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AEM 240 8.27

AEM 240 8.27 - • Economic utility o Degree to which...

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8.27.2007 AEM 240 Marketing Idea Derby (look at blackboard for specs) 75% of all submissions receive some credit Due Monday 11/26 Marketing : A social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others -disposable income is used to satisfy wants (not needs) 5 Key Marketing Concepts Price vs (customer) value o Value= (Benefits) / (Price) Ex. of benefits= Taste, Quality, nutrition, recipes, info, safety, freshness, fun (for food) Value of 1=No consumer surplus, <1=bad buy, >1=good buy Price (can have a direct or indirect change in price( Ex. direct price change would be an increase in price would have a decrease in value o Marketers can manipulate price changes into indirect changes
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Unformatted text preview: • Economic utility o Degree to which customer wants/needs are satisfied o Marketers may create by: Form (marketers can change the product (ex. changing food ingredients)) Time (24hr drive thrus) Place (newspaper vending machines) Possession (able to return products) • Marketplace orientations o Product orientation- Producer believes production is the most important process FLAW: In the production stage, producers produce what they can produce, not necessarily what the consumer wants o Sales orientation- concerned with sales only (wants to sell the apples w. no concern about customer satisfaction) o Marketing orientation- Focusing on what the consumer wants • Customer satisfaction—key i...
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