Lecture notes, lectures 1 - 11 PDF

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- - - - - - - - 9 - - merged files: lesson 1.docx - lesson 2.docx - Marketing notes lesson 3.docx - Marketing notes lesson 4.docx - Marketing notes lesson 5.docx - Marketing notes week 6.docx - Marketing notes week 7.docx - Marketing notes lesson 8.docx - Marketing notes week 9.docx - Mark...

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Lesson 1 & 2

Marketing notes lesson 1 Marketing Value

Human activity directed at satisfying needs and wants through exchange processes What customers get (benefits) relative to what they give up (costs/sacrifices)  Consequences of a customer investing in a product Value=

Link b/w marketing and value

benefits costs

Marketing is a two-way process that facilitates the reciprocal exchange of value between organisations and customers

Smith and Colgate’s Model of Value Functional/instrumental value

Experiential/hedonic value

Symbolic/expressive value

Cost\sacrifice value

               

Correct/accurate attributes Appropriate performances Appropriate outcomes Sensory Emotional Social/relational Epistemic Self-identity/worth Personal meaning Self-expression Social meaning Conditional meaning Economic (price) Psychological Personal investment Risk

Marketing philosophies - Achieving organisational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors Production philosophy Product philosophy

Focus on manufacturing efficiency Focus on product design

Selling philosophy

Focus on persuading people to buy

Marketing philosophy

Focus on customers’ needs and wants

Societal marketing philosophy

Focus on impact on all stakeholders (company, customer ,society) - Enhance consumers and society’s wellbeing whilst satisfying and delivering consumer needs, wants and demands through competitive advantage

Lesson 1 & 2

Marketing terms Need Wants Demand Product Exchange

Transaction

Market

State of felt deprivation (physical, social, self-expression)  Eg need for clothing, shelter The form taken by needs that are shaped by culture and individual personality (addresses underlying need) Wants backed by buying power (wants we can afford) The good or service that is available for exchange  Can also be places, ideas, people Act of obtaining a desired object from someone by offering something in return:  Restricted- simple , two parties  Generalised- more complex, three parties  Complex- multiple parties, independent Trade of values between two parities  Exchange=overall process  Transaction=interaction Set of all actual and potential buyers of a product who share a particular need or want that can be satisfied through exchange...