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Chp 1 Marketing - Textbook Notes

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Management Core
MGCR 352
Saurabh Mishra

Chapter 1: Marketing: Customer Value, Satisfaction, Relationships and Experiences What is Marketing? - activity for creating, communicating delivering and exchanging offerings that benefit the organization, its stakeholders, and society at large o delivering genuine benefits through goods, services, ideas and experiences marketed o everyone, from customers to society, should benefit Marketing aims to: 1) Discover the needs and wants of prospective customers 2) To satisfy them Requirements for marketing 1) One or two more parties with unsatisfied needs a. Ex. A customer who wants a product and a owner who needs someone to purchase products 2) Desire and ability of parties to satisfy needs 3) Way for parties to communicate a. Customers must know the existence of the product and its location; sellers must know the market of potential buyers nearby 4) Something to exchange o Marketing occurs when there is a transaction of items of value Breadth and Depth of Marketing: - What is a Market? o People with the desire and ability to buy a specific product  Ability = authority, time and money - Who Markets? o Every organization  Ex. Businesses, places, NGOs, government agencies - What is Marketed? o Goods (physical items), services (activities, deeds or basic intangibles), ideas (thoughts about actions and causes) and experiences - Social marketing  meant to influence the behavior of individuals by which benefits accrue to those individuals or to society in general and not to the marketer - Who buys and uses what is marketed? o Both organizations and individuals o Ultimate consumers  people who use the goods and services purchased for a household o Organizational buyers  units that buy goods and services for their own use or for resale  Some consumers, buyers etc. may be both ultimate or organizational - Who benefits? o 3 groups  consumers –buyers  organizations –sellers  society as a whole o competition ensures value, low prices or exceptional service  choice increases satisfaction and quality of life o effective marketing increases competition  companies will try to improve the quality of products and services and lower their prices Factors influencing marketing activities - organization  mission, objectives, goals (shareholders, organizational leaders etc.) o marketing department facilitates relationships, partnership and alliances with organization’s customers, its shareholders, its suppliers and other organizations  strive for continual balance between (possibly) conflicting interest of individuals and groups How Marketing discovers and Satisfies Consumer Needs - First objective of marketing = discovering needs of prospective customers o Customers don’t always know what they want - Marketers should: 1) focus on what the customer benefit is 2) learn form the past (industry trends, competitors’ products) Consumer Needs and Consumer Wants - marketing should satisfy both needs and wants - need  physiologically deprived of basic necessities - want  felt need shaped by a person’s knowledge, culture and per
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