Prelim 1 Review - Prelim 1 Marketing Review 1 Interactive...

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Company Management External Marketing Setting promises Internal Marketing Enabling promises employees customers Interactive Marketing Kee[ing promises Prelim 1 Marketing Review 1 Lecture Notes- Key concepts What is Marketing Marketing is so basic that it cannot be considered a separate function. It is the whole of business seen from the point of view of its final result, that is, from the customer’s point of view The Marketing Process 1. Analyzing Marketing opportunities a. Identify and evaluate marketing opportunities b. Dependent on the 3 C’s i. Company ii. Competitors iii. Consumers c. Examine micro or macro environment d. Purpose: help firm plan on how to capitalize on these opportunities 2. Selecting target markets 3. Developing the marketing mix a. Determine the Four P’s see below 4. Managing the marketing efforts a. Developing marketing plan i. Objectives ii. Target markets iii. Specify marketing mix b. Implementation i. The process that turns marketing plans into marketing action ii. Control 1. Measurement 2. Compare with objectives 3. Adjustment The Four P’s
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Prelim 1 Marketing Review 2 Product Place Promotion Price Physical goods Service Features Quality level Accessories Installation Instructions Warranty Product lines Packaging branding Objectives Channel type Market exposure Kinds of middleman Kinds of locations and stores How to handle transporting and storing Service levels Recruiting middlemen Managing channels Objectives Blend Salespeople -kind -number -selection -training -motivation Advertising -targets -kinda of ads -media type Sales promotion Publicity Objectives Flexibility Level over PLC Geographic terms Discount allowances Core Marketing Concepts Cycle: o Markets Needs,wants, demands products value/satisfaction/quality exchange, transactions, relationships it all moves in a circle… o Needs and wants Culture, social group, psychology Money What is value? o Consumer value is the difference between the benefits a customer perceives in a firms market offering and the costs of obtaining those benefits o The customer’s view of costs and benefits is not just limited to economic (or even rational) considerations and a low price may not result in superior value Customer satisfaction
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Prelim 1 Marketing Review 3 o Depends on the product’s perceived performance in delivering value relative to buyers expectations o Marketers set the right level of expectations, customers set value and satisfaction Marketing facilities production and consumption o Marketing needed to overcome discrepancies and separations Spatial separation Separation in time Separation of info Separation of values Separation of ownership Marketing Management Philosophies History/Background o Merchants/marketers considered vulgar and weak Current philosophies o Production concept low product cost and wide availability o Product concept product features and innovation o Selling concept
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Prelim 1 Review - Prelim 1 Marketing Review 1 Interactive...

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