MKT WEEK 1 NOTES PAGE 1 NOTES TAKEN BY ALAYNA THOMAS
Discover Needs Satisfy Needs
∙ Needs v. Wants ∙ Need: deprived of basic necessities ∙ Want: need shaped by knowledge, culture, personality, & effective mkting ∙ See Figure 1.3 ∙ Target Market- group of people that a company tries to advertise towards ∙ Marketing Mix Factors - 4 Ps ∙ Product: offering that satisfies need ∙ Price: exchanged for product ∙ Promotion: communication btwn B&S ∙ Place: getting product --> consumer ∙ Marketing mix is controllable by mkt dept. ∙ Customer Value Proposition - group of benefits that org promises to satisfy customers' needs o Ex: Walmart - "everyday low prices for broad range of products always in stock." ∙ Environmental Forces - CREST ∙ Uncontrollable ∙ Strengthen or weaken mkting opps
Build Customer Relationships Relationship Marketing Marketing Program & Segments
∙ Customer Value - unique combo of benefits received by target buyers; quality, convenience, pre- & post- sale services, etc. ∙ Value Strategies ∙ Best Price o Ex: Target "Expect More, Pay Less" ∙ Best Product o Ex: Starbucks ∙ Best Service o Ex: U.S. Bank ∙ Relationship Marketing - developing & maintaining long-term relationships w/ customers before, during, & after sale of offering ∙ Subscribe, follow, like, etc. (social media) ∙ Customizable products ∙ Marketing Program - plan integrating 4 Ps to provide offering to prospective buyer ∙ Market Segments - made up of mkt programs; similar groups of prospective buyers that have common need & similar responses to mkt action
∙ 3M Strategy & Marketing Program ∙ Ideas --> Product ∙ Extend product line ∙ take indv. Products & combines them; keeps updating products ∙ See Figure 1.4 for application of 4 Ps
How Marketing Became Important Evolution of Market Orientation
∙ Production Era (through 1920s) o Scarce resources used to produce goods ∙ Sales Era (20s-60s)
1st marketing department in U.S…why here? The top brands come from U.S.
Don't forget about the age old question of What is the importance of Chemistry?
MKT WEEK 1 NOTES PAGE 2NOTES TAKEN BY ALAYNA THOMAS
Ethics & Social Responsibility Breadth & Depth of Marketing
o Manufacturers produce more than being consumed o Competition ∙ Marketing Concept Era (1950s-2000): The start of mkting in America o Marketing concept - idea that org should simultaneously try to satisfy consumer need & meet org's goals o Market orientation - implementation of mkt concept; org focuses on collecting info on consumer needs & sharing w/ all depts to create consumer value ∙ Customer Relationship Era (1980s-Present) o Create relationships through social media o Customer Relationship Management (CRM) - process of identifying prospective buyers, understanding them, & developing good reputation of org so that buyers will choose org. in short & long run o Customer Experience - foundation of CRM; internal response that customers have to all aspects of org. & offerings ∙ Includes direct & indirect customer contact w/ org ∙ What firms think they offer customers ∙ What customers say they receive ∙ Codes of ethics in org. help det. How to act ∙ Social responsibility - view that orgs. Are accountable to society ∙ Societal marketing concept - view that orgs should satisfy needs of consumers in way that improves society ∙ Who markets? ∙ Practically every organization markets ∙ What is marketed? ∙ Product - offering (good, service, idea) with bundle of tangible/intangible attributes that satisfies consumers' needs; received in exchange for something of value ∙ Goods - physical objects that satisfy consumer needs ∙ Services - intangible items ∙ Ideas - thoughts about concepts, actions, causes ∙ Who buys & uses what is marketed? ∙ Ultimate consumers - ppl who use products & services bought for household ∙ Organizational buyers - manufacturers, wholesalers, retailers, gov't agencies that buy P&S for self or retail ∙ Who benefits? ∙ Consumers who buy: competition allows for each indv. To pick best choice for them ∙ Orgs who sell: effective marketing promotes company growth ∙ Society as whole: enhances competition ∙ Competition inc. quality & dec. price ∙ How do consumers benefit? ∙ Utility - benefits or customer value received by product users ∙ Form Utility - production of product/service ∙ Place Utility - offering available where needed
Trader Joe's - shopping here is a certain experience Is there a group that shouldn't be marketing? ∙ Politicians ∙ Lobbyists (at least should market less superficially) Trader Joe's offer best customer experience b/c what they offer customers matches with what customers say they've received
Don't forget about the age old question of i ii ii i_
MKT WEEK 1 NOTES PAGE 3NOTES TAKEN BY ALAYNA THOMAS
∙ Time Utility - offering available when needed ∙ Possession Utility - value of making item easy to purchase
Vocabulary: Marketing Exchange Market Target Market Customer Value Proposition Customer Value Relationship Marketing Marketing Program Market Segments Market Concept Market Orientation Customer Relationship Management Customer Experience Social Responsibility Societal Marketing Concept Product Goods Services Ideas Utility Learning Targets: What are the diverse factors that influence marketing decisions? What are the 5 types of environmental forces? What are the marketing mix factors? How do consumers benefit from marketing? Marketing meets 2 main goals: ____________ and _____________ What current era are we in terms of marketing? … More questions, as well as answers, will be written for and expanded on the Exam 1 Study Guide
We also discuss several other topics like Define Social Entrepreneurship .