MKT 100 Exam Notes 4/22/2012 9:34:00 PM Chapter 1: Intro to Marketing What is marketing?: Marketing is the activity and process of creating, communicating, delivering, and exchanging offerings of value for customers, clients, and society at large. Marketing is not black or white it is gray, there are many right answers to a problem The marketing mix- The 4 P’s market Growth (Market making) when sales and profit increase Maturity (Market equilibrium) sales become steady as the product either continues in the market or becomes innovated into something else
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MKT 100 Exam Notes 4/22/2012 9:34:00 PM
Chapter 1: Intro to Marketing
What is marketing?: Marketing is the activity and process of creating,
communicating, delivering, and exchanging offerings of value for customers,
clients, and society at large.
Marketing is not black or white it is gray, there are many right answers to
a problem
The marketing mix- The 4 P’s
1) Product
2) Place
3) Price
4) Promotion
Marketing is the diffusion of innovation: ex. Antibiotics is an example of
how marketing helps a product to succeed
Schumpeter wealth creation principle: Innovation and creative destruction
The Smith wealth creation principle: Wealth created through exchanges
The Wealth creation feedback effect: Innovations + exchanges produces
wealth and welfare
Supply and Demand:
Variation in supply/demand is constantly changing
Buyers preferences/ wants are always being changed by changes in
supply
Suppliers’ products/ processes are always being changed by
changes in demand
Product Innovation Life-Cycle:
Introduction (Market fermenting) new product is introduces to
market
Growth (Market making) when sales and profit increase
Maturity (Market equilibrium) sales become steady as the
product either continues in the market or becomes innovated into
something else
MKT 100 Exam Notes 4/22/2012 9:34:00 PM
Chapter 2: Situation Analysis
Metric 1: Expense Types: fixes, variable, and one time fixed