Chapter 1 intro to marketing PDF

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The notes I took on the first chapter discussed in our class...

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: Chapter One Vocabulary

. Nonprofit marketing- when a nonprofit exchanges in marketing activities

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Social media marketing- Marketing conducted in an effort to achieve certain social

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objectives can be done by government agencies, nonprofit institutions, and religious . organizations and others

Marketing Plan- is the strategy for implementing the components of marketing :

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. creating, communicating, delivering and exchanging value . Value-we mean the benefits customers receive that meet our needs

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The Marketing concept- a philosophy underlying all that marketers do, requires that

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marketers seek to satisfy customer wants and needs Market oriented- firms operating with the marketing concept

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{ Personal Value Equation is: value=benefits received -{price+hassle

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Production Era -This era brought about marketing beliefs that consumers will favor

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those products that offer the most quality, performance or innovative features. Marketing ( managers focus on making superior products and improving them over time.(until 1920s

Selling Orientation- the belief to push their products by heavily emphasizing advertising

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.and selling

Selling Era -In the selling era, companies viewed aggressive promotion as the key to

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success. Any product can succeed, the thinking went, if a company just pushed it hard ( enough. (From 1920s until after World War 2

Product Orientation- companies believed a way to compete was to create products

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. different from the competition

Marketing Era- (1950-1990)-Instead of just trying to persuade consumers to buy the

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products they were making, companies focused on making products that customers .wanted to buy . Value Era-a time when companies emphasize creating value for customers

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One to One Era - meaning the way to compete is to build relationships with customers

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. one at time and seek to serve each customers need individually

Service dominant logic- is the approach to a business that recognizes that consumers

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want value no matter how it is delivered, whether its a via product, a service, or a . combination of the two

Offering-the entire bundle consisting of the tangible good, the intangible service, and the

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. price is the company’s offering

Communicating- describing the offering and its value to your potential and current

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.customers

Delivering- an offering that has value is much more than simply getting the product into

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the hands of a user; it is also making sure that the user understands how to get the most . out of the product and is taken care of he or she requires services later

Supply Chain-includes a number of organizations and functions that mine, make, and

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. assemble, or deliver materials and products from a a manufacturer to a consumer

Logistics-the actual transportation and storage of materials and products, is the primary

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. component of supply chain management . Hassle- is the time and effort put the consumer puts into the shopping process

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Marketing- the activity, set of processes for creating, communicating, delivering, and

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exchanging offerings that have value for customers, clients, and partners and society at .large

:Job Positions

Marketing research:personnel in marketing research are responsible for studying markets

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. and customers in order to understand what strategies or tactics might work best in for firms

Merchandising: In retailing, merchandisers are responsible for developing strategies · regarding what products wholesalers should carry to sell to retailers such as Target and . Walmart Sales: Salespeople meet with customers, determine their needs, propose offerings, and make sure that the customer is satisfied. Sales departments can also include sales support teams . who work on creating the offering Advertising: Whether it’s for an advertising agency or inside a company, some marketing personnel work on advertising. Television commercials and print ads are only part of the advertising mix. Many people who work in advertising spend all their time creating advertising for electronic media, such as Web sites and their pop-up ads, podcasts, and the .like

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Product development: People in product development are responsible for identifying and creating features that meet the needs of a firm’s customers. They often work with engineers . or other technical personnel to ensure that value is created Direct marketing:Professionals in direct marketing communicate directly with customers about a company’s product offerings via channels such as e-mail, chat lines, telephone, or . direct mail Digital media: Digital media professionals combine advertising, direct marketing, and other areas of marketing to communicate directly with customers via social media, the Web, and mobile media (including texts). They also work with statisticians in order to determine which consumers receive which message and with IT professionals to create the right look and feel . of digital media

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:Themes or trends throughout the book : Ethics and Social Responsibility

The concept of social responsibility requires that you must actively seek to improve the lot of others. Today people are demanding businesses take a proactive stance in terms of social . responsibility and they are being held to ever higher standards of contact :Sustainability

is an example of social responsibility and involves engaging in practices that do not diminish the .earths resources Service -dominant logic: the approach to businesses that recognize that consumers want value . no matter how it is delivered -whether through tangible product or through tangible services

Metrics- using data from many sources, we can build more effective metrics that can be used to . create better offerings , better communication plans and so forth . Global Environment- businesses influenced by global issues

If you read the definition closely, you see that there are four activities, or components, of ” :marketing Creating:The process of collaborating with suppliers and customers to create offerings that .1 . have value . Communicating: Broadly, describing those offerings, as well as learning from customers .2 . Delivering: Getting those offerings to the consumer in a way that optimizes value .3 Exchanging: Trading value for those offerings .4

:The traditional way of viewing the components of marketing is via the four Ps .( Product:Goods and services (creating offerings .1 . Promotion: Communication .2

.( Place:Getting the product to a point at which the customer can purchase it (delivering ( Price:The monetary amount charged for the product (exchanging .4

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:Review Questions ? What type of companies engage in marketing

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Non profits like schools and the American Heart Associations and for profits like Walmart and . McDonald’s participate in marketing ? What is the difference between nonprofit marketing and social marketing .2

The nonprofit marketing title refers to any advertising that markets a socially-oriented offer. ... Social marketing is a strategy used by profit-oriented companies that want to improve their own . image through social campaigns ?What can individuals do for themselves that would be considered marketing .3

Market Yourself. "Market yourself" means to show yourself in the best light to employers. It is very important that you can show that you are a good fit for a job. The person who gets a job may not be the most skilled. They may have been good at promoting themselves.

:Review Questions ? Why study marketing

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Among the reasons why one may study marketing is because you get to build a solid foundation of business skills, not just in sales. ... A marketing student learns about advertising, consumer behavior, marketing research, brand management, among other marketing techniques and concepts. ? How does marketing provide value

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One vital role of marketing is to create value for a product or service. ... Creating a Need - While facts about the product are important, marketers must also help the consumer understand why they need the new product. For instance, you know there are many phones on the market and consumers have numerous choices. ? Why does marketing cost so much ? Is marketing worth it .3 Marketing is expensive for one simple reason, because it's at the core of making money for all

businesses. This may seem counterintuitive to some, but marketing is not just an expense. It is what drives revenue for all of the most successful businesses.

:Review Questions

Why does everything start with customers ?or is it only marketing that starts with

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?customers

Marketing is essentially the art and science of getting and keeping profitable and valuable customers, and the hub of every business. This requires that you fully understand the problems and concerns of your market and are able to clearly explain how you can help them solve these problems. It is crucial to understand that marketing is an ongoing process that applies to every contact with your target market. ? What are the key parts of a marketing plan .2

for implementing the components of marketing: creating, communicating, delivering, and exchanging value. What is the relationship between social responsibility, sustainability, service -dominant .3 ? logic and the global business environment? How does the concept of metrics fit

Besides the potential loss of socially conscious consumers, CSR impacts a business' ability to attract top talent and affects employees' job satisfaction levels and retention rates. ... Businesses that don't prioritize a corporate social responsibility strategy risk losing top talent to companies .that are doing so

:Review Questions ? What is marketing mix

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The term 'marketing mix' is a foundation model for businesses, historically centered around

. product, price, place, and promotion

How has marketing changed from the four Ps approach to the more current value? based perspective

Product, Promotion, Place ,and Price are all nouns and fail to describe all the activities of . marketing

?What is the personal value equation { Value=benefits received-{price+hassle

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