Mkt103 Notes

Marketing
1-4
Chapters
103:
1
keep
to
AND
value
superior
promising
new
attract
Goals-‐-‐-‐To
fold
-‐Two
relationships.
customer
profitable
managing
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with
Marketers
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satisfaction.
delivering
by
customers
current
grow
only
advertising
unnecessary,
selling
make
aim
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Needs.
Customer
Satisfying
Selling…Today:
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brand
their
live
you
help
individuals
managerial
social
is
Marketing
Defined
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Drucker)
(Peter
mix.
larger
of
exchanging
creating
through
want
need
they
what
obtain
organization
exchange
laden
profitable,
building
involves
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strong
build
for
companies
which
process
-‐as
return.
from
capture
order
in
Process
wants
needs
marketplace
the
strategy
driven
a
delivers
that
program
marketing
integrated
an
delight
create
and
relationships
Chapter
Marketing-‐Deals
and
part2. 3. to
others.
customers
customer
Marketing
1.
Design
Construct
Build 4. Understand
Understanding
place
Market
the
deprivation
felt
personality
individual
culture
shaped
as
take
human
form
power.
buying
by
backed
that
experiences
information
services,
products,
of
combination
-‐Some
this.
through
fulfilled
are
wants
and
needs
Offering-Consumer
want.
or
need
satisfy
market
a
to1. Demands-‐Human
2.
3.
Marketing
offered
Needs-‐States
Wants-‐The
•
Marketing
company
products
specific
attention
more
paying
mistake
Myopia-‐The
products.
these
produced
experiences
benefits
than
expectations.
level
right
careful
must
Satisfaction-‐Marketers
&
Value
customer
managing
developing
for
blocks
return.
in
something
offering
by
someone
from
object
desired
obtaining
act
offering.
market
some
response
about
bring
tries
marketer
sense,
broader
relationships
desirable
maintain
build
taken
actions
consists
retain
to
is
goal
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object.
other
idea,
service,
product,
involving
audiences
company.
the
with
business
their
grow
share
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service.
product
a
buyers
potential
and
actual
of
set
relationships.
exchange
through
satisfied
be
can
that
want
or
need
building
markets
choosing
science
art
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market?
target
whats
serve,
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them.
proposition?)
value
our
what’s
best,
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into
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customers
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offers
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target
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particular
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profitableCompetitors
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segments Company
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(target
customer
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known
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demand.
shift
customers,
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marketing).
management.
demand
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promises
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values
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benefits
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set
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design
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companies
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rather
brand
your
buy
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markets.
target
their
in
advantage
greatest
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them
give
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propositions
value
Strategies
concepts
marketing
management
Value
needs.
strong
1.
Product
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Social
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highly
available
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production
improving
satisfying
lose
Myopia-‐-‐-‐might
efficiency.
quality,
most
offer
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energy
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devote
therefore
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organization
features
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lead
also
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improvements.
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firm’s
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idea
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unsought
practiced
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large-‐scale
undertakes
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rather
transactions
sales
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risks.
high
carry
can
relationships.
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holds
philosophy
management
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delivering
markets
target
of
wants
needs
knowing
depends
goals
paths
are
focus
do.
competitors
than
better
satisfactions
desired
find
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job
philosophy,
respond’
‘sense
centered
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profits.
customers.
your
company’s
factory,
,
perspective
concept-‐inside-‐out
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profitable
obtain
to
promotion
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heavy
for
calls
products,
defined
well
a
starts
perspective,
outside-‐in
takes
concept
Marketing
sales.
affect
that
activities
marketing
all
integrates
needs,
customer
focuses
on
based
customers
right
the
with
relationships
lasting
creating
by
profits
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satisfaction.
value
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Sales
through
satisfaction
consider
decisions
Concepts-‐The
society’s
interests
consumer’s
requirements,
wants,
interests.
run
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Needs
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into
strategy
transforming
builds
program
implement
uses
firm
tools
set
mix,
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strategy.
affordable
distribution
needs
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performance,
making
it
goods,
term,
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organizational
the
sales
products
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customers.
customer
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consumers’,
long
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action.
marketing
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Profits
Customer
Existing
Company=Societal
Marketing
relationships.
Management
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delivering
by
relationships
profitable
maintaining
building
process
overall
satisfaction.
value
customer
between
difference
evaluation
customer’s
Value-‐
offers.
competing
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relative
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marketing
of
costs
all
matches
performance
perceived
product’s
a
which
to
extent
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good
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about
word
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spread
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expectations.
