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ISU MKT 230 - Marketing Mix

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MKT 230 1st Edition Lecture 2Outline of Last Lecture I. What is marketing?II. 4 P’s/3 P’s and a DOutline of Current Lecture I. Important Parts of the Marketing DefinitionII. Components of Strategic Marketinga. Customers and target marketsb. Marketing mixIII. Relationships with CustomersIV. Forces Affecting the MarketV. Marketing ConceptVI. Managing Customer RelationshipsCurrent Lecture – January 14, 2015I. Marketing is defined as: The processof creating, distributing, promoting and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment- Key words include: process, exchange, customers, and relationships- CUSTOMERS are the most important because customers are your targets, if you can attract and retain customers it will lead to continuousbusiness and profits.II. Components of Strategic Marketing- You need the right marketing mix in order to attract and retain customersa. Customers and target marketsThese 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.- Customers are purchasers of organization’s productso They are the focal point of all marketing activity- Target markets are a specific group of customers on whom an organization focuses its marketing effortso Target markets are the starting points of all efforts. Companies have to ask themselves who they want to do business with (what is our target market?) and then they can go from there.b. Marketing Mixi. The marketing mix is a combination and balance of 4 elements (4 P’s/3 P’sand a D) to determine how to market bestii. Product variable – can be a good, service, idea, or experienceo A service would be something like a repair, a haircut, or anything with human inputo An idea would include things like schools, churches, retirements, and not-for-profitso An experience would include a vacation to Disney World. Disney isselling the experienceiii. Price variable – relates to the decisions and actions associated with estimating pricing objectives and policies.o Pricing will help determine the target market (what economic class are we targeting)o The price variable determines the vale of exchangeiv. Distribution variable – involves making products available in locations andquantities desired.o Used to be considered physical distribution but it is changing because of the ever growing presence of ecommerceo Want to minimize costs as much as possible in areas like inventory,transportation, and storagev. Promotion variable – informing individuals or groups of people about the organization and its products and services. Can include:o Advertisingo PR (public relations)o Personal sellingo Promotions o Street teamso Viral marketing (mini-series found online)III. Relationships with Customerso Exchange – transfer of goods, services, and ideas in return for something of valueSomething of valueoo Stakeholder – anyone with an interest in the business. This can include customers, employees, stockholders, etc.o Ex: The BP Oil Spill, they made a lot of stakeholders mad, lost customers, employees, etc.IV. Forces Affecting the Marketing Mixo There are certain factors outside of the companies control that can effect how a company has to market and what marketing mix they need to use. These factors include:- Competitive force (different businesses that pose as competition)- Political forces - Economic forces (when the economy is bad certain products that are priced too high may not sell as well)- Sociocultural forces- Technological forces- Legal and regulatory forcesV. Marketing Concept – a management philosophy that an organization should try to provide products that satisfy the customer’s needs through a coordinated set of actions that also allow the organization to achieve its goals.o The marketing concept has evolved over time. Pre-WWII there was an emphasis on products and the market was in a product orientations. After WWII that changed to a sales orientation. Now we have evolved into a marketing orientation where the main focus is not the product, or selling the product, but instead it is the customer and meeting the customer’s needs.VI. Managing Customer Relationshipso Relationship Market – establishing a long-term, mutually satisfying buyer/seller relationshipo Customer-centric Marketing – developing collaborative relationships with customers based on focusing on their individual needs and concernso Customer Relationship Marketing (CRM) – using information about customers to create a marketing strategy that develops and sustains desirable customer relationshipso Value driven marketing- A customer’s assessment of benefits relative to the costs determines the worth of a product is the value of an object.Something of valueSellerBuyerMoney, labor, goods, creditGoods, services, ideas- Value is very subjective. One person may view an item as having great value while another person may think the item has no value. It is different to everyone- Value is calculated by: (VALUE= Customer Benefits – Customer Costs)o Marketing Management – planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently. - Effective refers to the degree to which an exchange helps to achieve organizational objectives- Efficiency involves maximizingresources the organization spends to achieve desired level of


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