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York University
Administrative Studies
ADMS 2200

Chapter 1 What is marketingWhat is marketingMarketing is an organizational function and a set of processes for creating communicating and delivering value to customers and for managing customer relationships Value Benefit a customer receives from a good or service in relation to costs Need recognition of any difference between a consumers actual state and some ideal or desired stateExchange Relationshipsoccurs when something is obtained for something else in return like cash for goods or services Value from the Customers PerspectiveValue proposition includes the whole bundle of benefits the firm promises to deliver not just the benefits of the product itselfMarketing Mix DecisionsProduct Tangible good service or idea Satisfies consumer or business needs Features functions benefits and usesPrice Sellers assignment of value to a productPlace Availability of product to the customer at the desired time and location Channels of distributionPromotion Communication efforts by a marketer to influence consumers or organizations about goods services or ideasChapter 2 Making strategic marketing decisionsThe Marketing Planning ProcessMarket Plan A document that describes the marketing environment outlines the marketing objectives and strategy and identifies who will be responsible for carrying out each part of the marketing strategyMarketing as a DecisionMaking ProcessStep 1 Business ObjectivesWhat the firm hopes to accomplish with the longrange business planNeed to be specific measurable and attainableMay relate to sales profitability standing in market return on investment productivity product development customer satisfaction and social responsibilityStep 2 Environmental Situational AnalysisUncontrollable elements of an organizationFactors includePolitical or LegalEconomicSocial or CulturalTechnologicalOther ConsumerIndustry CompetitiveInternal EnvironmentControllable elements inside an organizationFactors includeCurrent strategyis it workingHow effective is the current marketing mixFinancial performancePeopleFacilitiesThe organizationStructureCultureSystemsSWOT AnalysisAssessment of external and internal environmentsOften done through a SWOT AnalysisStrengths internalWeaknesses internalOpportunities externalThreats externalUtilizing SWOT to Develop Strategy Alternativesthe picture is on next pageStep 3Marketing Strategy Specify the ValueMarketing Objectives may relate toSalesGrowth Improvements in productNew brandsNew marketsCompetitive advantageThe ability of a firm to outperform the competition providing customers with a benefit the competition cannot
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