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ADMS 2200 Introductory Marketing Textbook Notes

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Administrative Studies
ADMS 2200

ADMS 2200 Introductory MarketingNotes Chapter 1 Marketing The Art and Science of Satisfying Customers What is Marketing all organizations perform production and marketing to satisfy commitments to society customers Utilitywantsatisfying power of a good or service form time place ownershipForm when firm converts raw materials to finished gsTimeplace when consumers find the gs they want at the right time and placeOwnership transfer of title of gs when it is purchased utility must be created for an organization to survive by designing wantsatisfying gs organization creates customers by identifying needs in the marketplace finding out which needs the orgn can serve and developing gs to convert these buyers to customers marketing specialists are responsible for creating these needed customersidentify customer needsdesigning products to meet the needscommunicate info about the gs to buyersmake gs available at the right time and placeprice merchandise to reflect costs competition customers ability to buyprovide necessary followup to ensure customer satisfaction Marketing begins way before a product hits the shelf involves analyzing customer needs obtaining info to design gssatisfy customers create rn with them marketing activities apply to both profitoriented businesses as well as notforprofit as well Marketingorganizational function for creating communicating delivering value to customers managing customer relationships that benefits an orgn emphasizes creating and maintaining LT rn with customers and suppliersTodays Global Marketplace many orgns have expanded out their own national borders to expand trade bring isolated countries together through growth of computer tech continue to be interdependent in trade processes NAFTA to remain competitive companies must search form most efficient manufacturing sites Canada is finding opportunity to serve to customers in Latin America Eastern Europe Middle East Asia expanding operations beyond the Cdn market gives more access to international customers China is Canadas second largest trading partner service firms are also increasing internationally allows Toronto Stock Exchange to reduce staffing costs by outsourcing basic accounting work market research to India Canada is also attractive for foreign competitors due to our size close to US many companies produce assemble distribute service and sell in Canada 85 of exports go to US while 20 of their exports come to us 4 Eras in History of Marketing Exchange processwhere 2 parties give something of value to each other to satisfy needs 1 Production Era many firms used to focus solely on production of quality of products and then sold them production orientation that high quality product would sell itself dominated business for decades building a new product is difficult though 80 or new products fail the new product must be able to fill a perceive marketplace need 2 Sales Era as production became more complex manufacturers increased emphasis on effective sales forces firms matched their output to the potential number of customers who would want it the sales orientation assume the task of personal sellingadvertising is to persuade them to buy 3 Marketing Era focuses on satisfying customer needs Sellers market market with more buyers for fewer gs Buyers market market with more gs than people are buying Consumer orientation determining unmet consumer needs and then designing system to meet it companies had to market gs not just produce and sell a marketer would then play leading role in product planning and marketingselling no longer true Marketing concept companywide orientation with objective of achieving longrun success every employee plays a role in reaching potential customers all levels must assess and satisfy customer needs marketing concept focuses on achieving LT success rather than ST profits strong market orientation improves market success and overall performance 4 Relationship Era Relationship marketing LT relationships developed over time with customers and suppliers relationships and strategic alliances often benefit everyoneby focusing on benefits resulting from the offered gs effective marketing converts needs to wantsEg PantsjeansLevis Jeans Marketing Myopia managements failure to recognize the scope of its business productoriented management rather than customeroriented is dangerous for a company firms have found new ways to reach new markets and develop LT relationships broadening marketingoriented business ideas that focus on customer need satisfactionMarketing in NotforProfit Organizations they operate in both public and private sectors adopting marketing concept can make a difference in their ability to meet service objectives some partner with business firms that help promote the organizations cause benefits them both Characteristics biggest difference bn NFP and FP is financial bottom line profitability of organization they only focus on profit to support their causes and marketing can help them accomplish the tasks FP market to one public NFP focuses on numerous customer for NFP has less control over orgnNontraditional Marketing Person marketing cultivates attention interest preferences of a target market toward celebrities celebrity endorsements on billboards commercials magazine ads Place marketing attracting customers to particular areas tourist attractions advertising reopening attractions Cause marketing identification and marketing of social issue to selected target markets literacy physical fitness gun control family planning prison reform environmental protection more common market practice today is FP firms linking their products to social causes consumers and employees show strongerfor causerelated marketing of firms Event marketing marketing of sporting cultural charitable activities to selected target markets increases public awareness they also feed commercials to websites that consumers can download Olympic marketing with clothing and gear of company logos Organization marketing influences others to receive services or contribute to an organization includes mutualbenefit servicecultural government organizationsCreativity and Critical Thinking Creativity human activity that produces original ideas to produce unique results helps develop novel solutions to perceived marketing problems Critical thinking determining the accuracy authenticity worth of information data is then analyzed and opinions are made of conclusions what went wrong how to make it rightTechnology Revolution in Marketing Technology business application of knowledge based on inventions innovations scientific info computer networks and Internet services revolutionized the way people store info technology links employees suppliers customers throughout the world companies can now market products with online services through technology marketers can develop targeted marketing campaigns for consumers located within certain distance has also helped new markets farmers wildlife researchers fishermen Interactive Marketing combines computers and telecommunications resources to create software for users phonelines emails VoIP WWW electronic bulletin boards Defn buyerseller communications where customer controls the amount and type of information received from a marketer gives immediate information when the consumer wants it Onetoone marketing customized marketing to build long term rn with individual customers Internet protocol television IPTV allows twoway digital broadcast to be sent through a telephone cable providing services such as caller ID email voice mail on television this puts customer in control they can tell the company what they like and dislikeBroadband Broadband technology extremely highspeed alwayson Internet connection can deliver large amounts of data at once Wireless for laptop handheld computers cell phones increases mobile marketing marketing messages sent via wireless technologyFrom TransactionBased Marketing to Relationship Marketing Transactionbased was the traditional view simple exchange process attracting customers close deals being replaced by longer term approach that focuses on building rn customers suppliers employees Lifetime value of a customer revenues and benefits a customer brings to an organization over an average lifetime employees serve customers within an organization as well as outside it programs that improve customer service inside a company raise productivity resulting in better customer relationships outside the firm lets companies move customers up a loyalty ladder new customer regular loyal supporter advocate begins by determining what customers need developing products providing customer service encourage purchases rebuild damaged relationships cost of maintaining existing customers is less than finding new ones so buzz marketing is used so they can spread the words to others around them rn marketing relies heavily on computer databases helps them become onetoone marketers
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