Tales Of Marketing Essays - Marketing, Societal Marketing

Tales Of Marketing MARKETING CHAPTER 1 Field Of Marketing INFORMATION TECHNOLOGY -New marketing based on info technology. EX. Royal Bank -Royal spent $15 million on data base technology to serve customers more uniquely. -Increased response rate from 4% to 60%. NATURE AND SCOPE OF MARKETING EXCHANGE AS THE FOCUS -Marketing occurs any time 1 social unit (person or organization) exchanges something of value with another social unit. -Marketing consists of activities designed to generate & facilitate exchanges intended to satisfy human needs or wants Exchange-is one of 3 ways in which a person can satisfy a want. EX. Clothes make, borrow, use some form of coercion to get them or offer something of value to another who will voluntarily exchange -Only last approach they call exchange in the sense that marketing is taking place. Following must exist for marketing exchange to take place. -2 or more social units must be involved & each must have wants to be satisfied. If you are self sufficient there is no need for exchange. -Parties must be involved voluntarily (Although argued monopolies deter this.) -Each party must have something of value to contribute & each must believe that it will benefit -Parties must communicate even if done through 3rd party. Without communication, no trade. Marketers-take initiative in trying to stimulate & facilitate exchanges. -They develop marketing plans & programs & implement them to create exchange that can be repeated over time. Market-on other side of exchange, made up of social units to whom marketing programs are directed & who will play a key role in acceptance or rejection of marketers offer. Markets made of customers Customers-Any person or group with whom an individual or organizational marketer has an existing or potential exchange relationship. People who constitute a market play a number of roles. A. Decision maker, individual or organizational unit that has the authority to commit to an exchange B. Consumer, who actually uses or consumes the product. C. Purchaser, The party who actually carries out the exchange D. Influencers, who affect decisions of others because of their expertise, position, or power. Worth Baseball, new safer ball, but clashes with tradition Needs-viewed in strict physiological sense (food, clothing, shelter) everything else is a want. Product-the objective of the exchange or what is being marketed generically as the product. -It can be a tangible, physical product, a service, an idea, a person, or a place. tangible, physical product-corn flakes a service-accounting advise an idea-advertising slogan person-individual applying for a marketing position A place-provincial gov't trying to attract tourism is an example of marketing a place as the product. THE CONCEPT OF RELATIONSHIP IN EXCHANGE Relationship-can develop when 2 people or organizations are voluntarily involved in an exchange situation, are communicating with each other, & are contributing something of value to the exchange & thereby mutually satisfy needs or wants. -relationships are of more long-term nature & involve many exchanges & interactions over a # of years. -longer relationship lasts, more likely it will be of special value to those taking part in it. Better you understand each other, the better the needs are satisfied. APPLICATIONS OF MARKETING Books definition of marketing: Marketing is a total system of business activity designed to plan, price, promote & distribute want-satisfying products, services, & ideas to target markets in order to achieve the objectives of both the consumer & the organization. Marketing is A total system designed to: for business activities plan, price, promote & distribute Something of value: want-satisfying products, services, & ideas in the context of a valuable relationship. For the benefit of: the target mkt. - Present & potential household consumers or business users. To achieve the: satisfaction of the needs & objectives of both the consumers & the firm Definition has implications when marketing is properly applied: -It's a systems definition, meaning it should be understood & applied by all in firm. -Entire system of business or organizational activities must be customer orientated & focus on quality of the customer relationship- customers needs & wants must be recognized & satisfied effectively. -Marketing program starts with an idea for a product or service & doesn't end until the customer's are completely satisfied, which may be some time after the exchange. wants-Marketing program, generally termed the marketing mix, usually consists of 4 coordinated elements: A. a product or service assortment B. a pricing structure C. distributions systems & channels D. promotional activities -Marketing mix doesn't guarantee customer satisfaction. EVOLUTION OF MARKETING -Foundations in Canada were laid by French & English settlers in pioneer times -Developed marketing relationships also with various Native groups. -Since then marketing has evolved