UNC-Chapel Hill BUSI 406 - Review (3 pages)

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These notes are the main points we reviewed in class.

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

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BUSI 406 Principles of Marketing Lecture 7 Outline of Last Lecture I Lecture 1 6 Outline of Current Lecture I Review Current Lecture Why do we care about Marketing o Marketing is everywhere as are consumers and products If we have buyers and sellers then we have exchange then we need marketing What is marketing o Definition 3Cs stakeholders Consumers needs wants and demands o Needs Maslow needs o Wants needs driven by learning experience o demands what we want to buy but don t always get what we want budget not available Customer satisfaction o satisfying needs o Why do companies care about satisfied and dissatisfied customers satisfied customers buy more are less price sensitive are loyal and will recommend it dissatisfied customers tell lots of people why they are dissatisfied won t tell company why they are dissatisfied and losing one customer could mean 1000s of dollars loss based on the fact that you re losing their spending over a lifetime Marketing mix 4Ps o Product o Price o Promotion o Place The marketing process o Analysis development of strategies plans and programs implementation and monitor and audit Production vs Marketing o production sees the worth as the same marketing sees the world as filled with individuals Micro marketing vs macro marketing 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 micro is specific to firm macro is the whole society Planned Economic vs Market Directed systems o planned economic system is government run in a society where the pressing issue is elsewhere like in a war standard of living is typically low o market directed consumers determine the system lots of competitors good because lowers prices are still rules made by the government Central Markets o history of markets more buyers and sellers the more exchange that can take place Marketing functions who performs them o more than one party carries out the functions

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