BUS Z 302 1st Edition Lecture 1 Outline of Last Lecture I Went Over Syllabus Outline of Current Lecture I What is marketing II Elements influencing marketing III Tactical Marketing Marketing Mix IV Marketing V Anything can be marketed Current Lecture What is marketing o The process of planning and executing the conception and pricing promotion and distribution of ideas goods and services to create exchanges that satisfy individual and organizational objectives o Marketing focuses on discovering and satisfying consumers needs o It is the head of the company and it drives the company o The process of establishing and maintaining mutually beneficial exchange relationships with customers and other stakeholders Thus marketing is responsible for customer value creation CVC Product development management PDM the design and implementation of new products services and the management of existing products Customer relationship management CRM the customer attraction and retention communication of information to customers and the development of customer relationships Supply chain relationship SCM the selection and management of suppliers the distribution channel and channel pricing Elements influencing marketing o Economic environment These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Interest rates and gas prices Hybrid automobiles o Competitive Environment of competitors in the segment effects price quality and service Dick s Sporting Goods in Btown o Social Cultural Environment Trends religion ethnic background Dunkan Diet Craze o Technical Environment Internet tv radio etc iPhones o Political Environment Tariffs taxes laws Alcohol advertising Tactical Marketing Marketing Mix o Product good service idea place person o Price assignment of value o Place availability of product o Promotion activities to inform consumers Marketing o Product orientation Manufacturing is king Gets the product to the market in the most cost effective manner possible o Selling concept Selling existing products Generates profits for the firm by moving products and services o Market orientation Fulfilling existing and emerging customer needs Building long term customer relationships Entire company is consumer focused Generates profits through relationships Marketing concept Customer focused listening and acting on customer needs Striving to build long term relationships Embedded in the market orientation Been around since the 1950s Anything can be marketed o Services marketing building sales and profit for a dry cleaner a dentist a lawyer or an airline o Place marketing attracting people to a particular place o Idea marketing cultivating support for an idea o Organization marketing cultivating support for an organization o Event marketing building interest in a rock concert or an art auction o Person marketing building interest in a candidate or a celebrity o Target market one or more specific groups or potential consumers toward which an organization directs its marketing program