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Chapter 1 Notes (MKT 361)

by: Mikaylei Byrd

Chapter 1 Notes (MKT 361) MKT 361

Marketplace > Mercer University > Marketing > MKT 361 > Chapter 1 Notes MKT 361
Mikaylei Byrd
GPA 3.9
Principles of Marketing
Ania Rynarzewska

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About this Document

Hello classmates, Here you will find the first week of notes covering the beginning of Chapter 1. This is a Please do not hesitate to email me with feedback or other comments. Thank you, M...
Principles of Marketing
Ania Rynarzewska
Class Notes
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This 6 page Class Notes was uploaded by Mikaylei Byrd on Saturday August 22, 2015. The Class Notes belongs to MKT 361 at Mercer University taught by Ania Rynarzewska in Summer 2015. Since its upload, it has received 101 views. For similar materials see Principles of Marketing in Marketing at Mercer University.

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Date Created: 08/22/15
Marketing quotThe Art amp Science of Satisfying Customersquot Utility wantsatisfying power of a good or service Form company converts raw materials amp components into nished goods amp services organization responsible for production m consumers nd goods amp services available when they want to purchase them Place consumers nd goods amp services available at convenient locations OwnershipPossession ability to transfer title to goods or services from marketer to buyer Design amp Marketing are the foundation for the creation of utility Marketers often look for ways to revive old brands amp bring them into the digital age Marketing begins long before a product hits the shelf 0 Identify needs in the marketplace Find out which needs they can pro table serve Develop goods amp services to convert potential buyers into consumers Communicate info about goods and services to prospective buyers 0 Make items available at times amp places that meet customers39 needs 0 Price merchandise or services to re ect costs competition amp customers39 ability to buy Provide necessary service amp followup to ensure customer satisfaction Communicating info about goods amp services Making product available whenwhere the customer needs it Pricing goods amp services Providing aftersales amp followups The expanded concept of marketing activities Permeates all functions in businesses amp nonpro t organizations Assumes businesses conduct their marketing efforts ethically Efforts serve best interests of both society and the business Identi es marketing variables Assumes businesses begin by identifying amp analyzing its potential customers amp what they need Emphasizes creating amp maintain longterm relationships w customers amp suppliers Marketing variables combine to provide customer satisfaction 0 0 Price 0 Promotion Distributions Forces marketers to extend economic views to international events 0 International agreements are negotiated to expand trade 0 Growth of electronic business allows once isolated countries to enter marketplace for buyers and sellers around the globe Interdependence of world39s economies is a reality no nation produces all of raw materials amp nished goods its citizens need or consumers all of its output wo exporting some to other countries 0 Evidence introduction of euro as common currency to facilitate trade amongst European Union amp creation of trade agreements NAFTAWTO Exchange process two or more parties give something of value to each other to satisfy perceived needs 0 People exchange money for tangible groceries clothes house amp intangible haircut college goods 0 People also make exchanges by donating money or time to a charitable cause 1 Production Era prior to 19205 manufacturers stressed productions of quality products amp then looked for people to buy them characterized by product shortages amp intense consumer demand quota good product will sell itselfquot also known as production orientation 2 Sales Era prior to 19505 productions became more sophisticated amp output grew manufacturers focused on effective sales forces to nd customers for the output match output to potential number of customers who would want it assume customers will resist purchasing nonessential goods amp services quotcreative advertising amp personal selling will persuade consumers to buyquot also known as sales orientation Marketing Era since 19505 personal incomes amp consumer demand dropped during the Great Depression manufactures focused on satisfying customer needs also known as consumer orientation Seller39s market more buyers for fewer goods amp services Buver39s market more goods amp services than people willing to buy them 0 Companies had to markets goods amp services not just produce amp sell this realization is known as the emeroence of the marketing concept Marketers played a leading role in product planning companywide consumer orientation w objective of achieving longrun success not shortterm pro t all facets amp levels must contribute rst to assessing then satisfying customer wants and needs 0 Companies with marketdriven strategies are better able to understand customers39 experiences buying habits and needs they are then able to design products w advantages and levels of quality Relationship Era since 19905 manufacturers focus on establishing amp maintaining relationships w customers amp suppliers developing long term valueadded relationships over time engaging with amp relating to consumers where they spend a lot of their time online strategic alliances amp partnerships bene t everyone quotlongterm relationships w customers amp partners lead to successquot also known as relationship marketing Social Era since 20005 consumers39 accessibility to the Internet amp creation of social media use Web amp social networking sites to connect to consumers as a way to market goods and services quotconnecting to consumers via internet amp social media is an effective toolquot Consumers need to communicate but converting that need to desire for certain types of communication requires skill amp listening to what consumers want Marketing myopia