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test 1 outline - Marketing-The process of planning and...

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Marketing-The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services in order to create mutually beneficial exchanges that satisfy individual and organizational objectives. MARKETING MIX: The various ingredients that must be planned, and then executed in order to accomplish an effective marketing policy. The 4 P’s PRODUCT Refers to what the business or non-profit organization offers to it’s prospective customers or clients. PLACE Refers to how goods and services actually get to a prospective customer for sales consideration and eventual consumption. 2 Major Considerations: 1. Channels of Distribution 2. Physical Distribution PRICE Refers to the amount of consideration a buyer must exchange in order to purchase a product. Price ultimately determines whether the customer will purchase the product; and whether there is enough revenue generated for the organization to achieve a profit. PROMOTION Refers to the need to communicate information to potential customers about a marketer’s product offerings, in order to initially create awareness of… and ultimately desire for a product. Promotion can take various forms. Various tools can be used individually or in combination: 1. Advertising 2. Publicity 3. Sales promotions 4. Personal Selling 5. Visual Presentations The Evolution of marketing The production era The Sales Era The marketing era The Relationship marketing era 3 Pillars of Marketing Customer Orientation The customer (not the product) should be the focal point of the planning process. Integrated Marketing All marketing activities need to be planned and coordinated. Customer Satisfaction The end result of a marketing effort should be two-fold:
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Profit for the organization A satisfied customer Marketing Environmental Factors A. External Factors – typically uncontrollable B. Internal Factors – controllable to some extent C. Micro-environmental factors - directly effect organizations marketing effort D. Macro-environmental factors – indirectly effect organizations marketing effort Types of Environmental Factors SOCIAL FORCES Cultural Norms & Societal Issues Includes changes in basic values and beliefs within a society that may influence any aspects of an individual’s behavior. Also includes changes to the demographic composition of the population. Customer Tastes & Preferences Customer tastes and preferences constantly change… influencing product desirability. ECONOMIC CONDITIONS Markets and thus marketing, require purchasing power as well as people. This comes as the result of the size and condition of the economy. Economic conditions help influence an organization’s chances of success. Factors to consider: Purchasing power of markets Per capita expenditures Employment rates Cost of Capital Rate of inflation Growth rate of the economy POLITICAL & LEGAL Legal and political decisions can have a major effect on a variety of products and on the method used to market these products.
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