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Marketing Class Notes
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COMM 296: Introduction to Marketing
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COMM 296: INTRODUCTION TO MARKETING - 001Marketing- is everywhere, maximizing and creating value and providing it to someone who can benefit from
that. Business and marketing are interchangeable
- Business as a force of good: contributions to the world, serving other people
- Bias is action and applications.
Marketing: is an organizational function and a set of processes for creating, capturing, communicating and
delivering value to customers and for managing customer relationships in ways that benefit the organization
and its stakeholders such as customers, clients, partners and society at large.
a. Example: People buy Tourist Destinations because of experience
b. Example: People buy Condoms to limit public health risk of STD
c. Example: Marketing Sustainability, Natural Resources and Aboriginal cultures
d. Example: Public Relations of Baby Shoe Shops
e. Example: Marketing (Advertising) of Air Canada (uniforms, design of planes, etc) → bankruptcy
protection
i. Connection of (OBHR and Marketing), also finance
Careers in Marketing
a. Critical-thinking
b. Analytics Skills
c. Problem-solving skills
d. Communication skills
e. Research skills
Good Marketers- requires thoughtful planning with an emphasis on the ethical implications of any of those
decisions on society in general
Marketing Plan- a written document or blueprint composed of an analysis of the current marketing situation,
opportunities, and threats for the firm, marketing objectives and implementing the marketing strategy specified
in terms of the four Ps, action programs and the projected or pro forma income (and other financial
statements). It specifies marketing activities for a specific period of time.
- NOT a part of marketing strategy
a. Various Components of Marketing Plan
i. How the product/service will be conceived or designed
ii. How much it should cost
iii. Where and how it will be promoted
iv. How it will get to the consumer
,Fundamental to Marketing Success- understanding the marketplace and consumer wants and needs
Marketplace- refers to the world of trade. It is segmented or divided into groups of people who are pertinent to
an organization for particular reasons. You want to know which marketplace segments your product is most
relevant, make sure you build a marketing strategy that targets those groups.
Marketing Entails an Exchange
Exchange- the trade of things of value between the buyer and the seller so that each is better off as a result
a. Sellers- provide products or service, then communicate and facilitate the delivery of their offering to
consumers
i. Amazon- uses the valuable information you provide to facilitate future exchanges and solidify its
relationship with you
b. Buyers- complete the exchange by giving money and information to the seller.
Marketing Requires Product, Price, Place and Promotion Decisions
Marketing Mix/ Four Ps- four interrelated decisions and consequent actions: product, price, place and
promotion. These are a set of decisions or activities that the firm uses to respond to the wants of its target
markets
a. Product: Creating Value
i. Marketing’s purpose is to create value by developing a variety of offers, including goods,
services, and ideas to satisfy customer needs.
ii. Goods- are items that you can physically touch (ex. Hersheys and Mars)
iii. Services- are intangible (non-physical) items that are produced by people or machines and
cannot be separated from the producer (ex. Getting money at a bank, hairdressing, Airline WiFi,
Airline and concert tickets: paying for the experience)
, iv. Ideas- include thoughts, opinions and philosophies; intellectual concepts that can also be
marketed. These are motivational speakers, poster contests. Knowing that the children wore
helmets while bicycling, means that they have adopted (purchased) the idea of safety from a
motivational speaker.
b. Price: Capturing Value
i. Price- is everything the buyer gives up (money, time and energy) in exchange for the product.
Marketers must determine the price of a product carefully on the basis of the potential buyer’s
belief about its value.
1. How much do customers are willing to pay so that they are satisfied with the purchase
and the seller achieves a reasonable profit?
c. Place: Delivering the Value Proposition
i. Place represents all the activities necessary to get the product to the right customer when that
customer wants it.
1. Kiosks at the airport- represent the chain’s effort to improve its offering on this
dimension of the marketing mix.
ii. Marketing Channel Management or Supply Chain Management- retailing and marketing
channel management or set of approaches and techniques that firms employ to efficiently and
effectively integrate their suppliers, manufacturers, warehouses, stores and other firms involved
in the transaction (e.g. transportation companies) into a seamless value chain in which
merchandise is produced and distributed in the right quantities to the right locations at the right
time while minimizing system-wide costs and satisfying the service levels required by the
customers.
1. Merchandise is not available when customers need it: If not a strong and efficient
marketing channel system. Customers are disappointed and sales/ profits suffer.
d. Promotion: Communicating the Value Proposition
i. Promotion: Marketers have to communicate their value to customers. It is the communication
by a marketer that informs, persuades, and reminds potential buyers about a product or service
so as to influence their opinions and elicit a response.
1. It can enhance a product’s or service’s value
Amazon Prime: an example of 4Ps
Marketing Can Be Performed by Individuals and Organizations
Marketing Intermediaries (Retailers)- accumulate the merchandise from producers in large amounts and
then sell it to you in smaller amounts.
, Business-to-consumer (B2C) Marketing- the process in which businesses sell to consumers.
a. When Keurig sells their coffee to you on their website
Business-to-business (B2B) Marketing- the process of selling merchandise or services from one business to
another. It is a process of buying and selling goods or services to be used in the production of other goods and
services, for consumption by the buying organization, or for resale by wholesalers and retailers.
a. When Keurig sells similar items for office use
b. Why wouldn’t IBM be an acceptable choice as a company for the marketing plan assignments in
COMM 296?
i. Because it is a B2B company, and we have been asked to choose a B2C company
Consumer-to-consumer (C2C) Marketing- when consumers sell to other consumers
a. eBay, Etsy, Shopee, Lazada
Marketing Affects Various Stakeholders
Manufacturers- sell merchandise to retailers, but retailers often have to convince manufacturers to sell to
them.
Marketing- aim to benefit an entire industry or society at large.
a. Milk Life and Body By Milk Campaigns
i. Markets the benefits of drinking milk (high potassium, protein and calcium, helps maintain
weight, focus and muscle mass)
ii. They also seek to ensure that local food banks are sufficiently stocked with nutritious, frequently
requested items.
iii. Campaigns- benefit the entire industry (dairy) and promote the health benefits of drinking milk
to society at large.
Marketing Helps Create Value
a. Production Oriented Era
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