Lecture 1 - Marketing in 21st Century

An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

The Art and Science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value

Customers, investors, employees, and the community

Art refers to creativity (consumers like the experience of the product), and science refers to quantitative research (buying patterns) and understanding customers demand.

Goods (tangible), Services (intangibe - more services than goods), Events & experiences (buy ticket to space), Persons (presidential campaign), Place & Properties, Organizations, Information (university sells your info to bank of america), ideas

A person or organization seeking a response attention, purchase, vote, donation from a potential customer or prospect.

Stimulating demand for a company's product offering(s)

Negative demand, non-existent demand, latent demand, declining demand, irregular demand, full demand, overall demand, unwholesome demand

Customers dislike a product offering and may pay a price to avoid it.

Products tested on animals, so won't buy it.

Customers may be unaware or uninterested in a product offering

Dr. Shaw received two phone calls from funeral home for her to buy a funeral plot (not interested)

Customers may share a strong need that cannot be satisfied by an existing product offering

Alternative energy car; strong need for a drug to fight Parkinson's disease but there is currently no drug. Currently using restless leg syndrome to help treat this.

Customer begin to buy a product offering less frequently or not at all