MOS 1021A - `Management and Organizational Studies. Chapter...

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`Management and Organizational Studies. Chapter 1 – Marketing Fundamentals The Marketing Mix – Price, Place, Promotion and Product Marketing – provide consumers with products or services that meet their needs Consumer Needs – Consumer loyalty Example: LG created awareness and hype for their product, prompt support from retailers and encouraged consumers to gather information and buy the product by flirting the with customers and encouraged them to experience and buy their product The essence of marketing - Focusing on the consumers - Create a distinct image for the product, setting it apart from the competition - Ultimate objective is to realize profit - At the core of every great marketing program is a creative idea. This idea becomes the catalyst that inspires every element of the marketing program. It is essential that the marketer uses this idea to inform, stimulate and guide all of the elements of the marketing mix Focusing on consumer needs - The challenge is to clearly determine consumer’s needs and wants o Consumers do not always know what they want Unable to rationalize their feelings Partly based on self image and emotional attachment o Markets maybe misguided Ask the right questions Creating consumer value - Delivering a combination of 1, pricing strategies. 2, product design. 3, service elements - The unique combination of benefits received by targeted buyers that includes quality, price, convenience, on-time delivery and both before-sale and after-sale service Appealing to Target Markets - Better to target a group who is interested rather than make it available for everyone - The specific group of existing and potential consumers to which a marketer targets its marketing efforts Coordinating the Marketing Mix Product - Attributes that make up a good service, or an idea, including product design, features, color, packaging, warrantee, and service levels Price
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This note was uploaded on 10/16/2011 for the course ENGLISH 101 taught by Professor Parkin during the Summer '11 term at Wilfred Laurier University .

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MOS 1021A - `Management and Organizational Studies. Chapter...

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