class notes for exam 1 - CLASS NOTES FOR EXAM 1 Chp 1....

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CLASS NOTES FOR EXAM 1 Chp 1. Marketing’s Value to Consumers, Firms, and Society - people buy things because of value - value should be marketed Marketing – more than advertising or selling Starbucks – 4 Ps (Product, price, place, promotion) Product – does Starbucks sell just coffee or is it something more? Price – is price the reason why people go to Starbucks Place - the concept of the Third Space Promotion – an ad campaigns and branding efforts effective Things a firm should do in producing a product - analyze needs, predict wants, estimate demand, predict when, determine where, estimate price, decide promotion, estimate competition, PROVIDE SERVICE Marketing – makes sure right goods and services are produced Production - making goods - performing services Ultimately providing customer satisfaction – the extent to which an organization fulfills the customer’s expectation, needs, or desires Marketing is important to every consumer, your job, and it affects innovation and standard of living. Micro View – set of activities, performed by individual organizations Macro View – social process, matches supply with demand Universal Functions of Marketing - buying - selling - transporting - storing - standardization and grading - financing - risk taking - market information Dell had to change strategy from direct marketing to retail marketing FILM: INTRODUCTION TO MARKETING - sales team responsible to put together sales contract and service
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- everyone in an organization is involved in marketing - set of activities focused on the customer and providing service through objectives and goals - Creating value for customers involves entertainment, socialization, and stimulation - EATON partnered with FEDEX to cut costs, fuel use to better compete - 4 piece of marketing: product, price, promotion, and place surrounded by the customer used to create customer value - Customer o Consumer, diverse, - business to business sales bigger than customers - important for non profit organizations – like recruiting - product – creating goods or services that satisfy needs/wants of consumers - price – determined by competitors and customer’s value of product - Promotion – all aspects of persuasive communication between buyers and sellers - Kentucky looking to increase tourism and vacation in own state - Place – getting product in right place and right time o Having products in stores in convenient locations Planning revolves around opportunities. Management job in marketing - Planning – plan the work - Implementation – work the plan - Controlling – accessing value and marketing performance. If performances falls short, the manager changes the strategy Intro to Marketing Strategy - Kellogg’s Tiger Power Cereal: Big Bust o Launched 04-05 o Going after Cheerios market and spent millions to result in failure Marketing Strategic Planning – finding opportunities and developing profitable marketing strategies. It specifies a target market and lets businesses capitalize on profits
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class notes for exam 1 - CLASS NOTES FOR EXAM 1 Chp 1....

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