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MKTG 310 Week 1

by: jaiphen95

MKTG 310 Week 1 MKTG 310

GPA 3.29
Principles of Marketing
Rich Wozniak

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About this Document

Here's the first week of Professor Wozniak's lecture! We covered a lot about what marketing it, different kinds of utility, marketing strategy, the expanding marketing concept, and tiers of the ma...
Principles of Marketing
Rich Wozniak
Class Notes
niu, business, Marketing
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This 4 page Class Notes was uploaded by jaiphen95 on Wednesday August 26, 2015. The Class Notes belongs to MKTG 310 at Northern Illinois University taught by Rich Wozniak in Fall 2015. Since its upload, it has received 34 views. For similar materials see Principles of Marketing in Marketing at Northern Illinois University.


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Date Created: 08/26/15
What is Marketing Getting people to buy a good or service Tarqet markets global marketplaces successfully marketing to a certain demographic as opposed to poorly marketing to everyone Efficient and fair systems of many business activities fair everyone benefits Maintain relationships societally and individually establishing brand trust operating at a profit improving standard of livingquality of life Facilitates exchanges between buyers and sellers and directing the flow between industries and households Applies for profit nonprofit and notforprofit organizations Ideas and concepts are marketable drunk driving youth tobacco use etc Places and people are marketable Concerts sporting events politicians Marketing creates utiliy The ability to satisfy needs and wants Form utility components into parts Time utility immediate gratification Place utility is nearby one place Possession utility easy transference between seller and buyer Information utility knowledge is power how much we can know about it Image utility brand recognition Utility communicates value the ratio of perceived benefits to perceived costs Misconceptions Marketing is not the same as sales Sales is part of promotion which is part of marketing Exchange Process Giving something money labor goods in order to receive something money labor goods Condition for exchange At least 2 parties Mutual interest Communicationdeliverance Freedom of acceptancerejectioncounteroffer Each desires to work with the other The Marketing Concept Operating philosophy 0 Orienting products so that they are appealing motivating affordable Customers are the center 0 How do we define out goals We are looking at long term profitability Not only money but goodwill reputation brand reliability and oligopolizing 0 Integrated and coordinated company effort entails fluid communication Essentially authoritative positions should be able to identify the directives of other branches so that the puzzle works 0 You don39t want your sales people making promises that shipping can39t keep and you don39t want your marketers making promises that development can39t keep The marketing concept is being broadened in scope o Heavily expanding upon relationships in marketing 0 What39s a customer touch point Any opportunity to make an impression 0 Goal Positive interaction 0 Value creation Typically better value makes a customer willing to spend more money Customization customer service availability liberal return policy 0 Good marketers save mentioning the price of a product or service until the end to build the value Mentioning it at the beginning scares customers from the get go 0 Social marketing concept Marketers have social responsibilities outside of the quothere and nowquot of the business 0 Ethical issues Why do businesses have codes of ethics Ethics are established to build a reputation with the public and remain as autonomous from the government as possible What segregates right from wrong 0 Utilitarianism What provides the most amount of good for the most amount of people Provided minimizing the amount of people foregone o The mom test How would you feel if your mother knew o Concern for environmental issues A lot of consumers want environmentally friendly products but are not willing to pay for it They expect it to be a standard 0 Heightened cultural sensitivity Ethnocentrism is the notion that one39s country is better than everyone else39s culture 0 Marketing involves adjusting flavors taste and conditions to satisfy the public of the country you39re selling to o Accountability is knowing where money went and what the results were We need to be able to measure return and responsibility Market Myopia Marketing shortsightedness It39s where your define your goals in terms of things instead of people If you never change your product marketers end up pitching unwanted products It39s not about terms of what you make or sell but the benefits and solutions that you provide Sources of Competition Three kinds 1 Direct competition From similar products Seller A39s corn vs Seller B39s corn 2 Indirect competition Between substitutional products Corn vs broccoli 3 Open competition Competition between all goods and services that aren39t related Do I eat a good dinner or save money for a concert 4 Time competition The race to be first Goal to be the quotpioneerquot of a new tactic or product or strategythey reap the most benefit Key Elements of Any Marketing Strategy Your target market 0 Mass marketing vs Spot marketing positioning Marketers must decide if they39re going to try to entertain to a large demographic or a specific one with specific qualities 0 The marketing mix The Four P39s Product Price Place and Promotion 0 Critical thinking and creativity Insight and analysis to take advantage of diversity in order to have a larger pool of problem solving 0 The marketing environment Consists of the things outside of marketing that affect our ability to do business Weather landscape climate politics war etc Forces and Factors Outside of the Marketing Environment Stock market crash Mad cow disease Computer viruses 911 These are all external factors that can create crisesOpportunities in industries 0 Environmental scanning and analysis Breaking down data and interpreting it to identify trends and opportunities 0 Successful marketing management entails 0 Monitoring the external environment that reconfigure how we consume 0 Forecasting the direction and intensity of changes Predicting how why and how dramatically new changes in marketing will occur Internet age changed how everything was advertised Tiers of the Marketing Environment 0 External macroenvironmental forces Everchanging largely uncontrollable Advancement of technology agriculture etc 0 Composition and characteristics of the market we39re trying to sell to ex age where are people eating or moving to or from Population details 0 Economic environment includes the purchasing ability of consumers Disposable income is what39s left over after taxes Discretionary income is what39s left over after spending for necessities Credit card bills mortgage car payments food gas etc What affects buying power Income wealth inflation deflation credit income interest rates exchange rates The business cycle Pattern of economic fluctuation that affects consumer confidence spending and willingness to spend Prosperity Recession Depression Recovery How do we measure the economy39s health Gross national product and gross domestic product GNPGDP respectively Infastruction is the included systems of transportation communication and energy External microenvironment Somewhat controllable by the firm39s marketing system Internal nonmarketing environment Largely controllable by management Most of the industry except the marketing department Environmental factors within the marketing department are controlled by the management


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