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Chapter 1

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Simon Fraser University
Business Administration
BUS 343
Zaheer Jiwani

Chapter 1 Welcome to Brand You  What marketing is and how value creation is central to the marketing concept Customer value: The benefits a customer receives from buying and using a good or service in relation to the costs and sacrifices of buying and using it. (ppt) What is marketing? Marketing: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (ppt)  Focus on Value Creation Target market: The groups of consumers or customers on which an organization focuses its marketing plan and toward which it directs its marketing efforts.  Marketing is about creating customer value Stakeholder: People or organizations who influence or are influenced by marketing decisions. Exchange: The process by which some transfer of value occurs between a buyer and a seller. Consumer: The ultimate user of a good or service. Marketing concept: A business orientation that focuses on achieving organizational objectives by understanding customer needs, and creating and delivering value in exchanges that satisfy the needs of all parties. (ppt) Need: The recognition of any difference between a consumer’s actual state and some ideal or desired state. Want: The desire to satisfy needs in specific ways that are culturally and socially influenced. ****consumers are motivated by needs but make purchase decisions based on wants.**** Benefit: The outcome sought by a customer that motivates buying behavior (that satisfies a need or want). Demand: Customers’ desire for products coupled with the resources to obtain them. Market: all the customers and potential customers who share a common need that can be satisfied by a specific product, who have the resources to exchange for it, who are willing to make the exchange, and who have the authority to make the exchange. Marketplace: any location or medium used to conduct an exchange. ****a marketplace may not even exist in the physical world.***  Marketing and exchange relationships Lifetime value of a customer: how much profit companies expect to make from a particular customer, adding the contribution of each and every purchase s/he will make from them now and in the future and subtracting the cost to the company of maintaining this relationship. What can we market? Product: Any good, service, or idea that can be marketed.  Consumer goods and services Consumer goods: The Tangible products that individual consumers purchase for personal or family use. Services: Intangible products that are exchanged directly between the producer and the customer. Popular culture: The music, movies, sports, books, celebrities, and other forms of entertainment consumed by the mass market.  Business-to-business goods and services Business-to-business marketing: The marketing of those goods and services that business and organization customers need to produce other goods and services, for resale or to support their operation. Industrial goods: Goods indiciduals or organizations buy for further processing or for their own use when they do business. E-commerce: The buying or selling of goods and services electronically, usually over the Internet.  Non-for-profit marketing Non-for-profit organizations: organizations with charitable, educational, community, and other public service goals that buy goods and services to support their functions and to attract and serve their members. Marketing as a decision-making process **Marketing is fundamentally a decision-making process that allows individuals and organizations to achieve objectives by creating value that satisfies stakeholder needs and wants.**  Understand the Opportunity The marketing decision process Understand Marketing Marketing Implementati the strategy: mix: create on&evaluatio specify the n: realize the opportunity value the value value  Marketing strategy: specify the value  Segmentation Market segment: A distinct group of customers within a larger market who have similar needs, wants, preferences, and behaviours, who seek similar product solutions, and whose needs differ from other customers in the larger market. Market segmentation: A process of dividing the overall market into groups of consumers who seek very different solutions for their needs and wants than other groups of consumers.  Targeting Mass market: All possible customers in a market, regardless of the differences in their specific needs and wants.  Positioning the
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