunicatefacilitatedeliveryoftheirofferingtoconsumersBuyerscompleteexchangebygivingmoneyinformationtosellerMarketingRequiresProductPricePlaceandPromotionDecisions4interrelateddecisionsknownasthemarketingmixorfourPsproductpriceplacepromotionMarketingmixcontrollablesetofactivitiesthatfirmusestorespondtowantsofitstargetmarketsProductCreatingValueValuecreatedbydevelopingavarietyofofferingsgoodsservicesideastosatisfycustomerneedsGoodsitemsyoucanphysicallytouchServicesintangiblecustomerbenefitsthatareproducedbypeoplemachinesandcannotbeseparatedfromtheproducerIdeasthoughtsopinionsphilosophiesintellectualconceptsthatcanbemarketedPriceTransactingValuePriceeverythingthebuyergivesupmoneytimeenergyinexchangefortheproductPriceofproductdeterminedbymarketerscarefullyonthebasisofpotentialbuyersbeliefaboutitsvalueKeytodeterminingpricesisfiguringouthowmuchcustomersarewillingtopaysothattheyaresatisfiedwiththepurchaseandthesellerachievesareasonableprofitPlaceDeliveringValuePlaceallactivitiesnecessarytogetproductfrommanufacturerproducertorightcustomerwhenthatcustomerwantsitPlacedecisionsareconcernedwithdevelopinganefficientsystemformerchandisetobedistributedintherightquantitiestorightlocationsandattherighttimeinmostefficientwayinordertominimizesystemwidecostswhilesatisfyingservicelevelsrequiredbytheircustomersDistributionmanagementisveryimportantbecausealotofdistributionactivitiesoccurbehindthescenesWithoutastrongefficientdistributionsystemmerchandiseisntavailablewhenorwherecustomerswantitdisappointedsalesandprofitswillsufferPromotionCommunicatingValueEvenbestproductsserviceswillgounsoldifmarketerscannotcommunicatetheirvaluetocustomersPromotioncommunicationbyamarketerthatinformspersuadesandremindspotentialbuyersaboutaproductservicetoinfluencetheiropinionsorelicitaresponsePromotionenhancesaproductservicesvalue4PsworktogethermarketerscandelivergreatervaluetoconsumersbyconfiguringthefourPsasawholeMarketingisShapedbyForcesPlayersWithintheFirmMarketingactivityshapedbyfactorsthatareinternalandexternaltofirmConsumercenterofallmarketingactivitiesofferingbestvaluepossiblewillattractcustomerstoproductsandkeepthemloyalMarketersmustdeliverthebestvaluetotheircustomersleveragefullpotentialoftheirinternalcapabilitiesworkeffectivelywiththeirpartnerssuppliersdistributorsotherintermediariesfinancialinstitutionsadvertisingagenciesresearchfirmsandconstantlyevaluateandrespondtocompetitiveenvironmentMarketingisShapedbyForcesPlayersExternaltotheFirmExternalforcesculturaldemographicsocialtechnologicaleconomicalandpoliticalandlegalchangesthatshapeacompanysmarketingactivityMarketingCanBePerformedbyBothIndividualsandOrganizationsMarketingintermediariesretailersaccumulatemerchandisefromproducersinlargeamountsandsellittoconsumersinsmalleramountsProcessinwhichbusinessesselltoconsumersisknownasB2CbusinesstoconsumermarketingProcessofsellingmerchandiseservicesfromonebusinesstoanotheriscalledB2BbusinesstobusinessmarketingProcessofconsumerssellingtootherconsumersiscalledC2CconsumertoconsumermarketingFirmmakesmonitorsB2BFirmDellsellsPCsandmonitorsB2CConsumerAC2CConsumerBIndividualsundertakeactivitiesthatmarketthemselvesApplyforajobSocialmediaisquicklybecominganintegralpartoforganizationsorindividualsmarketingandcommunicationsstrategiesMarketingOccursinManySettingsMarketingisawayforfirmstomakeprofitsbutalsoworksequallywellinnonprofitsectorUsefulinjumpstarteconomiesoflessdevelopedcountriesbyputtingbuyersandsellerstogethertocreatenewmarketsOftendesignedtobenefitanentireindustrywhichcanhelpmanyfirmssimultaneouslyMarketingHelpsCreateValueMarketinghasevolvedfromanactivitydesignedsimplytoproduceandsellproductstointegralbusinessfunctionaimedatcreatingvalueforconsumersandcompanysshareholders4marketingorientationsphilosophiesproductorientationsalesorientationmarketorientationandvaluebasedorientationProductOrientation
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