MARK 3321 1st Edition Lecture 1 Outline of Current Lecture I Overview of Marketing A Definition of marketing II Five Necessary Conditions for Exchange III Four Marketing Management Philosophies IV Video Case Wahoo Fish Taco Current Lecture Marketing o The activity set of institutions and processes for creating communicating delivering and exchanging offerings that have value for customers clients partners and society at large o Focuses more on what marketing can do instead of the process 5 Necessary conditions for exchange o 1 At least two parties o 2 Something of value o 3 Communication and delivery o 4 Freedom to accept or reject o 5 Desire to deal with other party 4 Marketing Management Philosophies o o Production orientation Internal capabilities of the firm Usually in 1920s How can we sell more aggressively Sales orientation Aggressive sales techniques and belief that high sales result in high profits 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 o Market orientation Satisfying customer needs and wants while meeting objective After 1950s Societal orientation Satisfying customer needs and wants while enhancing individual and societal well being What do customers want and need and how can we benefit society Outward focused marketing focuses on o o o Customer value The relationship between benefits and the sacrifice necessary to obtain those benefits Usually happens before buying product or service Customer satisfaction The customer s evaluation of a good or service in terms of whether it has met their needs and expectations Usually happens after buying product or service American customer satisfaction index Relationship marketing Usually in 1950s A strategy that focuses on keeping and improving relationships with current customers Video case Wahoo Fish Taco o Customer valueof Wahoo s Consumer Benefits Food Atmosphere Customer service Consumer Sacrifice Price Time
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