Mktg500Chp1 - A Framework for Marketing Management Lectures...

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A Framework for Marketing Management Lectures
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Chapter: 1 The Scope and Importance of Marketing: NEVER ENDING Financial success depends on marketing ability -Must be a demand for goods and services The companies at the greatest risk are those that fail to monitor their customers and competitors and improve their value offerings
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The Scope and Importance of Marketing: NEVER ENDING What is Marketing? -Identifying and meeting human and social needs profitably (e.g. Ebay and Ikea) What is Marketing Management? NOT SELLING -The art and science of choosing target markets and getting, keeping and growing customers through delivering and communicating superior value
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The Scope and Importance of Marketing: NEVER ENDING What is Marketed? Good and Services: 30%-70% ratio in US Events and Places: Cities, Olympics Experiences: Fairytale of Walt Disney Persons: Celebrities Properties and Organizations: Businesses Information and Ideas-Social Marketing (MADD)
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The Scope and Importance of Marketing: NEVER ENDING What is a Market? -Typically a grouping of customers -Need Markets (Coca Cola Diet Drinks) -Product Markets (Nike Shoes) -Demographic Markets (Youth Market) Who Markets? Marketer or CMO: Strengthens the brand, measures market effectiveness and drives new product development, gathers new customer
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The Core Marketing Concepts Needs Wants and Demands Needs are basic human requirements. Needs turn into wants when there is a specific object that can satisfy a need (e.g. Mc Donald’s satisfies hunger) Target Markets, Positioning and Segmentation A marketer can’t satisfy everyone in a given market. Not everyone likes the same cereal for example.So, they look at demographic, psychographic and behavioral differences
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The Core Marketing Concepts Offerings and Brands: Companies address needs by putting forth a value proposition or set of intangible and tangible offerings (e.g. Mc Donald’s offers food, fun and great service) Value and Satisfaction: Value reflects the sum of the perceived tangible and intangible benefits and costs to the consumers
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The Core Marketing Concepts Marketing Channels: To reach a target market, the marketer uses three kinds of marketing channels: Communication, Distribution and Service Supply Chain: The supply chain is a longer channel stretching from raw materials to components to final products that are carried to final buyers. What is the supply chain for women’s purses?
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The Core Marketing Concepts Competition: Includes all actual and potential rival offerings and substitutes that a buyer may consider. If you are hungry, who would be in competition to satisfy your need? Marketing Environment: Internal: Production, Distribution, Promoting, External: Demographic, Economic, Physical, Technological, Legal, Social-Economic
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The Core Marketing Concepts The Four P’s: Product: Variety, Features, Design, Sizes, Service, Warranties Price: List Price, Discounts, Allowances Promotion: Sales, Advertising, Direct Mail Place: Channels, Inventory, Locations
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Mktg500Chp1 - A Framework for Marketing Management Lectures...

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