MRKTNG 3000 1nd Edition Lecture 2 Outline of Last Lecture Not applicable Outline of Current Lecture I. What is marketingII. Marketing’s first taskIII. Marketing’s second task IV. Product vs price vs promotion vs placementV. ExampleVI. BenefitsVII. CostsCurrent LectureMarketing is- “the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.”-Can be applied in many areas (money, terrorism, etc.)-What is required to define marketing? Communication between two parties (people, i.e. buyer and seller)Marketing’s first task:Discover consumer needs (Is there a need?)Potential consumers (the market) Info about their needs Discover consumer needsQuestion- when a new product was introduced and fails because no one is buying it, what do we know was not practiced? The marketing process, first task- identifying consumer needsMarketing’s second taskSatisfy consumer needs4 P’s, or the marketing mix (Price, promotion, product, place)Discover consumer needs concept for products satisfy consumer needs- find right combination of 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.product, price, promotion, and place goods, services, ideas potential consumers (the market) information about their needs back to discovering consumer needsProduct vs price vs promotion vs placement:-Product is GENERALLY most important-What about promotion? With routinely purchased products, ad affect is very powerful. -Ad affect is the probability of you liking/buying a product is directly correlated to you liking the ad-Promotions are important, especially for things like movies, etc. -place (also known as distribution) be located near your target marketExample- how would we creating a religion using marketing?-Identify consumer needs(what is religion not providing)-Create brand logo and materials-Figure out a way to reach target audience-Identify demographics-Determine if there is a sufficient need, and then satisfy itBenefits:-Functional (food, toothbrush, etc.)-Social (cell phone, social media, email, etc.)-Personal (gym membership, trophies, etc.)Experiential (Movies, games, gambling, etc.) Costs:-Monetary (tuition and book fees)-Temporal (time spent)-Psychological (stress)-Behavioral (expending