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I. Nature and scope of marketing.
A. Exchange as the focus?the essence of marketing is an exchange between parties.
1. Performed by business organizations, non-business organizations, individuals.
2. Exchanged “product” can be tangible goods, intangible services, ideas, people, places, anything of value.
3. Marketers and markets are the partners in exchange.

B. Conditions for exchange.
1. Exchange involves two or more parties.
2. The parties participate voluntarily.
3. Each party must have something of value to exchange.
4. Parties must believe each will benefit from the exchange.
5. The parties are able to communicate with one another.

C. Definition of marketing?a total system of business activities designed to plan, price, promote, and distribute want-satisfying products to target markets.
1. Focus?on customers.
2. Duration?until wants are completely satisfied.

II. Evolution of marketing.
. Evolution of marketing.
A. Product-orientation Stage?”make all you

I. Environmental monitoring.
A. The process of gathering information, analyzing it, and forecasting the effects indicated by trend analysis.
B. Two levels of external forces.
1. Macro.
2. Micro.
II. External macroenvironment?External forces largely beyond the control of a firm that influence the marketing opportunities and activities of all firms.
A. Firms can influence this environment but have no direct control over it.
B. Demographics.
1. Characteristics of the population such as size, distribution, growth, etc.
2. Trends: population is aging significantly, ethnic minorities are growing at the fastest rate.
C. Economic conditions.
1. The stage of the business cycle?prosperity, recession, depression, recovery.
2. Inflation?affecting prices, buying power, and input costs.
3. Interest rates?affecting expensive and long-term purchases.
D. Competition.
1. Brand competition?directly similar products (i.e., all movie theaters).
2. Substitute competition?indirectly similar

I. Consumer decision making.
A. The consumer buying-decision process.
1. Need recognition?when the actual state of being differs from the desired state of being, a tension or discomfort is created for the consumer.
2. Identification of alternatives?both product and brand alternatives to satisfying a recognized need; search may be limited to extensive.
3. Evaluation of alternatives?evaluation criteria are established and applied to each alternative for comparative purposes.
4. Purchase decision?deciding what, when, where, and how regarding a specific purchase; may be affected by: crowding, prices, merchandise assortment, services offered, store appearance, sales personnel, mix of other shoppers.
5. Postpurchase behavior?evaluation of how well the purchase meets expectations and satisfies the identified need; may influence repeat sales and word-of-mouth.
B. Level of involvement?how much effort is exerted in satisfying a need.
C. Loyalty?arises when consumers continually purchas

I. An overview of market segments and target markets.
A. Market segments?groups of customers within the same general market who are defined by their differences from other groups and similarities within the group regarding wants, buying preferences, or product-use behavior.
B. Target market?the specific market segment for which the marketer designs a particular marketing mix.
II. Market segmentation?the process of dividing the total market for a good or service into several smaller, internally homogeneous groups.
A. Benefits of segmentation.
1. Any firm, but especially those which are smaller and have fewer resources, can compete more effectively by allocating resources efficiently to specifically defined and selected markets.
2. Medium firms can grow rapidly by developing strong positions in specialized market segments.
3. Large firms can reach fragmented markets that splintered from once homogeneous mass markets.
B. The process of market segmentation.
1. Identify the curre

I. The meaning of product.
A. Product?defined as a set of tangible and intangible attributes that may include packaging, color, price, quality, and brand, plus the services and reputation of the seller.
B. “Products” may include goods, services, places, persons, or ideas.
II. Classification of products.
A. Consumer products and business products?those that are intended for personal use in households or for resale, manufacture of other products, and providing services in an organization, respectively (some goods may be able to occupy a position in both categories).
B. Classifications of consumer goods.
1. Convenience goods?tangible products that the consumer feels comfortable buying without gathering additional information and then actually buys with a minimum of effort.
a. Purchased with minimal effort and prior knowledge.
b. Typically carries a low-unit price.
c. Not tied to fad or fashion.
d. Usually purchased frequently.
e. Distributed widely to be readily accessible

I. Product mix and product line.
A. Product mix?the set of all products/product lines offered by a company.
B. Product line?a broad group of products, intended for very similar uses and having similar characteristics.
1. Breadth?the number of product lines carried
2. Depth?the variety of sizes, colors, and models offered within each product line.
II. Product-mix strategies.
A. Positioning the product?creating the product image projected in relation to competing products as well as to other products offered by the same company.
B. Positioning strategies.
1. Positioning in relation to a competitor (i.e., Blockbuster vs. Hollywood Video)
2. Positioning in relation to a product class or attribute (i.e., high mileage per gallon, “the king of beers”).
3. Positioning by price and quality (i.e., Saks Fifth Avenue, Rolls-Royce positioned as high price, high quality).
C. Product mix expansion?increasing the number of product lines and/or depth within a line.
1. Line extension?add

