MKTG1203 Chapter All: MKTG1203 Notes (Whole Unit)
LECTURE 1 – OVERVIEW OF MARKETING
Marketing skillset
- Technology, analytics, strategy, voice, vision
- Analyzing what target market rly wants
What is marketing?
- Marketing is the activity, set of institutions and processes for creating, capturing,
communicating, delivering & exchanging offerings that have value for customers,
clients, partners & society at large
- Not a random activity
- Requires thoughtful plan
- Firm assess their market position to decide market strategy
Inbound Marketing
- Firms / manufacturers / marketers pull consumers to search up your info
- Consumers come to look for you (+vely)
Outbound Marketing
- Firms / manufacturers / marketers push info to consumers
BOTH INBOUND AND OUTBOUND MARKETING ARE IMPT IN THE FUTURE
Core aspects of marketing
- Occurs in many settings
- Helps us create value
- About satisfying customers needs and wants
- Entails an exchange
- Requires product, price, place & promotion decisions
- Performed by both individuals & orgs
Marketing entails exchange
4Ps
1. Product: Creating Value
- By developing a variety of offerings to satisfy customers needs
- Eg. Goods, services & ideas
2. Price: Capturing Value
- Not always monetary (Everything has a price)
- Buyers give up money, time & energy
- How much are consumers willing to pay so that they are satisfied + seller achieves
reasonable profit
- Too low = Devalue quality
3. Place: Delivering the Value Proposition
- Supply chain management
- Describes all activities necessary to get product to right customer when customer
wants it
- W/o strong & efficient marketing channel system
➢ Merchandise isn’t available when in demand
➢ Low profits
➢ Poor sales
4. Promotion: Communicating Value
- Informs, persuades & reminds potential buyers about product or service to influence
their opinions / elicit response
Marketing can be performed by individuals and orgs
Marketing impacts various stakeholders
- Society
- Customers
- Employees
➢ When companies look for employees, vice vers
➢ $$
➢ Competitive advantage
- Supply chain
➢ Raw material provider, manufacturer
How do firms become more value driven?
- Sharing info
- Balancing benefits w costs
- Building relationships w customers
Marketing enriches society
- All top companies focus on factors other than financial profitability
- Good corporate citizenry includes:
➢ Greener products
➢ Healthier food options
➢ Safer products
➢ Reduced carbon footprint
LECTURE 2 – DIGITAL MARKETING
Internet of things – provides platform for interaction between marketers and consumers
Digital Consumers
1. Dominant digital (internet)
2. Hybrid
3. Reluctant
Empowering Consumers
- Consumers have easy access to info about products, prices & competition
- Consumers thus more demanding & less forgiving & active
Eword of mouth (EWOM)
- Electronic word of mouth occurs outside control of firm
- Consumers can engage w other consumers
Document Summary
Marketing is the activity, set of institutions and processes for creating, capturing, communicating, delivering & exchanging offerings that have value for customers, clients, partners & society at large. Firm assess their market position to decide market strategy. Firms / manufacturers / marketers pull consumers to search up your info. Consumers come to look for you (+vely) Firms / manufacturers / marketers push info to consumers. Both inbound and outbound marketing are impt in the future. Requires product, price, place & promotion decisions. By developing a variety of offerings to satisfy customers needs. Goods, services & ideas: price: capturing value. Not always monetary (everything has a price) Buyers give up money, time & energy. How much are consumers willing to pay so that they are satisfied + seller achieves reasonable profit. Too low = devalue quality: place: delivering the value proposition. Describes all activities necessary to get product to right customer when customer wants it.
