MRKTNG 3000 1nd Edition Lecture 2 Outline of Last Lecture Not applicable Outline of Current Lecture I What is marketing II Marketing s first task III Marketing s second task IV Product vs price vs promotion vs placement V Example VI Benefits VII Costs Current Lecture Marketing 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 needs Question 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 needs Marketing s second task Satisfy consumer needs 4 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 needs Product 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 market Example 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 it Benefits 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 energy