MKT 100 Chapter Notes - Chapter 1: Starbucks, Pro Forma, Retail

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Published on 1 Jun 2017
School
Ryerson University
Department
Marketing
Course
MKT 100
Professor
Chapter 1: Overview of Marketing
Marketing
- A set of business practices designed to plan for and present an organization’s products
or services in ways that build effective customer relationships
Marketing Plan
- A written document composed of an analysis of the current marketing situation,
opportunities and threats for the firm
- Marketing objectives and strategy specified in terms of the four Ps, action programs and
projected or pro forma income (and other financial) statements
Building Value
- Build and maintain a loyal customer base
- Distinguish from competitors
- How do Tim Hortons & Starbucks do it?
- Strong brand, customer appeal
- Constantly need to protect the brand
Need
- Basic necessities, such as food, clothing, shelter, and safety
Want
- The particular way in which a person chooses to satisfy a need, which is shaped by a
person’s knowledge, culture, and personality
- How to fulfill that need
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Market
- Refers to the groups of people who need or want a company’s products or services and
have the ability and willingness to buy them
- Example:
The market place for soft drinks may include most people in the world Pepsi and
Coke battle worldwide, they divide the global population into different
categories: calorie conscious or not
Target Market
- The customer segment or group to whom the firm is interested in selling its products or
services
- Targeted to customers who want and can afford such a product
Exchange
- The trade of things of value between the buyer and the seller so that each is better off
as a result
Entails a Marketing Exchange
- The exchange can occur between any two parties
- Not simply a buyer a seller exchanging money for a good or service
- Can be an exchange of information for convenience
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Market Mix (four P’s)
- Product, price, place and promotion, the controllable set of activities that a firm uses to
respond to the wants of its target markets
-Product: Creating Value
Fundamental purpose of marketing is to create value by developing a variety of
offerings, including goods, services, and ideas, to satisfy customer needs
Example: Montclair (water bottle company) has created a product brand image
which lets users say to the world, “I’m healthy”, “I’m smart”, “I’m chic”
Goods: Items that can be physically touched (ex. Roots clothing, Nike shoes)
Services: Intangible customer benefits that are produced by people or machines
and cannot be separated from the producer
Ideas: Thoughts, opinions, philosophies, and intellectual concepts (ex. Groups
promoting bicycle safety go to schools, give talks, and sponsor bike helmet
poster contest for children as their target market)
-Price: Transacting Value
The overall sacrifice a consumer is willing to make, money, time, energy to
acquire a specific product or service
Key for marketers is to figure out how much customers are willing to pay so that
they are satisfied with the purchase and the seller achieves a reasonable profit
-Place: Delivering Value
Describes all the activities necessary to get the product from the manufacturer
or producer to the right customer when that customer wants it
Deals specifically with retailing and marketing channel management
Marketing Channel Management: Set of approaches and techniques that firms
employ to efficiently integrate their supplies, manufacturers, warehouses, stores
and other firms involved into a seamless value chain in which merch. is produced
and distributed in the right quantities
-Promotion: Communicating Value
Communication by a marketer that informs, persuades and reminds potential
buyers about a product or service to influence their opinions or get a response
Can enhance a product or service’s value
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Document Summary

A set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships. A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm. Marketing objectives and strategy specified in terms of the four ps, action programs and projected or pro forma income (and other financial) statements. Basic necessities, such as food, clothing, shelter, and safety. The particular way in which a person chooses to satisfy a need, which is shaped by a person"s knowledge, culture, and personality. Refers to the groups of people who need or want a company"s products or services and have the ability and willingness to buy them. The market place for soft drinks may include most people in the world pepsi and. Coke battle worldwide, they divide the global population into different categories: calorie conscious or not.

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