MKTG 3310; Chapter 1
MKTG 3310; Chapter 1 MKTG 3310-001
Popular in PRINCIPLES OF MARKETING
Popular in Business
verified elite notetaker
This 5 page Class Notes was uploaded by Lydia Purcell on Tuesday January 26, 2016. The Class Notes belongs to MKTG 3310-001 at Auburn University taught by Jeremy Wolter in Spring 2016. Since its upload, it has received 140 views. For similar materials see PRINCIPLES OF MARKETING in Business at Auburn University.
Reviews for MKTG 3310; Chapter 1
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 01/26/16
Marketing 3310 Chapter 1 Jan 19th, 2016 History of Business 1. Era of simple trade 2. Era of production • no matter what you made, your product sold • demand was greater than supply 3. Era of sales • demands were met by supply • a need to get the supply moving • door to door salesmen 4. Era of marketing • the need for customer appreciation was discovered 1. Era of the marketing department • advertising and communication 2. Era of the marketing company • customer value became part of the business structure 3. Era of relationship marketing • continuos transactions with customers 4. Era of onetoone marketing • technology allowed for this to arise ***Dylan Edwards first to be employed for marketing by Google • wrote the book “I’m Feeling Lucky” • believed that a business should focus on a product without the input of their costumers Product Orientation: focusing on the product without the input of the target market • mostly small businesses practice this • Google did this at first What is a Marketing? Market: people have to have the desire and ability to purchase a specific product ***Marketing is NOT: 1. advertising 2. the root of all evil Marketing 3310 Chapter 1 Jan 19th, 2016 ***Marketing IS: 1. necessary 3. consumer oriented (niche markets are ideal) 4. about listening to the customer ***Roles in the Office Accounting: communicates to managers and owners what just happened with cash flow, profits, and revenue. Management: organize the resources given to them to effectively and efficiently reach goals. Finance: obtains cash flow from investors. They evaluate and manage the financial risks, assets, and shareholder values within a firm. Marketing: obtaining cash flow from customers. They manage customer value, get involved in the innovation process, and deal with loyalty of costumers. • Marketing creates and manages value. Marketing IS: • innovation • communication • deliverance • service • procurement Customer Value: what you receive (what benefit the costumer sees) what the give (the cost of obtaining… money, time, safety) ***Companies do not determine the value of their business, costumers do Marketing Concept: the responsibility of a business to earn a profit while valuing the input, desires, and innovation of their customers. ***Marketing Orientation: how a company applies the marketing concept to their business. Marketing 3310 Chapter 1 Jan 19th, 2016 ***Marketing is a business philosophy, discipline, and a set of business activities. Shareholders ***Shareholder Orientation: focus on increasing shareholder value • A company has to meet a 3month quota, which leads to less stability in the stock market and causes businesses to achieve shortterm success rather than longterm. • As stock buy backs go up, investment goes down • Companies that implement the marketing concept are more profitable then those who don’t Macro vs Micro Marketing Macro Marketing: process that directs the economy and its relationship of goods and services from producers. It’s how the system flows. ***Command Economy decisions are made internally by the government • what you can and can not do in the economy • corrupt leadership • found in communist governments ***Market Economy supply and demand economy. • less poverty • more freedom • found in democratic governments Roles in Society ***Organizations nonprofit, government, and nongovernment organizations ***Freeman said that businesses should just be concerned with making a profit. ***Nonprofits have: low capital less funding lack of resources Marketing 3310 Chapter 1 Jan 19th, 2016 bound by social norms so marketing is very limited ***Governments are: inefficient with their resources bound by voters have less capital • Governments could help with issues in society but they would have to get bigger and better while they take away from businesses. • Businesses should take the lead in addressing environmental and social issues • 60% of economic entities in the world are businesses ***Caveat Emptor: “buyer beware” • is not held up in court due to information that is held by the company, and not the consumer Responsibilities Within a Business ***Steakholder Responsibility suppliers, distributers, employees, customers ***Profit Responsibility Owners and stockholders ***Social Responsibility Public interest, the public, and the ecological environment ***Businesses should improve society and reduce its negative effect in society. Triple Bottom Line (or the three Ps) Profits, People, Planet Green Marketing Green Marketing: an effort to be more sustainable by producing environmental goods. They can also reclaim goods, and they promote a more environmentally focused purpose. ***The four benefits: 1. Improves innovation and relationships with customers 5. Employees are more loyal and productive 6. There is a stronger relationship with the external rise and fall of the value chain 7. Able to withstand the influx of the stock market Marketing 3310 Chapter 1 Jan 19th, 2016 CauseRelated Marketing ***CauseRelated Marketing monetary profits are given to a charity due to the direct purchase of a product. • TOMS and Warby Parker are examples of this The brand must be directly related to its cause. US Spending on Marketing Of the over $500 billion spent on marketing, less than 1% was spent on cause related marketing even though over 90% of costumers want products that are charitable.
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'