Chapter 1 Notes
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This 4 page Class Notes was uploaded by Jade Notetaker on Friday October 16, 2015. The Class Notes belongs to 2300 at Wayne State University taught by Nayyer Naseem in Summer 2015. Since its upload, it has received 37 views. For similar materials see Marketing Management in Marketing at Wayne State University.
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Date Created: 10/16/15
Chapter 1 Overview of Marketing What is marketing Marketing is an organizational function and is a process for creating capturing communicating and delivering VALUE to customers and managing relationships that can benefit stakeholders and their organizations It was told that in the mid19705 under Richard M he says that marketing is all about building relationships All of the things that marketing is about Creating value Satisfying customer needs and wants It entails an exchange 0 Usually mutually beneficial both parties gives up something of value customers usually gives up money also time and information Firms will give up goods or service Can be performed by both individuals and organizations Requires product price place and promotion decisions 0 The 4 P s VERY IMPORTANT 0 Product Creates Value 0 Price Captures Value 0 Place Delivers Value 0 Promotion Communicates Value SDL Service Dominic Logic 2012 Luschvage EXAM VOCAB Needs generic requirements Wants Specific needs Demands the needs and wants that are supported by the ability to buy EXAM 5 Steps in Managerial Process Acronym POLIC Planning Organizer Implementing Leading Controlling BE Business Environment There are 4 P s known to be of Marketing Also there are others that are hidden in content which makes it the 7 P s of marketing Product The product is a good or service that satisfy customer needs creating value Ex Goods Service Ideas Price Everything a buyer gives up in exchange for a product It is how much a customer is willing to pay and if a profit can be made at that point Place supply chain management All of the activities which gets the product delivered to the customer when the customer wants it Promotion Communicated by marketers that inform persuade and remind buyers about the product or service to in uence their responses 7 P s People Process Physical Evidence Value is a perception it is always higher Value offering cost what you get what you pay Marketing can be performed by Individuals and Organizations B2B Business to Business Manufacturer to Retailers B2C Business to Customer Retailer to customer C2C Customer to Customer Stakeholder who are effected by marketers various impacts on them Society Customers Employees Supply Chain There are 2 types of Eras Where marketing helps create value there is production marketing sales and value based marketing Marketoriented Era Focus was on what customers wanted Valuebased Era Maintains market orientation and focuses on more value than the competition NOTE TO SELF We are in a valuebased era meaning the market orientation includes a focus on giving greater value than its competition VOCAB Exchange The trade of value between a buyer and seller Good Items you can physically touch Service customer benefits that are produced by people or a machine that cannot be separated from the producer Ideas thoughts opinions and intellectual concepts that can be marketed Supply Chain group of firms that make and deliver a set of goods and service Value relationship benefits to cost Hygiene Factors those features in a service of a product present of those that will not sell a product Absence of these will easily unsell a product Example TV Remote Buying a new TV will automatically come with a remote Motivation Factors presents of those may sell product Absence of those cannot unsell product Example New features that aren t standard New Galaxy note has side of phone touch screen VAT value added tax double taxing Competitive Environment Monopoly single vendor for a product or service Oligopoly Few players selling similar product Perfect Competition several vendors selling identical product USP unique selling proposition companies try to create USP to distinguish their product from others Customer View Demand chain Manufacturer Supply chain