MANGMT 1010 1st Edition Lecture 3Outline of Last Lecture I. The function, types, and styles of managementOutline of Current Lecture II. What is MarketingA. Definition of marketingIII. Marketing tasksA. Discovering costumers wants and needsB. Satisfying consumer needsIV. Benefit and cost V. Buyers decision processVI. PromotionCurrent LectureI. 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. II. Marketing tasksA. 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.)III. Benefit and costA. 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. 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 Product4. Purchase decision is made5. Post-purchase: Critical for repurchase. V. 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