Marketing Chapter 1-3

What is marketing? Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, and society at large. Chapter 1 - Marketing Notes Simplified: Marketing Definition: Marketing is about creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society. Communication includes describing the offering and learning from customers. Delivering isn't just getting the product to the user but ensuring they understand how to use it and receive proper support. The Four Ps (Marketing Mix): Product Promotion Place (Distribution) Price Value: It's the total benefits that meet a buyer's needs. The personal value equation is crucial. Eras and Orientations of Marketing: Production Era: Focus on product innovation and reducing production costs. Selling Era: Belief in pushing products through selling and advertising. Product Orientation: Emphasis on competing through product innovation. Marketing Concept: Driven by satisfying customer wants and needs, making firms market-oriented. Value Era: Competing based on value (some see it as an extension of the marketing era). One-to-One Era: Building individual customer relationships and serving their unique needs. Transformative Era: Marketing transforms companies and core products to serve customers better. Societal Marketing Orientation: Marketing efforts aimed at improving society's well-being. Who Does Marketing?: For-profit Companies: B2C (sell to consumers) and B2B (sell to other businesses, government). Nonprofit Organizations: Marketing supports their goals. Individuals: People also use marketing in personal and professional endeavors. These simplified notes give you the key points from the chapter. Important Notes Outline - Chapter 2: Title: "Developing Effective Marketing Strategies: Crafting Value Propositions and Mission Statements" ​ ​ ​ ​ ​ Introduction: ● Organizations use plans and strategies for product development, pricing, promotion, and sales. ● Consideration of internal resources and external environmental factors is vital. Contingency Plans: ● Like personal plans, organizations have contingency plans. ● Long-term strategic plans that adapt to changing circumstances. Value Proposition: ● Definition: A concise statement of specific benefits a product or service offers to buyers. ● Focus on why a product or service is superior to competitors. ● Example of a sales consulting firm's value proposition. ● Emphasis on customer benefits, not the firm's profits. ● Different value propositions may target various customer groups. Role of Value Proposition: ● Serves as a guide for developing strategies that support the value proposition. ● Example: Sales consulting firm's strategies to help clients improve sales by 30–50 percent. Mission Statement: ● Discuss the importance of a mission statement. ● Emphasize its role as the initial step in strategic planning. ● Explain the activity to assess a company's mission statement as a marketing professional. Activity - Assessing a Mission Statement: ● ● ● Reinforces the significance of a well-crafted mission statement in strategic planning. Participants will evaluate a company's mission statement based on Chapter 2 material/lecture. The focus is on the statement's quality, alignment with the organization's goals, and its role in guiding marketing strategies. Focus on Direct Competitors: Competitive analysis involves a close examination of a firm's direct competitors. This examination aims to understand these competitors' strengths, weaknesses, brand image, and available resources. Consumer behavior is a complex field that considers various reasons why people shop for products, make purchases, use them, become loyal customers, and ultimately dispose of them. These reasons encompass personal, situational, psychological, and social factors. . Physical Factors: ● ● ● Some physical factors can be controlled through design, while others need accommodation. Atmospherics: Retailers aim to control the physical aspects of the selling environment, including store layout, music, lighting, temperature, and smell. Uncontrolled factors such as weather can also impact consumer behavior. Circumstances: ● Time plays a crucial role in consumer behavior, with the right product needing to be available at the right place and time. Reasons for Purchase: ● Consumers make purchases for various reasons, including emergency needs, gifts or special occasions, task completion, and quick necessity.