Business Chapter 1 Notes Essay

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BMOS Notes

Chapter 1

What is Marketing?

Marketing is generating profit by focusing on customers and providing them with value through goods and services that meet their needs.

Customer Value

Unique combination of benefits received by buyers
Includes quality, price, convenience, delivery, service before and after the sale
Different customers will get different types of value from the same product/service
A single product will not satisfy everyone

Target Market
The specific group of existing and potential customers we will focus our marketing on.

The Marketing Mix (4 Ps)
Product
Price
Place
Promotion

Product:
Decisions
Design
Features
Packaging
Warranty
Service levels
Product can refer to a good, service, or idea
Good – something tangible you can touch and feel (i.e. smartphone)
Service – intangible (i.e. wireless provider for your phone)
Idea – a concept that looks for support (i.e. Earth Hour)

Price
Decisions
What will we charge?
What is our target market willing to pay?
What are we trying to communicate with our price?
Upscale vs. budget
Place
Decisions
Where will the product be sold
Retail, wholesale, direct orders, online, etc.
Where does the target market prefer to buy?

Promotion
Decisions
Mediums of communication that will be used to inform the target market
TV, print, online/social media, public relations, sales promotions, event marketing, sponsorship, etc.
Which methods of communication work best to engage the target market?

The Marketing Process

Market Definitions
Market
Potential customers who have both the ability and willingness to pay
Target Market
The specific group of existing and potential customers we will focus our marketing on
Consumers
Actual users of the product

Relationship Marketing:
Organizations create long-term links with all stakeholders (customers, employees, suppliers) to increase loyalty
Consider

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