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Light notes on week 1 of Semester 1 2018...

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Wiley Direct Plus Learning MKTG101 Marketing Fundamentals 4th edition E-Text and Wiley Plus Pal (Peer assisted learning) book in Pal sessions

Introduction to marketing Definition of Marketing;

Marketing is used by    

Small Business and Large multinational corporations Businesses selling goods and businesses selling services For pro-fit and not-profit organisations Private and public organisation including government

Marketing a science and art     

Marketers need to learn what customers, clients and partners and society want This is on going, customer preferences continually evolve Marketers use information to maintain their understanding Maters are creative to develop new ideas Part science part art, generate new idea, E.g. new products, creativity. Then the science to develop ideas and get statistics to peruse them.

The marketing Process (SIMPLIFIED)  Understand (Market research) (Needs and want of consumers)-----> Create ----> Communicate(Advertise/Teach ----> Deliver Marketing exchange

Exchange: The mutual beneficial transfer of offering of VALUE between the buyer and seller. The value is perceived different from all of us, could be a positive or negative value. Of product/service A successful marketing exchange involve: Two or more parties, each with something of value desired by the other party, all parties must value from it.

Value a perception A customers assessment of the utility of an offering based on perception of what is received and what is given . Value= Quality/ Price = Benefits expected/ Benefits received When you charge higher the expectation rate must match it and be high, leaves room for disappointment. Marketers = Managing experience and managing expectation for consumers. The triple bottom line Environmental (footprint on planet, resources we use and give back) Social (Responsible , health and wellbeing of workers E.g. Child labour workers, social issues)--Economics (Create financial sustainability, save money with energy use, profit for employees) The marketing mix The set of variable that marker can exercise controlo over creating and offering for ecahnge. Traditionally know as the 4 P's (Predominately products)    

Product Price Promotion Place(Distribution)

People and Physical evidence People Anyone coming into contact with customers who can affect value for customers. This includes employee and other customers.(Highly motivated staff important as they are inseparable from the total service) (Airline host, hotel staff, banks

Physical evidence Tangible cues that can be used as a means to evaluate service quality prior to purchase. Something to keep as a memorabilia, E.g. Free pen with advertising

Process The system used to create, communicate, deliver and exchange the offering.

Everything from the way a product is conceived and designed to the way it is delivered including post-sales service....