BAexam1 - BA320 Chapter 1 Marketing Definition 1st slide It...

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BA320 Chapter 1 - Marketing Definition 1 st slide It is so basic that it cannot be considered a separate function The business seen from the customer’s POV Aim is to know customer so well that the product sells itself; customer should be ready to buy ideally, all that is needed is the product or service to be available Art of creating genuine customer value Marketer’s watchwords: quality, service, and value History 1. pre-industrial revolution: low production, artisans and craftspeople 2. production orientation – up to 1920’s; SELLERS market a. a good product will sell itself/ if we build it, someone will buy it b. emphasis on efficient production (Adam smith, 1776, division of labor) 3. sales orientation – 1920 to 1950 a. sell what we make, make the sale b. advertising and selling necessary to overcome resistance (tv and radio ads) 4. market orientation - 1950-1990 BUYERS market a. Make what customers want/ find a need and satisfy it b. Wanted long-term success; company-wide customer orientation 5. relationship orientation – 1990 to present a. est. lasting relationships with all stakeholders (l-t value added relationships) b. success from mutually beneficial exchanges; customer orientation to the max Transaction-based marketing – s-t focus on completing a one-time exchange; little if any communication; goal is to have customer make purchase now; marketing costs high because need to find new customers on a constant basis Relationship-based marketing - l-t focus based on cooperation and building trust for ongoing association and mutual benefit; continuing communication; goal is to encourage repeat purchases/ a win-win situation; increased sales and lower marketing costs Utility – ability of g/s to satisfy a want or a need - Form utility – making finished goods from raw mat. and providing services (iTunes) - time utility – providing g/s when consumers want them - place utility – availability of g/s where you want them - ownership utility – ability to transfer possession of g/s Needs – physical, social, knowledge and self-expression Wants – are needs as shaped by culture, indiv taste, and personality Demands – wants of indiv that have enough buying power to satisfy the wants - when consumers want something, it is because they think it is a means to an end
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-people buy prods for the benefits they bring Selling concept: factory (starting point); existing prods ( focus ); selling and promoting (means); profits through sales volume (end)….stops at a corporate level Marketing concept: market (starting point); customer needs (focus); integrated marketing (means); profits through customer satisfaction (ends)….on page 20 Corporate marketing – provide customer/ competitive perspective for corporate strategic planning Strategic marketing – (business unit) assist in the develop of the strategic perspective of the bus unit to direct its future course Marketing management - (product/market) formulate and implement marketing programs
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BAexam1 - BA320 Chapter 1 Marketing Definition 1st slide It...

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