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Chapter 1

ch.1 overview of marketing.docx

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Ryerson University
MKT 100
Mary Foster

Ch. 1 Overview of Marketing Key Concepts: -What is marketing? -Innovation and Diffusion Case: Cyrus McCormick(understanding the importance of mkt'ing processes as well as product innovation) Marketing: -is a set of business practices designed to plan for and present an organization's products and services in ways that build effective customer relationships. -is about creating value for consumers and the company's shareholders -Core Aspects : o is about satisfying the customers needs and wants of the target market (eg.crest) o entails an exchange (eg.itunes) o requires product, price, place & promotion decisions 4Ps/marketing mix* o can be performed by both individuals & organizations ** o occurs in many settings (both profit/non-profit entities, dev. economies, entire industries) o helps create value (eg. 4 mkt'ing orientations that are product, sales, market, value-based) *** * Product: Creating Value (by developing a variety of offerings such as goods, services, and ideas to satisfy customer needs) Price: Transacting Value (everything the buyer gives up--money, time, energy-- in exchange for the product) Place: Delivering Value (all the activities necessary to get the product from the manufacturer or producer to the right customers when they want it) Promotion: Communicating Value (communication by a marketer that informs, persuades and reminds potential buyers to buy a product or service to influence their opinions or elicit a response) Therefore, the product/service offered must satisfy the target customers' specific needs and wants, be priced appropriately, be available at locations where the customers want it , and be promoted in a manner and through media that are consistent with the target customers. ** types of marketing: B2C(business-to-consumer): the process in which businesses sell to consumers (eg. wholesaling) B2B(business-to-business): the process of selling merchandise or services from one business to another (eg. retailing) C2C(consumer-to-consumer): the process in which consumers sell to other consumers (eg. swap meets, eBay, yard sales) social media: -the use of internet tools to easily and quickly create and share content to foster dialogue, social relationships and personal identities -is important to marketers b/c:  it's a good way to reach consumers  be part or initiate conversations about their brands and services  enables marketers to accomplish many goals such as promoting corporate social responsibility, building or defending their brands, engaging customers in research and new product development and recruiting talent. *** marketing orientations: Product Orientation: -product-oriented companies that focus on developing and distributing innovative products with little concern about whether they best satisfy the customers' needs -belief that a good product would sell itself (eg. Ford Motor Company) Sales Orientation: - views mkt'ing as a selling function and try to sell as many of their products as possible without focusing on making products consumers really want -depends on heavy doses of personal selling & advertising to attract new customers -tend to focus on making a sale or on each transaction rather than building long-term relationships Market Orientation: -focuses on what consumers want before designing -customer is King b/c they believe that customers have a choice and make purchase decisions based on several factors such as quality, convenience, and price -marketers role is to understand and respond to the needs of consumers and to do everything possible to satisfy 'em Value-Based Orientation -recognizes that there is more to good marketing than just discovering and providing what consumers wanted and needed, therefore to compete successfully, they'd have to give their customers greater value than their competitors -value reflects the relationship of benefits to costs/what you get for what you give: customers seek a fair return in goods and or/ services for their hard-earned money and scarce time which meet their specific needs and wants that are offered at competitive prices -the challenge is for firms to find out what consumers are looking for and attempt to provide these goods and services but still make a profit like speed, size, price, accuracy, cost-savings, user-friendliness (eg. $5 sub and 40% diamond from Costco, iPhone) Entrepreneurial Mkt'ing: Carmen Creek
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