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Chapter 1

MARK1020 Chapter Notes - Chapter 1 : Direct Marketing, Market Orientation, Marketing


Department
MARK
Course Code
MARK1020
Professor
Anne Iarocci
Chapter
1

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PRINCIPLES OF MARKETING – MARK1020
WEEK 1 – OVERVIEW OF MARKETING
WHAT IS MARKETING?
- MARKETING: A set of business practices designed to plan for & present an organizations
products or services in ways that build effective customer relationships
Requires thoughtful planning with an emphasis on the ethical implications of any of
those decisions on consumers & society in general
- Firms develop a marketing plan that specifies their marketing activities for a specific period of
time
- Marketing plan is broken down into various components:
How the product or service will be conceived or designed
How much it should cost
Where & how it will be promoted
How it will get consumer
- In an exchange, the buyer an the seller should be satisfied with the value they obtained from the
transaction
- Marketing:
Helps to create value
Is about satisfying customer needs & wants
Entails an exchange
Requires product, price, place & promotion decisions
Can be performed by both individuals & organizations
Occurs in many settings
- VALUE: the fundamental purpose of marketing is to create value for both the firm & customer
Is in essence what you get for what you give up
CORE #1  SATISIFYING CONSUMER NEEDS & WANTS:
- Steps to satisfying needs & wants:
Firms must first underst& who their customer is
Understanding their needs & wants
Develop products & services
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PRINCIPLES OF MARKETING – MARK1020
WEEK 1 – OVERVIEW OF MARKETING
- NEEDS: When a person feels deprived of the basic necessities of life e.g. food, water, clothing,
shelter & safety
- WANT: The particular way in which the person chooses to fulfill his/ her need which is shaped by
a person’s knowledge, culture & personality
- The market can be segmented by divided into groups of people who are pertinent to an
organization for the particular reason
- Good marketers carefully seek out potential customers who have both an interest in the
product & an ability to buy it
- TARGET MARKET: The customer segment/group to whom the firm is interested in selling it
products & services
- The process of identifying customer segments the company wants to target with its produts &
services requires market research
CORE #2  MARKETING ENTAILS AN EXCHANGE:
- Not simply a byer & seller exchanging money or a good/ service
- Can be an exchange of information / convenience
- EXCHANGE: the trade of things of value between the buyer & the seller so that each is better off
as a result
- Seller provide goods & services  communicate & facilitate the delivering of their offering to
consumers  buyers complete the exchange by giving money & info to the seller
CORE #3  MARKETING REQUIRES MARKETING MIX DECISIONS:
- 4 P’S  Product, Price, Place & Promotion
- MARKETING MIX: The controllable set of activities that a firm uses to respond to the wants of tis
target markets
- Target market:
Price  Transaction value
List price, discounts, allowances, costs, payment period, credit terms
Marketers must determine the price of a product carefully on the basis of the
potential buyer’s belief about its value
The key to determining prices is figuring out how much customers are willing to
pay so that they are satisfied with the purchase & the seller achieves a
reasonable profit
find more resources at oneclass.com
find more resources at oneclass.com
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