IUB BUS-M 300 - M300 Notes (33 pages)

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M300 Notes



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M300 Notes

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Pages:
33
School:
Indiana University, Bloomington
Course:
Bus-M 300 - Introduction to Marketing
Introduction to Marketing Documents

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M300 Notes 08 26 2014 Chapter 1 Developing Customer Relationships and Value What Marketing is NOT Fraud misconception tends to overheat hottest product on the market o marketing is about understanding consumers needs promotion is not marketing that is awareness What is Marketing 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 Marketing focuses on discovering and satisfying consumers needs The process of establishing maintain mutually beneficial exchange relationships with customers and other stakeholders Thus marketing is responsible for customer value creation o Marketing doesn t stand alone o CVC means marketing performs 3 business functions Product development management Customer relations management Supply chain management The Organization Wheel Slide Market orientation o All divisions of company are focused on company value creation o Marketing works with all aspects of the company Management defines the company s goals outside purple Responsible for developing relationships with customers and suppliers manufacturing department Does not work in a vaccum Activities are shaped by environmental forces arrow economic Works closely with departments people to deliver customer satisfying products green marketing department Elements Influencing Marketing Economic environment hybrid automobiles Interest rates gas prices Political environment alcohol advertising Tariffs taxes laws Competitive Environment dick s in btown of competitors in the segment effects price quantity service social cultural environment dunkan diet craze trends religion ethnic background technical environment internet TV radio etc MARKETERS MAKE DECISIONS BASED ON THESE FACTORS Basics of Marketing 4 P s of marketing controllable elements of the marketing mix price o assignment of value place o availability of product promotion o activities to inform



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