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MKTG 350 Week 1 Notes

by: Tulsi

MKTG 350 Week 1 Notes MKTG 350 - 001

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Principles of Marketing MKTG 350 Week 1 notes worsham
Principles of Marketing
Courtney R Worsham (P)
Class Notes
Marketing, usc, 350, notes




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This 3 page Class Notes was uploaded by Tulsi on Saturday August 27, 2016. The Class Notes belongs to MKTG 350 - 001 at University of South Carolina taught by Courtney R Worsham (P) in Fall 2016. Since its upload, it has received 111 views. For similar materials see Principles of Marketing in Marketing at University of South Carolina.


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Date Created: 08/27/16
MKTG 350 Week 1 Tuesday, August 23, 2011:32 AM Chapter 1 8/23/2016 Marketing is the activity, set of instructions, and processes for creating, capturing, communication, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. A market is a group of customers with common needs to satisfy and problems to solve who have the ability AND authority to buy products. Core Aspects of Marketing: 1) Satisfying needs and wants 2) Entails an exchange a. Goods and services in exchange for money 3) Product, Price, Place, Promotion (4 Ps) a. Also known collectively as the marketing mix b. Product: create value by developing goods and services c. Price: capturing value, everything a buyer gives up (money, time, etc) for the product d. Place: delivering value (supply chain management, distribution to customer) e. Promotion: communicating value (persuade buyers to purchase) 4) Can be performed by individuals and organizations a. Business to business b. Business to customer c. Customer to customer 5) Occurs in many settings a. Impacts stakeholders like society, customers, employees, supply chain 6) Helps create value a. Value based marketing b. Lead user adapts product for personal use i. Can adjust marketing strategy based on lead user c. Become value-driven by: i. Sharing information ii. Balancing cost and benefit iii. Build relationships with customers iv. Connecting with customers using social and mobile media iv. Connecting with customers using social and mobile media 8/25/16 Chapter 2 Marketing strategy: identify a target market, develop marketing a marketing mix that satisfies needs, and determine the basis upon which your firm plans to build a sustainable, competitive advantage. Sustainable, competitive advantage: advantage over the competition that isn't easily copied and can be maintained over a long period of time. Customer excellence: retaining loyal customers and provide customer service Operational excellence: efficient operations and supply chain management Product excellence: products with high perceived value and effective branding and positioning Location excellence: good physical location and social media presence Marketing plan: written plan with an analysis of company's current situation, opportunities, threats, objectives, and strategy for achieving objectives for every product Three phases of a strategic plan + 5 steps of Marketing plan 1) Planning a. Define mission statement b. Conduct situation analysis (SWOT: strengths, opportunities, weakness, threats) 2) Implementing a. Identify opportunities with STP analysis i. Segmentation: subdivide a large, heterogeneous market and divide into smaller homogenous subsets ii. Targeting iii. Positioning: develop a clear, distinctive, desirable understanding of your product compared to the competition b. Implement marketing mix i. 4 Ps 3) Controlling a. Evaluate performance using marketing metrics


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