BU352 Lecture Notes - Lecture 1: History Of Marketing, Marketing Strategy, Marketing Mix
Document Summary
What is marketing: marketing as a research field, marketing as a business philosophy, marketing as a business function. Marketing as a research field: marketing is borrowing from a bunch of fields, combines insights from a variety of fields. Corporate strategy: study of competitive advantage: marketing is divided into two broad areas: Consumer research: how consumers behave and react. This is when businesses realised that if they wanted to be in business for a long time they needed to really understand their customers and create value. A lot of brands emerged and unhealthy habits: societal orientation (2000 present): focuses on needs/wants of target markets and give back to society. Realised that by creating brands we were not thinking about the negative aspects. Started to think about how can we give back, fair trade, reduce reuse recycle. Create a customer: needs, wants, demands: needs: the difference between a customers actual state and some desired ideal or desired state.
