Micro View- Set of activities and performed by individual organizations
Macro View- Social process and matches supply with demand
Marketing is more than selling and advertising
Marketing Functions- Buying, Selling, Transporting, Storing, Standardization and Grading, Financing, Risk Taking, Market Information
Things a Firm should do to produce a bike…. Analyze Needs, Predict Wants, Estimate Demand, Predict When, Determine Where, Estimate Price, Decide Promotion, Estimate Competition, Provide Service.
Who are Intermediaries vs Collaborators? They are between Producers and Consumers. Collaborators- Transport Firms, ISP’s, Product Testing Firms, Research Firms, Ad Agencies. Intermediaries- Wholesalers, Retailers, Other Specialists.
Production-oriented manager sees everyone as basically similar and practices “mass marketing”.
Marketing-oriented manager sees everyone as different and practices “target marketing”.
Developing Marketing Mixes for Target Markets- PRODUCT, PLACE, PRICE, PROMOTION.
Segmentation- Defining markets, Dimensions to use, Identifying segments, Identifying segments to target, Segmentation approaches
Positioning- Understanding customer’s view, Positioning techniques, Evaluating segment preferences, Differentiating the marketing mix, Relationship between positioning and targeting.
Direct Marketing Environment- Resources and Objectives of the Firm, Customers, Competitive Environment.
External Marketing Environment-Cultural and Social Environment, Political and Legal Environment, Technological Environment, Economic Environment.
Customer Value is the DIFFERENCE between the benefits a customer perceives in a market offering.. AND The cost of obtaining those benefits.
Total Company Effort to Satisfy the Customers -> Offer Superior Customer Value -> Attract Customers -> Satisfy Customers -> Retain Customers -> Increase Sales to Customers -> Build Profitable Customer Relationships -> Back