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Chapter 1

Chapter 1 - What's Marketing

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Department
Administrative Studies
Course
ADMS 2200
Professor
Richard Patterson
Semester
Winter

Description
Chapter One Notes Overview The combined power of telecommunications and computer technology creates inexpensive global networks that transfer voice messages, text, graphics, and data within seconds. These sophisticated technologies create new types of products and demand new approaches to marketing existing products. Communications technology also contributes to the globalization of today’s marketplace, where businesses manufacture, buy and sell across national borders. Finished products and components routinely cross international borders, but successful global marketing also requires knowledge to tailor products to regional tastes. Organizations must react quickly to shifts in consumer tastes, competitive offerings, and other market dynamics. Marketing strategies are the tools that marketers use to identify and analyse customers’ needs, then show that their company’s goods and services can meet those needs. What is marketing? Utility – the want-satisfying power of a good or service. The three types of utility are: 1. Form utility is created when the firm converts raw materials and component inputs into finished goods and services. 2. Time and place utility occur when consumers find goods and services available when and where they want to purchase them. 3. Ownership utility is when there is a transfer of title to goods and services at the time of From marketpurchase. All organizations must create utility to survive. Designing and marketing want-satisfying goods, services and ideas are the foundation for the creation of utility. All organizations need to take specific actions and decisions to create loyal customers who are willing to purchase their goods and services, when necessary. However, creating a customer isn’t as easy as it may seem, there are three steps to creating a customer, all of which involve complex processes. Three step approach for an organization to create a customer:  Identifying needs in the marketplace  Finding out which needs the organization can profitability serve  Developing goods and services to convert potential buyers into customers Marketing specialists are responsible for most of the activities necessary to create the customers. These activities include the following:  Identifying customer needs  Designing products that meet those needs  Communicating information about those goods and services to prospective buyers  Making the items available at times and place that meet customers’ needs  Pricing the merchandise and services to reflect costs, competition, and customers’ ability to buy  Providing the necessary service and follow-up to ensure customer satisfaction after the purchase Definition of Marketing Marketing is an organizational function and a set of processes for creating, communication, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing variables – Product, Price, Promotion and Place Several factors have forced marketers to extend their economic views to outside national borders:  More international agreements allow expansion of trade among nations  Growth of electronic commerce is bringing isolated countries into the marketplace  Interdependence of the world’s economies because no nation produces all the raw materials without exporting to other countries To remain competitive, companies must search for the most efficient manufacturing sites and most lucrative marketing worldwide. Many companies are tailoring their marketing efforts to the needs and preferences of consumers in foreign markets. Four eras in marketing Exchange process is an activity in which two or more parties give something of value to each other to satisfy perceived needs. Production orientation is a business philosophy stressing efficiency in producing a quality product, with the attitude towards marketing that ‘a good product will sell itself’. Sales orientation is a belief that consumers will resist purchasing nonessential goods and services, with the attitude toward marketing that only creative advertising and p
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