Textbook Notes (369,015)
Canada (162,339)
Business (2,391)
BU352 (267)
Chapter 1

Chapter 1 - Marketing Overview

2 Pages
111 Views
Unlock Document

Department
Business
Course
BU352
Professor
Dave Ashberry
Semester
Fall

Description
Chapter 1 Marketing Overview Marketing is a set of business practices designed to plan for and present an organization’s products/services in ways that build effective customer relationships. It requires careful planning and emphasis on ethical implications of any decisions on consumers and society. Marketing plan is a written document composed of an analysis of current marketing situation, opportunities, threats, marketing objectives in terms of the 4 P’s; specifies the marketing activities for a specific period of time. 1. The buyer and seller should be satisfied with the value they obtained from any transaction. Core Aspects of Marketing  Marketing is about satisfying customer needs and wants o Need: feeling deprived of basic necessities of life o Want: particular way in which the person chooses to satisfy a need; shaped by knowledge, culture, personality o Market: refers to the groups of people to whom an organization is interested in marketing its ideas to o Target Market: customer segment or group to whom the firm is interested in selling to; potential customers who have an interest in the product and an ability to buy  Marketing entails value exchange o Exchange: the trade of things of value between buyer and seller so each is better off  Marketing requires product, place, price, and promotion decisions (marketing mix) o Product – Creating Value: » Create value by providing good, service, idea to satisfy customer needs (ie. Water bottles) » Goods = tangible » Services = intangible; produced by machines or people and can’t be separated from the producer » Combination of goods and services; example: Hakim Optical, eye exam (service), lenses (good) » Ideas = thoughts, opinions, philosophies, intellectual concepts that can also be marketed o Price – Transacting Value: » Everything the buyer gives up – money, time, energy » Based on the potential buyer’s belief on the value of the product; want to determine how much customers are willing to pay so that they’re satisfied with the purchase and the seller achieves a reasonable profit o Place – Delivering Value » All activities necessary to get product from manufacturer to the right customer » Concerned with efficient systems for merchandise to be distributed in the right quantities, to the right locations, at the right time while minimizing cost and satisfying service levels required by customers o Promotion – Communicating Value » Communicate value to customers » Must inform, persuade, and remind potential buyers about a product/service to influence their opinions or obtain a response » Can enhance product/service’s value  Marketing is shaped by forces and players within the firm o Must leverage the full potential of their internal capabilities; work effectively with their partners (i.e., suppliers, distributors, and other intermediaries, such as financial institutions, advertising agencies, and research firms); and constantly evaluate and respond to the competitive environment.  Marketing is shaped by forces and players external to the firm o External forces: cultural, demographic, social, technological, economic, and political and legal changes shape marketing activities  Marketing can be performed by both individuals and organizations o B2C  the process in which businesses sell to consumers o B2B  the process of selling merchandise or services from one business to another o C2C  the process in which consumers sell to other to consumers o Social media  the use of Internet tools to easily and
More Less

Related notes for BU352

Log In


OR

Join OneClass

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

Sign up

Join to view


OR

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.


Submit