Tools
Level
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margin
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margins
high
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amounts
large
in
or
frequently
buy
who
customers
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member
create
and
benefits
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members
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Price,
(Product,
P’s
tools-‐four
Mix
market
need-‐satisfying
first
for
charge
will
it
much
consumers
available
make
how
on
decide
them
persuade
offering
target
with
communicate
must
merits.
program
integrated
Process
customer-‐driven
designing
needs,
marketplace
programs
constructing
The
superior
benefits
buyer’s
experience.
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Full
Frequency
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Club
communities.
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Price-‐Decide
Place-‐it
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its
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Marketing
Understanding
strategy,
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Basic
Nature
interactivity
and
deeply
offerings
market
attraction-‐-‐-‐creating
by
time
this
intrusion,
on
rely
solely
them.
interrupt
than
rather
consumers
involve
that
message
customers
selected
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profitable
more
but
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few
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and
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Marketing
Generated
consumers
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other
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messages,
uninvited
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invited
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themselves-‐-‐-‐both
Partnership
Management
Relationship
the
outside
and
departments
company
other
in
partners
with
closely
customers.
to
value
greater
bring
jointly
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to
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the
inside
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value.
customer
creating
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linked
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today
companies
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buyers.
chain.
supply
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along
all
partners
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connections
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other
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final
strengthening
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creates
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values:
creating
outcomes
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firm.
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buy
stay
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about
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Customer
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company’s
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of
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lifetime
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equity.
customer
higher
firm’s
the
customers
classified
are
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customers.
right
them
with
relationships
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manage
their
to
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projected
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potential
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potentially
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goals
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cultural
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4
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Chapters
Consumer
Models
5:
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reorders
routinely
A
Rebuy
prices,
wants
situations
Task
service
purchases
situation
)
selling
(solutions
Selling
separate
all
avoiding
thus
seller,
single
from
problem
solution
packaged
situation.
complex
involved
Center
making
decision
role
pay
units
individuals
purchased
use
actually
will
organizations
help
often
they
decisions;
affect
alternatives
evaluating
provide
also
specifications
purchase
actual
an
make
people
select
power
informal
formal
have
suppliers.
others.
information
flow
control
who
center
organization’s
Recognition
recognizes
someone
first
service.
good
acquiring
by
met
be
can
that
need
description
Need
general
describes
company
item
Specification
on
organization
item.
needed
for
characteristics
product
Search
vendor
best
find
tries
Solicitation
submit
qualified
selection
a
selects
proposals
reviews
specification
with
order
final
writes
delivery,
time
expected
needed,
quantity
specifications,
technical
listing
suppliers
warranties.
policies
Review
performance
assess
buyer
which
in
process
buying
business
of
stage
arrangement.
the
drop
or
modify
continue,
to
decides
online
sellers-‐-‐-‐usually
and
buyers
between
connections
electronic
through
Straight
modifications.
Modified
terms,
ANew
Systems
decisions
Buying
All
Users
Members
Influencers
define
Buyer
Deciders
approve
Gatekeepers
People
Problem
problem
General
characteristics
Product
specifies
Proposal
proposals
Supplier
Order-Routine
chosen
return
Performance
The
supplier
E-Procurement
Purchasing
Institutional
goods,
provide
institutions
other
prisons,
homes,
nursing
hospitals,
care.
people
services
goods
rent
purchase
local-‐-‐-‐that
regional
units—national,
government.
functions
main
out
7
characteristics,
needs,
distinct
smaller
mixes.
strategies
require
Targetting
more
selecting
attractiveness
segment’s
each
evaluating
process
enter
value.
customer
superior
create
differentiating
relative
place
desirable
distinctive,
clear,
occupy
offering
consumers.
minds
products
regions,
provinces,
nations,
units
geographical
neighborhoods.
cities
size
family
gender,
age,
as
such
variables
nationality.
generation,
race,
religion,
education,
occupation,
income,
segmentation
cycle
life
age
personality
lifestyle,
class,
social
responses
uses
attitudes,
knowledge,
consumer
on
based
Segementation
buy,
idea
get
when
occasions
item
purchased
use
purchase,
their
make
from
seek
benefits
according
groups
into
product
Segmentation
they
though
even
behavior
buying
similar
have
who
consumers
countries.
different
located
Market
serve
company
that
characteristics
needs
common
sharing
buyers
set
differences
segment
ignore
offer.
