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BADM 320 Week 1 Day 1 Notes

by: Amy Kwon

BADM 320 Week 1 Day 1 Notes BADM 320

Amy Kwon
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About this Document

These notes cover everything that was discussed on Day 1 of Lecture.
Principles of Marketing
Mark E Wolters
Class Notes
business, Marketing




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This 4 page Class Notes was uploaded by Amy Kwon on Friday August 26, 2016. The Class Notes belongs to BADM 320 at University of Illinois at Urbana-Champaign taught by Mark E Wolters in Fall 2016. Since its upload, it has received 12 views. For similar materials see Principles of Marketing in Business Administration at University of Illinois at Urbana-Champaign.

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Date Created: 08/26/16
All the time,arketing happens (grocery, employees, anywhere, etc.). All thismarketing helps create value in people’s minds. There are general different types of marketing: Product marketing : (when you were a kid, wand you watch commercial, and all were toys) Service marketing : Come to our store, and we will do this and that for you (selling accounting services) (how you’re dressed/how your office is) Person marketing : Election season Place marketing : vacation spots (visit Chicago!) Cause marketing : Pink ribbon/Ice bucket challenge Organization marketing : marketing set up to attract donors (donate to us so we can donate to Red Cross) When you go grocery shopping, do you go for price, quality, or convenience? Each is a value. If something is right in front of you and it’s more expensive, you’re paying for convenience. So, what can we get people to pay? Ex) Acupens are 600 bucks- because it’s inelastic (you need it to live in emergencies) Ethics is a big part of marketing. Customers Needs vs. Wants (Satisfy them!) 1.   Think about what they want. 2.   Then think about how they decide how to buy (how they tick) (why do students come to U of I when it’s freaking expensive: is it the reputation, the professors?) 3.   Find target who WANTS and can AFFORD your product *You can’t sell to everyone in the world A mistake some companies make: Ex) Mercedes made A class affordable to college grads, but people who have S class don’t feel special anymore, so BMW is now the new luxury Need- someone is in a state of lacking •   Hungry: lacking food/sustenance •   Tired- lacking rest Wants- how needs are influenced by cultures •   Society says sleeping in instead of going to class is OK because we all do it Demands- wants that are backed by the ability to buy (you can actually afford) •   "I am hungry, I want Chipotle, and I have the money for it.” ex) different types of phones (evolution of phones) everyone wants the newest stuff. The new phones only last 2~ years intentionally. VALUE PROPOSITION How are we going to serve our customers? Why do our customers buy? Listen to their needs & wants to develop! Market Segmentation: segment up the market into smaller submarket (to find your niche) Ex) Mark Wolters only taking BADM students to Spain with him Target Marketing: how do I get them to buy it? Who can afford it and actually buy it? Positioning: connecting to needs & wants- unique marketing mixes (we are Italian restaurant with Italian traditional pizzas) MARKETING WITH EXCHANGES The exchange of things of value between buyer & seller •   Buyer builds relationship with customer by exchanging money/time for value in order to get customer to come back Ex) customer service à returning customer! Product offerings : mix of products/service/info/experience that are available to customers in order to satisfy their wants/needs Ex) you are hungry, what are all the product offerings? From Chipotle to Vending machine to not eating at all Marketing Myopia: where best made products can lose Ex) Apple is trying to find a price that is reasonable (iPhone 6 and iPhone 6 Plus) Ex) Everyone is fine with Google Map, but Apple comes up with Apple Map (and you got the wrong audience target) They go for the best product but don’t ask customers what THEY want When firms pay more attention to the actual products than to the audience Decisions on the 4 P’s of marketing The marketing Mix is the KEY part of determining your product delivery/perception to customers Product - creates value (variety, quality, brand, packaging, size, features) Price- captures the value of product (list price, terms and conditions, MSRP, allowances, discounts) Place- delivers that value to customers (Amazon > complicated site) (BIF > Wohler’s) Promotion - best products don’t always win when people don’t know about it (advertisements) Marketing is do ne by individual & platform •  B2B Marketing - selling products from a business to another business (ex) supplies: Michelin sells tires to General Motors) •  B2C Marketing : Sell from business to consumer (ex) buy your laptop from Best Buy •  C2C Marketing : consumers sell their products to other consumers (ex) ebay Marketing impacts various stakeholders •   There are people effected by something and we want to target them •   Employment marketing: PwC BBQ- “1) did a BBQ for me 2) I got to meet people” •   Industry marketing: why so many avocados now? California avocado farmers are growing and advertising their avocadoes •   Retailers: Black Friday deals set up in conjunction with many people in the supply chain Value Based Marketing What is VALUE? Figure out what people really value- that’s why we research what people like and target those But what people consider “values” constantly changes (iPhone gets cheaper now) (toys are more expensive before Christmas) Share information : Learn what customers like by asking them. Balance Benefits with Cost : set price that is reasonable for customers Why Marketing is Imp ortant •   It helps us expand our business around the globe (items/value spreads) •   Marketing is found throughout the supply chain -­‐   The quantity sold and bought affects relationship throughout the suspply chain -­‐   Wal-Mart has a lot more pull than IGA -­‐   Being “cool” flows throughout company (ex: Google’s headquarters, websites, offices = it’s all part of the marketing of the free flow feeling the company has) •   Inspires Entrepreneurs: Netflix inspired other streaming services to do similar things -­‐   See a need, fill a need Why Marketers Fail •   Don’t keep up with competitors •   Not enough research •   Don’t keep up with social, cultural, political changes •   Overestimate your product •   Messed up on pricing


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