UNC-Chapel Hill BUSI 406 - Why Marketing is Important (7 pages)

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Why Marketing is Important

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Why Marketing is Important


This is Lecture 2. Notes are from the powerpoint online as well as from in class discussion.

Lecture number:
Lecture Note
University of North Carolina at Chapel Hill
Busi 406 - Marketing

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BUSI 406 Principles of Marketing Lecture 2 Outline of Last Lecture I Definition of Marketing II Marketers and Marketing s Goal III Customer Satisfaction Consumer orientation IV Importance of Marketing Outline of Current Lecture I II III IV What is Marketing why it is important Micro marketing vs macro marketing Marketing and economic development Marketing concept Customer value satisfaction Current Lecture Marketing is more than just selling and advertising Example Bicycles You can t just make a bicycle and advertise it Being an effective producer of bicycles means understanding what people need in a bike where they need it and how to when to sell it to them Think about a manufacturer of bicycles o many different bicycles o many brand names o many types of bicycles various features o prices range from low to very high Marketing Requires Marketers 1 Analyze needs 2 Predict Wants 3 Estimate Demand 4 Determine Where where the demand is how to get the bikes to customers is it offline or online profits etc 5 Estimate Price 6 Decided Promotion 7 Provide Service sidenote What is the difference between customer and consumer Answer the customer buys the product the consumer uses the product Ex Walmart buys produce Walmart shoppers use the produce 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 Production versus Marketing Simply put production is putting the product first while marketing is putting the consumer first Production involves the following making goods or performing services making higher living standards possible Marketing involves the following making sure the right goods and services are produced creating customer satisfaction o the extent to which an organization fulfills a cutomer s needs desires and expectations Basic idea Production and Marketing work together to form customer satisfaction The Two Views of Marketing 1 Micro View considers customers needs

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