exam 1 guide - Marketing3104 18:44 CHAPTER 1 INTRODUCTION...

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Marketing 3104 18:44 CHAPTER 1 INTRODUCTION Market : People with the desire and ability to buy a specific product Product : a good, service, or idea that satisfies the customer’s needs. Example: marketing a health care plan is the product Service : as a customer, you are buying a service. Service : intangible activities or benefits that an organization provides in exchange for money or something of value. o Example of service: Banking, medicine, massage therapist, communication and entertainment. Co-produced service : the consumer works with the seller to create the service experience. Education is a co-produced service. The customer influences service quality (service quality : influence by what you do and what others do) How do you influence the service experience for yourself and others in this class? o Cooperation, participation, noise (value destroyer) Example: wikipedia Marketing is the activity for creating , delivering , communicating , and exchanging offerings that benefit the organization, its stakeholders, and society at large. Marketing stresses the importance of delivering genuine benefits in the offerings of goods, services, and ideas marketed to customers. People think marketing is: o A negative business activity; trying to convince people they need something they don’t (scamming/persuasion) o It’s much more than advertising and selling (the idea is to provide benefits) Ex: Museums paintings and their details: how close should they put the information? Ex: Liz Claiborne they introduced a lower-priced clothing line to JC Penny’s… what should Macy’s do? Since they were a top provider of Liz Claiborne – they should remove from stores. Marketing focuses on discovering and satisfying customers needs.
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Examples: customers, shareholders, employees, suppliers, channel members Marketing does not equal advertising and selling. Advertising is unfair to business by unfair means and is supposed to benefit customers. The forms of value that marketing has created: - creates products and services ( form utility) - makes them available ( place utility) - when needed ( time utility) - facilitates their purchases ( possession utility) o The scope of marketing is very broad. Environmental Forces : factors that are mostly beyond their control, such as social, economic, technological and competitive forces. The scope of Marketing Who Markets? o Firms involved in manufacturing (Heniz), retailing (Target), and providing services (Mariott) What do they market? o Products, services, and ideas Who buys and Uses what is Marketed? o Individuals and organizations buy and use goods and services that are marketed o Ultimate Consumers : are the people who use the goods and services purchased for a household. o
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This note was uploaded on 10/04/2011 for the course MKTG 3104 taught by Professor Ebcoupey during the Spring '08 term at Virginia Tech.

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exam 1 guide - Marketing3104 18:44 CHAPTER 1 INTRODUCTION...

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