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Marketing - Ch 1.docx

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Department
Business
Course
BU352
Professor
Brent
Semester
Fall

Description
Chapter 1: Overview of 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 - Thoughtful planning and impacts of decisions on ethics and consumers and society 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 four Ps, action programs, and projected or pro forma income (and other financial statements) - Specifies marketing activities for a specific period of time - Includes: how product will be conceived, how much should it cost, where it will be promoted, how to get it to the customer Core Aspects of Marketing: - Marketing: o is about satisfying customer needs and wants o entails value exchange o requires product, price, place, and promotion decisions o can be performed by both individuals and organizations o occurs in many settings o Marketing helps create value 1. 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 groups of people to whom an organization is interested in marketing its products, services, or ideas. To understand needs and wants, must understand market - The people who need/want the company’s services and have the ability and willingness to buy. Target Market: The customer segment or group to whom the firm is interested in selling its products and services. It is potential customers who have both an interest in the product/service and an ability to buy. Ex. Seniors, children, toddlers, preteens, teens, and adults - Which market segments is your product most relevant to - Build a marketing strategy that meets needs and wants of your target market 2. 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 Exchange Diagram (Seller Buyer Relationships): 3. Marketing Requires Product, Price, Place, and Promotion Decisions - 4 interrelated decisions, the marketing mix made up of the 4 ps (product, price, place, promotion) Marketing Mix: Product, price, place, and promotion- the controllable set of activities that a firm uses to respond to the wants of its target markets Product: Creating Value - Create value by developing a variety of offerings, (goods, services, and ideas), to satisfy customer needs - Ex. Bottled water...created benefits that the consumer finds valuable (convenient, chic) - Goods: items that you can physically touch - Services: intangible consumer benefits that are produced by people or machines and cannot be separated from the producer. Ex. Entertainment- hockey games - Ideas: Thoughts, opinions, philosophies, and intellectual concepts ex. Bike safety Price: Transacting Value Price: the overall sacrifice a consumer is willing to make- money, time, or energy- to acquire a specific product or service - Marketers must determine price of product based on potential buyer’s belief about its value - Determining how much customers are willing to pay so that they are satisfied with the purchase and the seller achieves reasonable profit Place: Delivering Value - All the necessary activities to get the product from the manufacturer or producer to the right customer - Efficient system for merchandise to be distributed in the right quantities, locations and time in the most efficient way to minimize costs and meet customer satisfaction - Must provide product when and where customers want it, or else sales will suffer Promotion: Communicating Value - Communicate value to customers - Informs, persuades, and reminds potential buyers about a good/service to influence their opinions or elicit a response - Enhances a product value - Company’s marketing activities are also influenced by external factors: o Forces, organizations, individuals External Factors Include: (CD STEP) o Social/Cultural Trends (ex. Environment, obesity) o Technology o Economic o Political/Regulatory o Competitors o Demographics - Also influenced by: o Suppliers o Distributers o other intermediaries (financial institutions, advertising agencies) o advocacy groups 4. Marketing Can be Performed by Both Individuals and Organizations B2C (Business to Consumers): 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 - Individuals also market themselves (resume, cover letter, interview) - Individuals who sell their services (accountants, lawyers, physicians) 5. Marketing Occurs in Many Settings - Profit and not for profit - All kinds of organizations market their message (universities, charities etc) - D
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