UW-Milwaukee BUSADM 360 - Intro to Marketing (2 pages)

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Intro to Marketing

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Intro to Marketing


Intro to Marketing and Chapter 1. Chapter 1 covers "marketing, value, the 4 "P's," and products"

Lecture number:
Lecture Note
University of Wisconsin-Milwaukee
Busadm 360 - Principles of Marketing

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BusAdmn 360 Lecture 1 I II Introduction to Marketing Begin Ch 1 Intro 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 1 What 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 or services

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