ECON344 - Marketing 1: Principles of Marketing and Consumer Economics

Chapter 1 – Creating Customer Value, Relationships, and Experiences Through Marketing Marketing experts believe that effective marketing can reduce the need for selling Good marketers are sensitive, perceptive and intuitive Effective marketing requires intimate knowledge and understanding of consumers and the marketplace Marketing: the activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, an

Chapter 2 – Developing Successful Marketing Strategies Organization: legal entity of people who share a common mission that motivates them to develop offerings which are products, services, ideas, experiences, etc. that create value for the organization and the customers by satisfying needs and wants Business firm: privately owned organization that serves its customers to earn a profit Profit: money left over after expenses are subtracted from total revenue and is the reward for the risk it und

Chapter 3: Scanning the Marketing Environment Changes in the environment are sources of opportunities and threats Environmental scanning – process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends Help remain aligned with evolving marketplace 5 environmental forces (e.g. Canada) social: binge watching is the new television thing, video bloggers economic: shift to the experience economy, focus on cost control technological

Chapter 4 – Ethics and Social Responsibility for Sustainable Marketing Most Canadian companies are well known for being ethical and socially responsible Offer financial rewards for green home renovation, produce sustainability reports that are available to public, reduce water usage at manufacturing plants (PepsiCo) – also introduced all electric, zero emission, green powered delivery trucks Performance with purpose! Ethics: moral principles and values that govern the actions and decisions of an

Chapter 5: Consumer Behaviour Enlightened customers know what customers value (E.g. automobiles) sense of styling - for men it's more about exterior lines and accents, for women it's more about interior designs and finishes - storage space, easy to park need for speed - both want speed but for different reasons, men think of it as how fast they can get from 0km to 100km and women want speed so they can outrun an 18 - wheeler trying to pass them on a freeway entrance ramp substance of safety -

Chapter 8 – Marketing Research: From Information to Action Social media marketing Can be used to listen to customers by observing how people speak about certain products Can be used to monitor competitors and how they engage customers Can be used to track trends, E.g. hashtags and mentions Can be used for quick research such as surveys or study groups Can be used to broaden the scope of marketing research – appeal to a larger audience Allows marketers to engage customers instead of simply askin

Chapter 9 – Market Segmentation Why segment markets? Ford’s strategy was known as a mass marketing strategy, GM surpassed Ford because they offered different colors appealing to preferences, so they surpassed Ford Market segmentation involves aggregating prospective buyers into groups that (1) have common needs, and (2) will respond similarly to a marketing action Market segment: relatively homogeneous groups of prospective buyers that result from the market segmentation process Each segment ha