These notes provide concise and easy-to-understand notes for unit 1 from Intro to Marketing 3300 at The University of Texas at Dallas. It includes typed notes as well as graphs
the following chapters are included:
-Marketing Concepts
-Strategic Planning Process
-Scanning the Marketing Enviro...
Marketing Concepts
- Marketing - Process of planning and executing the conception, pricing, promotion, and
distribution, of ideas, goods, and services to create exchange that satisfy individual and
organizational objectives
- Marketing focuses on discovering and satisfying consumer needs
-
- Core marketing concept
- Marketing Tasks
- 1st - discovering consumer needs
- 2nd - satisfying consumer needs
- Potential consumers - people with desire and ability to buy a specific product
- Target market - one or more specific groups of potential consumers towards which an
organization directs its marketing program
- 4 P’s : controllable marketing mix factors
- Product, price, promotion, place
- Uncontrollable environmental factors
- social , economic, technological, competitive, regulatory
- Requirements for marketing to occur
1. Two or more parties with unsatisfied needs
2. Desire and ability on their part to be satisfied
3. A way for parties to communicate
4. Something to exchange
- Marketing program - plan that integrates marketing mix to provide goods, services, or
ideas to buyers
- Customer value - unique combo of benefits received by target buyers that includes
quality, price, convenience, on-time delivery, and after-sale service
- Market orientation is characterized by :
- Customer orientation
- Competitor orientation
- Inter-functional coordination
- Mass customization - tailoring goods and services to tastes of individual customers in
high volumes at low cost
- Relationship marketing - linking organization to individual customers, employees,
suppliers, and other partners for mutual long-term benefits
,Strategic Planning Process
- 3 levels of strategy in an organization
- Types of corporate goals
- Profits
- Quality
- Sales revenue
- Employee welfare
- Market share
- Social responsibility
- Unit sales
- Growth matrix
-
Markets Current New
Current Market Penetration Product development
Selling more Ben & Jerry’s Selling new product such as
super premium ice cream to children’s clothing under the
Americans Ben & Jerry’s Brand to
Americans
New Market Development Diversification
Selling Ben & Jerry’s Super Selling a new product such as
premium ice cream to Asian children’s clothing in asian
markets for the first time markets for the first time
, - Building blocks of organizational success
-
- Strategic marketing process
-
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