MKT 100 Chapter Notes - Chapter 1: Critical Success Factor, Marketing Mix, Retail
28 Jun 2018
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MKT - 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
Requires thoughtful planning with an emphasis on the ethical implications of
any of those decisions on consumers and society in general
Marketing Plan - specifies the marketing activities for a specific period of time
Broken down into various component
oHow the product/service will be conceived or designed
oHow much it should cost
oWhere and how it will be promoted
oHow it will get to the consumer
Written document of an analysis of the current marketing situation,
opportunities/threats, marketing objectives and strategy specified in terms of the
four Ps, action programs and projected/pro forma income statements
Core Aspects of Marketing
Create value
oProduct oriented companies - focus on developing and distributing
innovative product (little concern if product meets consumer needs)
A good product will sell itself
oSales oriented companies - view marketing as a selling function where
companies try to sell as many of their products as possible (depend on
personal selling and advertising to new customers)
Focus on each individual sale rather than customer
relationship
oMarket oriented companies - focus on consumer needs/wants
Understand and respond to the needs of the consumer
oValue oriented companies - give greater value to customers than other
companies
Value - reflects the relationship of benefits to costs
Implement its strategy according to what its customers value
Satisfying customer needs/wants
oNeed - a person feeling physiologically deprived of basic necessities
(food, clothing, shelter, safety)
oWant - the particular way in which a person chooses to satisfy a need,
which is shaped by a person’s knowledge, culture and personality
oMarket - the groups of people who needs or want a company’s
products/services and have the ability and willingness to buy them
oTarget Market - the customer segment or group to whom the firm is
interested in selling its products/services (requires market research)
Entails value exchange
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MKT 100 Full Course Notes
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Document Summary
Mkt - 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. Requires thoughtful planning with an emphasis on the ethical implications of any of those decisions on consumers and society in general. Marketing plan - specifies the marketing activities for a specific period of time. Broken down into various component: how the product/service will be conceived or designed, how much it should cost, where and how it will be promoted, how it will get to the consumer. Written document of an analysis of the current marketing situation, opportunities/threats, marketing objectives and strategy specified in terms of the four ps, action programs and projected/pro forma income statements. Create value: product oriented companies - focus on developing and distributing innovative product (little concern if product meets consumer needs)
