Lectures 2 & 3 Notes
Lectures 2 & 3 Notes 301
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This 5 page Class Notes was uploaded by Alex on Thursday February 4, 2016. The Class Notes belongs to 301 at University at Buffalo taught by Dr. Dick in Spring 2016. Since its upload, it has received 146 views. For similar materials see Marketing in Business, management at University at Buffalo.
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Date Created: 02/04/16
MGM Lectures 2 & 3 Intro. To Marketing (Cont.)/Marketing & Corp. Strategy Intro. To Marketing: o Marketing – “The activity of creativity, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large.” Creating ideas, goods and services, and being able to communicate and deliver what they are about. It is the profitable establishment of Consumer Value; from either high quality or low price o What is the purpose of business? - To obtain and keep customers o Customer Value – “A unique combination of beefits received by targeted buyers that includes quality, price, convenience, on-time delivery & both before and after sale service.” The consumer’s individual benefits of the product including quality, price, convenience, & punctuality o Synonyms for Value: Utility (4 Types): Time – customers appreciate things on their schedule (convenience – fast & now) Place – people want the product where they want it o E.g. – beer at the game way more expensive than in a liquor store, yet people purchase it because it’s convenience an experience is sold with the product (atmospherics) Form – product comes in multiple forms o (E.g. – Apple v. Apple Juice) Possession – The use of a product before actually owning it (E.g. – mortgage) Satisfaction – are people satisfied with the product Benefit o The Exchange Process – the trade of things of value between buyer and seller so that each is better off after the trade We trade in different products, money for something of worth to us. Both benefit. Diminishing Marginal Utility – trading two things of value, but if you keep getting that something it becomes of less worth to you E.g. – burger, 1 burger for a few dollars has a high marginal utility, a second one may as well, but it lessens. If you get a 3 burger it’s value to you is even less. o Marketing Mix – make decisions based on the mass, not the few Controllable Factors (the 4 P’s) Product – Variety, quality, design, features, brand name, packaging, services, warranties Price – List price, discounts, allowances, payment period, credit terms Promotion – Channels, location, inventory, transportation, atmospherics Place – Sales promotion (coupons/rebates), advertising, sales force, public relations, direct marketing, e-commerce o Bring product from one place to another Channel of Distribution: Manufacturer (M) Wholesaler (W) Retailer (R) Consumer (C) What price should M charge to W as mark up, and W to R as mark up, marked up to C o Marketing Program – plan that integrates the marketing mix to provide goods & services, or ideas to perspective buyers o Market Share – ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself Market Share % = Sales $/Total Market $ o The marketing manager’s role is to look @ competition and consumers o STP Marketing: Segmentation – How do we think of the market place? Different consumers/customers, provide different marketing mix Break up market into groups Targeting – different purposes & different prices for different audiences Positioning – positioning compared to competitors o Evolution of the Market Orientation: Production Era (1850s-1930s) – just worried about manufacturing more Sales Era (1920s-1960s) – master production, but supply > demand Marketing Concept Era (1950s-1990s) – satisfy customer needs & make profit Customer Era (1990s-present) – same as MC Era but a lot more integration of marketing throughout the company Marketing & Corporate Strategy: o Mission Statements – indication of the company’s values. Information about products, customers, technology, etc. o Avoid Marketing Myopia Myopia – cannot see the big picture. Many companies view themselves in production process as supposed to from what the consumer wants
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