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Chapter 1

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Department
Business
Course
BU352
Professor
Christopher Maziarz
Semester
Fall

Description
Readings Summary BU352 Sep.10th Chapter 1 - Overview of Marketing Marketing: creating value of their products for consumers and shareholders. • develop and nurture long term relationships with consumer • understand consumers wants and needs • satisfy wants and needs through their product, price, promotion and delivery. ex: RIM - innovative way of communication, speed and timeliness. - corporate communication even at the golf course. - Marketing is familiar to everyone. - We are SURROUNDED by marketing - when you waker up and go buy a coffee at Tims, or when you go to the grocery store, when you watch a movie or decide to sell something on ebay. - Before putting something in the market, the organization will set up marketing plan which will state how product will be conceived or designed, its price, where and how it will be promoted and how it will be delivered to consumer. - Marketing is about Satisfying Consumer Needs and Wants - need: person feeling deprived of a life necessity. - want: how someone choses to fulfill their need. (subjective) - To understand wants and needs of consumers, marketers must identify the market. - Marketers narrow down the market to a specific target market to whom they want to sell their product or service. (ch.7) - Marketing is about an Exchange - this exchange is refers to a trade of things of value between seller and buyer so that both are better off after sale. (goods and services, delivery -> money and information) - marketers may use your informations from passed purchases, alliance cards or forms filled out to market to you products that you could be interested in accord- ing to your records of purchases. - Marketing Mix - 4 Ps: Product, price, place and promotion. - controllable set of activities marketers tweak to ensure they are satisfying their target market. • Product: creating value. Something that didnt have value before, now seems valu- able, innovative and with a message. (ex: bottled water vs. from a faucet) •goods: tangible (bottle of water, made then sold to you to enjoy after its manufac- tured) •services: intangibles that cannot be separated from producer (massage and masseuse, hockey game..) • Price: transacting value. Entails everything buys gives up for service: money, time, en- ergy. •marketers must keep the products value in mind when defining its price. Crucial that they measure correctly how much are their target willing to pay. • Place: delivering value. Activities necessary to get product from manufacturer/produc- er to the right customer and when they want it. •is key to ensure product is available to customer when and where they want it. If not, customers are disappointed and profits suffer. • Promotion: communicating value. For marketers to communicate their product’s value to the market is crucial to sell. Marketing Shpaed through Internal Players - to deliver best value of their product to customers, marketers must take advantage of the full potential of their inte
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