with
whole
the
Marketing
and
several
target
to
decides
each.
for
offers
separate
marketing
(niche)
segments
few
or
one
of
share
large
after
goes
firm
a
which
in
strategy
coverage
market
Schools,
services
Government
Governmental
carrying
Chapter
might
Market
The
segments
Diffrentiation
Actualy
Positioning
Arranging
competing
Gerographic
parishes,
Demographic
cycle,
Age
Psychographic
characteristics
aBehavioral
Occasion
actually
Benefit
Dividing
the
Intermarket
Forming
are
Target
Undifferentiated
go
Differentiated
designs
AConcentrated
niches
Micromarketing
tailoring
practice
groups-‐-‐-‐includes
groups-‐-‐-‐cities,
local
wants
promotions
brands
stores
specific
even
individual
preferences
products
“markets-‐of-‐one-‐
“customize
marketing”
“one-‐to-‐one
labeled
Position
place
attributes-‐-‐-‐the
important
consumers
defined
way
products.
competing
relative
minds
consumers’
lower
through
value,
customer
grater
offering
gained
competitors
over
advantage
prices.
higher
justify
more
providing
Proposition
positioned
it
upon
benefits
mix
brand-‐-‐-‐the
positioning
full
Statement
(target
form
this
takes
positioning-‐-‐-‐it
company
summarizes
statement
difference).
(point
(concept)
(brand)
our
need)
18
8-12
Chapter
Brands
Services
Products
8
acquisition,
attention,
market
offered
be
need
want
intangible
essentially
another
offer
can
party
one
benefit
activity
anything
ownership
result
consumption
personal
final
minimum
immediately,
frequently,
buy
customers
comparison
usually
,
selection
process
customer,
style.
price
quality,
suitability,
as
bases
such
significant
which
identification
brand
unique
with
effort.
purchase
special
make
willing
is
buyers
but
knows
about
knot
now
does
either
the
consumer
buying
think
normally
Product
processing
further
for
organizations
individuals
by
bought
business
Marketing
influence
designed
programs
in
tools
concepts
marketing
commercial
use
society
and
well-‐being
their
improve
behavior
Quality
implied
stated
satisfy
to
ability
its
on
bear
that
service
or
product
a
of
characteristics
needs
individuals
Local
neighborhoods,
Individual
Tailoring
customers-‐-‐-‐also
occupies
Competitive
An
prices
Value
Positioning
segment
Marketing
Chapter
Anything
might
Service
Any
Consumer
Convenience
of
Shopping
compares
Specialty
group
Unsought
not
AIndustirlal
conducting
Social
individuals;
Product
The
customer
Brand marketing”
Aconsumer
irstrong
identifies
these
combination
design
symbol,
sign,
term,
name,
competitors
those
them
differentiates
sellers
one
wrapper
container
producing
designing
activities
Line
sold
manner,
similar
function
they
because
related
closely
products
within
fall
outlets,
types
marketed
groups,
ranges.
price
portfolio)
(product
mix
offers
seller
particular
lines
all
set
Equity
response
has
knowing
effect
differential
marketing
Brand
reseller
by
owned
created
companies
different
two
names
brands
established
using
practice
extension
flavors
ingredients
sizes,
colors,
forms,
category.
Extension
categories
name
brand
existing
an
Intangibility
before
smelled
heard,
felt,
tasted,
seen,
bought
Inseparability
time
same
at
consumed
produced
are
providers.
from
separated
Variability
provides
who
on
depending
greatly,
vary
may
quality
services-‐-‐-‐their
how
where
when,
Perishability
use
or
sale
later
stored
be
cannot
services-‐-‐-‐they
characteristic
major
Chain
employee
profits
firm
links
that
chain
work
people
supporting
customer-‐contact
motivating
satisfaction
customer
provide
team
Marketing
needs
their
satisfy
customers
interacting
art
fine
employees
service
Strategies
Cycle
Life
9:New
Development
Product
modifications,
improvements,
products,
original
development
efforts
–development
own
firm’s
through
Generation
ideas.
