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week 4 - Silk Chapter 1 4-7 Introduction to the marketing...

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Silk, Chapter 1, 4-7 Introduction to the marketing environment Primary business activities: Customer acquisition, operations, finance Marketing the process of planning and executing the: Product or service conception, Pricing , Promotion , Place or distribution of ideas, goods and services to create exchanges that satisfy the individual and organizational goals. Potential customers--information of needs--> discover consumer needs-- concept for products--> satisfy consumer needs with right combination of 4P’s --- goods, service ideas---->the market. Marketing environment Tools such as PEST (external factors) Political factors: ecological, environmental, legislation, policies, government, pressure groups economic factors: trends, taxes, seasonality, cycles, industries, interest, market sociocultural factors: lifestyle, demographics, attitude, opinion, media, laws, ethnic, ads technological factors: competing tech, funding, replacement, dependent, maturity, laws, IP and patents, innovation, info and communication. SWOT Strength, weakness, opportunities and threats 5C customer, company, competitor, collaborators, context External, internal, the industry, the firm Macro environment: outside of firm control , micro environment with degrees of control. Marketing strategy Segment, target market, positioning, value proposition, marketing mix, 4Ps Product: is anything that can be offered to a market to satisfy a want or need. Divided into consumer goods : convenience goods, shopping goods, specialty goods, unsought goods industrial goods: materials and parts, capital items, supplies and services Product attributes : function: core use appearance: design packaging: packaging design plays a part in product branding: is a name or symbol used to identify the source of a product (intangible asset) brand equity adds value when it is well recognized and has positive association. Has financial implications, brand extensions. warranty: 30 vs 90 day different product in same category service: tech support, delivery, personal help, some products are services (consulting, nursing, theater), some a combination (fast food) some purely product (dog food) Service: intangible, inseparability (cannot be separated from their provider), inventory (cannot be stored for later sale or use), inconsistency (quality depends on provider problem with franchises) Over intangibility by using cues (hear me now dude Verizon), inconsistency (standardize service production & deliver), inventory (match supply and demand), inseparability (increase productivity or providers) Product layers Core product =expected product
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