Chapter 1, 4-7
Introduction to the marketing environment
activities: Customer acquisition, operations, finance
Marketing the process of planning and executing the:
or service conception,
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.
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.
Strength, weakness, opportunities and threats
customer, company, competitor, collaborators, context
External, internal, the industry, the firm
Macro environment: outside of firm control , micro environment with degrees of control.
Segment, target market, positioning, value proposition, marketing mix, 4Ps
is anything that can be offered to a market to satisfy a want or need.
: convenience goods, shopping goods, specialty goods, unsought goods
materials and parts, capital items, supplies and services
function: core use
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