Class notes
Marketing class notes
- Course
- CM1-STP
- Institution
- Hult International Business School
Full Marketing class notes from CM1 with Dean Mo
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Intro to MarketingMarketing is understanding your consumers, knowing what is better for them, and how to
make your product stand out. Make customers loyal and cause them to return to you and
repurchase a product.
It is essential to know who your customer is!
Marketing is defined as the management process concerned with identifying, anticipating,
and satisfying customers’ needs profitably.
Four parts of the definition:
1) Management Process: This means that the manager who runs the company
must develop the right strategies for achieving marketing success.
2) Identifying Customer Needs: This means that marketing starts with first
determining what exactly customers need before the company attempts to
produce it.
“ Make what you can sell not sell what you make ”
“ Marketing starts and finishes with customer ”
3) Anticipating Customer Needs: This implies that the firm should also think about
consumers’ future needs. Additionally, anticipating also involves the firm
creating a product and then convincing consumers to buy it.
4) Satisfying Customers Needs: Customer satisfaction is critical to success in
marketing. In marketing, customer satisfaction implies that the company provides
, the right product at the right price, in the right place at the right time, and excellent
customer service. Satisfied customers do the following:
● Become repeat buyers or loyal customers
● Will recommend the company to others
● Become price insensitive and focus more on their needs being met
● Will also buy other products that the company sells.
Ultimately, satisfying customers will help the company attract and retain customers
and grow its sales and profits.
Sept 19
Functions/ Role/ importance of Marketing
Marketing plays a crucial role in contributing toward the success of the company. This is
achieved through the following essential roles:
➢ Help in determining the customer’s needs so that the firm can develop the right
products and services to satisfy these customer needs. This is achieved through
customer research.
➢ Develop strategies for pricing, promotion, and distribution of the company’s
products.
➢ Monitors the marketing environment and then addresses any changes that
emanate from environmental dynamics. Companies must adapt depending on the
current environment (e.g., Diet Coke).
➢ Helps the firm develop competitive differentiation - how it should compete against
its competitors. Innovation, pricing, limiting sales, and making it premium will help
, ➢ Helps in attracting customers and making customers loyal to the firm. Almost
every company has membership cards/ loyalty cards. The more you shop, the
more benefits you get. It makes customers loyal.
Consumer Buying Behavior
The Customer buys a new product but might not use it (Mother buys a toy, but baby
uses it).
The Consumer buys the product and uses it.
CBB refers to the actions and decisions that customers make when buying products.
Hence, understanding such consumer behaviors is crucial to marketing success.
CBB is important because it helps the company answer the following questions:
1. What do our customers buy?
2. Why do they buy?
3. When do they buy?
4. Where do they buy?
Factors influencing or affecting consumer buying behaviors
4 factors affect consumers’ buying decisions, and these are as follows:
➔ Personal Factors:
◆ Age ( products we buy change with age)
◆ Income
◆ Gender
◆ Occupation
◆ Address
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