I. Nature and importance of services.
A. Importance of services.
1. Over two-thirds of the U.S. GNP is accounted for by services.
2. Over 50 percent of all consumer expenditures are for services.
3. Services are the major source of U.S. employment (more than 80% of non-farm labor).
B. Definition of services-identifiable intangible activities designed to produce want-satisfaction to customers.
1. Services that are the purpose or objective of a transaction.
2. Services that support or facilitate the sale and/or use of a good are not included in the definition.
II . Developing a services marketing program.
A. Characteristics of services.
1. Intangibility-the characteristic making taste, touch, sight, smell, or hearing of the service impossible.
a. Visualization reduces intangibility by pictorially representing the services benefits.
b. Association reduces intangibility by connecting the service with a tangible good, person, object or place.
c. Physical representation reduce

I. Meaning of price.
A. Price?amount of money or value of other items with utility needed to acquire a product.
B. Utility?an attribute that has the potential to satisfy wants.
C. Barter?exchanging of goods/services for other goods/services.
D. What is being priced?
1. The specific good/service that is the object of the transaction.
2. Several supplementary services (i.e., warranty).
3. The want-satisfying benefits provided by the products.
II. Importance of price.
A. In the economy.
1. Price regulates the economic system.
2. Price influences factors of production: labor, land, capital, entrepreneurship.
3. Price must be established in a socially responsible manner.
B. In the customer’s mind.
1. Most consumers are sensitive to price.
2. Typically price and quality are assumed to correlate.
3. Price concerns consumers as it represents a component of value?the ratio of perceived benefits to price and any additionally incurred costs.
4. Time represents a cost (i.e., sh

I. Middlemen and distribution channels.
A. Definitions.
1. Middlemen?businesses that render services related directly to the sale and/or purchase of a product as it flows form producer to consumer.
2. Merchant middlemen?actually take title to products they help to market.
3. Agent middlemen?never actually own the products they help to market.
B. How important are middlemen?
1. Critics argue there are too many middlemen whose costs simply drive up final prices.
2. Eliminating middlemen (disintermediation) does not eliminate the need to perform their functions, nor may it necessarily reduce costs.
3. Functions can be shifted to alternate parties to improve efficiency.
4. Middlemen may be able to perform functions more cheaply than others.
5. Middlemen serve as purchasing agents for their buyers and sales specialists for their suppliers.
C. What is a distribution channel?
1. Distribution channel?consists of the set of people and firms involved in the transfer of title to a pr

I. Nature and importance of retailing.
A. Retailing and retailers.
1. Retailing (or retail trade) consists of the sale, and all activities directly related to the sale, of goods and services to ultimate consumers for personal, nonbusiness use, regardless of how or where the product is sold.
2. Retailer?a firm primarily engaged in retailing; traditionally associated with goods, but also encompasses services sold to the ultimate consumer.
B. Economic justification for retailing.
1. Retailers, as middlemen, serve as purchasing agents for customers and sales specialists for suppliers.
2. They anticipate consumers’ wants, develop product assortments, acquire marketing information, and offer financing.
3. Market entry and exit is relatively easy for a retailer. Less investment is needed than for other types of businesses. This increases competition and keeps profit margins low.
4. Retail success is based on meeting the needs of producers and wholesalers as well as consumers.
C.

I. The role of promotion in marketing.
A. Promotion and imperfect competition.
1. Firms use promotion in an environment of imperfect competition to provide information for the buyer’s decision-making process, to differentiate the product, and to persuade prospective buyers.
2. Promotion may also affect demand elasticity for a product.
B. Promotion and marketing?The roles of promotion are to inform, persuade, and remind current and prospective customers and other audiences about a company and its products.
II. Promotion methods.
A. Personal selling?the direct presentation of a product to a prospective customer by a representative of the selling organization; more is spent on personal selling than any other promotional method.
B. Advertising?nonpersonal communication paid for by a clearly identified sponsor promoting ideas, organizations, and products; most common on TV, radio, in newspapers, magazines, but numerous other media exist.
C. Sales promotion?is sponsor-funded deman

I. Nature and scope of advertising.
A. Advertising?consists of all the activities involved in presenting through the media a nonpersonal, sponsor-identified, paid-for message about a product or organization.
1. Has a verbal and/or visual message.
2. Has an identified sponsor.
3. Is delivered through one or more media. Television is most heavily used medium.
4. The sponsor pays for the message.
B. Advertising as a percentage of sales?total advertising expenses can be large, but for bigger firms it is still a relatively small percentage of sales revenues; percentages will depend on the company, product, competition, and market.
C. Advertising costs versus personal selling costs?personal selling costs generally exceed those of advertising, and only a few industries still spend more on advertising than on personal selling.
D. Types of advertising.
1. The target: consumer or business.
2. The type of demand: primary or selective.
a. Primary demand?focuses on demand for a produc

I. Planning as part of management.
A. The nature of planning.
1. Planning?deciding what will be done later, including when and how it will be done.
2. Strategic planning?the managerial process of matching organizational resources with long-run market opportunities; effective to seize opportunities and avoid threats.
3. Strategic windows?describes the limited time in which a firm’s resources coincide with a given market opportunity.
B. Essential planning concepts.
1. Mission?states what customers the organization serves, what needs it satisfies, and what types of products it offers; the mission statement indicates in general terms the boundaries of an organization’s activities.
2. Objectives (and goals)?desired outcomes; should be ambitious, but realistic, written clearly and specifically, consistent, have a specified time period, and be measurable.
3. Strategy?broad plan of action by which an organization intends to reach its objectives; Tactics are means by which a strategy