MKGT 370
01/28
-Superbowl: Favorite, least favorite,
02/04:
Exam: 50 MC, TF, 1,2,5-7
What’s on ADS: humor, animals, sex, products.
Chapter 1: 1. Definition: Delivering VALUE, focus on products 2. Needs and wants: Need food, drinks. Want entertainment. 3. Marketing entails an EXCHANGE: product (what it is made of), price (quality based on price), place (where), promotion (everything you do to sell ur products) * Products: Good (things can touch, shoes), Service (Taxi, atm, doctor, very important to US, 80% of service because other countries can make cheaper), Ideas (animals, green environment, sthing we consume or sell) * Price: Everything buyer gives up in exchange for the product. How willing customers to pay and can earn profit. Complicated. How u find prices? Price= Value. Ex: Pay more for saving time, energy… * Place: Where u buy it. When customers want it? Right time, place. * Promotion: INFORM, PERSUADES, REMINDS potential buyers abt services or products. 4. Marketing can do individually or organizationally 5. Marketing impacts various stakeholders-> Society, customers, employees, supply chain. 6. Marketing helps create value: Production era (old fones), Sales era, Marketing era (home fone), and value based marketing era (cell fones) 7. How do firms become value driven? Sharing info, Balancing benefits w costs, building relationships w customers (CRM=customer relationship management= very important). 8. Why is marketing important?
CHAPTER 2 1. Sustainable competitive advantage * Operational excellence: Costco (good prices) * Customer excellence: Sheraton * Product excellence: Mercedes * Locational excellence: McDonald. 2. Marketing plan: important to understand. * Mission: mission statement. * SWOT analysis: Conduct a situation analysis. * Identify