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Bus 343 - Classnote 1.docx

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Department
Business Administration
Course Code
BUS 343
Professor
Todd Green

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BUS 343 September 13, 2010 Lecture 1 Chapters 1 Todd Green What is  Marketing: The process of creating, communicating and delivering value to customers and for Marketing managing customer relationships in ways that benefit the organization and its stakeholders  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  Stakeholders: People or organizations who influence or are influenced by marketing decisions  Exchange: Process of transfer of value between a buyer and seller  Consumer: The final user of the good or service  Marketing Concept: A business orientation that focuses on achieving objectives by understanding customer needs, creating and delivering value in exchanges that satisfy the needs of all parties  Need: The recognition of any difference between a consumer’s actual state and some desired state  Want: The desire to satisfy needs in specific ways that are culturally and socially influenced  Consumer motivated by needs, but make purchase decisions based on wants  Benefit: Outcome sought by a customer that motivates buying behaviour (satisfies a need or want)  Demand: Desire + Resources to obtain = Demand  Marketplace: Any location or medium used to conduct an exchange Exchange  Marketing is based on exchange relationships Relationships  What’s needed for an exchange relationship:  2 people willing to trade  Each person has something the other wants  Agree on value of the exchange  Each party must be able to freely accept or reject the other’s terms for the exchange Market Decision Making Process  1. Understand the Opportunity: Understand consumer buying behaviour, strategies and likely reactions of competitors  2. Marketing Strategy: Specify the Value: Make marketing strategy based on financial and marketing objectives  Market Segmentation: Process of dividing the overall market into groups of consumers  Segment Profiles: Detailed descriptions of the characteristics, behaviours and thinking of a market segment that help marketers design and present a valued offer  Target Market: The market segment which the organization decides to focus its marketing efforts to  Mass Market: All possible customers in a market (not maintainable in long run)  Positioning: Differentiate an offering from others in the marketplace in the minds of the target customers
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