Marketing Chapter 1 & 2 Notes
Marketing Chapter 1 & 2 Notes Marketing 301
Popular in Principles of Marketing
Popular in Marketing
This 3 page Class Notes was uploaded by Morgan Hoover on Friday January 15, 2016. The Class Notes belongs to Marketing 301 at Clemson University taught by Amanda Fine in Fall 2015. Since its upload, it has received 44 views. For similar materials see Principles of Marketing in Marketing at Clemson University.
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Date Created: 01/15/16
▯ Chapter 1: Overview of Marketing ▯ “Marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” AMA definition ▯ Price maker vs. Price taker- Price makers set the price as opposed to being a price taker that follows the market prices ▯ Perception is reality ▯ 4 P’s or Marketing Mix Product – creating value o Collaboration with suppliers and customers o Create offerings that have value o Goods, services, ideas Price – capturing value o Trade value for offerings o Anything a consumer gives up o Tricky Place – Delivering Value o Get offerings to the consumer o Optimize Value Supply Chain Management Promotion – Communicating Value o Describe Offerings o Learn from customers ▯ Profitable Exchange Personal Value Equation o Value = Benefits – Price Price = Costs + Hassle ▯ The Marketing Concept Seek to satisfy customer needs and wants ▯ Fundamental Purpose of Marketing Create value Firm, partners, customers, and society ▯ Value-Based Marketing Balance benefits with costs Offer excess Share information (between partners and customers) Build relationships ▯ Who Engages In Marketing? For-profit companies Defined by customers o B2B (business to business) o B2C (business to consumer) Defined by function o The supply chain (manufacturer, wholesaler, retailer) Non-profit organizations Individuals o C2C (consumer to consumer) ▯ Marketing is NOT: Just buyers and sellers exchanging money Simply about making a profit o Ethical implications A random activity o The marketing plan o o ▯ Chapter 2: Developing Marketing Strategies and Marketing Plans ▯ Strategic planning within the firm Corporate level plans o Top executives Business level plans o Strategic business units (SBU) Functional level plans o Departmental ▯ Strategic planning process Document: Marketing plan Function: allocate resources Goals: o Accomplish objectives o Deliver value o Be competitive ▯ ▯ Marketing plan Step 1: define the business mission o Mission statement Purpose of the organization o Type of business o Goals and objectives to accomplish Sustainable competitive advantage Competitive advantage (sustainable) o V- something to value o I- difficult to imitate o R- rare in the marketplace o *O- organization can support it* o Customer excellence o Company culture o Intellectual property o Operational excellence o Product excellence o Locational excellence o Social responsibility
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