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MKC1200 Revision Notes, Study notes of Marketing

MKC1200 Exam Notes ... Sales orientation focuses on aggressive promotion or selling ... Communicate tell our target market we have offerings to sell.

Typology: Study notes

2021/2022

Uploaded on 09/27/2022

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Monash University
INTRO TO 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.