Ch.1 80302 - MKT 3010 - 002
Popular in Principles of Marketing
80302 - MKT 3010 - 002
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Popular in Marketing
80302 - MKT 3010 - 002
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This 4 page Class Notes was uploaded by Nicole Dunne on Wednesday September 2, 2015. The Class Notes belongs to 80302 - MKT 3010 - 002 at Clemson University taught by Carter Willis McElveen in Summer 2015. Since its upload, it has received 34 views. For similar materials see Principles of Marketing in Marketing at Clemson University.
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Date Created: 09/02/15
Chapter 1 Overview of Marketing What Is Marketing 0 Marketing is the activity set of institutions and process for creating capturing communicating delivering and exchanging offerings that have value for customers clients partners and society at large Good marketing requires thoughtful planning with an emphasis on the ethical implications of any of those decisions on society in general Firms develop a marketing plan that specifies the marketing activities for a speci c period of time The marketing plan also is broken down into various componentshow the product or devices will be conceived or designed how much it should cost where and how it will be promoted and how it will get to the customer 0 Marketing Helps create value ProductionOriented Era 20th century most rms were production oriented and believed that a good product would sell itself SalesOriented Era 19201950 manufactures produced more than customers really wanted to buy so they became sale oriented Depended on heavy doses of personal selling and advertising 0 MarketOriented Era buyer s market consumers had choices they were able to make purchases on decisions on the basis of factors such as quality convenience and price Manufactures and realtors focused on what consumers wanted and needed 0 Value Bases Marketing Era value re ects the relationship it costs or what you get for what you give Value Coe creation customers can act as collaborates to create the product or service Nike customs Occurs in many settings Can be performed by both individuals and organizations BZC business to consumer marketing 0 Internet auctions and social media 0 Consumers to consumers C2C Requires product place price and promotion decisions 0 Product creating value by developing a variety of offerings including goods services and ideas to satisfy customers needs Goods are items that you can physically touch 0 Services are intangible customer bene ts that are produced by people or changes and cannot be separated from the producer hotels stub hub ldeas include concepts opinions and philosophies intellectual concepts such as these also can be marketed talks about wearing helmets 0 Price Capturing Value 0 Everything has a pricedoesn t have to be monetary Everything the buyer gives uptime money energy in exchange for the product 0 Place Delivering the Value Proposition 0 Place represents all activities necessary to get the product to the right customer when that customer wants it 0 Marketing channel management supply chain management is the set of approaches and techniques that rms employ to efficiently and effectively integrate their supplies manufactures warehouses stores and other rms involved in the transaction into a seamless value chain in which merchandise is produced and distributed in the right quantities to right location in right time 0 Promotion Communicating the Value Proposition 0 Promotion is communicating by a market that informs persuades and reminds potential buyers about a product or service to in uence their opinions and elicit a response Entails an exchange 0 Exchange the trade of things of value between the buyer and the seller so that each is better off as a result 0 Apple recommendations Satisfying customer needs and wants 0 Knowing who wants zero calorie drinks Marketing Affects Various Stokeholds 0 Partners in the supply chain include wholesalers retailers or other intermediaries such as transportation or warehousing companies How does Marketing Firms Become More Value deen 0 Sharing Information 0 Marketers share info about customers and competitors and integrate it across the rm s various departments 0 Balancing Bene ts with Costs 0 Value oriented markets constantly measure the bene ts that customers perceive against the cost of their offerings satisfy customer s needs keep cost low and develop long term loyalties Building Relationships with Customers o Relational orientation rms focus on their lifetime pro tability of the relationship not how much money is made during each transaction 0 Apple makes its innovations compatible with existing products 0 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 Connecting with consumers by using Social and Mobile Media 0 Why is Marketing Important 0 Marketing Expands Firms Global Presence 0 Marketing is Pervasive across Marketing Channel Members Firms do not work in isolation Manufactures buy raw materials and components from suppliers which they sell to whole sellers retailers or other business after they have turned the material into products 0 Marketing Enriches Society Greener products healthier food options and safer products 0 Marketing Can Be Entrepreneurial Entrepreneurs launch ventures that aim to satisfy un lled needs
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