Principles of Marketing - Revision history

wikademia>Wikademia at 16:52, 24 May 2009

2009-05-24T16:52:34Z

← Older revision		Revision as of 16:52, 24 May 2009
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	==Resources==		==Resources==


	==See also==		==See also==
	* [[~~Lesson:~~Marketing to distributors]]		* [[Marketing to distributors]]
	* [[~~Topic:~~Marketing Ph.D]]		* [[Marketing Ph.D]]
	* [[~~Topic:~~Marketing]]		* [[Marketing]]
	* [[Marketing Strategy]]		* [[Marketing Strategy]]
	* [[~~School:~~Entrepreneurship]]		* [[Entrepreneurship]]
	* [[Tourism industry]]		* [[Tourism industry]]

			==External links==
			* [http://www.wdalaw.com/trademark-registration.html trademarks]

	[[Category:Business]]		[[Category:Business]]
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	[[Category:Management]]		[[Category:Management]]
	[[Category:Marketing]]		[[Category:Marketing]]
	~~[http://www.wdalaw.com/trademark-registration.html trademarks]~~

wikademia>Wikademia: Text replace - 'RightTOC' to 'ntnes'

2009-04-10T17:05:41Z

Text replace - 'RightTOC' to 'ntnes'

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	As we progress in this age of technology it is vital for us to understand marketing and its place in the world. Understanding and applying the principles will be beneficial to the businessperson and the layperson.		As we progress in this age of technology it is vital for us to understand marketing and its place in the world. Understanding and applying the principles will be beneficial to the businessperson and the layperson.
	{{~~RightTOC~~}}		{{ntnes}}
	== What is marketing? ==		== What is marketing? ==

wikademia>Wikademia: moved Principles of marketing to Principles of Marketing

2009-03-29T18:31:10Z

moved Principles of marketing to Principles of Marketing

← Older revision	Revision as of 18:31, 29 March 2009
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wikademia>Wikademia: 58 revisions

2009-03-29T18:29:58Z

58 revisions

← Older revision	Revision as of 18:29, 29 March 2009
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wikademia>Micmac99: /* What is marketing? */

2009-03-29T17:02:58Z

What is marketing?

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	== What is marketing? ==		== What is marketing? ==

	Marketing seeks to satisfy ~~customer~~ needs (creating utility) through the exchange process.		Marketing seeks to satisfy the needs of people (customers or the '''market''') (creating a sense of usefulness or '''utility''') through the '''exchange''' process.

	The '''Marketing Mix''' or the "4 P's" are:		The '''Marketing Mix''' or the "4 P's" are:
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	* Place (or distribution)		* Place (or distribution)

	These are employed to satisfy a ~~Target Market(s)~~ (customers)		These are employed to satisfy a ''target market''' or target demographic (the pool of potential customers).

	Example:		Example:

	* Product: [[Procter and Gamble]] introduces a new toothpaste designed to taste good and fight cavities. Logo and packaging designed in bright colors to appeal to kids of elementary school age to encourage more tooth brushing.		* Product: [[wikipedia:Procter and Gamble\|Procter and Gamble]] introduces a new toothpaste designed to taste good and fight cavities. Logo and packaging designed in bright colors to appeal to kids of elementary school age to encourage more tooth brushing.
	* Price: $2.00, and discounted by means of coupons		* Price: $2.00, and discounted by means of coupons
	* Promotion: television and radio commercials, magazine and newspaper ads, and a website; these use bright colors and happy music, perhaps an animated cartoon character for a fun and family-friendly attitude		* Promotion: television and radio commercials, magazine and newspaper ads, and a website; these use bright colors and happy music, perhaps an animated cartoon character for a fun and family-friendly attitude
	* Place (or distribution): Supermarkets, drugstores, discount stores such as Wal-Mart		* Place (or distribution): Supermarkets, drugstores, discount stores such as Wal-Mart

	Target ~~Market(s)~~:		Target demographic:

	* Mothers with kids who make toothpaste buying decisions for the family		* Mothers with kids who make toothpaste buying decisions for the family (advertising could be shown on children's programming, prompting kids to ask parents to buy the toothpaste)

	===Creating utility===		===Creating utility===

	The American Heritage Dictionary defines utility as "the quality or condition of being useful". Utility is further defined as ~~the satisfaction~~ and/or ~~value a user receives from a good or a service. Moreover, utility is anything~~ that provides a product with the capability to satisfy the consumer's wants and needs. Marketing is responsible for creating most of a product's inherent utility.		The American Heritage Dictionary defines utility as "the quality or condition of being useful". Utility is further defined as any quality and/or status that provides a product with the capability to satisfy the consumer's wants and needs. Marketing is responsible for creating most of a product's inherent utility.

