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Chapter 1

MKT100 Chapter 1 Review.docx

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Department
Marketing
Course
MKT 100
Professor
Joanne Mc Neish
Semester
Winter

Description
MKT100 Chapter 1 Review  Marketing’s Core Aspect o Marketing helps create value o Marketing is about satisfying customer needs and wants o Marketing entails an exchange o Marketing requires product, price, place, and promotion decisions o Marketing can be performed by both individuals and organizations o Marketing occurs in many settings  Value o The fundamental purpose of marketing is to create value for both the firm and customer. o Value is in essence what a customer gets for what they give up.  Value-Based Marketing o Firms must offer customers something more that being offered by the competitors. o Firms must understand how each aspect of their product/service creates value for customers.  How Firms Compete on the Basis of Value o Constantly changing consumer perceptions o Firms must constantly monitor the marketplace in order to create value  Impact of Socio-Cultural Factors on Coca Cola o Public concern over calorie counts is obvious in Coca-Cola’s business. o Overall soda consumption in the US has declined steadily since 1998 (Beverage Digest). o Growth for Coca Cola has come from diet drinks and beverages such as sport drinks and bottle water.  Becoming Value Driven: Balancing Benefits and Cost o Understand key benefits o Focus on key benefits o Eliminate cost of less strategic benefits  Balancing Benefits and Cost o Heinz Ketchup is the “gold standard’ of catsups
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