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Unformatted text preview: MKT337 Exam I Ch. 1, 2, 3, 4, 5, 6, 7, 17, 19 What is Marketing? o American Marketing Assn: Activities that direct the flow of goods & services from manufacturer or producer to ultimate consumer or industrial buyer o Non-profit organizations? Churches, Libraries, Police Depts, Politicians? o Too narrow? o Kotler & Levy (1969) included other organizations (and individuals) o Issue is not whether symphonies, churches have marketing problems, but whether they choose to recognize them and deal with them o Led to Defining Marketing as (Human) Activities that facilitate and consummate exchanges Marketing Defined o Marketing is that function, within an individual or organization that monitors conditions and changes in its environment, and directs appropriate responses. o *** Marketing Mix: The Four Ps: products pricing promotion place (or distribution) The key is to adapt the organizations products and strategies to meet market conditions. Current A.M.A. Definition o 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 Chapter 1: Marketing: managing Profitable Customer Relationships Marketing: o Marketing is managing profitable customer relationships o The process by which companies create value for customers & build strong customer relationships in order to capture value from customers in return o Satisfying customer needs o Ask these questions: 1. What consumers will we serve? (Marketing segmentation & targeting) 2. How can we best serve targeted customers? (Differentiation & positioning) Mousetrap example: o Do people even want a better mousetrap? Average households did not o They did market research after! Marketing Process: o 1. Understanding the Marketplace and Customer needs & wants Customer Needs, Wants, and Demands: Needs: states of felt deprivation o Physical: need for food, clothing, warmth, safety o Social: needs for belonging and affection o Individual: need for knowledge and self-expression Wants: the form human needs take shape by culture and individual personality Marketing Offers: Marketing offer: some combination of products, services, information, or experiences offered to a market to satisfy a need/want Can include: physical products, services, persons, places, organizations, information, ideas Marketing myopia: o Lose sight of customer needs by focusing on current/short-term wants o Forget that customers will have the same need, but will want a new product Smart marketers will create a brand experience: Harley, Disney, etc....
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This note was uploaded on 06/19/2008 for the course MKT 337 taught by Professor Mcallister during the Spring '07 term at University of Texas at Austin.
- Spring '07