Week 1 Marketing Notes PDF

Week 1 Marketing Notes To do List : - Marketing 6^th^ edition & Marketing 9^th^ edition - Quiz every Monday till Saturday 5o'clock - Week 3 test 10 multiple ques and 2 sample ques **DAY 1 & 2** Marketing - A process of how a company does business with the aspect of putting the cus...

Week 1 Marketing Notes To do List : - Marketing 6^th^ edition & Marketing 9^th^ edition - Quiz every Monday till Saturday 5o'clock - Week 3 test 10 multiple ques and 2 sample ques **DAY 1 & 2** Marketing - A process of how a company does business with the aspect of putting the customers' needs and wants in decision making - Understanding the approach of the buyer rather than what is produced (buyer behaviour) Lectorial Meaning of Marketing - More than a department of function -- it is a way company does business. - Aspects of marketing : product development -- creating -- innovative -- delivering and exchanging (mutually beneficial) -- giving value - Is a two-way communication of building the relationship with consumers, stakeholders, and people (which is delivering and exchanging a product or service by delivering with logistics and physical distribution) - A mutually beneficial exchange in order to offer value Marketing Approach -\> putting customers as the center of the decision-making process (ex : operation, location) 5 Core Concepts of Marketing 1. Needs, Wants, and Demands - Needs exists -\> marketers do not create needs (a state of felt deprivation ; a primary part of the human makeup ; without these, we can't live) - Wants -\> marketers influence the wants with their brands (influenced by culture and personality) - 3 types of needs 1. Physical needs (eat, sleep, shelter) 2. Social needs (sense of belonging) 3. Demands (ability backed up by buying power, ex money, credit card ; the ability to get what you demand) 2. Market offerings -\> the benefit that the customer gets from the marketers offering their product and service 3. Customer value and satisfaction - Customer Value = Benefits vs Costs - Benefits can be subjective (can be colour, design, brand, functions, etc) - Costs -\> the price and sacrifice that you make - Customer value can be subjective -- some pay more just to get a different colour or size, ex iphone ; just to get the customer "satisfaction" - Customer Satisfaction = Actual product performance vs Expected performance - The expectation is not as the customer suppose -\> happens because of the value the consumer get to work like it wanted to -\> if it does get or even exceed their expectation (consumers are happy) ; but if it doesn't (then we feel that the value isn't enough) 4. Exchanges and relationships - Not just giving and selling, but looking through the stakeholders (customers) in the market and having a mutually beneficial relationship 5. Markets - Where exchange and transaction occurs - Mutually beneficial acts offering -\> trading, shopping etc Functions of the Marketing Process - How companies implement and do marketing - Understanding the needs and wants - Implementing the policies and procedures Marketing Process 1. Understanding the needs and wants - Involves marketing information systems, consumer behaviour (learn in week 2), environment scan (week 3?) 2. Designing a consumer driven marketing strategy - Involves segmentation, targeting, differentiation, and positioning 3. Construct a marketing program that delivers superior value - Involves how the company/firms strategy to communicate with the consumers and delivers the value - Integrated marketing program - Fundamental 4 pieces elements : product, price, place, promotion - Additional elements : people, process, physical evidence Ex : ~~selling a 400 computer in 7/11~~ ; selling an ipad in apple for 4000 (all of the elements needs to make sense 4. Building profitable relationships 5. Capturing value and deliver values to the customers in order to create profits and customer equity Meaning of CSR (Corporate Social Responsibility) - The obligation from the company to respect the society - Why this exists : because people are becoming more demanding for their needs and wants, this exists so that company/firms act in an ethical way and know that there are consequences to not acting ethically Meaning of sustainability - Using resources wisely -\> ensuring that the future generations have those resources available for the long term - An obligation for companies now ; ex : pollution (harms the environment, global warming), animal tests (endangering the animals), etc - Sustainability is demanded for the long run and a better version of the earth P.S - TAC = a government institution in terms of safety in the road, etc - Value = the real value or cost that the buyer is willing to buy to get the value of the product - Value proposition = the benefit that you get from the product