Principles of Marketing Week 1 Notes
Principles of Marketing Week 1 Notes MARK 30653
Popular in Principles of Marking
Popular in Marketing
This 3 page Class Notes was uploaded by Emily Tall on Friday January 29, 2016. The Class Notes belongs to MARK 30653 at Texas Christian University taught by Mr. Freling in Spring 2016. Since its upload, it has received 15 views. For similar materials see Principles of Marking in Marketing at Texas Christian University.
Reviews for Principles of Marketing Week 1 Notes
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: 01/29/16
▯ 1/14/16 ▯ ▯ Chapter 1: An Overview of Marketing ▯ What is Marketing? Marketing is: o A philosophy, an attitude, a perspective, or a management orientation that stresses customer satisfaction o An organization function and a set of processes used to implement this philosophy Marketing is the activity, set of institutions, and processes for creating (Products/services), communicating (Promotion), delivering (Place), and exchanging (Price) offerings that have a value for customers, clients, partners, and society at large (American Marketing Association) Marketing o Involves more than just activities o Entails processes that focus on delivering value and benefits o Uses strategies to satisfy customers and other stakeholders o Involves building relationships o Involve many stakeholders o Facilitates exchange Exchange occurs when people give up something in order to receive something they would rather have ▯ Conditions for Exchange All conditions must be met o At least two parties o Something of value o Communication and delivery o Freedom to accept or reject o Desire to deal with other party ▯ Retail Supply Chain The retail supply chain is made up of all the organizations involved in taking a product from inception to final consumption o Manufacturers o Wholesalers o Retailers o Facilitating organizations o Consumers ▯ ▯ ▯ Evolution of the Marketing Orientation (Influence of Customers) Wholesaler Manufacturer Retailer Customer 1750-1850 1850-WWII 1970-2000 2000+ Production orientation Sales Orientation Market Orientation ▯ Marketing Management Philosophies The production orientation focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace o Does not consider whether the goods and services the firm produces most efficiently also meet the needs of the marketplace The sales orientation is based on the ideas that people will buy more goods and services if aggressive sales techniques are used, and that high sales result in high profits o Fails to understand what is important to the firm’s customers The marketing orientation assumes that a sale does not depend on an aggressive sales force but rather on a customer’s decision to purchase a product o Is based on the Marketing Concept The societal marketing orientation acknowledges that an organization exists not only to satisfy customer wants and needs and meet organizational objectives, but also to preserve or enhance the best interests of individuals and society ▯ Sales Vs. Marketing Orientation Sales orientation o Organization’s focus Inward-firm’s products o Firm’s business Goods and Services o Firm’s target Average customer o Firm’s primary goal Profit via sales volume o Firm’s tools Intense promotion Market orientation o Organization’s focus External-Market oriented, Customer value, building relationships, customer satisfaction o Firm’s business Customer sought benefits o Firm’s target Differentiated customers o Firm’s primary goal Profit via customer value o Firm’s tools Entire market mix ▯
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'