Chapter 1

Chapter 1 - What is marketing? Definition of marketing...

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Unformatted text preview: What is marketing? Definition of marketing Marketing is the process of planning and executing the conception, pricing, promotion, and distribution (4 Ps) of ideas, goods and services to create exchanges (with customers) that satisfy individual and organizational objectives. Satisfying customer needs (creating utility) through the exchange process. Handout...Taco Bell Taco Bell was used as an example... Marketing Mix: • Product...Border Lights, a new menu of "light foods" • Price.....Value Pricing as with their other menu items • Promotion...Various media and methods, a commercial that appeared during the 1995 Superbowl to announce the arrival. • Distribution...Taco Bell has increased its points of access (where you can by its products) by a factor of 4 over the last couple of years...including gas stations etc. Target Market(s) : • Current fast food customers (typically male, 14 -34 year olds) and/or • Health conscious who do not currently purchase fast food?? Return to Contents List Type of organizations that use marketing. • All!! • Corporations: ie Pepsi, Coke, GM etc. • Government: promoting the health plan, politicians during elections • Hospitals: A Philadelphia hospital, competing for maternity patients, offered a steak and champagne dinner ( sales promotion ) with candlelight for new parents. Other hospitals, in an effort to attract physicians, have installed services such as saunas, chauffeurs, and private tennis courts. • Schools: University of Delaware MBA program • Churches: Many churches are redesigning their service offering to better meet the needs of their target audience so as to keep members and financial support. • US Army: A marketing plan to attract recruits. • Postal Service:1993 launch of the Elvis Presley stamp was a major media event. Fans in Nashville lined up at midnight, postmasters warned that sales were "first come first served, no limit", and one post office postmarked envelopes with the no longer used :Return to Sender--Address Unknown" message...
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This note was uploaded on 04/03/2012 for the course MKT 301 taught by Professor Mckinley during the Spring '12 term at Rutgers.

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Chapter 1 - What is marketing? Definition of marketing...

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