BusAdmn 360Lecture 1I. Introduction to Marketing II. Begin Ch. 1Intro to Marketing Marketing: -starts with product, ideas, promotion, communication, values for customers-must keep up with changes from economy, customer preference, and competitors “Bad” Marketing: -keeps the product cost lower (cheaper for customer, ex: Aldi’s)-the company is maybe not volume based-or the company already has a well-established name (Goldman Sachs) “Incorrect” Marketing: -these are probably not leading firms-they might be sold and bought for assets (Motorola Mobility bought by Google)-companies are not keeping up with changes or they’re in the wrong market-the company may not offer enough or too many promotions Online Marketing: -free for users-Delivering multiple segments -much tougher than traditional market Chapter 1What is Marketing?-entails exchange, promotion decisions; is performed by individuals and organizations to satisfy customer needs and wants-4 “P’s” -Price: captures value -Place: delivers value-Product: creates value-Promotion: communicates value-2 types of product: -Goods: item you can physically touch-Services: intangible benefits, may include the experience -Who performs marketing activities? -B2B: business-to-business-B2C: business-to-customer-C2C: consumer-to-consumer -Value: -Value: the relationship of benefits to costs, what the consumer gets for what they give-Value-based-marketing: promoting and delivering value to customers, sharing information between business units to improve value-Value co-creation: customers work with companies to deliver products