Marketing notes
Lecture #1: 1/14
● Value in exchange for money
● What is it worth to you?
● Create, capture, deliver, communicate
● Product, price, place, promotion
● What is it worth to you?
● People are willing to buy something if they believe it will give them value
Lecture #2: 1/16
● The Dow is very volatile, meaning it changes a lot
● The stock market is influenced significantly by the way that the government
functions, and the political climate in general
● Value is what it is worth to you (personal)
● Product category plays into the value of the product (Iphone vs Jeans, Iphone will be
more expensive, and have more (monetary) value, personal value will depend on the
individual
● Situation, value depends on the situation, meaning on a day like Thanksgiving and
two weeks prior are the biggest sellers for Turkeys, when compared to the rest of any
given year
● Ensuring that the brand that you are selling stays relevant in some way is vital to your
personal financial success
● Key Terms: B2B, B2C, Customer relationship management (CRM), entrepreneur,
exchange, goods and services, Marketing
● For products, in the United States: Goods are less than 20%, services are more than
80%
● Marketing= offering value (goods or services), in exchange for money
Textbook notes:
Chapter 1
● Marketing is about satisfying customers wants and needs.
● Marketing is about an exchange
● Marketing can be performed by an individual or an organization
● Helps create value for people
● Digital marketing is a big way that people communicate now
● With an online presence, those people then have a global presence
Chapter 2
● Marketing strategies may change over time because they will depend on how
customers respond to the certain things that occur
● Customer excellence is when a firm is able to retain customers and they are willing to
continually purchase the good/service that firm is offering
,● A SWOT is an important analysis to perform at any given time, this will help the firm
figure out what must be done to change any sort of operations within the firm
● Market penetration means that a strategy is employed where the firm tries to enter a
current market and be able to thrive in the area as a competitor
● Market development means that the firm is trying to reach current clients and people
that they have as customers continually
● Diversification is where someone tries to reach a current market, with a new product
that they are planning on implementing.
● Marketing plan connects to business plan and business mission
● Being able to implement a marketing strategy and then evaluate how well the
implemented marketing strategy worked is very important, changes can always be
made.
● In terms of marketing lingo, one is analyzing the marketing performance, to see how
well the strategy worked
● There are three different growth strategies for marketing: the first is market
penetration, where you enter a product into a market. The second is market
development, where you create a product that is unique and creates its own market
because one does not exist that fits the category of that product. The final is product
creation, where you are creating a product that is new and unique, but fits in an
existing market.
Lecture #3: 1/23
● People are in business in order to make money
● Someone offers a product/service. This product has a value, and this product/service
is in exchange for money.
● Being able to cover costs is a very important piece of business. Any remaining
amount after covering costs is the revenue that your business has
● Profit=earnings/income
● When a company takes a loss, it is usually in red in the companies income statement
● Sales is what the value of the goods/services you are selling is. Profit is the amount of
money that you make off of the sale.
● Paying attention to one's costs versus what they are charging is really important to
● Key terms for chapter 2: Brand, product, market segmentation, targeting positioning,
marketing strategy, market share, situation analysis, SWOT analysis. Products are
goods and services. Services account for more than 80% of products. An example of a
service is a financial service, (insurance), or legal.
Chapter 9 Textbook notes
● Marketing efforts will change based on who the target audience is. Different target
audiences will like different ideas
● Marketing is done a lot by just the name of the product or service
, ● Different audiences want different things with the marketing that they see, someone
may expect something vastly different just based on their age
● Understanding how to establish a marketing idea, and how to implement it, are super
important
● Doing studies to figure out correlations in people's lives may also help marketing
campaigns an extreme amount. For example understanding that someone who drinks
coffee, may want a cookie along with their coffee, or something small to eat, may
help a startup coffee shop with business, in being able to not only market what they
are selling, but also physically sell it
● One must also understand that while someone should try to reach as many customers
as possible, there are limitations when it comes to marketing and selling
● Marketing should not only be reachable to whatever the target market is for that
product/business, it should also be responsive. If the consumer is responsive the firm
will make money
● Figure out what you are marketing, to who, implement a strategy, put the product into
that market, understand and analyze results
● Value is extremely important to marketing. Letting the consumer know and fully
understand WHAT they are gaining from purchasing that good/service, and being able
to provide them with that value is extremely important
● However, value is generally determined by the consumer. If the consumer buys the
product/service, then it has value if otherwise occurs, than it may not be the right
market or the product does not have value to that specific customer
● Positioning, such as where the brand name is located, is also a very important aspect
for marketing, and marketers to understand
● Identify target market, as well as competitors. This will definitely help with execution
of marketing plan
● Benefit segmentation is grouping based on what consumers want
● Psychographic segmentation is based on self-values, lifestyles, and concepts
● Certain mile radius is concentrated (target market)
● Market positioning is making what the firm is offering, clear to the customers
● The purpose of branding is so that the consumer is able to fully understand and want
the product, it is not so vital that the seller is attracted to the appearance of the
product, but about whether or not they think it will sell
● Markets have to be reachable, and profitable in order for a marketer to be willing to
try to go for it
● Firms need to be able to identify who their target market is. This will allow them to
create product/services that are geared towards them
● Occasion segmentation is when segments are formed based on specific behavior
rather than everyday activities
● Micromarketing is marketing toward an individual's wants or needs
● Concentrated marketing strategy means that they are focusing on one specific age
range, gender etc.
