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MKTG 305 - CH1: Overview of Marketing

by: doyewole

MKTG 305 - CH1: Overview of Marketing MKTG 305

Marketplace > California State University - San Marcos > Marketing > MKTG 305 > MKTG 305 CH1 Overview of Marketing

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About this Document

Notes from the first class lecture and chapter 1 of the textbook, Grewal/Levy Marketing (5th Edition.)
Principles of Marketing
Gayle Belch
Class Notes
Marketing, business, Corporate, Advertising, overview




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This 6 page Class Notes was uploaded by doyewole on Monday September 12, 2016. The Class Notes belongs to MKTG 305 at California State University - San Marcos taught by Gayle Belch in Fall 2016. Since its upload, it has received 33 views. For similar materials see Principles of Marketing in Marketing at California State University - San Marcos.


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Date Created: 09/12/16
CH 1: Overview of Marketing Notebook: MKTG 305 - Fall 2016 Created: 9/9/2016 5:23 PM Updated: 9/12/2016 3:23 PM Author: Dahlia Tags: csusm, fall 2016, mktg 305 What is marketing? Marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing is about Satisfying Customer Needs and Wants Understanding the marketplace is fundamental to marketing success. Marketplace refers to the world of trade and can be segmented or divided into groups Because marketing costs money, good marketers carefully seek out potentialcustomerswhohave both the interestand abilitytobuy their products Marketing Entails Exchange Exchange is the trade of things of value btwn the buyer & seller so that each is better off as a result. Marketing Requires Product, Price, Place, and Promotion Decisions Product: Creating value Variety of offerings: goods: items you can physically touch services: intangible customer benefits that are produced by people or machines & cannot be separated from the producer ideas : thoughts, opinions, & philosophies; intellectual concepts Price:Capturing value Everything the buyer gives up in exchange for the product. money time energy Place: Delivering the Value Proposition Allactivitiesnecessarytoget theproduct totheright customer when that customer wantsit. store front kiosk supplychain management :theset ofapproaches&techniques that firmsemploytoefficientlyintegratetheir suppliers, manufacturers, warehouses, stores, & other firms involved in the transaction into a seamless value chain in which merchandise is produced&distributedin theright quantities,right locations,&at the right time, while minimizing system wide costs & satisfying the service levels required by customers. Promotion: Communicating the Value Proposition Communication by the marketer that informs, persuades, & reminds potential buyers about a product or service to influence their opinions & elicit a response. generally enhances a product or service's value Marketing Can Be Performed byBoth Individuals and Organizations B2C(business-to-consum reMarketing: Thep rocess by which businesses sell to consumers. B2B (business-to-business) Marketing: The process of selling merchandise or services from one business to another. C2C (consumer-to-consumer) Marketing: The process by which consumers sell to other consumers. Marketing Affects Various Stakeholders Marketing can also affect other stakeholders: supply chain partners entire industry society at large Partners in supply chain include: wholesalers retailers other intermediariessuch astransportation or warehousing companies Marketing Helps Create Value Production-Oriented Era: Aroundtheturn ofthe20th century,most firms were production oriented. the product would sell itself focusedon product innovation not with satisfying customer needs ex. Henry Ford, "customers can have any color they want so long as it's black." Sales-Oriented Era: Btwn 1920 and 1950, overproduction which led to dependence customers were conditioned to consume less o r manufacture items themselves (planting victory gardens rather than buying produce lead to overproduction which lead to dependence on personal selling & advertising Market-Oriented Era: After WWII, manufacturers shifted focus from the war effort to making consumer products The rise of families & suburban communities Shopping centersbecamethesourceofretailactivity&hang out spots Someproductsthat wereoncelimitedduetothewar werenow plentiful Consumers had the ability to make choices, to make purchasing decisions based on factors such as: quality convenience price Manufacturers focused on what consumers wanted & needed before theydesigned,made,or attemptedtoselltheir products&services. This was the era firms discovered marketing Value-Based Marketing Era: Most successful firms today are market oriented. theyattempt todiscover &satisfytheir customer'sneeds&wants value reflectstherelationship ofbenefitstocosts,or what you get for what you give value cocreation is when customers can act as collaborators to create theproduct or service How Do Marketing Firms Become More Value Driven? Firms become value driven by focusing on four activities: 1. Sharing Information: In a value - based, market-oriented firm, marketers share information about customers & competitors & integrate it across the firm's various departments. 2. Balancing Benefits with Costs:Value-oriented marketers constantly measurethebenefitsthat customersperceiveagainst thecost oftheir offerings.Theyuseavailablecustomer data tofindbetter waysto satisfy customer needs, keep down costs, & develop long term loyalties. 3. Building Relationshipswith Customers: Marketers have begun to develop relational orientation,he idea that you think about customers in terms of relationships rather than transactions. It uses a process known as customer relationship management (CRM) , a business philosophy & set of strategies, programs, & systems that focuses on identifying & building loyalty among the firm's most valued customers. 4. Connecting with CustomersUsing Social and Mobile Media: Marketers have been embracing new technologies, 93% of marketers assert that they use social media for business. Whyis Marketing Important?


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