new
for
search
systematic
Screening
possible
soon
as
ones
poor
drop
and
good
spot
order
ideas
Concept
items
meaningful
in
stated
idea
new-‐product
version
detailed
Testing
have
concept
the
if
out
find
to
consumers
target
of
group
a
with
concepts
product
ne
appeal
services
Packaging
to
given
its
Store
Co-branding
product
Line
existing
Brand
Extending
they
cannot
them
Service
Service-profit
Internal
Orienting
as
Interactive
Training
Chapter
New
brands
The
Idea
Screening
AProduct
Concept
Testing
Marketing
Strategy
strategy
initial
an
Analysis
these
whether
out
find
projections
profit
costs,
sales,
review
objectives
satisfy
idea
ensure
order
physical
concept
offering
workable
turned
be
Marketing
are
programs
marketing
new-‐product
settings.
realistic
market
into
problems
solve
ways
finding
focuses
that
experiences
satisfying
more
Development
Product
New
work
departments
company
various
products
approach
time
save
process
development
steps
overlapping
together,
effectiveness
Cycle
Life
stages:
distinct
five
involves
it
lifetime,
its
over
profits
course
maturity
growth,
introduction,
development,
expression
mode
distinctive
basic
filed
given
style
popular
accepted
currently
immediate
enthusiasm
consumer
by
driven
high
unusually
period
temporary
popularity
brand
available
made
distributed
first
is
new
quickly
up
climbing
start
off
levels
slows
growth
Stage
decline
sales
product’s
which
stage
cycle
life
capturing
understanding
10:Pricing
customer
values
sum
service,
charged
money
amount
using
or
having
benefits
cost
seller’s
than
rather
value
perceptionof
buyers’
Value
price
fiar
at
service
good
quality
combination
right
in
just
charging
offers
company’s
a
differentiate
to
services
features
value-‐added
Pricing
Based
fair
plus
product
selling
distributing,
producing,
costs
the
on
based
prices
risk
and
effort
for
return
of
(Overhead)
Costs
Designing
Business
factors
Developing
can
Test
tested
Commercialization
Introducing
Customer-centered
New
create
Team
An
closely
increase
Product
Style
Fashion
AFad
product
Introduction
purchase
Growth
Maturity
Decline
Chapter
Price
The
exchanges
Value
Setting
Good
Offering
Value-‐added
Attaching
higher
Cost
Selling
rate
Fixed
Costs
level.
do
directly
vary
Costs
level
any
variable
fixed
sum
curve)
(learning
accumulated
comes
production
per-‐unit
average
drop
Plus
cost
markup
standard
Pricing)
Profit
(Target
Even
setting
marketing
making
even
break
profit
Costing
ensure
target
then
price,
selling
ideal
starts
Curve
period,
buy
will
units
shows
curve
charged
might
Elasticity
changes
demand
sensitivity
measure
Strategies
11:Prodcut
from
layer
revenues
maximum
skim
sales
profitable
but
fewer
company
price;
high
pay
willing
market
number
large
attract
new
low
differences
cost,
line
productin
various
between
steps
competitors’
features,
different
evaluations
customer
products,
accessory
optional
blades
as
such
product,
with
along
be
must
camera
film
competitive
product’s
main
make
order
Bundle
reduced
bundle
offering
products
several
time
period
stated
during
purchases
price
reduction
straight
feature
angreement
an
for
return
retailers
manufacturers
by
paid
money
way
some
manufacturer’s
on
based
difference
where
prices,
more
service
or
costs
economics,
simply
not
prices
of
psychology
considers
approach
pricing
the
about
something
say
used
is
Pricing
product
given
a
at
look
they
when
to
refer
and
minds
their
in
carry
buyers
that
Variable
Costs
Total
Experience
experience
Cost
Adding
Break
to
Target
Pricing
met
Demand
prices
Price
Chapter
Market-skimming
segments
Market-penetration
share
between
Optional-product
The
Captive-product
razor
By-product
Setting
Product
Combining
Discount
Allowance
Promoitonal
the
Segemented
Selling
differences
APsychological
price
Reference
Prices
Promotional
increase
ti
costs
sometimes
price,
list
below
products
sales
run
world
country
parts
different
located
carrier;
board
free
placed
are
goods
destination
factory
fright
Delivered
oto
plus
location
their
regardless
All
zones.
two
sets
price
higher
distant
price;
total
same
pay
zone
within
point
basing
designates
customer
city
from
cost
charges
freight
part
all
absorbs
seller
strategy
pricing
geographical
desired
get
Pricing
individual
needs
characteristics
meet
continually
prices
Values
Customer
Delivering
12:Markeitng
Network
Delivery
who
customers
ultimately
distributors,
suppliers,
company
up
made
network
delivering
entire
performance
improve
other
value
Channel)
(distritution
use
available
service
make
help
organizations
interdependent
set
user.
