MOS 2320 Chapter 1.docx

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Management and Organizational Studies
Management and Organizational Studies 2320A/B
Gail Leizerovici

MOS 2320: Chapter 1 What is Marketing? Marketing: A set of business practices designed to plan for and present an organizations product 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 for the firm, marketing objectives and strategy specified in terms of the 5 P’s, action programs and projected (pro forma) income statements - Marketing activities for a specific period of time - How will the product be conceived? How much should it cost? Where and how will it be promoted? How will it get to the consumers? - Marketers must address the ethical implication of their actions on society Value: the fundamental purpose of marketing is to create value for both the firm and customer - What you get for what you give up - It is very subjective (in the eye of the beholder) Core Aspects of Marketing - Marketing helps create value - Marketing is about satisfying customer wants and needs - Marketing entails an exchange - Marketing requires product, price, place and promotion decisions - Marketing can be performed by both individuals and organizations - Marketing occurs in may settings Marketing is about satisfying customer needs and wants Need: feeling physically deprived of a basic necessity Want: A way in which a person chooses to satisfy a need (shaped by knowledge, culture and personality) Market: the group of people that want/need a company’s product/service 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 product or services Marketing Entails Exchange Goods and Services  Communications and Delivery  Customers/consumers  Money and Information Producers (sellers) (buyers) 4 P’s of Marketing (aka the Marketing Mix) - The controllable set of activities that the firm uses to respond to the wants of its target markets Product: create value by developing a variety of offerings to satisfy customer wants - Goods: Tangible - Services: intangible - Ideas: thoughts, opinions, philosophies and intellectual concepts Price: anything the buyer gives up (money, time, energy) - How much are customers willing to pay so they are satisfied with the purchase and the seller achieves a reasonable profit Places: Getting the product from the manufacturer or producer to the right customer when the customer wants it - Right quantities, right time, right locations in the most efficient way Promotion: Communication by a market that informs, persuades and reminds potential buyers about a product or service to influence their opinions or elicit a response Marketing is shaped by Forces and Players within the Firm - Consumer is the center of all marketing activities - External forces such as cultural, demographic, social, technological, economic and political and legal changes shape a company’s marketing activities Marketing Can be Performed by Both Individuals and Organizations - B2C: business to consumer o Wholesaler (Costco) to consumer o All retailing is B2C - B2B: Business to business o Wholesaling to other wholesalers - C
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