Marketing ExchangeLecture

Marketing ExchangeLecture - Marketing Exchange The purpose...

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Marketing Exchange The purpose of marketing is to create exhanges that satisfy the perceived needs and wants of individuals and organizations Advertising is: - One of several marketing communication techniques under the umbrella term “promotion” - Promotion is one of the four elements of the marketing mix, which also includes product, price, and distribution Consumer Needs and Product Utility - Utility is the product’s ability to satisfy both functional needs and symbolic wants Exchange – the purpose of marketing and advertising Perception is everything Two levels: - Product - Needs, wants - Advertising gives perception of the product and it’s utility Satifaction – the goal of the consumer Types of markets - Markets o Where goods are solid and bought or o Particular type of buyer Key partcicipants in marketing process - Current customers - Prospective customers - Centers of influence Market Segmentation, Undifferentiated vs Segmentation Approaches - Market aggregation strategy (undifferentiated) o Ignores differences o One market strategy
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Marketing ExchangeLecture - Marketing Exchange The purpose...

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