MANGMT 1010 1st Edition Lecture 3 Outline of Last Lecture I The function types and styles of management Outline of Current Lecture II What is Marketing A Definition of marketing III Marketing tasks A Discovering costumers wants and needs B Satisfying consumer needs IV Benefit and cost V Buyers decision process VI Promotion Current Lecture I II III What is marketing A Marketing is the process of planning and executing the conception pricing promotion and distribution of ideas goods and services to create exchanges that satisfy individuals and organizational objectives Marketing tasks A First task discovering costumers wants and needs Before you produce one must determine if there is a consumer net need Determine if the public will buy Is there a need or want for this product B Second task Satisfying consumer needs 4 P s Product decisions Most important Price Promotion Place Distribution Correlating placement can help make sales EX Placing sale items at the end of an aisle can increase sales Benefit and cost A Benefit With examples of taking this course Functional perform a task receive something for it Learn about marketing get course credit Social Meet friends business partners networking 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 Personal Things that you do for yourself Feel good about learning excelling Experiential The enjoyable and entertaining benefits Laugh be entertained B Costs How can we decrease cost NEEDS WANTS Monetary Tuition and book fees Temporal Time in class and studying Psychological Stress studying for exams and listening to instructor Behavioral Expending energy walking to class or getting sick from lectures IMPORTANT FOR EXAM ALWAYS SEGMENT THE MARKET IV V Buyer s decision process Steps determining whether to buy or not 1 Recognizing if there is a problem or a need 2 Information search starts internally What you want 3 Evaluate Product 4 Purchase decision is made 5 Post purchase Critical for repurchase Promotion Elements Advertising Paid form of non personal communication Personal selling Two way personal face to face communication Most effective for of promotion Public relations Communications management that seeks to influence stakeholders Sales promotion Short term inducement of value to arouse interest