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Mix_350_Notes_Feb_09

Mix_350_Notes_Feb_09 - Marketing Mix Discussion Policy...

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Marketing Mix
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Discussion Policy Allowed to miss 1 discussion (UM rules) Notify TA at least 24 hours in advance Participation score = Gold Ticket Rule
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Overview Define marketing & related constructs Tap marketing management philosophies Explore goals of marketing
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What Is Marketing? Analyze needs of people who buy comics Predict what types of comics: adventure, sci-fi, real life, historical Estimate how many people will read comics over the next several years
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What is Marketing? Calculate how many people will buy Predict exactly when people will want to buy comics Locate where these comic buyers will be, and how to get comics to them
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What is Marketing? Estimate prices they are willing to pay Decide promotional strategies to reach potential & existing customers Identify rivals, estimate how many comics they will sell, what kind, at what price
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American Marketing Association “Marketing is the activity , set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large” (adopted Oct 2007).
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Marketing Puzzle Pieces Consumer Inputs Needs Wants Demands
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Marketing Puzzle Pieces Marketing Process Exchange = Sine qua non Desired Outcomes Satisfaction Value
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Marketing Exchange Conditions There must be at least 2 parties Parties must have something of value Parties must want to deal Parties must be free to accept or reject Parties must be able to communicate
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Why Call It Marketing?
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