Module 1:Ch1 Notes: Introduction to the Marketing Mix.pdf -...

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Module 1 Notes: Introduction to the Marketing MixThis module focuses on theprocess used to determine what the customer wants andneeds.What Marketing is and What it is NotMarketing is defined as an organizational function and a set of processes for creating,communicating, and delivering value to customers and for managing customer relationships inways that benefit the organization and its stakeholders.Requirements for Marketing to Occur:-Two or more parties with unsatisfied needs-A desire and ability to satisfy these needs-A way for the parties to communicate-Something to exchangeThe Breadth and Depth of MarketingFive Issues to Analyze:1.What is a market? aMarketis people with the desire and ability to buy a specific product2.Who markets? Every Organization3.What is Marketing?Goods, services, ideas. Social Marketing is design to influencebehaviour of individuals by which benefits accuse to those in general, and not tot hemarketer.4.Who buys and uses what is marketed?Ultimate Customers.Organizational Buyersareunits, such as manufacturers, retailers, and customers that buy good and services for theirown use or sale.5.Who benefits?Consumers who buy, organizations that sell, the whole of society.Diverse Factors Influencing Marketing ActivitiesThere is a whole organization or business within which marketing must fit. in addition, externalfactors affect the organization. Relationships with suppliers, customers, shareholders, andpartnerships with other businesses included. There are strong environmental forces also at play- as technology changes, so too must the business.How Marketing Discovers and Satisfies Consumer NeedsDiscovering Consumer NeedsFirst Objective is to discover needs of prospective customers.Needs and Wants:-A Needoccurs when a person feels deprived of necessities-A Wantis a NEED that is shaped by a persons knowledge, culture, and individualpersonality. Marketing does not create the NEED but it shapes a persons WANTSSatisfying Consumer NeedsAn organization cannot satisfy needs of all consumers, so it focuses on the needs of its targetmarket (specific group or groups of potential consumers toward which it will direct itsmarketing program.Four P’sUtilization of controllable factors to develop a complete marketing program to satisfy consumerneeds.Maketing Mix:-Product- A good, service, or idea to satisfy the consumers needs-Price- What is exchanged for the product

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Term
Fall
Professor
NoProfessor
Tags
Marketing, o erings

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