Chapter 1, 3 Notes - Marketing Notes Chapter 1 pages 4-18...

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Marketing Notes Chapter 1 pages 4-18 Chapter 3 pages 58-74 Chapter 1 Experience in shopping for products gives us great insights into the world of marketing. As a consumer, we have already been involved in thousands of marketing decisions (buying side). Marketing: Using Exchanges to Satisfy Needs Marketing : 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. o Importance of delivering genuine value in the goods, services, ideas marketing to customers. o To serve both buyers and sellers, marketing seeks (1) to discover the needs and wants of prospective customers and (2) satisfy them. Prospective customers: by for themselves, organizations that buy for themselves or resale. Exchange : trade of things of value between buyer and seller so that each is better off after the trade. The Diverse Forces Influencing Marketing Activities The marketing department is responsible for developing relationships with the organization’s customers, shareholders, suppliers, and other organizations. Environmental forces (social, technological, economic, competitive, regulatory) shape marketing activities. How Marketing Discovers and Satisfies Consumer Needs Discovering Consumer Needs First objective: discover needs of prospective consumers. The Challenge of Meeting Consumer Needs with New Products 94% of new products introduced in US do not succeed. o (1) Focus on what the consumer benefit is o (2) Learn from the past o Showstopper : factors that might doom a product Meeting the changing needs of consumers is a continuing challenge for firms around the world. Consumer Needs and Consumer Wants Marketing needs to satisfy both consumer needs and consumer wants. Effective marketing, in the form of creating an awareness of good products at convenient locations, can clearly shape a person’s wants. What a Market Is Market : people with desire and ability to buy a specific product. Satisfying Customer Needs Target Market : one or more specific groups of potential consumers toward which an organization directs its marketing program.
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The Four Ps: Controllable Marketing Mix Factors Product: a good, service, or idea to satisfy the consumer’s needs. Price: what is exchanged for the product. Promotion: a means of communication between the seller and buyer. Place: a means of getting the product to the consumer. Marketing Mix : the marketing manager’s controllable factors—product, price, promotion, place—that can be used to solve a marketing problem. o Putting a product on sale. Uncontrollable, Environmental Forces Environmental Factors : uncontrollable marketing factors such as social economic, technological, competitive, and regulatory forces.
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