MKT 300 1st Edition Lecture 3Outline of Last Lecture I. We all Have Experience with MarketingII. Welcome to a Branded World!III. Welcome to Marketing!IV. Marketing is about Discovering and Satisfying Customer Needs and WantsOutline of Current Lecture I. Marketing Entails an Exchange II. Marketing Requires the 4 P’sIII. Marketing Can be Performed by Individuals and OrganizationsIV. Marketing Helps Create ValueCurrent LectureI. Marketing Entails an Exchangea. There must be a buyer and a sellerII. Marketing Requires the 4 P’sa. Producti. Fundamental purpose of marketing is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needsii. Products are tangible; services are notiii. Ideas could be from a politician/presidentiv. **Value is so important!v. Fast food versus fast casual (McDonalds versus Panera Bread)vi. Product is a continuous process—businesses can’t ever stop producing new things1. Touch screen fridge2. Products from popular movies (Frozen)b. Pricei. Price is everything a buyer gives up1. This includes money, time and energyThese 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.2. How much are customers willing to pay? Can a profit be made at this point?3. Black Friday shoppingc. Placei. Also known as supply chain managementii. This describes all activities necessary to get the product to the right customer when the customer wants itiii. Manufacturers get all the ingredients to make the product, then they send it off to be soldiv. Store placement is HUGE.d. Promotioni. Promotion is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a responseIII. Marketing Can be Performed by Individuals and Organizationsa. B2B: Manufacturer to retaileri. Heinz to Publixb. B2C: Retailer to consumeri. Publix to usc. C2C: Customer to customeri. Sell at farmers marketIV. Marketing Helps Create Valuea. Share information across their organizationb. Balance customer’s benefits and costsc. Build relationships with
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