Prof. Joel M. Evans, J.D.
Every company must serve consumer needs to succeed.
What Is Marketing?
The essence of marketing is the exchange process, in which two or more parties givesomething of value to each other to satisfy felt needs.
The production era-a good product would sell itself.
The marketing concept is a company-wide consumer orientation with the objective ofachieving long-run success.
Effective marketing converts needs to wants by focusing on the benefits resulting from the acquisition of specific goods and services.
Marketing myopia-management’sfailure to recognize the scope of its business.
Marketing refers to efforts designed to cultivate the attention, interest, and preferences of a target market toward acelebrity or authority figure.
Categories of Nontraditional Marketing
1. Person marketing refers to marketing efforts designed to cultivate the attention, interest, and preference ofa target market toward a person. Political candidates and celebrities typically employ person marketing.
2. Place marketing refers to attempts to attract customers to a particulararea; typically used in tourism and new industry development areas.
3. Cause marketing refers to the identification and marketing of a social issue, cause, or idea to selected targetmarkets; typically used by not-for-profit organizations
Target Market-The group of people toward whom the firm decides to direct its marketing efforts.
Marketing Mix-Combination of the fourmarketing strategy elements of
• Product Strategy-what goods should be sold, c/s, package design trademark, warranties, product life cycles etc.
• Pricing Strategy-Setting profitable andjustifiable prices.
• Distribution Strategy-To ensure that consumers find your products in the proper quantities at the right times and places.
• Promotion-The communication link between sellers...