Intro to Marketing

• From 1945-1980, The Seller had power and the buyer was at his mercy
• Paradigm Shift is in the Late 1980s and present where the buyer has power and the seller was at mercy
• Marketer is the initiator of marketing activities & programs. Can influence, manipulate, and control market behavior through marketing skills and organizations.
• The School of thoughts influenced Marketing
• Macromarketing is Macro and/or societal perspective or short term vs long term profit
• Consumerism is the developing and protecting the rights of consumer
• Systems approach is the integration of supply and demand factors into holistic theory
• Buyer Behavior is the behavioral theory of buying
• Behavioral organization is the behavioral aspects of channel members (power, conflict, commitment)
• Strategic Planning is the balance of power issues between external and internal environment factors
• Social Exchange School is the exchange as the fundamental concept of marketing
• 1900-1910 is the period of discovery where the teachers of marketing sought facts about distributive trades
• 1919-1920 is the period of conceptualization where marketing concepts were initially developed
• Period of integrations is where the principles of marketing were postulated
• 1930-1940 is the period of development - Specialized areas of marketing continued to be developed
• 1950-1960 period of reconception - emphasis upon managerial decision making
• 1960-1970 period of differentiation - new concepts, managerialism, holism
• 1970- period of socialization - influence of marketing upon society
• The goal of marketing is to facilitate exchanges
• • Requirements for exchange in Marketing

  1. 2 or more parties (voluntary involved)
  2. Parties have unsatisfied wants/needs
  3. Parties have something of value to exchange
  4. Each party has something other party wants
  5. Means of communication & delivery
  6. Marketplace
  7. Medium of exchange
  8. Specialization of labor
  9. Marketing management/coordination
• Marketing is about adding value through a broadly-defined value proposition
• Value may be created by marketers in many different ways (value isn’t only about price)
• • Market-oriented “marketing is the whole business seen from the point of view of its final result” (Peter Drucker)
• • Marketing research, communicating, building relationships, gaining profit

  assessing yourselves & your competition

  identifying a real need & offering a product/service 

  • creating, promoting, and delivering goods and services to consumers and businesses
• Scope of marketing 

  • Places
  • Properties
  • Organizations
  • Information
  • Ideas
  • Goods
  • Services
  • Experiences
  • Events 
  • Persons
• Shown below is a "Simple Marketing System"

  
• Needs is a felt deprivation.
• The Maslow’s hierarchy of needs

  • Self-actualization - needs self-development & realization
  • Esteem - needs recognition, status
  • Social - needs sense of belonging, love
  • Safety - needs security, protection
  • Psychological - needs hunger, thirst
• • Wants is a human need takes as shaped by culture and individual personality
• Needs & wants are fulfilled through a marketing offer. Some combination of products, services, information or experiences offered to a market to satisfy a need or want
• Marketing myopia - sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products

  • focus on the wants and lose sight of the needs
• • Market is set of actual and potential buyers of a product 
• • Demand - wants & buying power and Marketing mix 
• • Marketing mix 4 components

  1. Product
  2. Price
  3. Distribution 
  4. Promotion 
• • Marketing mix by E. Jerome McCarthy
• • 4 traditional P’s 

  1. Product
  2. Price
  3. Promotion 
  4. Place 
• • More P’s 

  1. Preparedness
  2. Personnel
  3. Packaging 
  4. People 

   
• • P’s for service

  1. People
  2. Process
  3. Physical evidence
• The 4 principles guide marketing also known as "4 Rs"

  • Retention - keeping them coming back
  • Referrals - encourage them to recommend us
  • Relationships - build an emotional connection
  • Recovery - solve problems as they arise 
• • Component lifestyles choosing goods and services that meet one's diverse needs and interests