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Mos Mid term 1 notes chapter 1.docx

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Western University
Anthropology 1026F/G

Management and Organizational Studies Mid Term 1- Exam Notes At the core of every great marketing program is a creative ides. This idea becomes the catalyst that inspires every element of the marketing program It is essential that the marketer uses this idea to inform, stimulate, and guide all of the elements of the marketing mix. - Andrew Barrett, vice president of marketing, LG Canada. Chapter one: Marketing Fundamentals : In 2008, LG Canada brashly launched a new line of cell phones with a marketing program that beat apples iPhone. The essence of marketing is discovering consumer insights, said the vice president of LG. He also explains that you must be relevant and engaging enough for consumers to choose your product or service. The programs purpose was to create awareness and hype for the new products, prompt support from retailers, and encourage consumers to gather information and buy the product. The youthful target market for the touch phones was the stylish- conscious and techno-savvy university and college crowd. All launch elements were designed with Canadians consumers in mind. Research determined product needs, that is which features were most appealing, what technology was required and which product names should be used. The price was established based on a competitive evaluation, and the fact that expensive data plans were an issue for consumers. Importantly, distribution was worked through the cell phone carriers. Once these elements were finalized a promotional campaign was crafted to fit the needs of the target audience and create a buzz in the market. The following were components in the marketing fundamentals for LG: public Relations, TV Advertising, Print based advertising, online advertising and point of sale material. The Essence of Marketing: Marketing success is rooted in focusing on consumers and providing them with value through products and services that meet their needs. The challenge is to craft a marketing program setting the product apart from competition. The Canadian market is very competitive, and that is why it is important to stay on top of competition. The launch of LG is a prime example, because they took advantage of the fact that consumers were demanding the iPhone, and were going at great lengths to get one from the states, this gave LG the opportunity to create a product for the Canadian market, tailored to consumer needs, and fortunately it was a great success. It is important to understand that marketers ultimate objective is to gain profit, or if they are non- profit, to obtain enough revenue to carry out their expenses. Focusing on Consumer Needs: The challenge is to clearly determine consumer needs, and to understand how they can best be met with meaningful marketing approaches. Consumers do not always know what they want; consumers do not always want to articulate their feelings; and in some cases, consumers are unable to communicate and rationalize their preferred choices. In many product categories, such as fragrances or luxury cars, choices are not entirely rational, but partly based on self- image and emotional attachment to a brand. Sometimes during research marketers do not ask the right questions. Sometimes the target groups are unable to provide information marketers need because they are either too busy (example doctors) or simply cannot crystallize their needs (babies) Creating Customer Value: Developing customer loyalty is prompting many firms to focus on customer value by providing customers with products and services that have added value through a combination of: 1. Pricing strategies, 2. Product design, and 3. Service elements. Companies such as Zellers focus on low prices and Apple uses a combination of unique product design and superior service levels to market their Ipods and premium products. Customer Value: is the unique combination of benefits received by targeted buyers that include quality, price, convenience, on time delivery, and both before sale and after sale service. Appealing to Target Markets : In a competitive marketplace, companies cannot satisfy everyones needs with a singe product, and so they design their products to appeal to specific target markets. Marketing follows the principle that with limited funds, it is better to channel your funds to consumers that have both the buying power and to people who are willing to buy the product. Target Market: The specific group of existing and potential consumers to which a marketer targets its marketing efforts. This assures that the people they want to see their product see their product, which they are marketing. Coordinating the Marketing Mix: The elements of the marketing mix- also known as the 4 Ps. (Please refer to chart below). The elements of Product All the attributes that make up a good, a service, or an idea, the marketing mix including product design, features, colors, packaging, need to be warrantees and service levels. carefully managed Price The expected retail shelf price and sale price of the product. to ensure that they Place The distribution channels and retailers required to sell the are well product. coordinated and Promotion The communication tools needed to inform consumers about that each element appeals to the the product, including advertising, sales promotion, public distinct relations, direct marketing, and personal selling. characteristics of the target market for the product. If marketers promote a product through the newspaper and their target market doesnt even read the newspaper, than their marketing efforts are useless. They must market the product in areas where they are sure that their target market will get the message. (Look at the smarties and after eight examples in the text- page 7) The Marketing Process: (A logical process that focuses on consumer needs:) Step 2: Step 1: Step 3: Manage the Identifying marketing mixto Realize profits for Consumer Needs meet consumer the company needs Throughout the cycle, marketers constantly evaluate the success of their programs implementing and recommending future changes to make their programs more competitive and alluring to their customers. Marketers are ultimately responsible for generating company profits or revenues. Marketing: The process of planning goods, services, or ideas to meet consumer needs and organizational objectives. It includes the conception of these products and the pricing, promotion, and distribution programs designed to make a profit. Exchange: The trade of things of value between buyers and sellers so that each benefits. Good: A product you can touch and own. Service: A good that is intangible, that you cannot touch. Idea: A concept that typically looks for your support. What is A Market: A market is a potential consumer with both the willingness and ability to buy. Importantly just being willing to purchase a product does not necessarily mean you can buy the product. For example: Fishers Price had a cycle for children, of course the children want the product, but it is the parents and adult market which is targeted because they are t he ones who are able to purchase items, not the child themselves. The Evolution of Business Philosophies: Marketing was not always the driving force in business philosophy. Up until 1930s, businesses were in the production orientation stage: which focused on manufacturing goods. Which until the industrial revolution was not a widespread phenomenon. Manufactured goods tended to sell regardless of their quality, because they were in short supply. Consumer needs were not a priority. The second stage was from the 1930s- 1960s and was the Sales Orientation Stage: This stage focused on selling as many products as possible. The market had become more competitive, production had become more efficient, and products were in abundance. Companies started to hard- sell and consumer needs were still not a priority. The basic marketing stage evolved in the 1960s. At this point consumer needs became more paramount, and marketing concepts arose and became the focus of business. The Marketing Orientation Stage: focuses on the idea that an organization should strive to satisfy all needs of consumers while also trying to achieve the organizations goals. The Marketing Concept: follows this idea, and that is the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve organizational goals. Relationship Marketing: When organizations create long term links with customers, employees, suppliers and other partners to increase loyalty and customer retention. The Evolution of Business Philosophies Relationship Production Sales Marketing Marketing Orientation Orientation Orientation Or
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