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    Notes For Marketing, 10th Canadian Edition Pt. 1

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    adelaida130702
    The document provides an overview of marketing concepts including the marketing mix, importance of customer satisfaction and equity, and different marketing orientations and philosophies. It also discusses developing successful marketing strategies, including strategic marketing process, SWOT analysis, and BCG portfolio mix.

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    Notes For Marketing, 10th Canadian Edition Pt. 1

    Uploaded by

    adelaida130702
    20 views2 pages
    The document provides an overview of marketing concepts including the marketing mix, importance of customer satisfaction and equity, and different marketing orientations and philosophies. It also discusses developing successful marketing strategies, including strategic marketing process, SWOT analysis, and BCG portfolio mix.

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    Notes for Marketing, 10th Canadian edition pt. 1

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    The document provides an overview of marketing concepts including the marketing mix, importance of customer satisfaction and equity, and different marketing orientations and philosophies. It also discusses developing successful marketing strategies, including strategic marketing process, SWOT analysis, and BCG portfolio mix.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    20 views2 pages

    Notes For Marketing, 10th Canadian Edition Pt. 1

    Uploaded by

    adelaida130702
    The document provides an overview of marketing concepts including the marketing mix, importance of customer satisfaction and equity, and different marketing orientations and philosophies. It also discusses developing successful marketing strategies, including strategic marketing process, SWOT analysis, and BCG portfolio mix.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    You are on page 1of 2

    Chapter 1: Overview of Marketing

    Marketing concept: process of planning and executing conceptions of pricing, promotion and
    distribution of good, idea, service to create exchanges that satisfy consumer’s needs and
    organizational goal

    Marketing mix (4Ps): price, place, promotion, product

    Importance of customer satisfaction and customer equity: you need to meet customer needs to
    meet the definition of marketing, if you don’t have clients, you don’t have a company

    Consumer satisfaction: needs/wants are met, positive feelings are created, any interaction that the
    customer has with the company has to be positive/exceed expectations à builds trust à
    satisfaction

    Organization satisfaction: financial objectives are met, build relationship with customer,
    shareholders are happy

    Products are solutions to consumer needs. You can increase value through benefits and cost.

    To build customer relations, know


    - who they are - what they want to buy
    - what they value - how they prefer to interact

    Customer equity: how much value your customers create


    - You want 80/20 rule where most customers are loyal customers because it’s always
    cheaper to appeal to old customers than to get new ones
    - Makes you fierce competitor (competitive advantage)
    - Easier to build effective marketing strategy
    - Survive recession
    - Know that customers are not loyal

    Orientation and philosophies:


    - Production era: manufactures are concerned with production only; marketing is only to
    inform product exist
    - Sales era: production is maximized, heavy doses of personal selling to help distribute
    product
    - Marketing concept era: companies recognized that they were in business to satisfy the
    needs and wants of consumers. Marketing was not about trying to sell what the firms can
    produce but figuring out what to produce to satisfy consumers’ needs and wants.
    - Market orientation: celebrate customers, product now caters to customer needs and want
    - Customer experience: deliver needs and wants but also do better job than competition
    - Social media marketing era: 24-7 connectivity, ease of access to social media enabled the
    shift in the economy from traditional selling methods to social media marketing. Most
    customers search for purchases through social networks.
    Chapter 2: Developing Successful Marketing Strategies

    Strategic marketing: process where an org allocates its marketing mix resources to reach target
    market
    - Goal: maintain fit between organizations objectives and resources and evolving
    opportunities (customer, operational product, location excellence)

    Strategic marketing process/plan (cane):


    1- Mission statement: top-level choice and talks about what they are about (book adds
    planning, implementation and control allowing to answer this q)
    2- Objectives: short (directors) and long (executives) term
    o A good marketing objective is clear and detailed, gives % and timeline
    3- SWOT
    4- Marketing strategy: 4Ps and target market positioning (segment, target and positioning)
    5- Implementation and evaluation of control

    SWOT:
    - Internal: strengths and weaknesses (what the company does well or poorly)
    - External: opportunities and threats (how the exterior environment favours or disfavours)

    Examples of internal: production cost, marketing skills, financial resources, company/brand


    image, equipment used, current marketing mix, customer loyalty, expertise

    Examples of external: socio-demographic, economic, technological, political/legal, competitive

    BCG portfolio mix:

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