MKT 337 - Ch 1 - Eddy Fong Marketing Chapter 1 I. Aero?...

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Eddy Fong Marketing – Chapter 1 I. Aero? Lightning? The Next Act After Launching an Industry? a. A new idea that wasn’t so new – rollerblades invented in 1700s, reinvented in 1980 and sold to off-season hockey players/skiers b. Understanding the customer – by focusing only on hockey players and skiers, image was of training product. But rollerblades was incredible fun, great workout, different from traditional roller skating, mass appeal. Rollerblade was repositioned, and doing so launched a whole new industry c. Success invites imitation, which stimulates innovation – life cycle, once you start and insutry, you can only grow by increasing share of product sold annually. Need innovation and creative marketing strategies to do so. II. What is Marketing? a. Rollerblade skates, marketing, and you – marketing affects all individuals, organizations, industries, and countries. b. Marketing: using exchanges to satisfy needs i. Marketing: organizational function and a set of processes for creating communicating, and delivering value to customers and for managing customer relationship in ways that benefit the organization and its stakeholders ii. Not the same as advertising iii. Marketing (concept) seeks to… 1. discover needs and ants of prospective customers 2. to satisfy them iv. Exchange: trade of things of value between buyer and seller so that each is better off c. The diverse factors influencing marketing activities i. Society – shareholders, customers, suppliers, other firms ii. Organization – other business departments iii. Environmental – social, economic, technological, competitive, regulatory d. Requirements of marketing to occur i. Two or more parties with unsatisfied needs ii. Desire and ability to satisfy those needs iii. A way for parties to communicate iv. Something to exchange III. How Marketing Discovers and Satisfies Consumer Needs
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This note was uploaded on 04/11/2008 for the course MKT 337 taught by Professor Mcallister during the Spring '07 term at University of Texas at Austin.

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MKT 337 - Ch 1 - Eddy Fong Marketing Chapter 1 I. Aero?...

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