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UTD / Business / BUAD 3300 / Whatdo you call a group of people that a company tries to advertise to

Whatdo you call a group of people that a company tries to advertise to

Whatdo you call a group of people that a company tries to advertise to

Description

School: University of Texas at Dallas
Department: Business
Course: Information Technology
Professor: Mark thouin
Term: Fall 2016
Tags: Marketing
Cost: Free
Name: Week 1 Notes, MKT 3300.HON
Description: Here are UPDATED, REFORMATTED notes from Principles of Marketing. Dates covered: 1.12.17 Chapters covered: CHPT1
Uploaded: 01/20/2017
4 Pages 72 Views 18 Unlocks
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NOTES TAKEN BY ALAYNA THOMAS Note Key **All class notes are taken from lecture and the class textbook. No material will be copied from the textbook, but figures  might be mentioned. Course textbook is Marketing by Kerin, Berkowitz, and Hartley. Words in purple italics - added class notes Underlined Words - vocabulary with definition Bolded Words - Sub-headers Green italics - textbook reference Week 1 Notes 1.12.17  Chapter 1 Main Topics &  Headers Notes  Examples/Class Notes What is  Marketing? Many Elements  Influence  Marketing  Actions Requirements  for Marketing to  Occur ∙ Marketing - create, communicate, deliver, exchange things that benefit  customers, org., stakeholders, & society ∙ Stakeholders include customers, employees, suppliers, &  shareholders ∙ To Serve B&S,  ∙ Discover needs & wants of prospective customers a. Prospective customers include indv. & orgs. (manufacturers,  wholesale, retail) ∙ Satisfy them via exchange btwn B&S so that each is better off  after trade ∙ See Figure 1.2 ∙ Organization itself + Departments: mgmt est. goals, depts. Take action  to meet goals of customer satisfaction ∙ Society: has impact on and is impacted by org. ∙ Environmental Forces (CREST) ∙ Competition  ∙ Regulatory - ex: admin change, nutritional facts requirements ∙ Economic - ex: DFW hot spot for businesses & consumerism ∙ Social Factors - ex: demographics, wants/needs ∙ Technology  ∙ 2+ Parties w/ Unsatisfied Needs ∙ Desire & Ability to be Satisfied ∙ Communication btwn Parties ∙ Something to Exchange ∙ Chobani Greek  Yogurt ∙ YETI: stemmed from  incapable Igloo  cooler; "over engineered" cooler  o Website - draws you in  via film &  personalized  stories o Classes on  geotagging,  hashtags,  social media,  etc.  ∙ Underarmour o Idea from  women's  underwear  fabric ∙ Rules: Must say  "distributed by" if  not "manufactured  by" Discover &  Satisfy  Consumer  Needs ∙ Marketing seeks to discover consumer needs through research, then  satisfy with marketing program ∙ Market - ppl w/ desire & ability to buy offering


∙ Who buys & uses what is marketed?



Don't forget about the age old question of What is the importance of Chemistry?

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.


∙ How do consumers benefit?



Don't forget about the age old question of i ii ii i_

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


What are the diverse factors that influence marketing decisions?



We also discuss several other topics like Define Social Entrepreneurship .

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

Review Notes 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

Don't forget about the age old question of ch 6 a tour of the cell
We also discuss several other topics like btny
If you want to learn more check out What tells the identity of an element?

MKT WEEK 1 NOTES PAGE 4
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