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Marketing Mid Term Exam Notes (from textbook)

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York University
Administrative Studies
ADMS 2200
Kim Snow

Marketing NotesChapter 1 Caveat Emptor buyer beware Utility wantsatisfying power of a good or serviceFour types of utilityType Description Examples Organizational function responsible Form Conversion of raw materials Dinner at Swiss Chalet Production and components into iPod shirt finished goods and services Time Availability of goods and Dental appointment Marketing services when consumers Canada post digital want them photographsPlace Availability of goods or Onsite day care banks in Marketing services at convenient storeslocations Ownership Ability to transfer title to Retail sales in exchange for Marketinggoods or services from currency or credit marketer to buyerHow does an organization create a customer 1 Identify needs In the marketplace 2 Find out which needs the organization can profitably serve 3 Develop goods or services to convert potential buyers into customersMarketing an organizational function and a set of processes for creating communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholdersGlobal Marketplace 1 International agreements are being negotiated in attempts to expand trade among nations 2 The growth of electronic commerce and related computer technologies is bringing previously isolated countries into the marketplace for buyers and sellers around the globe 3 The interdependence of the worlds economies is a reality because no nation produces all the raw materials and finished goods its citizens need or consumers all its output without exporting some to other countriesIe the euro is now a common currency to facilitate trade among the nations of the European Union and the creation of trade agreements such as NAFTA and WTOExchange process activity in which two or more parties give something of value to each other to satisfy perceived needs good for service good for money etc Four Eras of Marketing History 1 The Production EraA good product will sell itself Put pressure in good quality product and Production Orientation business philosophy stressing efficiency in producing a quality product with the attitude toward marketing that a good product will sell itself2 The Sales EraSales Orientation the belief that consumers will resist purchasing nonessential goods and services with the attitude toward marketing that only creative advertising and personal selling can overcome consumers resistance and persuade them to buy3 Marketing Era began after the World Wars and the Great Depression Marketing was in demand because less people were willing to purchase items Sellers Market one in which there were more buyers for fewer goods and services Buyers Market one in which there were more goods and services that people willing to buy themConsumer Orientation business philosophy incorporating the marketing concept that emphasizes first determining unmet consumer needs and then designing a system for satisfying themMarketing Concept company wife consumer orientation with the objective of achieving longrun success4 The Relationship Era long term valueadded relationships developed over time with customers and suppliers for mutual benefit QR Codes Quick Response codes is a type of barcode that can be scanned using your smart phone which provides up to date background information about the productMarketing Myopiamanagements failure to recognize the scope of its business This occurs when managers are more product oriented as opposed to customeroriented IE Apple working on solar powered devices so battery life can be longerenvironmentally friendly Avoiding Myopia Through mottos that connect people Ie Nokias connecting people Michelin a better way forward etcCharacteristics of NotForProfit Marketing Bottom Line reference to overall company profitability Want to make enough money to pay back shareholders and employees as well as their causesThey want to find the most cost efficient way of doing thingsPromotional products such as PINK products that donate money to breast cancer Have to deal with their clients and their sponsors and not just customers like forprofit organizationsNontraditional MarketingPerson Marketing designed to cultivate the attention and preference of a target market toward a person Steve Nash Nelly FurtadoPlace Marketing designed to attract visitors to a particular area Saskatchewan ManitobaCause Marketing marketing of a social issue cause or idea to a market Friends dont let friends drive drunk be a mentor reading is fundamentalEvent Marketing
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