Lecture Notes on the Art and Science of Marketing in The 21st Century

University:
University of California San Diego
Course:
BUS402 | Business and Marketing Strategy
Academic year:

2023
Views:

175

Pages:

1
Author:

Laurazen W.

LECTURE NOTES ON THE ART AND SCIENCE OF MARKETING IN THE 21ST CENTURY Introduction to Marketing Marketing is the activities of creating, communicating, delivering, and exchanging value for customers Traditional 4Ps model: product, price, promotion, place Limitations of 4Ps in capturing full scope of modern marketing Components of Marketing 4 components: creating, communicating, delivering, exchanging (highlight) Creating: collaborating to create valuable offerings Communicating: describing offerings, learning from customers Delivering: optimizing how offerings reach customers Exchanging: trading value for offerings 4Ps also product, price, promotion, place Value is Central to Marketing Value means benefits that meet customer needs Goal is profitable exchange for consumers (important) Personal value equation: Value = Benefits (Price + Hassle) Value differs across consumers Marketing Orientation Contrasts with production, selling, product orientations Current Marketing Era Potentially value era, one-to-one era, service-dominant logic era Focus on delivering value, building relationships, services Il Core marketing concept remains creating/delivering value Key points: Marketing centers on 4 activities related to value Specific components differ from 4Ps framework Value defined by benefits to consumer, subjective Market orientation aims to satisfy consumer needs

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