MOS 1021 – EXAM PACKAGE - Lecture & Textbook Notes.docx

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Western University
Management and Organizational Studies
Management and Organizational Studies 1021A/B

MOS 1021Paul CruzSeptember 1913 Marketing Fundamentals Marketing Definition for this Course Generating profit by focusing on customers and providing them with value through goods and services that meet their needs A practical application of psychology sociology economics and communications Marketing is not just advertisements and videos The Essence of Marketing Target Customers 1 Focus on consumer needs2 Create consumer value 3 Appealing to target marketing 4 Coordinate the marketing mix 7 Customer ValueUnique combination of benefits received by buyersIncludes quality price convenience delivery service before and after the sale ex But BMW as communication device about that carDifferent customers will get different types of value from the same productserviceA single product will not satisfy everyone8 Target Market The specific group of existing and potential customers we will focus our marketing on9 The 4 Ps Product Price PlacePromotion ex Nestle and smarties The Marketing Mix 4PsMarketing Mix ProductProductPricePlace Target Price PromotionPromotion Market Place Each aspect of the marketing mix is developed based on our understanding of the target market 92013 Paul Cruz MOS 1021AIntro to MOS I10 Product 4PDecisions Design Features Packaging Warranty Service levelsProduct can refer to a good service or ideaGoodsomething tangible you can touch and feel ie smartphoneServiceintangible ie wireless provider for your phoneIdeaa concept that looks for support ie Earth Hour11 Price 4P Decisions What will we charge What is our target market willing to pay What are we trying to communicate with our price Upscale vs budget12 Place 4PDecisions Where will the product be sold Retail wholesale direct orders online etc Where does the target market prefer to buy13 Promotion 4PDecisions Mediums of communication that will be used to inform the target marketTV print onlinesocial media public relations sales promotions event marketing sponsorship etcWhich methods of communication work best to engage the target market Ex Age generations social media3 Step Marketing Process picture of 3 boxes 1 Identify consumer nees 2 Manage the marketing mix to meet needs 3 Realize profits What can be marketedGoods ServicesIdeas17 The Market DefinitionsMarket Potential customers who have both the ability and willingness to pay for a product ex Someone who might be willing to pay for it Not cheap Target Market The specific group of existing and potential customers we will focus our marketing onConsumers Actual users of the product Note these 3 groups are not always the same group of peopleProduct Orientation focuses on manufacturing ex Ford Model Tone size fits all black wheels standard 1900s consumer needs not a prioritySales orientations focus on selling as much as possible and make profit the more you buy the cheaper it is Economies of scale Marketing orientation organizations should satisfy needs of consumers as well as meeting organizational goals tailor product to you based on your needs Relationship Marketing focus on building long term relationships lifetime value of customer Apple wants you to buy all products19 Trends driving Relationship Marketing Internet technology allows unprecedented information capture 1 Social media ex can count likes on Facebook 2 Database technologyCRM software 3 Corporate social responsibility 4 Customers want to be associated with companies that share their interestsex MetoWe produce products that is nonsweatshopsocial responsibility 20 Database TechnologyTargetEvery time you shop you share details about your consumption patterns with retailersthey track you through your credit card phone number They study these details to figure out what you buy how often you buy and that you will need in the futureTarget identified when people buy lotion pregnancy tests etc thats a critical time to lock you in as a future mom Send you coupons in the mail 14 years old daughter was pregnant Customer relationship Management less expensive to service and maintain current customersCorporate Social responsibility organizations voluntarily consider the well being of society by taking responsibility for their impact on consumers Suppliers community and the environment Societal marketing concept marketing that focuses on the consumer and well being21 New Marketing Practices 1 Experiential Marketing Consumers directly interact with brands ex Social media reviews blogs dialogue2 Partnership MarketingAssociations between brands that result in increased profits for both brands that couldnt have been achieved separatelyCan be both short term promotional partnerships or longterm strategic alliances ex Scene Card Scotia Bank and Cineplex 3 Metrics measure and monitor business performance through data that is collected ex Track number of hits on a video bought online with you track number of cars that drive by your billboard
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