management39s failure to recognize the scope of its business Theodore Levitt May be overcome by developing broader marketing oriented business ideas that focus on consumer need satisfaction NonPro t Marketind Alliances formed bt nonpro t amp commercial rms bene t both Bottom line overall pro tability of an organization Hope to generate as much revenue as possible to support their causes Communicate their messages through ads relating to their causes Adopts marketing strategies to meet service objectives May market tangible goods or intangible services Often must market to multiple publics Users of nonpro t organizations may have less control over organization39s destiny than customers of a pro tseeking rm Possess some degree of monopoly power in a given geographic area Nontraditional Marketing 1 Person Marketino designed to cultivate attention interest and preferences of target market toward a celebrityauthority gure a Celebrity endorsements wellknown athletes entertainers and experts promote products for companies or social causes for nonpro t organizations 2 Place Marketing attempts to attract customers to particular areas a Cities states countries publicize tourist attractions to lure vacation travelers amp promote themselves as good locations for business b Can be a showcase for ingenuity 3 Cause Marketino identi cation amp marketing of a social issue cause or idea to selected target markets a can help build relationships with customers 4 Event Marketing marketing of sporting cultural and charitable activities to target markets aAlso includes sponsorship of events by rms seeking to increase public awareness 5 Organization Marketino persuade people to accept goals of receive services of or contribute in some way to an organizations a Colleges amp universities use this to help raise funds Transactionbased marketino buyer amp seller exchanges characterized by limited communications and littleno ongoing relationships between parties 0 Traditional market strategies focus on attracting customers and closing deals Marketers realize its more important to establish and maintain relationships so they become repeat customers Marketers also realize consumers are becoming more amp more sophisticated Programs that improve customer service inside a company also raise productivity amp staff morale which results in better customer relationships outside the program The cost of maintaining existing customers is far below the cost of nding new ones amp loyal customers tend to be more pro table Mobile marketing marketing messages transmitted via wireless technology Interactive marketino buyerseller communications where customer controls amount and type of information received from a market 0 Provides immediate access to key info Allows marketers and consumers to customize their communication Social marketing use of online social media as a communications channel for marketing messages Allows larger exchanges where customers communicate with one another using email or social networking sites 0 Electronic conversations may establish innovative relationships bt users and the business 0 Buzz marketing can be very effective in attracting new customers quotVisual buzzquot tangible expression of an issue or positon Strategic alliances partnerships where two or more companies combine resources and capital to create competitive advantages in a new market Nonpro ts often use these to raise awareness amp funds 0 Forms of alliances 0 Product development partnerships 0 Vertical alliances 8 Universal Marketing Functions 1 Buving exchange function adetermine howwhy consumers buy certain goods amp services Ltry to understand consumer behavior cseek out products that will appeal to customers 2 Selling exchange function aadvertising personal selling sales promotion b Attempts to match rm39s goodsservices to customer needs 3 Transportation physical distribution function aPhysically moving goods from seller to purchaser 4 Storing phvsical distribution function a Warehousing goods until they are needed for sale 5 Standardizing amp Grading facilitating function aQualityquantity control LFrequently set by gov39t cReduce need for purchasers to inspect each item 6 Financing facilitating function a Buyers often need access to funds to nance inventories prior to sales LManufacturers often provide nancing for wholesale amp retail customers cRetailers allow customers to buy on credit 7 Risk Taking facilitating function aCreate goods and services based on research amp their belief that customers need them 8 Securing Marketing Information facilitating function a Gather info about potential customers who they are whatwherehow they buy Functions may be performed by manufacturers retailers and wholesalers Wholesalers intermediaries that operate bt producers amp resellers Ethics moral standards of behavior expected by a society 0 Most business follow ethical practices however there have been breaches Social responsibility marketing philosophies policies procedures and actions whose primary objective is to enhance society s welfare amp protect the environment through sustainable productspractices Takes form of philanthropy making gifts of money or time to humanitarian causes lmproves customer relationships Increases employee loyalty Marketplace success Improves nancial perfomance Sustainable products can be produced used and disposed of with minimal impact on the environment 0 Sustainability must permeate firm39s corporate strategy from the top down so all areas can align environmental goals in same directions for maximum effectiveness Firms aim to gain needed credibility from their efforts to protect the environment Marketing in 21St Century Marketers must broaden scope of activities to prevent myopic results 0 Must constantly look for ways to create loyal customers amp build longterm relationships 0 Must be able to anticipate customer needs and satisfy them w innovative goods amp services fasterbetter than the competition 0 Must conduct business according to highest ethical and sustainability standards 0 Must reduce selling amp marketing costs


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