MKTG 321- Test 1 notes

MKTG 321- Test 1 notes - MKTG 321 Notes 8/30/06 o Defining...

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MKTG 321 Notes 8/30/06 o Defining Marketing Marketing – the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers in a dynamic environment. Four P’s of Marketing Product : goods, services, or ideas that satisfy customer needs Ex: Cadillac cars Distribution : the ready, convenient, and timely availability of products Ex: selling auto insurance to young generation vs. elder generation Promotion : activities that inform customers about the organization and its products Ex: how are you going to market? Pricing : decisions and actions that establish pricing objectives and polices and set products prices Ex: parents buying stuff for their kids, buying expensive stuff to show that they love them. o Marketing Builds Satisfying Exchange Relationship Exchange – the provision or transfer of goods, services, or ideas in return for something of value Before an exchange can happen…some exchange conditions exists: (1) Two or more participants have something of value that the other party desires a. Ex: Enron transferring money from one division to another, it has to be two different entities for it to actually count as an exchange. (2) Exchange provides mutual benefit/satisfaction a. Ex: Bridgestone/Firestone tires people had anti-tires websites. (3) Each party has confidence in the exchange value of the other party’s offering. (4) Each party must meet the expectations of the exchange to become trusted by the other parties. Marketing Concept A philosophy that an organization should try to provide products that satisfy customers’ need through a coordinated set of activities that also allows the organization to achieve its goals. o Ex: Jansport Backpacks Warranty Program post card sent by the backpack saying he/she is in a camp (treated like a kid) 9/1/06 Examples: Greatest hostile market is the 18-20 aged group Anti-marketing – evolved through time
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o Mercedes refined luxury as safety o Mitsubishi laugh at ourselves humor used in their commercial o No Nickers using sex to sell their products o BMW in Germany used hypnotizing method to buy a car Expressed needs needs that you can say out loud Layant needs acceptance, love, pride …ect o Met bank treat all customers the same b/c you don’t know what they’ll become someday o Marketing Environment The competitive, economic, political, legal, and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix Environment scanning – the process of collecting information about forces in the marketing environment Ex: Kroger scanning data showed that ice cream was sold most between 10 pm – 1 pm. Data obtained by : observation, secondary sources, market research
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This note was uploaded on 09/05/2008 for the course MKTG 321 taught by Professor Gresham during the Fall '08 term at Texas A&M.

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MKTG 321- Test 1 notes - MKTG 321 Notes 8/30/06 o Defining...

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