Guided Notes Chapter 1
Guided Notes Chapter 1 MKT1211K
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This 5 page Study Guide was uploaded by Lia Pearson on Saturday September 12, 2015. The Study Guide belongs to MKT1211K at Jamestown Business College taught by Mrs. Halftown in Summer 2015. Since its upload, it has received 198 views. For similar materials see PRINCIPLES OF MARKETING in Marketing at Jamestown Business College.
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Date Created: 09/12/15
Chapter 1 Guided Notes 1 Provide a detailed de nition for the term Marketing Marketing is the activity set of institutions and processes for creating capturing communicating delivering and exchanging o erings that have value for customers clients partners and society Marketing is the bridge that allows potential customers to be introduced to the sellers product or services 2 Explain in detail each of the core aspects of marketing a Marketing is about satisfying customer needs and wants In order to be successful with marketing you have to know who you are marketing to your target market and what their needs and wants are When marketing it is imperative to success that you target a population that not only has the want for the product but the means to purchase the product For example if you market a 100000 dollar car in a poor target market you would not make as many sales as you would if you were to market to a wealthier set of people b Marketing entails an exchange Proper marketing leads to an exchange of goods or services from the seller to the buyer Marketing draws the potential buyer in which is good news for the seller Not only is the exchange good for the seller because he is making a profit but it is good for the consumer as well as they are receiving something at a fair value Once a customer has purchased a product or service the seller can then use the information given to them by the client and their purchase history to form a bond with the client which can serve as a useful marketing tool Forming relationships with consumers inspires loyalty which is good for sales as well c Marketing requires product price place and promotion decisions a Product In order for someone to purchase something it has to have value to the buyer In marketing value is created by developing a variety of o erings and di erent options to the potential buyer This includes goods services and ideas All three of these things can work together to increase the value of the product in the eyes of a potential buyer When a product has a high perceived value in the eyes of consumers it translates into sales which translate into more money for the firm Goods things you can touch Example baseball Services intangible customer benefits produced by people or machines Example concert tickets Ideas concepts philosophies and opinions Example a biker safety sign b Price Price does not always translate directly to money In fact price is everything that the buyer gives up in exchange for the seller s product or service These things include money time and energy all things that have value Therefore the price of the good or service must align with the buyer s perception of value of the good or service in order to make sales c Place Place represents all of the activities necessary to get the product to the right consumer when that consumer wants it Place more commonly deals specifically with retailing and marketing channel management Marketing channel management also known as supply chain management is the set of approaches and techniques that firms use to e iciently and e ectively integrate their suppliers manufacturers warehouses stores and other firms involved in the transaction such as s transportation company into a seamless value chain in which merchandise is produced and distributed in the right quantity to the right location and at the right time while also minimizing costs and satisfying service quality d Promotion Promotion is communication by a marketer that informs persuades and reminds potential buyers about a product or service to in uence their opinions and elicit a response Promotion generally can enhance the initial value of the product or service that is being promoted d Marketing can be performed by both individuals and organizations a B2C business to consumer i Provide an example I see an advertisement on TV for a new pair of designer sunglasses b B2B business to business i Provide an example The manufacturer of the designer sunglasses contacts several retail stores informing them of their newest design c C2C consumer to consumer i Provide an example I purchase the pair of designer sunglasses from the store I love them so much that I decide to tell five of my closest friends about the sunglasses why they are so great and why they should purchase a pair for themselves e Marketing impacts various stakeholders Although marketing is a way to facilitate the sale of products or services to customers or clients it is also much more Marketing can affect many other stakeholders such as supply chain partners and even society as a whole Partners in the supply chain which include wholesalers retailers and other firms such as transportation or warehouse companies are all effected by marketing Marketing can also aim to benefit society at large For example ads for milk sell more milk and encourage a healthier society one with more calcium and stronger bones f Marketing helps create value a ProductionOriented Era In the beginning of the 20th century most firms were production oriented and they believed that a good product would sell itself Manufacturers focused on product innovation and not with satisfying the needs of individual consumers Retail stores were considered places to hold merchandise until a consumer wanted it b SalesOriented Era In the 1920s to the 1950s production and distribution techniques became more sophisticated Because World War Two conditioned customers to consume less and manufacture items themselves manufacturers had the capacity to produce more than consumers wanted and were able to buy Overproduction was resolved by firms becoming more salesoriented and depending on heavy personal selling and advertisement c MarketOriented Era After World War Two was over manufacturers focused more on making consumer products Suburban communities began to pop up and shopping centers began to replace central business districts Products that were once limited in World War Two became more plentiful The United States entered a buyers market and when consumers again had choices they could make purchasing decisions based on factors such as quality convenience and price As a result manufacturers and retailers focused on consumer wants and needs before designs and prices were set d ValueBased Marketing Era Value re ects the relationship of bene ts to costs In marketing customers want fairness Value can be increased by introducing value cocreation a process where a consumer can personalize a product therefore increasing its value When the value of a product or service is increased a consumer is more likely to purchase resulting in more sales for the firm 3 Explain in detail how Marketing Firms Become More Value Driven Marketing firms become more value driven by focusing on four main activities 1 Sharing information about customers and competitors across their own organization and events with other firms 2 Striving to balance fairly the customers benefits and costs 3 Concentrating on building and maintaining relationships with customers 4 Taking advantage of new technologies and connecting with consumers using social media and mobile media Building relationships with customers uses a process called customer relationship management a business s philosophy and set of strategies programs and systems that focus on identifying and building loyalty among a firms most valued consumers 4 Explain in detail each of the reasons marketing is important a Marketing expands a rms global presence Marketing especially marketing through the use of social media and other online presences allows for a firms product or service as well as information regarding it to travel the globe at incredible speeds Not only does marketing through these paths help to expand a firms global presence but it enhances global career opportunities for marketing professionals as well b Marketing is pervasive across marketing channel members Firms do not work in isolation They use a marketing channel in order to achieve success Marketing channels allow for the expansion of career opportunities to marketing professionals Effectively managing supply chainmarketing channel relationships is important to success and customer satisfaction Without customers that are satisfied firms cannot grow c Marketing enriches society Socially responsible rms recognize that including a strong social orientation in business is a sound strategy that is in both its own and its customer s best interest It shows the consumer marketplace that the firm will be around for the long run and can be trusted with their business In a volatile market investors view firms with high levels of corporate responsibility and ethics as a safe investment d Marketing can be entrepreneurial Entrepreneurs are people who organize operate and assume the risk of a business venture Great and distinguished entrepreneurs have visions of how certain combinations of products and services can satisfy unfulfilled needs They find and understand a marketing opportunity conduct a thorough examination of the marketplace and develop and communicate the value of their product or service to the potential consumers similar to what marketing professionals do
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