	There are four basic types of utility:		There are four basic types of utility:

	* '''Form utility:''' production of the good, driven by the marketing function.		* '''Form utility:''' production of the good or service, driven by the marketing function. For example, Procter and Gamble turns raw ingredients and chemicals into toothpaste.
	Procter and Gamble ~~turn~~ raw ingredients and chemicals into toothpaste.

	* '''Place utility:''' making the product available where customers will buy the product. Procter and Gamble secures shelf space for the toothpaste at a wide variety of retailers including supermarkets and drugstores.		* '''Place utility:''' making the product available where customers will buy the product. Procter and Gamble secures shelf space for the toothpaste at a wide variety of retailers including supermarkets and drugstores.

	* '''Time utility:''' making the product available when customers want to buy the product. The U.S. drugstore chain Walgreens has many locations open 24 hours a day, and since the 1990's has placed most of their newer stores at major intersections.		* '''Time utility:''' making the product available when customers want to buy the product. The U.S. drugstore chain [[wikipedia:Walgreens\|Walgreens]] has many locations open 24 hours a day, and since the 1990's has placed most of their newer stores at major intersections.

	* '''Possession utility:''' once you have purchased the product, you have rights to use the product as intended, or (in theory) for any use you would like.		* '''Possession utility:''' once you have purchased the product, you have rights to use the product as intended, or (in theory) for any use you would like.

wikademia>Micmac99: /* What is marketing? */

2009-03-29T16:56:14Z

What is marketing?

← Older revision		Revision as of 16:56, 29 March 2009
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	Example:		Example:

	* Product: [[~~wikipedia:~~Procter and Gamble]] introduces a new toothpaste designed to taste good and fight cavities. Logo and packaging designed in bright colors to appeal to kids of elementary school age to encourage more tooth brushing.		* Product: [[Procter and Gamble]] introduces a new toothpaste designed to taste good and fight cavities. Logo and packaging designed in bright colors to appeal to kids of elementary school age to encourage more tooth brushing.
	* Price: $2.00, and discounted by means of coupons		* Price: $2.00, and discounted by means of coupons
	* Promotion: television and radio commercials, magazine and newspaper ads, and a website; these use bright colors and happy music, perhaps an animated cartoon character for a fun and family-friendly attitude		* Promotion: television and radio commercials, magazine and newspaper ads, and a website; these use bright colors and happy music, perhaps an animated cartoon character for a fun and family-friendly attitude
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	* Mothers with kids who make toothpaste buying decisions for the family		* Mothers with kids who make toothpaste buying decisions for the family

	''Creating utility''		===Creating utility===

	The American Heritage Dictionary defines utility as "~~The~~ quality or condition of being useful". Utility is further defined as the satisfaction and/or value a user receives from a good or a service. Moreover, utility is anything that provides a product with the capability to satisfy the consumer's wants and needs. Marketing is responsible for creating most of a product's inherent utility.		The American Heritage Dictionary defines utility as "the quality or condition of being useful". Utility is further defined as the satisfaction and/or value a user receives from a good or a service. Moreover, utility is anything that provides a product with the capability to satisfy the consumer's wants and needs. Marketing is responsible for creating most of a product's inherent utility.

	There are four basic types of utility:		There are four basic types of utility:

wikademia>Micmac99: /* What is marketing? */

2009-03-29T16:55:12Z

What is marketing?

wikademia>Micmac99: /* What is marketing? */

2009-03-29T16:52:35Z

What is marketing?

← Older revision		Revision as of 16:52, 29 March 2009
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	* Mothers with kids who make toothpaste buying decisions for the family		* Mothers with kids who make toothpaste buying decisions for the family

			''Creating utility"

			The American Heritage Dictionary defines utility as "The quality or condition of being useful". Utility is further defined as the satisfaction and/or value a user receives from a good or a service. Moreover, utility is anything that provides a product with the capability to satisfy the consumer's wants and needs. Marketing is responsible for creating most of a product's inherent utility.

