Marketing 301: Week 1 Notes
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This 3 page Class Notes was uploaded by Alicia Polcha on Friday January 15, 2016. The Class Notes belongs to MKTG301 at a university taught by Dr. Zina Taran in Spring 2016. Since its upload, it has received 62 views.
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Date Created: 01/15/16
1. Marketing in a Nutshell a. The Angry Hippo Intro Tale i. Pests invade a poor area 1. Pests are actually hippos 2. Hippos are very mean and aggressive creatues ii. Villagers try to fight these pests iii. The village already has a poor agriculture 1. Village is in desperation due to pests iv. Priest of village wants to stop fighting and suggests and alternative 1. Suggests to change their way of living 2. Villagers think he is crazy! How will they survive? v. Ecotourism is the answer 1. Eco ecosystem ; Tourism tour different ecosystems vi. There are few hippos left in Africa so priest suggests a different target 1. Marketing and Sales instead of fighting hippos 2. Start selling tours of their ecosystem with the hippos 3. This way they leave the endangered animals alone vii. Everyone benefits from this market decision 1. Citizens of the world feel good that there is an area where animals can thrive and not be harmed 2. Villagers have a new way of living and benefit form this way of life; no longer have to depend on poor agriculture but ecotourism 3. Hippos get to thrive and live life without threats 4. Tourists able to learn of this ecosystem b. Marketing Questions i. Who are the customers? ii. What are their values iii. What do they want? 2. What is marketing? a. Process by which companies create value for customers and build strong customer relationships to capture value form customers in return b. Kotler’s Social Definition of Marketing i. “Marketing is a social and managerial process by which individuals and groups obtain what tey need and want through creating and exchanging products and value with others.” c. The Marketing Process 1. Understand the marketplace a. Customers needs and wants 2. Design a customerdriven marketing strategy 3. Construct a marketing plan that delivers superior value a. Customer equityvalue in customer’s eyes 4. Build Relationships 5. Get profit d. Core Marketing Concepts i. Needs, wants, demands 1. What is a need to you? a. Based on circumstances b. Necessity to keep you alive c. Like a need for water ii. Values and Satisfaction 1. Value *on exam a. Customer value b. Value that customer derives form my offer c. What is value for product? (benefit0 i. Expensive purse 1. Lugguage/usage of product 2. Social acceptance/psychological feeling 3. Confidence ii. Value: Cost vs benefit 1. Not just a monetary value iii. Satisfactory: Does it work? Is it worth it? 1. Satisfied customers come back iii. Exchange, transactions, and relationships 1. Transactionsmoney from consumer iv. Markets 1. Be mindful of economic’s supply and demand curve 2. Potential and actual buyers of product 3. Market is our buyers v. Market Offers 1. The stuff we sale a. Can be product (like a purse) b. Can be a service (lawn care) c. Can be a place/experience (African village tour) i. See Angry Hippo Tale in beginning of notes e. Real Life examples i. Harley Davidson is not just a bike 1. Lifestyle 2. Experience 3. Transportation 4. Culture and friendships f. Marketing System i. Consists of all actors (suppliers, company, competitios, intermediaries, an end users) in the system who are affected by major environmental forces (environment business environment) 1. Demographic 2. Economic 3. Physical 4. Technological 5. Political (legality) 6. Sociocultural g. Marketing Management i. The art and science of choosing target markets and building profitable relationships with them 1. Questions: a. What customers will we serve? (Target Market) b. How can we serve customers best? (Value proposition)
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