Marketing Context and Overview
Lecture Notes 1/23/2012
•
Marketing
o
Study of exchange
o
Marketing tends to have a bad reputation/connotation because people think as
marketing with advertising, selling, etc
Marketing is broader than these aspects
o
Focus is mainly on exchange of goods and/or services
Other marketing uses are to understand terrorism and its exchange
People are marketable entities as well since we exchange ideas (political,
etc)
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Marketing’s First Task [Marketing Concept]
o
Discover Consumer Needs
Before offering a good/service you should discover what to produce/sell
o
A lot of failure of firms/companies results to them not finding out if there is a
need for an offering
Highest failure rate of businesses is restaurants
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Marketing’s Second Task [Marketing Concept]
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Satisfying Consumer Needs
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Find the right combination of the Marketing Mix (four Ps)
o
Generally most important is Product
Important to whether good will succeed or fail in marketplace
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- Spring '07
- Hockman
- Marketing, Advertising, important factor, functional benefits, IPAD example Benefits, routinely purchased product
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