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York University
Administrative Studies
ADMS 2200
Kim Snow

Chapter 1What is MarketingMarketing creates UtilityUtilityThe want satisfying power of a good or serviceForm UtilityCreated when the firm converts raw materials and component inputs into finished goods and services Marketing providing inputs related to consumer preference ex Samsung and LED televisionsTime and Place UtilityWhen consumers find goods and services available when and where they want to purchase them ex Convenience Stores ex Vending MachinesOwnership UtilityAbility to transfer title to goods or services from marketer to buyerThree Step Marketing Approach Identifying needs in the marketplace finding out which needs the organization can profitably serve and developing goods and services to convert potential buyers into customersResponsible foridentifying customer needsdesigning products that meet those needscommunicating information about those goods and services to prospective buyersmaking the items available at times and places that meet customers needspricing the merchandise and services to reflect costs competition and customers ability to buyproviding the necessary service and followup to ensure customer satisfaction after the purchaseMarketingAn 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 stakeholdersExchange ProcessActivity in which two or more parties give something of value to each other to satisfy perceived needsProduction EraProduction OrientationBusiness philosophy stressing efficiency in producing quality product with the attitude toward marketing that a good product will sell itselfBusiness attitude before 1925Building a new product or great innovation is no guarantee to successSales EraSales OrientationBelief that consumers will resist purchasing non essential good or services with the attitude toward marketing that only creative advertising and personal selling can overcome consumers resistance and persuade them to buySelling is only one part of marketing Companies believed in sales orientationbetween 1925 and early 1950sMarketing EraEmergence of the Marketing EraPersonal incomes and consumer demand for goods and services dropped rapidly during the 1930sOrganizational survival dictated that managers pay close attention to the markets for their goods and services A shift occurred in the precedence of product and sales to satisfying costumer needsSellers MarketOne in which there were more buyers for fewer goods and servicesBuyers MarketOne in which there were more goods and services than people willing to buy themthe strong buyers market created a need for consumer orientationConsumer OrientationBusiness philosophy incorporating the marketing concept that emphasizes first determining unmet consumer needs and then designing a system for satisfying themMarketing ConceptCompanywide consumer orientation with the objective of achieving longrun successevery employee plays a role in reaching potential customers Companies survival and growth are built into the marketing concept companywide consumer orientation should lead to greater longrun profits The Relationship ErathEmerged the final decade of the 20 centuryRelationship MarketingDevelopment and maintenance of longterm costeffective relationships with individual customers suppliers employees and other partners for mutual benefit Strategic alliances between manufacturers retailers and suppliers often benefit everyoneAvoiding Marketing MyopiaMarketing MyopiaManagements failure to see the scope of its businessproduct oriented other rather than customeroriented management endangers future growthAvoiding marketing myopia can be done by developing broader marketingoriented business ideas that focus on consumer need satisfaction examples Nokia cell phone company Connecting People Visa cred card company Life Takes Visa Marketing in NotForProfit OrganizationsSome not for profits form partnerships with business firms that promote the organizations cause or message ex The Hospital for Sick Children Sick Kids supported by Walmart since it came to Canadagenerally the alliances formed between notforprofit and commercial firms benefit both partiesCharacteristics of a nonprofit are Organizational goals are different notforprofits financial bottom line nonprofit organizations develop marketing to try an influence everyone while for profit does marketing to just one group of people there customersService user have less influence over a notforprofit organization as they would over a for profit organization Some degree of monopoly power in a given geographic areaRealized importance of marketing because they needed to compete more cost effectively and compete with other organizations for donor dollarsNon Traditional Marketing Person Marketing Marketing efforts designed to cultivate the attention interest and preference of a target market toward a person typically a political candidate or celebrityPlace MarketingMarketing efforts designed to attract visitors to a particular area improve consumer images of a city province or country andor attract new business ex MGM new venture hoping to increase Las Vegas tourism to 40 million people in the yearA good way to recruit business and workers and capture travelling touristsCause MarketingIdentification and marketing of a social issue cause or idea selected
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