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MGMA01H3 (184)
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Department
Management (MGM)
Course
MGMA01H3
Professor
Tarun Dewan
Semester
Fall

Description
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
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