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Marketing and Consumer Studies
MCS 1000

23032011 1933003Chapter 1 What is MarketingWhat is MarketingMarketing the activity set of institutions and processes for creating communicating delivering and exchanging offerings that have value for customers partners and societyAttract new customers and grow current customers Marketing DefinedProduce price place and promotion The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return The marketing process1 Understand the marketplace and customers needs and wants 2 Design a customerdriven marketing strategy3 Construct an integrated marketing program that delivers superior value4 Build profitable relationships and create customer delight5 Capture value from customers to create profits and customer equity Understanding the marketplace and Customer NeedsCustomer Needs Wants and DemandsNeeds States of felt deprivationWants the form needs take as they are shaped by culture and personality Demands wants that are backed by buying power Marketing OfferingsProducts Services Information and ExperiencesMarket Offerings any combination of products services information or experiences offered to a market for sale use or consumption Marketing Myopia the mistake of paying more attention to the products a company offers than to the benefits and experiences consumers value Customer Values and SatisfactionCustomers form expectations about the value and satisfaction that various market offerings will deliver and then make their purchase decisions accordingly Exchange and RelationshipsExchange the act of obtaining something of valuea product service information or experience by offering something in return money time effort When both the customer and the marketer are satisfied with what they have received in exchange for what they offered they have formed a relationship MarketsMarket the set of actual and potential buyers of a market offering Marketing means managing markets to bring about profitable exchange relationships The company and its competitors make purchases from their suppliers in order to run their business or create their products Then they focus on their customers and try to understand their needs Next they send their market offerings to the market either directly or through marketing intermediaries And all of the while the system is affected by major environmental forces A companys success at building profitable relationships depends not only on its own actions but also on how well the entire system serves the needs of its customers Designing a CustomerDriven Marketing StrategyMarketing Management the combined management tasks of analyzing customers and markets designing marketing strategy communicating value propositions and serving customers Selecting Customers to ServeTarget market a group of people with shared characteristics that is likely to respond favorably to a market offering Market segmentation the process of dividing a large market into smaller groups that can be more precisely identified and described Demarketing the active discouragement of the consumption of a product or service Choosing a Value PropositionValue proposition the set of benefits or values contained in the market offering that the marketer promises to deliver customers to satisfy their needs ohelps to position the companys market offerings in the mind of the consumer Marketing Management PhilosophiesThe Production ConceptThe idea that customers will favor products that are widely easily and inexpensively available and that therefore the proper focus of marketing management is to improve production and distribution efficiency The Selling ConceptThe idea that customers need to be persuaded into buying anything and that therefore the proper focus of marketing management is to directly help and support the sales team The Product ConceptThe idea that customers will favor the best products and that therefore the proper focus of marketing management is to design and develop superior products The Marketing Concept The idea that customer still favor products that best serve their needs and that therefore the proper focus of marketing management is to understand the needs and wants of the target market The Social Marketing Concept
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