MARK 3000/3001: Week One
MARK 3000/3001: Week One MARK 3000
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This 4 page Class Notes was uploaded by Ariana Cammllarie on Friday January 15, 2016. The Class Notes belongs to MARK 3000 at University of Georgia taught by Kristy McManus in Spring 2016. Since its upload, it has received 135 views. For similar materials see Principles of Marketing in Business at University of Georgia.
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Date Created: 01/15/16
Principles of Marketing MARK 3000/3001 Jan 14. What is Marketing? Marketing is: 1. an organizational function and a set of processes 2. for creating, capturing, communicating and delivering value to customers and 3. for managing customer relationships in ways that benefit the organization and its stakeholders. Anticipating and determining the needs and wants of consumers and satisfying those needs through the use of the 4 Ps to create long-term exchanges of value. - “anticipating” = researching the target market - “consumers” = target market - “create long-term” = 4 Ps Exchanges of value: Value : ratio for what is given up for what is obtained - “given up” = money, time, effort - “obtained” = good, service The 4 Ps: 1. Product [Creating Value] a. Goods, services or ideas b. Used to satisfy a consumer 2. Price [Capturing Value] a. Everything a buyer gives up à money, time, effort b. Balance between what a customer will pay and what will give a decent profit c. Price is a k ey indicator in value i. Low price = low quality; high price = high quality 3. Place [Delivering the Value Proposition] a. Supply chain management b. All activities needed to get the product to the right customer at the right time 4. Promotion [Communicating the Value Pr oposition] a. Informs, persuades and reminds buyers about a good or service b. A communication that can influence opinions or elicit responses Corporate Orientations: Production -oriented: “good products will sell themselves” - Pre-WWII - Henry Ford philosophy - Focus on internal capabilities + technology - What does the firm do best? Sales -oriented: “personal selling + advertising” - During WWII - Surplus of goods with low demand à need to encourage consumers to buy - Focus on aggressive sales techniques - How can we sell more of what we already have? Market -oriented (Marketing concept): “customers are king” - After WWII à Current - Catering to the wants and needs of the consumer; Bill Ford philosophy - Focus on value o satisfying customers needs while still reaching organizational objectives o must be able to provide more value than competitors - What does the customer want? Societal market -oriented : “give back to the world” - Contemporary ideals - Focus on enhancing benefits to society o Environment, charities - How do I meet customer needs and benefit society at the same time? How to become “value-driven:” 1. Share information about customers and competitors with all departments 2. Balance customer benefits + costs 3. Build relationships with customers 4. Embrace social media + contemporary technology Be contingent on customer demands, today's and tomo rrow's Marketing Concept: Make what you can sell not sell what you can make Marketing enriches society because it: 1. can be entrepreneurial 2. can expand global presence 3. can strengthen channel relationships Chapter 1 Vocabulary: Marketing plan : written document composed of an analysis of the current marketing situation opportunities and threats for the firm, marketing objectives and strategy specified in terms of the 4 Ps, action programs and projected or pro forma income statements. Exchanges : the trade of things of value between the buyer and the seller so that each is better off as a result. Marketing mix : 4 Ps [product, price, place, promotion]; a controllable set of activities that a firm uses to respond to the wants of its target markets. Goods : items that can be physically touched. EX: chair, TV, homework. Services : offerings that involve effort that cannot be physically possessed. EX: concerts, lectures, movie theaters. B2C (Business to Consumer): process in which businesses sell to consumers. EX: Target, Walmart, Best Buy. B2B (Business to Business): process of selling merchandise or services from one business to another. EX: Pampers à Target; Coke à Walmart. C2C (Consumer to Consumer): process in which consumers sell to consumers. EX: Ebay, Etsy, “Free & For Sale” FB page. Value: reflects the relationship of benefits to costs, or what the consumer gets for what the consumer wants. Value co -creation: customers act as collaborators with a manufacture / retailer to create a product or a service. EX: Design your own Nike shoe. Relational orientation: a method of building a relationship with consumers based on the philosophy that buyers and sellers should develop a long term relationship. CRM (Customer Relationship Management): business philosophy and set of strategies that focus on identifying and building a loyalty amongst the firm’s most valued customers. Supply chain : a group of firms that makes and delivers a given set of goods and services. Marketing channel: a set of institutions that transfer the ownership of and move goods from the point of production to the point of consumption.
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