Chapter 1Overview of Marketing.docx

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 2320A/B
Professor
John White
Semester
Fall

Description
Chapter 1: Overview of Marketing What is Marketing? Marketing: A set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships Marketing Plan: A written document composed of an analysis of the current marketing situation, opportunities and threats to the firm, marketing objectives and strategy specified in terms of the four P’s, action programs, and projected or pro forma income (and other financial) statements Marketing is About Satisfying Customer Needs and Wants Need: A person feeling physiologically deprived of basic necessities, such as food, clothing, shelter and safety Want: The particular way in which a person chooses to satisfy a need, which is shaped by a person’s knowledge, culture, and personality Market: Refers to the group of people who need or want a company’s products or services and have the ability and willingness to buy them Target Market: The customer segment or group to whom the firm is interested in selling its products and services Marketing Entails Value Exchange Exchange: The trade of things of value between the buyer and the seller so that each is better off as a result Marketing Requires Product, Price, Place, and Promotion Decisions Marketing Mix (4 P’s): Product, price, place, and promotion- the controllable set of activities that a firm uses to respond to the wants of its target market Product: Creating Value -One main purpose of marketing is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs Goods: Items that can be physically touched Services: Intangible customer benefits that are produced by people or machines and cannot be separated from the producer Ideas: Include thoughts, opinions, philosophies, and intellectual concepts Price: Transacting Value Price: The overall sacrifice a consumer is willing to make- money, time, energy- to acquire a specific product or service Place: Delivering Value -All the activities necessary to get the product from the manufacturer or producer to the right customer when that customer wants it Promotion: Communicating value -Even the best products and services will go unsold if marketers cannot communicate their value to customers -The 4 P’s work together: the product or service must satisfy the target customers’ specific needs and wants, be priced appropriately, be available at locations where customers want it, and be promoted in a manner and through media that are consistent with the target consumers Marketing is Shaped by Forces and Players Within the Firm -For marketers to deliver the best value to their customers; they must leverage the full potential of their internal capabilities; work effectively with their partners (suppliers, distributors, financial institutions, advertising agencies, and research firms) Marketing is shaped by forces and players external to the firm -CDSTEP: Cultural, demographic, social, technological, economic, and political Marketing can be performed by both individuals and organizations -B2C (Business to consumer): The process in which businesses sell to consumers -B2B (Business to business): The process of selling merchandise or services from one business to another -C2C (Consumer to consumer): The process in which consumers sell to other consumers -Social Media: The use of Internet tools to easily and quickly create and share content to foster dialogue, social relationships, and personal identities Marketing Helps Create Value -Four different marketing orientation/values in the last 100 years 1) Product Orientation -Focus on developing and distributing in
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