Textbook Notes (368,795)
Canada (162,165)
MCS 1000 (215)
Chapter 1

Chapter 1 Introductory Marketing Notes

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Department
Marketing and Consumer Studies
Course
MCS 1000
Professor
Douglas Adlam
Semester
Winter

Description
Marketing Chapter 1CreatingCapturing Customer ValueMarketing the activity set of institutions and processes for creating communicating deliveringexchanging offerings that have value for customers partnerssociety Its managing profitable customer relationships Goal of marketing is to 1 Attract new customers by promising superior value2 To keep and grow current customers by delivering satisfaction The aim of marketing is to make selling unnecessary Peter Drucker The 4 Ps of Marketing Product price placepromotionThe Marketing Process Figure 11 on pg 4Understanding the MarketplaceCustomer NeedsCustomer Needs WantsDemandsNeeds States of felt deprivation Include basic social physical and individual needs food shelter belonging affection etcWants The form needs take as they are shaped by culturepersonality Greatly influenced by culturesurroundingsDemands Wants that are backed by buying power Market OfferingsProducts services information and experienceMarket Offerings Any combination of products services info or experiences offered to a market for sale use or consumption Not limited to physical products but consist of anything we buy take home wear drive rent watch use read or even think aboutMarketing Myopia Theodore Levitt article The mistake of paying more attention to the products a company offers than to the benefitsexperiences consumers value Suggests marketer should pay more attention to customers underlying wantsneeds Selling focuses on need of seller and by extension responds only to the market demand for the product Marketing focuses on the needs of the customerresponds to needswantCustomer ValueSatisfactionCustomers form expectations about the valuesatisfaction that various market offerings will deliverthen make their purchase decisions accordingly Satisfied customers buy the same products or visit the same retailers againagain and tell others about their good experiencesExchangeRelationshipsExchange The act of obtaining something of value a product service info or experience by offering something in return money time effort The marketer offers a product or serviceor person placeidea for sale or consumptionthe customer offers his or her time and effort in addition to money in exchange Beyond simply attracting new customerscreating transactions the goal is to retain customers and grow their business with the companyMarkets The set of actual and potential buyers of a market offering The size of a market depends on theof people who exhibit the need have resources to engage in exchange and are willing to exchange these resources for what they want Marketers must search for buyers identify their needs design good marketing offers set prices for them promote them and storedeliver themModern marketing involves serving a group of customerspotential customersa market in the face of competitors The companyits competitors make purchases from their suppliers in order to run their business or create their products Then they focus on their customerstry to understand their needs then they send their market offers to the market either directly or through marketing intermediaries and all the while the system is affected by major environmental forces demographic economies physical technological legalpolitical socialcultural
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