BUS360DEChptr01Smry

BUS360DEChptr01Smry - North Carolina State University...

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North Carolina State University College of Management BUS 360 Marketing Methods Lecture Summary Chapter 01 Overview of Marketing What Marketing Is Marketing is an organizational function and a set of processes for creating, capturing, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. What Marketing is About Marketing requires understanding the marketplace and how it needs to be segmented and divided to achieve success. It involves the seller delivering the product or service to the buyer. The fundamental purpose of marketing is to create value for both the firm and the customer. Marketing’s Core Aspects 1. Satisfying customer needs and wants 2. Creating an exchange or trade 3. Making product, price, place and promotion decisions 4. Performing by individuals and organizations 5. Occurring in many settings 6. Helping create value Core One: Satisfying Customer Needs and Wants Begins with understanding their needs and wants Involves developing products and services Core Two: Creating an Exchange or Trade The exchange can occur between any two parties It is not simply a buyer and seller exchanging money for a good or service It can be an exchange of information for convenience Core Three: Marketing Requires Product, Price, Place, Promotion Decisions Product Goods Services Ideas Price BUS 360DE Chapter 01 Summary  Instructor Weems
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Time Money Energy Everything the buyer gives up in exchange Place All activities necessary to get the product to the right customer when they want it Supply chain management is the field that examines these activities Promotion The communication activities of marketing Used to inform, persuade and remind potential buyers Used to influence their opinions or elicit a response Core Four: Marketing Performed by Individuals and Organizations B2B – Business to Business Wholesaling is often only business to business B2C – Business to Consumer All retailing is business to consumer selling C2C – Consumer to Consumer Swap meets, EBay, yard a=sales etc Core Five: Marketing Occurs in Many Settings For profit and non profit entities Developing economies Entire industries Marketing Channels Business to Business - Direct to business customer - Manufacturer to retailer - Manufacturer to distributor Business to Consumer - Manufacturer to consumer - Manufacturer to retailer to consumer - Manufacturer to distributor to retailer to consumer BUS 360 Chapter 01 Lecture Summary Instructor: Weems 2
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Core Six: Marketing Helps Create Value Evolution of marketing Production Era – Before 1930 all focus was on production with the belief that products would sell themselves. Sales oriented Era
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This note was uploaded on 06/09/2011 for the course BUS 360 taught by Professor Kimbrough during the Spring '08 term at N.C. State.

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BUS360DEChptr01Smry - North Carolina State University...

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