APPLIED MARKETING STRATEGIES MGT 681 Lecture 3

APPLIED MARKETING STRATEGIES MGT 681 Lecture 3

Review of Concepts Part 1

Lecture Agenda Why is marketing important? What is the scope of marketing? What are some fundamental marketing concepts? How has marketing changed? What are the tasks necessary for successful marketing?

Marketspaces Marketplaces Metamarkets

Core Concepts Marketing Needs, wants, channels and demands Target markets, Supply chain positioning, segmentation Offerings and brands Competition Value and satisfaction Marketing environment Marketing planning

Types of Needs Stated Real Unstated Delight Secret

Target Markets, Positioning & Segmentation

Offerings and Brands Value Proposition, a set of benefits that satisfy some need Offering The intangible value proposition is made physical by an offering A brand is an offering from a known source

Offerings and Brands

Value and Satisfaction Value: the sum of the tangible and intangible benefits and costs – Customer value triad – combination of quality, service, and price (qsp) Satisfaction reflects a person’s judgment of a product’s perceived performance in relationship to expectations – Dissapointed – Statisfied – Delighted

Value and Satisfaction

Marketing Channels Communication Distribution Service

Marketing Environment Demographic Economic Socio-cultural Political-legal Technological Natural