			There are four types of utility:

			* Form utility: production of the good, driven by the marketing function.
			Procter and Gamble turn raw ingredients and chemicals into toothpaste.

			* Place utility: making the product available where customers will buy the product. Procter and Gamble secures shelf space for the toothpaste at a wide variety of retailers including supermarkets and drugstores.

			* Time utility: making the product available when customers want to buy the product. The U.S. drugstore chain Walgreens has many locations open 24 hours a day, and since the 1990's has placed most of their newer stores at major intersections.

			* Possession utility: once you have purchased the product, you have rights to use the product as intended, or (in theory) for any use you would like.

			A fifth type of utility is often defined along with the above four types:

			* Image utility: the satisfaction acquired from the emotional or psychological meaning attached to products. Some people pay more for a toothpaste perceived to be more effective at fighting cavities and whitening teeth.

			''The exchange process''

			The exchange process is the process by which two or more parties give something of value to each other to satisfy the perceived needs. The marketer (a company like Procter and Gamble) offers goods and services desired by the market (the pool of potential customers). In return, the market (the customer) gives back something of value to the marketer, generally money. Both ends receive something of value in the exchange process. The marketer makes money and the customer receives goods, services, or ideas that satisfy their needs. The exchange process is the origin of marketing. The exchange process creates utility.

			For an exchange to occur:

			* Both parties must have something of value to exchange
			* Both parties need to be able to communicate (Procter and Gamble (P&G) must have money to buy advertising on TV/radio/Internet)
			* Both parties must be able to exchange (the toothpaste (in some cases) must be approved by the FDA; the customer must have the money to buy it, and have access to a retail store where the product is sold)
			* Both parties must want to exchange
			* At least 2 people are needed for an exchange to occur

	== Marketing Management Process ==		== Marketing Management Process ==

wikademia>Micmac99 at 16:25, 29 March 2009

2009-03-29T16:25:09Z

← Older revision		Revision as of 16:25, 29 March 2009
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	Marketing seeks to satisfy customer needs (creating utility) through the exchange process.		Marketing seeks to satisfy customer needs (creating utility) through the exchange process.

	The "Marketing Mix" or the "4 P's" are:		The '''Marketing Mix''' or the "4 P's" are:
			* Product
	• Product		* Price
	• Price		* Promotion
	• Promotion		* Place (or distribution)
	• Place (or distribution)

	These are employed to satisfy a Target Market(s) (customers)		These are employed to satisfy a Target Market(s) (customers)
Line 23:		Line 22:
	Example:		Example:

	• Product: a new toothpaste designed to taste good and fight cavities. Logo and packaging designed in bright colors to appeal to kids of elementary school age to encourage more tooth brushing.		* Product: a new toothpaste designed to taste good and fight cavities. Logo and packaging designed in bright colors to appeal to kids of elementary school age to encourage more tooth brushing.
	• Price: $2.00, and discounted by means of coupons		* Price: $2.00, and discounted by means of coupons
	• Promotion: television and radio commercials, magazine and newspaper ads, and a website; these use bright colors and happy music, perhaps an animated cartoon character for a fun and family-friendly attitude		* Promotion: television and radio commercials, magazine and newspaper ads, and a website; these use bright colors and happy music, perhaps an animated cartoon character for a fun and family-friendly attitude
	• Place (or distribution): Supermarkets, drugstores, discount stores such as Wal-Mart		* Place (or distribution): Supermarkets, drugstores, discount stores such as Wal-Mart

	Target Market(s):		Target Market(s):

	• Mothers with kids who make toothpaste buying decisions for the family		* Mothers with kids who make toothpaste buying decisions for the family

	== Marketing Management Process ==		== Marketing Management Process ==

wikademia>Micmac99 at 16:23, 29 March 2009

2009-03-29T16:23:19Z

@@ Line 8: / Line 8: @@
 As we progress in this age of technology it is vital for us to understand marketing and its place in the world. Understanding and applying the principles will be beneficial to the businessperson and the layperson.
 {{RightTOC}}
 == Marketing Management Process ==
 This consists of:

