Session1_Intro_Students

Session1_Intro_Students - Session 1 Introduction Ch 1....

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1 Comm 224 Marketing Management / Mark 201 Introduction to Marketing Session 1 Introduction Ch 1. Marketing: Managing Profitable Customer Relationships Jooseop Lim Assistant Professor Department of Marketing John Molson School of Business Concordia University
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2 Agenda What is Marketing? The formal/informal definition 5 Stages of the marketing process Key concepts/terminologies Evolution of Marketing Concepts (orientations) Customer Relationship Management
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3 What is Marketing? What you see is the result of marketing What you can’t see is the process of marketing decisions The Definition “Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders” How do Consumers Obtain Products and Services? Exchange and Relationships What Motivates a Consumer to Take Action? Needs, Wants, and Demands How Do Consumers Choose Among Products and Services? Value and Satisfaction What Do Consumers Exchange? Products, Services, and Experiences Where Do Consumers Exchange? Market(place) and Marketspace
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4 Five Stages of Marketing Process
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5 Stage1: Understanding marketplace and customers - Exchange and Relationships Exchange Process Process by which two or more parties give something of value to each other to satisfy perceived needs College Students Political Candidate Voters Learning Environment Tuition Promised Action Votes Company Consultant Company Customers Fee Consulting Products/Services Money
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6 Exchange Process Supplier Producer Wholesaler Retailer Consumer Stage1: Understanding marketplace and customers - Exchange and Relationships Relationships Building long-term economic and social connections With whom?: consumers, distributors, and suppliers Consistently delivering superior value
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7 Stage1: Understanding marketplace and customers - Needs, Wants, and Demands Needs States of felt deprivation Not invented by marketers e.g., I am thirsty Wants The form taken by human needs as they are shaped by culture and individual personality Needs become wants when they are directed to specific objects that might satisfy the need e.g., I am thirsty, so I want Coke! Demands Demands are wants for specific products backed by buying power e.g., I have money to buy Coke e.g., Many people want to buy BMW; only a few are able to buy one
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8 Stage1: Understanding marketplace and customers - Value and Satisfaction Value Difference between the benefits the customer gains from owning and using a product and the costs of obtaining the product Value To increase the value
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9 Stage1: Understanding marketplace and customers - Value and Satisfaction Satisfaction Def: A person’s feelings of pleasure or disappointment resulting from comparing a product’s perceived performance
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Session1_Intro_Students - Session 1 Introduction Ch 1....

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