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Marketing 2200.docx

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Administrative Studies
ADMS 2200
Louise Ripley

Marketing An IntroductionArmstrongKotler1 IntroductionMarketing Creating and Capturing Customer ValueWhat Is MarketingHow Five Different Marketing Scholars Have Seen Marketing Hunt Borden Levitt Bagozzi ArndtHunt Three Dichotomies ModelShelby Hunt maintains that any marketing question will fit into one of these 8 cellsPositiveNormativeMicroMacroMicroMacroProfiteg How does Walmart Do the poor pay moreHow should Walmart set Should the poor pay wet pricespricesmoreNotforProfitHow does the AGO set Do TV ads affect How should the AGO set Should politicians be Art Gallery of Ontariopriceselectionspricessold like toothpasteDichotomy an academic word for twoway split ex Malefemale YesNo InHouseOutside AgencyPositiveNormative dichotomy deals with whether were talking about how things are positive or how they should be normativePositive statement tells how something works we place the stock on our shelves at the end of each dayNormative statement says how you think things should be done we ought to institute a justintime inventory policyNote Ethical questions are ALWAYS NORMATIVEMicroMacro dichotomy refers to things that happen within the firm and affect the firm in its everyday operations vs things that the firm does that relate to the larger environment to societyMicro normative question for the tobacco companies would be how much it ought to spend to have the printing done on their cigarette cartonsMacro normative question would be whether they should get rid of the Joe Camel ads when research shows an overwhelming increase in the number of young teens smoking Camels after Joe arrived in the magazinesThis micromacro dilemma the conflict between what is good for the firm and what is good for society is a very old questionExin the 1950s Thorstein Veblen wrote a book exposing the fact that in povertystricken areas of large cities poor people often pay more for their basic food necessities because stores know they cant afford to drive elsewhereBorden 4P Model Product Price Promotion PlaceLevitt Marketing Myopia shortsightednessTheodore Levitt claims most failures of firms are due to shortsighted lack of vision in top managementHis view of marketing is longrange vision anticipation of change and planning for the futureThere are numbers of companies and whole industries that went bankrupt or nearly failed due to lack of visionEx the railroads thought they were in the railroad business instead of the transportation business and failed to adapt when airplanes came inEx Hollywood firm companies nearly went broke before they realized they werent in the firm business but the entertainment business Now you can rent a video about a month after the film comes out because theyve changed from being in the business of producing movies for the theatre to being in the business of providing entertainment that meets our needsBagozzi Marketing as ExchangeRichard Bagozzi contends that ANY exchange is marketing whether it is the exchange of money for a bar of soap or the exchange of a drink for consideration of a sales pitch or exchange of quitting smoking for a healthier lifeArndt Needs Wants and DemandsJohan Arndt says that marketers must concentrate on doing what we do best which is matching supply and demand claims that the role of the marketer is to move the consumer from need to want to demandSpecificity LevelMatching FieldInfluencing FactorsSupplyDemandHighBrandDemandCompetitionMediumProduct ClassWantSocial Consumer ResourcesLowProduct GroupNeedPersonality Culture as a consumer you start in a position of needvery basic not very specific influenced mainly by personality and cultural factors looking at product group only such as sth to keep your teeth clean Marketer moving you up into a stage of more specific wants influenced by what you can afford and what society expects where you begin to think about a product classyou want toothpaste any brand will do whats on sale this week Marketer moves you up to the state of demand influenced by competition where you walk into the drugstore and purchase a tube of a specific brand of toothpaste The influencing factors are cumulative Personality and culture continue to influence us at the level of wants and demands as well as needsMarketing DefinedAmerican Marketing Association The process of planning and executing the conception pricing promotion and distribution of ideas goods and services to create exchanges that satisfy individual and organizational objectivesMalcolm McNair The creation and delivery of a standard of livingPhilip Kotler Getting the right goods and services to the right people at the right place at the right time at the right price with the right communication and promotionArmstrongKotlerA social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with othersMarketingmanaging profitable customer relationshipsattracting new customers by promising and creating superior valuebuilding longterm relationships with customers by delivering continued customer satisfactioncapturing value and managing these relationships profitably over timeold view of marketing is telling and sellingNew view of marketing is satisfying customer needsGoalsattract new customers by promising superior valuekeep and grow current customer base by delivering satisfactionThe Marketing ProcessA simple model of the marketing processCapture value from customers in returnCreate value for customers and build customer Construct an Capture value from Build profitable Design a Understand the integrated marketing customers to relationships and customerdriven marketplace and program that create profits and create customer marketing customer needs delivers superior customer equitydelightstrategyand wantsvalue1 Understanding the marketplace and customer needsCore Marketplace Concepts MarketersCustomer Customers have needs wants and demands Market offerings are products services information and experiences Customers seek value and satisfaction from offerings Markets involve exchange and relationships Markets are all potential customers with a similar demand Needs Wants and DemandsNeeds The most basic concept underlying marketing states of felt deprivationoPhysical needsfood clothing warmth safetyoSocial needsbelonging affectionoIndividual needsselfexpression
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