Marketing 301 Exam 1 Notes Ch 1-5 The Pennsylvania
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Mkt 301
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Mkt 301
Marketing 301 Exam 1 Notes Ch 1-5 The Pennsylvania
Marketing 301 Exam 1 Notes:
Chapter 1: What is marketing?
Marketing - providing something of value to customers and societies through various
techniques such as creating, communicating, delivering, and exchanging offerings
Marketing = mi...
Marketing 301 exam 1 notes ch 1-5 the pennsylvania
Marketing 301 exam 1 notes ch 1-5 the pennsylvania state university
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marketing 301 exam 1 notes ch 1 5 the pennsylvania
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Marketing 301 Exam 1 Notes:
Chapter 1:
What is marketing?
Marketing - providing something of value to customers and societies through various
techniques such as creating, communicating, delivering, and exchanging offerings
Marketing = mixture of both science and art
Need = State of felt deprivation; physical needs = food, clothing, safety, warmth; Social needs =
belonging and affection; Individual needs = Knowledge & self-expression
Wants = Taken by human needs when shaped by culture & individual personality
Demands = Human wants that are backed by buying power
Market Offerings = Products, services, information, ideas, or experiences; offered to satisfy a
need or want
Markets: All actual and potential buyers of a product; Seller & Consumer Market
Customer value & satisfaction: Customers form expectations about the value & satisfaction of
market offering; satisfied customers buy again; dissatisfied switch to competitors
Low expectation = may fail to attract buyers
High expectation = may disappoint buyers
Exchange & Relationships:
Exchange = Act of obtaining a desired object by offering something in return
• Marketing consists of creating, maintaining, and growing desirable exchange
relationships.
– Strong relationships are built by consistently delivering superior customer value.
History of Marketing:
• Marketing management orientations
– Production concept
– Product concept
– Selling concept
– Marketing concept
– Societal marketing concept
,3 Societal Marketing Concept:
The Changing Marketing Landscape:
• Digital Age: Engaging consumers via their digital devices using digital marketing tools
Mobile marketing: Using mobile channels to stimulate immediate buying, make
shopping easier, and enrich the brand experience
Social Media Marketing: Online social media provide a digital home for people to
connect and share important information and life’s moments; offer an ideal platform for
real-time marketing and engagement.
• Changing Economic Environment
• Growth of Not-for-Profit Marketing
• Rapid Globalization: Managers around the world are taking both local and global views
of the company’s: Industry, Competitors & Opportunities
• Sustainable Marketing: Developing Eco-friendly products; seek immediate needs and
, Social Media Marketing: Online social media provide a digital home for people to
connect and share important information and life’s moments; offer an ideal platform for
real-time marketing and engagement.
• Changing Economic Environment
• Growth of Not-for-Profit Marketing
• Rapid Globalization: Managers around the world are taking both local and global views
of the company’s: Industry, Competitors & Opportunities
• Sustainable Marketing: Developing Eco-friendly products; seek immediate needs and
the best long-run interests of their customers and communities
• Consumer Generated Marketing: Brand exchanges created by consumers
• Consumers play an increasing role in shaping their own brand experiences and those of
other consumers.
• Uninvited and Invited
• Consumer-to-consumer exchanges
• Consumers invited by companies
• New product and service ideas
• Active role in shaping ads
Big Data & Artificial Intelligence (AI):
• Marketers can now amass mountains of data
• Brands can use big data to:
– gain deep customer insights,
– personalize marketing offers,
– and improve customer engagements and service.
Growth of Not-for- Profit Marketing:
Marketing has become a major part of the strategies of many not-for-profit organizations, such
as colleges, hospitals, museums, zoos, symphony orchestras, foundations, and even churches. -
They face stiff competition for support and membership. Sound marketing can help them attract
membership, funds, and support.
• For example, Alex’s Lemonade Stand Foundation is a not-for-profit organization
with a special mission: “Fighting childhood cancer, one cup at a time.”
Government agencies have also shown an increased interest in marketing.
- For example, the U.S. military has a marketing plan to attract recruits to its different
services.
Various government agencies are now designing social marketing campaigns to encourage
energy conservation and concern for the environment or discourage smoking, illegal drug use,
and obesity.
Chapter 2: Company and Marketing Strategy: Partnering to Build Customer Engagement,
Value, and Relationships
Strategic Planning: Game plan for long-run survival and growth; Helps to maintain a strategic fit
between its goals and capabilities and changing marketing opportunities.
• Company Level Strategy form through all groups members: Sales, Marketing,
Accounting; company follows the input of everyone to help maintain growth
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