Class notes
BU121 - Class 9
- Course
- Bu121 (BU121)
- Institution
- Wilfrid Laurier University (WLU )
Lecture notes of 3 pages for the course bu121 at WLU (BU121 - Class 9)
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BU121 - Class 9: Understanding Marketing and Principles and DevelopingProducts
☆ Can only be tested on what is taught in class, not the textbook sections she doesn’t cover
What is marketing?
● Set of processes for creating, communicating and delivering value to customers and for
managing customer relationships in ways that benefit the organization and its
stakeholders
What is the marketing concept?
● Whole firm is coordinated toward serving present and potential customers (at a profit)
○ Understand customer needs first, then determine how to satisfy them. Eg.
determine desirability first, then address feasibility and viability
○ Pursuing customer satisfaction is everyone’s job (not just marketing department)
What is product value and utility?
Value = relative comparison of benefits vs. costs
Utility = ability of a product to satisfy human want or need
Form utility = product design is desirable
Time utility = product is offered when customer wants it
Place utility = product is offered where customer wants it
Possession utility = transfer of product ownership (access) is desirable
What is relationship Marketing?
● Strategy that emphasizes building lasting relationships with customers as well as
suppliers
○ Customer relationship management (CRM) leverages online communications and
customers data
■ Attract new clients
■ Identify and connect with best clients
What is the External Marketing Environment?
● PEST + competition
○ Political, economic, social, technological factors
○ Competitive forces
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