MKC1200 Revision Notes, Study notes of Marketing

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Monash University

INTRO TO MARKETING

MKC1200 Exam Notes

• Week 1 Introduction to Marketing....................................................................................................
• Week 2 Marketing Environment.......................................................................................................
• Week 3 Marketing Information.........................................................................................................
• Week 4 Buyer Behaviour.................................................................................................................
• Week 5 Segmentation, Targeting and Positioning.........................................................................
• Week 6 Product..............................................................................................................................
• Week 7 Price..................................................................................................................................
• Week 8 Promotion..........................................................................................................................
• Week 9 Distribution (Place)
• Week 10 Services...........................................................................................................................
• Week 11 Digital Marketing..............................................................................................................
• Week 12 Social and NFP Marketing...............................................................................................

Functional/instrumental value is concerned with the extent to which a product has desired characteristics, is useful, or performs a desired function.

• Does the product do what I want it to do? Experiential/hedonic value is concerned with the extent to which a product creates appropriate experiences, feelings and emotions for the customer.
• How does the product/service make you feel? Symbolic/expressive value is concerned with the extent to which customers attach or associate psychological meaning to a product.
• The value the product gives you is how others see you. Cost/sacrifice value is concerned with transaction costs, such as price and convenience. People involved in the exchange:
• The market actual and potential customers with similar needs and wants
• Customers/clients purchaser of products and services
• Partners external parties involved in the marketing process, e.g. advertising agency, delivery companies
• Society members of the community

The marketing mix Marketing mix is the term given to a set of variables that a marketer can exercise control over in creating an offering for exchange.

• Product – anything offered to a market, can be physical goods or services.
• Price – the amount of money a business demands in exchange for its offerings, also other sort of psychological costs.
• Place/distribution – the means of making the offering available to the customer at the right time in the right place.
• Promotion – marketing activities that make potential customers, partners and society aware of and attracted to the business’s offering. For service businesses :
• People – any person coming in to contact with customers, who can affect value for customers.
• Process – the systems used to create, communicate, deliver and exchange an offering.
• Physical evidence – the tangible cues, including the physical environment that customers use to evaluate products, particularly services.