MKT 3010 1st Edition Lecture 1Chapter 1: Overview of MarketingMarketing- An activity, set of institutions, and process for creating, capturing, communicating, delivering,and exchanging offerings that have value for customers, clients, partners, and society at large.Marketing Mix/ 4 P’s Product: Creating value- collaboration between suppliers and customers Price: Capturing value- trade value for offerings **not just money (ex. time) Place: Delivering value- getting offerings to consumers in a way that optimizes value Promotion: Communicating value- describe offerings, learn from customersThe overall goal of the 4 P’s is to create a profitable exchange Value= Benefits Received—(Cost+Hassle)The Marketing concept: philosophy underlying everything marketers do—strive to satisfy customer needs and wantsValue- fundamental concept of marketing Create value in order to benefit the firm, partners, customers, and societyHistory of Marketing Production-oriented era: focused on making the product, and a lot of it- until the 1920’s Sales-oriented era: focused on how much of the product was sold- around WWII until 1970’s Market-oriented era: product based, bettering it- between the 50’s and 90’s Value-based era: Focusing on a customer relationship- todayo Value based marketing- builds a relationship with the customer to strive for customer loyalty. This can be achieved through special offers, sharing information and balancing costs with benefits. Value based marketing may actually cost more butthe outcome of the product will be more personalized and satisfying. 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.o CRM- customer relationship management: ensuring a customer relationship has been created and keeping it.Who Engages in Marketing? For profit companieso B2B- Business to Business: sell to other businesso B2C- Business to Consumer: sell directly to customero Some businesses my practice both Non-profit companies Individuals- C2C (Consumer 2 Consumer): ex. eBayMarketing is not: Just buyers and sellers exchanging money About making profit A random
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