Chapter 1 Notes - What is marketing? Two approaches: - A...

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What is marketing? Two approaches: - A set of activities - A company philosophy A set of activities - Marketing is using the 4 P’s (the marketing mix) to deliver value and benefits to a targeted group of customers. - Targeted group = target market - Talbot’s sells to women, they recently closed down store for men and children - The 4 P’s (the marketing mix) o Product (what you are selling) In McDonalds example: brand name, coffee, etc. Can be a physical good, service, or even a concept/idea o Price (how much) In McDonalds example: coffee is 50 cents less, currency is US cash Russians got paid in Vodka to make exchange o Place (where) Available in one place? Available in retail outlets? o Promotion (how communicated) Samples? Coupons? A company philosophy - Marketing concept/marketing orientation o Purpose of the organization is to satisfy consumer wants, while meeting organizational objectives o Focus is on the customer:
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Chapter 1 Notes - What is marketing? Two approaches: - A...

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