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UNC-Chapel Hill BUSI 406 - Review
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BUSI 406: Principles of Marketing Lecture 7 Outline of Last Lecture I. Lecture 1-6Outline of Current Lecture I. ReviewCurrent LectureWhy 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, stakeholdersConsumers’ needs, wants and demandso Needs Maslow needso Wants needs driven by learning experienceo demands what we want to buy, but don’t always get what we want (budget, not available)Customer satisfactiono satisfying needso 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 lifetimeMarketing mix/4Pso Producto Priceo Promotiono PlaceThe marketing processo Analysis, development of strategies, plans and programs, implementation, and monitor and auditProduction vs. Marketingo production sees the worth as the same; marketing sees the world as filled with individualsMicro-marketing vs. macro-marketingThese 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 societyPlanned Economic vs. Market-Directed systemso planned economic system is government run in a society where the pressing issue is elsewhere, like in a war; standard of living is typically lowo market-directed= consumers determine the system, lots of competitors (good because lowers prices), are still rules made by the governmentCentral Marketso history of markets more buyers and sellers, the more exchange that can take placeMarketing functions & who performs themo more than one party carries out the functions of marketing [Harmony market example]; discrepancies of quality; discrepancy of assortmentOver time, marketing’s role in organizationso marketing is gaining more and more importance; being the hub of a spoke system; marketing has direct access to customerCustomer valueo lower priceso increase benefitsMarketing concepto as a company we’re delivering value at a profitMarketing strategy planningo combo of looking for opportunities and developing marketing strategy to take advantageof these opportunitiesAttractive Opportunitieso Breakthrough opportunities hard to copy strategy that is good in long-termo Competitive advantage being better in at least one of the 4 PsTypes of Opportunities to Pursueo Market penetration same products, same marketso Market developmento Product development o DiversificationWhat is the marketing environment? 3Cso Direct [we as company shape course] Company- Objectives, mission statement, and resources Customers Competition can’t control competitors but can control what competitive market we enter/ how we respond or plan for competitiono Indirect/External [what part of the world and how does it impact consumers] “tell me the story” Economic environment Technological environment Political/Legal environment Cultural/Social environmentScreening opportunitieso timing of break-even [quantitative]o frameworks for comparing areas of opportunity [qualitative]o Quantitative & QualitativeWhy do we care about segmenting and positioning?Generic markets and product-marketso generic broad market and lots of ways to satisfy a needo product more specific [like going from hunger = food to burgers] , helps us identify ourdirect competitorsMarket segmentation? How?o separating people and deciding what is important to know o Dimensions Behavioral, Geographic, Demographic which characteristic is important Qualifying vs. Determining serious buyer and then what are they going to buyCreating Target Marketso Single, Multiple, CombinedDifferentiation & Positioning: How? Why? Understanding Buying Behavioro consumers are not rational actors bc don’t have perfect information or that kind of time o have the internal stuff psychology, learning, etco have the social stuff who influences you, your cultureo purchase situationo Who are our potential consumers?Characteristics Affecting Consumer Behavior:o Economic Needso Psychological influenceso Social influenceso Cultureo Situational influencesThe Buyer Behavior Model/Decision


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UNC-Chapel Hill BUSI 406 - Review

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