consumer
by
product
bringing
work
some
performs
intermediaries
layer
buyer
final
level
no
Channel
levels
intermediary
containing
Conflict
do
should
roles-‐-‐-‐who
goals
on
members
among
rewards
Channels
Distribution
each
retailers,
independent
more
one
consisting
for
profits
expense
at
even
profits,
own
its
maximize
to
seeking
business
whole
(VMS)
System
Marketing
unified
a
as
act
retailers
wholesalers,
producers,
which
in
structure
power
much
so
or
them
with
contracts
has
others,
the
owns
member
channel
One
cooperate
will
they
distribution
and
production
of
stages
successive
combines
that
system
marketing
vertical
ownership
common
through
established
is
leadership
ownership-‐channel
single
VMS
Temporarily
short
Geographic
Setting
FOB-origin
pays
Uniform
customers,
Zone
pay
Basing-point
charges
Freight-absorption
order
Dynamic
Adjusting
situations
Chapter
Value
The
“partner”
customer
Marketing
consumption
closer
Direct
Indirect
Channel
Disagreements
what
Conventional
separate
system
Vertical
system.
that
ACorporate
under
Contractual
Aproduct
levels
different
firms
they
impact
sales
economies
obtain
contracts
alone
achieve
Organization
links
franchisor,
called
member,
process.
production-‐distribution
VMS
distribution,
production
stages
successive
coordinates
vertical
power
size
ties,
contractual
ownership
common
through
parties
System
Marketing
follow
together
join
level
one
companies
arrangement
opportunity
reach
up
sets
firm
single
which
system
segments
producers
service
out
cutting
types
new
radical
traditional
Design
setting
needs,
consumer
analyzing
by
channels
marketing
effective
them.
alternatives
major
identifying
possible
outlets
many
in
company’s
distribute
right
exclusive
dealers
number
limited
territories
Distribution
carry
willing
are
who
intermediaries
al,
fewer
but
one,
than
use
products
Channel
their
evaluating
members
individual
motivating
managing,
time
over
Distribution)
(Physical
physical
controlling
implementing
a
at
requirements
meet
consumption
origin
points
form
Chain
related
goods,
final
materials,
flow
value-‐added
downstream
upstream
consumers
finals
resellers
company,
suppliers,
Center
plants
various
from
good
receive
designed
warehouse
automated
highly
large,
possible.
quickly
as
customer
goods
deliver
efficiently
them
fill
orders,
take
Transportation
transportation
modes
more
two
Management
Logistics
among
and
company
inside
both
teamwork,
emphasizes
concept
distribution
entire
performance
maximize
organizations
channel
3PL)
provider(
Party
its
get
required
functions
the
of
all
or
any
performs
that
provider
logistics
independent
market.
to
distribution
could
Franchise
several
Administered
not
the
Horizontal
new
Multichannel
more
Disintermediation
displacement
Designing
objectives,
Intensive
Stockin
Exclusive
Giving
their
Selective
company’s
Selecting,
performance
Marketing
Planning,
profit
Supply
Managing
information
ADistribution
suppliers,
Intermodal
Combining
Integrated
The
marketing
system.
Third
an
clients
Chapter
18marketing
Advantage
do
than
greater
consumers
offering
by
gained
over
strengths
strategies,
objectives,
their
assessing
competitors;
key
identifying
avoid
attack
which
selecting
patterns
reaction
Strategies
Marketing
give
against
position
strongly
advantage
strategic
possible
strongest
Group
strategy
similar
same
following
group
competitros
those
processe
products
company’s
comparing
process
quality
improve
ways
find
practices’
‘best
identify
industries
performance
Analysis
Value
rate
they
how
benefits
what
determine
conducted
offers
various
of
Leader
largest
with
Challenger
market
increase
hard
fighting
is
Follower
boat
rocking
without
share
hold
wants
up
runner
Nicher
ignore
or
overlook
industry
an
firms
other
the
segment
small
serves
firm
reactions
actions
competitors’
based
mainly
are
moves
whose
marketing
development
customer
on
focuses
target
value
superior
Company
its
designing
in
competitors
and
customers
both
to
attention
balanced
pays
that
company
strategies
An
weaknesses
Competitive
Strategies
the
Strategic
Benchmarking
leading
and
Customer
Analysis
relative
The
Market
Competitor-Centered
Customer-Centered
delivering
AMarket-Centered

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