University:
Fordham University
Course:
MKGB 6710 | Marketing Management
Academic year:

2023
Views:

65

Pages:

2
Author:

pendsunstanched

Requirements for Marketing to Occur 1) Two or more parties with unsatisfied needs  example: you wanting to learn, and a bookstore wanting you to buy their book so you can learn.  2) Ability and willingness to satisfy them  3) A way to communicate  the store owner wont stock a magazine unless there are potential buyers near.  4) Something to exchange  Example: Teacher talking for 75 minutes, wanting students to listen.  Marketing’s Emergence: Production, Product, Sales, Marketing, Relationship Marketing, and Societal Marketing  These are business philosophies, they are still present today in business.   The Four P’s  Product: a good, service, or idea to satisfy the consumer’s needs  Price: what is exchanged for the product  Promotion: a means of communication between the seller and buyer  Place: a means of getting the product to the consumer.  * These controllable factors that are used to solve a marketing problem are called the marketing mix.   Production Concept:  Focuses on production efficiency  Make products available and sell them cheaply to the hungry market  Typical of high demand, low supply markets, example: developing countries  Problem: undersupply tends to end with competition.  Product Concept:  Create high quality products and improve them overtime         Focus on engineering common in technology driven firms  Problem: Will quality translate into critical benefits for customers? The Sales Concept:  Produce offerings, then get customers to buy whatever you have produced  Focuses on the needs of the seller. o “The purpose of marketing is to sell more stuff to more people more often for more money in order to make a profit:  Sergio Zyman, VP of Marketing, Coke.  Problem: it is hard to get customers to buy something they really don’t want or need. The Marketing Concept  Identify and satisfy and satisfy the needs of customers in a way that achieves organizational goals  Problem: How do you identify needs, especially those customers don’t realize what they have o Motorola: Our biggest competitor isn’t BM or Sony, it’s the way people currently do things. o Facebook: its hard to say people needed a social networking service, but now its essential. Relationship Marketing Concept  Build mutually satisfying long-term relationships with customers  Build trust and commitment  Trade off short term profit for long term gains  Problem: Not always desirable to create relationships Societal Marketing Concept:  Satisfying customer needs in a way that provides for societies well-being  Requires corporate social responsibility  Sustainable growth  Problem: how do you balance needs of organization versus society?

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