MKTG 361 Chapter 1 Notes
MKTG 361 Chapter 1 Notes 361
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This 5 page Class Notes was uploaded by Wanasa Zhou on Saturday August 29, 2015. The Class Notes belongs to 361 at University of Arizona taught by Victor Piscitello in Fall 2015. Since its upload, it has received 303 views. For similar materials see MKTG 361 in Marketing at University of Arizona.
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Date Created: 08/29/15
Marketing Chapter 1 Marketing the activity set of institution and the process of creating capturing communicating delivering and exchanging offerings that have value for customers clients partners and the society at large Marketing plan speci es that marketing activities for a speci c period of time The marketing plans are broken down into various components Core Aspect of Marketing 1 Marketing is about Satisfying Customer Needs and Wants Marketplace World of Trade The marketplace can be divided into groups and segments depending on what product you are trying to sell you will then determine what group and what type of marketing strategy you will use to attract that certain group of people It is not practical to set the goal of selling product to everyone because the costs associate with marketing is high Marketing search for customers who have interest and the ability to buy the product LS 2 Marketing Entails an Exchange Exchange the trade of things of value between the buyer and the seller so that each is better off as a result Example iTunes keep track of your personal information and personalize recommendation to the best match of your interest Apple uses this information that you gave to create potential future exchange with you 3 Marketing Requires Product Price Place and Promotion Decisions Marketing mixfour Psproduct price place and promotion The four Ps comprise the controllable LS set of decision or activities that the rm uses to respond to the wants of its target markets Productcreating value How Variety of offering including good services and ideas LS to satisfy customer needs Example you can make plain coffee at home however the products that Starbucks McDonalds and Dunkin Donuts have makes you want to pay the premium Goods items that you can physically touch Services intangible customer bene ts that are produced by people or machines and cannot be separated form the producer Example paying for airline ticket sporting event ticket movie ticket getting money from the ATM or from a teer Very often goods are combined with services Hotels are good are combining good and services Ideas include thoughts opinions and philosophies intellectual concepts such as these also can be marketed Pricecapturing vaue Price is everything the buyer gives upmoney time and energy in exchange for the product Marketer determine price base on the potential buyer s perceived value of the product how much customers are willing to pay Placedelivering the value proposition Activities necessary to get the product to the right customer when that customer wants it Place are most often associated with supply chain management Supply chain management the set of approaches and techniques that rms employ to ef ciently and effectively integrate their suppliers manufacturers warehouses stores and other rms involved in the transaction into a seamless value chain Promotioncommunicating the value proposition Promotion is communication by a marketer that informs persuades and reminds potential buyers about a product or service to in uence their opinions and elicit a response 4 Marketing can be performed by both individuals and organizations BZCbusiness to consumer marketing BZBbusiness to business marketing C2Cconsumer to consumer marketing 5 Marketing affects various stakeholders Stakeholdersupplicant chain partners society at large Partners in supply chain include wholesalers retailers transportation or warehousing companies 6 Marketing helps create value Marketing short history ProductionOriented Era Around the turn of 20th century Good product would sell itself manufacturers were more concerned with product innovation than satisfying customer needs SalesOriented Era 19201950 Great depression and World War II cause customers to buy less Manufacturers produced more than customers really want and overproduction lead to heavy personal selling and advertising Market Oriented Era United States enter a buyer s market after the World War II the customer became king Manufacturer and retailers bean to focus on what consumer want and need During this period rms discovered marketing ValueBased Marketing Era Market oriented rms are the most successful Good rm realize there is more to marketing than knowing customers need They have to give customer greater value than their competitors did LS Value re ects the relationship of bene ts to costs or what you get for what you give Customers seek a fair return in goods and services for their money and time Good value doesn t mean inexpensive customers have their own way of de ning what is good value Value cocreationcustomers can act as collaborators to create the product or services Example Nike allowing customers to personalize shoes How do marketing rms become more value driven 1 Sharing information Marketers share information about customers and competitors across the departments within the rms 2 Balancing bene ts with costs vaue oriented marketers constantly measure the bene ts that customers perceive against the cost of their offerings 3 Building relationship with customers reationa orientation have become important Firms trying to create relationship with their customer rather than simply focusing on transaction Customer relationship management a business philosophy and set of strategies programs and systems that focus on identifying and building loyalty among the rm s most valued customers Firms with CRM collect customer info and use those to target their customers needs 4 Connecting with Customers Using social and mobile media Why is marketing important Early marketing focus we ve made it now how do we get rid of it 1 Marketing expands rm s global presence Example Levi s weren t available in many nations a generation ago however through marketing it has become available in many countries Marketing also enhances global career opportunities for marketing professionals 2 Marketing is Pervasive across marketing channel members Supply chainmarketing channel a groups of rms such as wholesaler retailer transportation company that make and deliver a given set of goods and services Supply chain Raw material to Manufacturer to Retailer to Consumer 3 Marketing enriches society Firms are making socially responsible activities an integral component of everything they do lnvestor tend to view companies who are socially responsible as safe investment 4 Marketing can be entrepreneurial Entrepreneur people who organize operate and assumes the risk of a business venture Many entrepreneurs are very successful because they have the vision to see unful lled needs and invent product or services to satisfy those needs Class lecture 826 In addition to the PPT slide provided by the professor there are some concept that he went over that is not on the slide De nition of Marketing The activity set of institutions and processes for creating capturing communicating delivering and exchanging offering that have value for customers clients partners and society at large Create new product development Capture brand loyalty Communicating in the same language Lifetime value for customers Cornerstone of marketing 4Ps Exchange is not only money but also time and goods We are the 1 exporter of rice to Japan 4 Marketing management philosophies Production internal capabilities of the rm Sales aggressive sales techniques and belied that high sales result in high pro ts Market Satisfying customer needs and wants while meeting objectives Societal Satisfying customer needs and wants while enhancing individual and societal well being US market is service oriented BZB create the largest revenue when compare to BZC or C2C
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