Lecture #1: 1/14
● Value in exchange for money
● What is it worth to you?
● Create, capture, deliver, communicate
● Product, price, place, promotion
● What is it worth to you?
● People are willing to buy something if they believe it will give them value
Lecture #2: 1/16
● The Dow is very volatile, meaning it changes a lot
● The stock market is influenced significantly by the way that the government
functions, and the political climate in general
● Value is what it is worth to you (personal)
● Product category plays into the value of the product (Iphone vs Jeans, Iphone will be
more expensive, and have more (monetary) value, personal value will depend on the
individual
● Situation, value depends on the situation, meaning on a day like Thanksgiving and
two weeks prior are the biggest sellers for Turkeys, when compared to the rest of any
given year
● Ensuring that the brand that you are selling stays relevant in some way is vital to your
personal financial success
● Key Terms: B2B, B2C, Customer relationship management (CRM), entrepreneur,
exchange, goods and services, Marketing
● For products, in the United States: Goods are less than 20%, services are more than
80%
● Marketing= offering value (goods or services), in exchange for money
Textbook notes:
Chapter 1
● Marketing is about satisfying customers wants and needs.
● Marketing is about an exchange
● Marketing can be performed by an individual or an organization
● Helps create value for people
● Digital marketing is a big way that people communicate now
● With an online presence, those people then have a global presence
Chapter 2
● Marketing strategies may change over time because they will depend on how
customers respond to the certain things that occur
● Customer excellence is when a firm is able to retain customers and they are willing to
continually purchase the good/service that firm is offering
,● A SWOT is an important analysis to perform at any given time, this will help the firm
figure out what must be done to change any sort of operations within the firm
● Market penetration means that a strategy is employed where the firm tries to enter a
current market and be able to thrive in the area as a competitor
● Market development means that the firm is trying to reach current clients and people
that they have as customers continually
● Diversification is where someone tries to reach a current market, with a new product
that they are planning on implementing.
● Marketing plan connects to business plan and business mission
● Being able to implement a marketing strategy and then evaluate how well the
implemented marketing strategy worked is very important, changes can always be
made.
● In terms of marketing lingo, one is analyzing the marketing performance, to see how
well the strategy worked
● There are three different growth strategies for marketing: the first is market
penetration, where you enter a product into a market. The second is market
development, where you create a product that is unique and creates its own market
because one does not exist that fits the category of that product. The final is product
creation, where you are creating a product that is new and unique, but fits in an
existing market.
Lecture #3: 1/23
● People are in business in order to make money
● Someone offers a product/service. This product has a value, and this product/service
is in exchange for money.
● Being able to cover costs is a very important piece of business. Any remaining
amount after covering costs is the revenue that your business has
● Profit=earnings/income
● When a company takes a loss, it is usually in red in the companies income statement
● Sales is what the value of the goods/services you are selling is. Profit is the amount of
money that you make off of the sale.
● Paying attention to one's costs versus what they are charging is really important to
● Key terms for chapter 2: Brand, product, market segmentation, targeting positioning,
marketing strategy, market share, situation analysis, SWOT analysis. Products are
goods and services. Services account for more than 80% of products. An example of a
service is a financial service, (insurance), or legal.
Chapter 9 Textbook notes
● Marketing efforts will change based on who the target audience is. Different target
audiences will like different ideas
● Marketing is done a lot by just the name of the product or service
, ● Different audiences want different things with the marketing that they see, someone
may expect something vastly different just based on their age
● Understanding how to establish a marketing idea, and how to implement it, are super
important
● Doing studies to figure out correlations in people's lives may also help marketing
campaigns an extreme amount. For example understanding that someone who drinks
coffee, may want a cookie along with their coffee, or something small to eat, may
help a startup coffee shop with business, in being able to not only market what they
are selling, but also physically sell it
● One must also understand that while someone should try to reach as many customers
as possible, there are limitations when it comes to marketing and selling
● Marketing should not only be reachable to whatever the target market is for that
product/business, it should also be responsive. If the consumer is responsive the firm
will make money
● Figure out what you are marketing, to who, implement a strategy, put the product into
that market, understand and analyze results
● Value is extremely important to marketing. Letting the consumer know and fully
understand WHAT they are gaining from purchasing that good/service, and being able
to provide them with that value is extremely important
● However, value is generally determined by the consumer. If the consumer buys the
product/service, then it has value if otherwise occurs, than it may not be the right
market or the product does not have value to that specific customer
● Positioning, such as where the brand name is located, is also a very important aspect
for marketing, and marketers to understand
● Identify target market, as well as competitors. This will definitely help with execution
of marketing plan
● Benefit segmentation is grouping based on what consumers want
● Psychographic segmentation is based on self-values, lifestyles, and concepts
● Certain mile radius is concentrated (target market)
● Market positioning is making what the firm is offering, clear to the customers
● The purpose of branding is so that the consumer is able to fully understand and want
the product, it is not so vital that the seller is attracted to the appearance of the
product, but about whether or not they think it will sell
● Markets have to be reachable, and profitable in order for a marketer to be willing to
try to go for it
● Firms need to be able to identify who their target market is. This will allow them to
create product/services that are geared towards them
● Occasion segmentation is when segments are formed based on specific behavior
rather than everyday activities
● Micromarketing is marketing toward an individual's wants or needs
● Concentrated marketing strategy means that they are focusing on one specific age
range, gender etc.
