Textbook Notes (368,832)
Canada (162,194)
MGMA01H3 (184)

CH 1.doc

3 Pages
Unlock Document

Management (MGM)
Tarun Dewan

CH 1: Marketing: Creating and Capturing Customer Value  5 core customer & marketplace concepts 1. needs, wants and demands 2. market offerings (products, services and experiences) 3. value and satisfaction 4. exchanges and relationships 5. markets  Needs- States of felt deprivation  Physical: food, clothing, warmth, safety  Social: belonging, affection  Individual: knowledge, self-expression  Wants- The form human needs take as shaped by culture and individual personality.  Shaped by marketing programs  Demands- human wants that are backed by buying power.  Market Offerings- Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.  Others entities: people, places, organizations, information, ideas  Marketing myopia- The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.  Exchange- The act of obtaining a desired object from someone by offering something in return.  Market- The set of all actual and potential buyers of a product or service.  Core marketing activities: Consumer research, Product development, Communication, Distribution, Pricing, Service  Consumers do marketing when they search for products and interact with companies and obtain information and make their purchases.  Marketing management- The art and science of choosing target markets and building profitable relationships with the.  Customer management & demand management  Some companies want to decrease demand since they cannot meet them all. I.e. hydro  Market segmentation- Dividing the market into segments of customers  Target Marketing- Selecting which segments it will go after  Cannot serve everyone.  Value proposition- The set of benefits or values it promises to deliver to consumers to satisfy their needs  How companies differentiate and position themselves in market  5 alternative concepts under which organizations design and carry out their marketing strategies: 1. production concept 2. product concept 3. selling concept 4. marketing concept 5. societal marketing concept  Production Concept- The idea that consumers will favour products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency. o May loose sight in real objective- satisfying customer needs and building relationships.  Product Concept- The idea that consumers will favour products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements. o Marketing myopia buyers might be looking for a better solution not a better specific product  Selling Concept- The idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort. o Normally for unsought goods o Cons: focuses on selling and not building tong-term, profitable customer relationships. o Sell what they make and not what customers want  Marketing Concept- The marketing management philosophy that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. o To find the right products for customers  Societal Marketing Concept- The idea that a company’s marketing decisions should consider consumers’ wants the company’s requirements, consumers’ long-run interests, and society’s long-run interests.  Integrated Marketing
More Less

Related notes for MGMA01H3

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.