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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.