AEM2200-092123ToPost-1

AEM2200-092123ToPost-1 - Department of Applied Economics...

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Unformatted text preview: Department of Applied Economics and Department of Applied Economics and Management Management CORNELL UNIVERSITY CORNELL UNIVERSITY AEM 1200 AEM 1200 INTRODUCTION TO BUSINESS INTRODUCTION TO BUSINESS MANAGEMENT MANAGEMENT Pedro David Pérez Pedro David Pérez Fall 2011 Fall 2011 AEM1200, Introduction to Business Management. Wednesday 9/21 – Friday 9/23 A Primer on Marketing The marketing concept Deciding on a market Marketing strategy and the 4Ps Product Price Place Promotion Marketing An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. The marketing concept Customer orientation Find out what customers want and provide it for them; Service orientation Make sure everyone in the organization has the same objective – customer satisfaction; Profit orientation Focus on those goods and services that will earn the most profit and enable the organization to survive and expand to serve more consumer wants and needs. The Fundamentals of Marketing Strategy Market Market segmentation Target market Market positioning Image that customers have about a product in relation to the product’s competitors Product Price Place Promotion Buying Process Step 1: Recognize Problem Step 2: Information Search Step 3: Evaluate Alternatives Step 4: Make Purchase Decision Step 5: Post-purchase Evaluation Market Segmentation Market Segmentation The Marketing Mix ( or the 4Ps) Product Anything that an organization offers to satisfy consumer needs and wants, including both goods and services; Price Q uantity of payment or compensation given from one party to another in return for goods or services; Place Delivering the right product to the right person at the right place at the right time; Promotion Marketing communications designed to influence consumer purchase decisions through information, persuasion, and reminders. The Marketing Mix ( or the 4Ps) Differentiate!!!!!!!! Do not wait for customers to come to you, make it possible for them to buy your product; Never, never, ever price at cost plus!!!!!! Never, never, ever confuse promotion with merely advertising!!!!!!! Heck, never, never, ever confuse marketing with merely advertising!!!! Components of the Product Value- Total Product Offer Everything that consumers evaluate when deciding whether to buy something....
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This note was uploaded on 10/21/2011 for the course AEM 2200 taught by Professor Perez,p.d. during the Spring '07 term at Cornell.

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AEM2200-092123ToPost-1 - Department of Applied Economics...

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