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Summary INTRO TO MARKETING 201 FULL COURSE NOTES INTRODUCTION TO MARKETING (CONCORDIA UNIVERSITY)
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INTRO TO MARKETING 201 FULL COURSE NOTES INTRODUCTION TO MARKETING (CONCORDIA UNIVERSITY)
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lomoar cps d|635 3920INTRO TO MARKETING 201 FULL
COURSE NOTES INTRODUCTION TO
MARKETING (CONCORDIA
UNIVERSITY)
,
, lOMoAR cPSD| 6353920
marketing 201
chapter 1:
marketing: creating and capturing customer value
what is marketing?
- trying to sell yourself to an employer is a type of marketing
- in a broad sense, it is a social and managerial process by which individuals and
organizations obtain what they need and want through creating and exchanging value
with others
o it is everywhere
o not only about products
o it’s a value exchange between 2 different parties
- in a narrow sense, it is defined as a process by which companies create value for
customers and build strong customer relationships in order to capture value from
customers
o pre-purchase
o during purchase
o post purchase
- marketing is about managing profitable relationships
ways of marketing
- brand building
- customer service
- manufactures creating the product
- designing the product
the marketing process
1. understand the marketplace and customer needs and wants
2. design a customer driven marketing strategy
3. construct an integrated marketing program that delivers superior value
4. build profitable relationships and create customer delight
5. capture value from customers to create profits and customer equity
overall a 2-step process
mark customers learned about us
mark customers made the purchase (ultimate goal = profits)
1
, lOMoAR cPSD| 6353920
step 1: understanding the consumers and market place
1. needs, wants and demands
o needs: states of felt deprivation
▪ physical: food, warmth, safety
▪ social: belonging, affection
▪ individual: knowledge, self-expression
o wants: the form human needs take as they are shaped by culture and
individual personality
▪ due to preferences
o demand: the human wants backed by buying power (afford or not)
o not all wants are necessarily demands if the customer does not have the
capacity to purchase
o marketers care about demands
2. market offering
- market offerings
o some combination of products, services, information, or experiences offered
to a market to satisfy needs/wants
▪ physical or non-physical
• example: at starbucks u get a coffee but you also get internet, a
place to stay, as well as somewhere to study
▪ it is a combination of multiple things
• example: when you travel you also have accessibility to their
movies, food, toilet…
▪ persons (candidate), places, organizations, information and ideas
(charitites)
- market myopia (mistake and might cause a loss of sales)
o a narrow-minded marketing approach and it focuses mainly on only one
aspect out of many possible marketing attributes
▪ focusing to much on company needs rather than consumer needs
▪ fail to adjust to changes
▪ ex: build a better mouse trap
3. value and satisfaction
- how to choose
o buying decisions based on expectation about the value and satisfaction that
market offerings will deliver
o manage expectations at a proper level purchase satisfaction repurchase/
+word of mouth …
- building blocks for building and managing consumer relationships
4. exchanges
2
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