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1- overview and strategy

1- overview and strategy - MKTG 370MARKETING FUNDAMENTALS...

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MKTG 370—MARKETING FUNDAMENTALS OVERVIEW AND STRATEGY
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BUAD 307 OVERVIEW AND STRATEGY Perner 2 Why does Tony the Tiger wear a scarf?
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BUAD 307 OVERVIEW AND STRATEGY Perner 3 Old American Marketing Association (AMA) Definition Marketing: “The (1) process of (2) planning and (3) executing the (4) conception, (5) pricing, (6) promotion, and (7) distribution of (8) ideas, (9) goods, and (10) services to create (11) exchanges that (12) satisfy (13) individual and (14) organizational (15) objectives.” (American Marketing Association “official” definition [numbering added] .)
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BUAD 307 OVERVIEW AND STRATEGY Perner 4 2006 American Marketing Association (AMA) Definition Marketing: “An (1) organizational function and (2) a set of processes for (3) creating, (4) communicating, and (5) delivering (6) value to (7) customers and for (8) managing (9) customer relationships in ways that (10) benefit the (12) organization and (12) its stakeholders.” American Marketing Association
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BUAD 307 OVERVIEW AND STRATEGY Perner 5 Some Issues Who markets? Businesses Government units Non-profit organizations Cause related organizations What is marketed? Goods Services Ideas Who buys? Ultimate consumers Organizational buyers For internal use For resale (wholesalers, retailers) Manufacturers (components) Consumer benefits? Utility Consumption Convenience
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BUAD 307 OVERVIEW AND STRATEGY Perner 6 Creating Consumer Utility Form utility— transformation of raw materials into products Place utility— making product conveniently available Time utility—making product available when needed Possession utility— access to a large assortment of products
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BUAD 307 OVERVIEW AND STRATEGY Perner 7 The Reality of Marketing Matching consumer needs with suppliers Providing value to customers—e.g., Lower prices (e.g., auto insurance) Reliability/consistency Extra services (e.g., dry cleaning picked up and delivered; mobile mechanic; online banking) Special segment need
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BUAD 307 OVERVIEW AND STRATEGY Perner 8 Requirements for Marketing to Occur 2+ parties with unsatisfied needs Desire and ability to satisfy these needs A way to communicate Something to exchange
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BUAD 307 OVERVIEW AND STRATEGY Perner 9 The Marketing Concept
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