BU352 Lecture Notes - Lecture 1: Triple Bottom Line, Retail, Ebay
BU- Lecture
The 4 Orientations of Marketing
• Product Orientation
o 1900-1920
o Focused on developing the best product possible, innovation
• Sales Orientation
o 1920-1950
o Focused on convincing consumers to purchase the product
• Market Orientation
o 1950-1990
o Focused on satisfying the market preferences, customer is king
• Value-Based Orientation
o 1990-Present
o Focus on providing the best product in terms of value
o Considering Triple Bottom Line, People, Planet, and Profits
What is Marketing?
• A process by which a company creates value and builds a strong relationship with customers in
order to capture value in return
How do Firms become more Value-Driven?
• Firms focus on 4 activities
o Sharing information
o Balance customer benefits and costs
o Build relationships with customers
o Use technology to connect with customers
The Exchange
• The exchange can occur between any 2 parties
• Not simply a buyer and a seller exchanging money for a good/service
• Can be an exchange of information for convenience
P’s
• Product
o The good, service or idea
• Place
o All activities necessary to get the product to the right customer at the right time at the
right place
o Supply Chain Management
• Price
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