← Older revision		Revision as of 16:55, 29 March 2009
Line 22:		Line 22:
	Example:		Example:

	* Product: a new toothpaste designed to taste good and fight cavities. Logo and packaging designed in bright colors to appeal to kids of elementary school age to encourage more tooth brushing.		* Product: [[wikipedia:Procter and Gamble]] introduces a new toothpaste designed to taste good and fight cavities. Logo and packaging designed in bright colors to appeal to kids of elementary school age to encourage more tooth brushing.
	* Price: $2.00, and discounted by means of coupons		* Price: $2.00, and discounted by means of coupons
	* Promotion: television and radio commercials, magazine and newspaper ads, and a website; these use bright colors and happy music, perhaps an animated cartoon character for a fun and family-friendly attitude		* Promotion: television and radio commercials, magazine and newspaper ads, and a website; these use bright colors and happy music, perhaps an animated cartoon character for a fun and family-friendly attitude
Line 31:		Line 31:
	* Mothers with kids who make toothpaste buying decisions for the family		* Mothers with kids who make toothpaste buying decisions for the family

	''Creating utility"		''Creating utility''

	The American Heritage Dictionary defines utility as "The quality or condition of being useful". Utility is further defined as the satisfaction and/or value a user receives from a good or a service. Moreover, utility is anything that provides a product with the capability to satisfy the consumer's wants and needs. Marketing is responsible for creating most of a product's inherent utility.		The American Heritage Dictionary defines utility as "The quality or condition of being useful". Utility is further defined as the satisfaction and/or value a user receives from a good or a service. Moreover, utility is anything that provides a product with the capability to satisfy the consumer's wants and needs. Marketing is responsible for creating most of a product's inherent utility.

	There are four types of utility:		There are four basic types of utility:

	* Form utility: production of the good, driven by the marketing function.		* '''Form utility:''' production of the good, driven by the marketing function.
	Procter and Gamble turn raw ingredients and chemicals into toothpaste.		Procter and Gamble turn raw ingredients and chemicals into toothpaste.

	* Place utility: making the product available where customers will buy the product. Procter and Gamble secures shelf space for the toothpaste at a wide variety of retailers including supermarkets and drugstores.		* '''Place utility:''' making the product available where customers will buy the product. Procter and Gamble secures shelf space for the toothpaste at a wide variety of retailers including supermarkets and drugstores.

	* Time utility: making the product available when customers want to buy the product. The U.S. drugstore chain Walgreens has many locations open 24 hours a day, and since the 1990's has placed most of their newer stores at major intersections.		* '''Time utility:''' making the product available when customers want to buy the product. The U.S. drugstore chain Walgreens has many locations open 24 hours a day, and since the 1990's has placed most of their newer stores at major intersections.

	* Possession utility: once you have purchased the product, you have rights to use the product as intended, or (in theory) for any use you would like.		* '''Possession utility:''' once you have purchased the product, you have rights to use the product as intended, or (in theory) for any use you would like.

	A fifth type of utility is often defined along with the above four types:		A fifth type of utility is often defined along with the above four types:

	* Image utility: the satisfaction acquired from the emotional or psychological meaning attached to products. Some people pay more for a toothpaste perceived to be more effective at fighting cavities and whitening teeth.		* '''Image utility:''' the satisfaction acquired from the emotional or psychological meaning attached to products. Some people pay more for a toothpaste perceived to be more effective at fighting cavities and whitening teeth.

	''The exchange process''		===The exchange process===

	The exchange process is the process by which two or more parties give something of value to each other to satisfy the perceived needs. The marketer (a company like Procter and Gamble) offers goods and services desired by the market (the pool of potential customers). In return, the market (the customer) gives back something of value to the marketer, generally money. Both ends receive something of value in the exchange process. The marketer makes money and the customer receives goods, services, or ideas that satisfy their needs. The exchange process is the origin of marketing. The exchange process creates utility.		The exchange process is the process by which two or more parties give something of value to each other to satisfy the perceived needs. The marketer (a company like Procter and Gamble) offers goods and services desired by the market (the pool of potential customers). In return, the market (the customer) gives back something of value to the marketer, generally money. Both ends receive something of value in the exchange process. The marketer makes money and the customer receives goods, services, or ideas that satisfy their needs. The exchange process is the origin of marketing. The exchange process creates utility.