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Unformatted text preview: Marketing Lecture Morris Towns August 29, 2007 What is marketing? 4 Ps -Product-Price-Place -Promotion -Marketing is a function, a process from start to finish (ongoing) -Creating value (know your consumers and what they value)-Communicating (let people know what you have to offer, how you are going to make their lives better)-Delivering (you have to deliver value to your consumers, not just monetary value) -Managing customer relationships (brands want customers to keep coming back, loyalty and relationship with company) *Airlines (frequent flier miles). They then have to market to you less, cheaper for them to have you as a customer -Key to marketing in the notion of exchange. In order to receive something you must be willing to give something up (for something you would rather have). -Notion of value: things can hold different value for depending on the person-The marketing business have grown dramatically over the past decade, brands are now becoming marketing driven Vital Marketing Activities:-Understand your customers! -Start with the consumer and then work backwards...
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- Spring '07