Comstrat 380 1nd Edition Lecture 2 Outline of Last Lecture I. Definition of AdvertisingII. Defining modern advertisingIII. Is advertising the only tool?IV. Why advertising?V. Types of advertising VI. Bringing it all togetherOutline of Current Lecture I. What is marketing?II. Marketing definedIII. Why marketing?IV. Product categoryV. Marketing mixVI. What is the marketing mix?Current LectureI. What is Marketing?a. Much of a products value is created by marketing decisions that determine itsi. Designii. Ease of useiii. Distributioniv. Pricingv. Marketing communication 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.b. Marketing is designed to build brand and customer relationships that:i. Generate sales and profitsii. For nonprofits: volunteers and donations c. Marketing is the way a product is:i. Designedii. Testediii. Producediv. Brandedv. Pricedvi. Distributedvii. PromotedII. Marketing defineda. Marketing also focuses on managing customer relationships to benefit all of a brand’s stakeholdersIII. Why Marketing?a. Traditionally speakingi. The objective of most marketing programs has been to sell product, goods, services, or ideasii. This is done by matching a products availability to the consumer’s needs desires or demandsIV. Product categorya. The classification to which the product is assignedb. Consider:i. Apple Macintosh: the computer categoryii. Burger king: the fast-food categoryV. Marketing mixa. Marketing managers manipulate the marketing mix, also called the four P’si. Product - consumerii. Price - costiii. Place - convenienceiv. Promotion – communicationVI. What is the Marketing mixa. The product (consumer)i. Design, performance, and quality and key elementsii. Communication works to build awareness of a brand b. Pricing (cost)i. It is based on:1. What the market will bear2. The competition3. What the consumer can afford4. The relative value of the product5. The consumer’s ability to gauge that value c. Place (convenience)i. It included the channels used to make the product easily accessible to customersii. The distribution channel also sends a messageiii. The internet raised new distribution questions related to “clicks or bricks”iv. Marketers may use a “push” or “pull” strategy d. Promotion (marketing communication)i. This includes1. Advertising2. Public relations3. Sales promotions4. Direct response5. Events and sponsorships 6. Point of sale7. Digital
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