Notes 1 - • • • • The exchange process – both...

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The exchange process – both have to have something that is of value to the other o Buyer has cash/credit; seller has good or service Marketing – book definition Marketing mix o Product – could be a physical product or a service o Promotion – advertising, contests, endorsements, product placement o Place – where the product is purchased (store or internet) o Price – what the consumer gives up in exchange (cash or credit) Marketing o Came about after the Industrial Revolution o Mass production o 1920’s – production orientation What we can do best Not the customer Build it and they will come o Sales orientation Aggressive selling Supply greater than demand Led to consumer activists (1960’s) Ralph Nader – cars that are unsafe o Employing the marketing concerpt Push units Costs much more to attract new customer than to hold old customer o Strategic marketing management Discover behaviors Target market – who to focus on Development of marketing mix – for that target market (4 P’s) o Societal marketing orientation Improve society Fine line o Focus of marketing today Value – benefit from the product or service relative to the price Satisfaction – meet or exceed expectations, overall experience Quality – reliability, performance, longevity, durability, relative to competition, brand image Long-term relationships – customers for life Value proposition – consumer perception that what they are getting is a good value for what they are giving up Positioning – how do consumers perceive a particular brand relative to competition
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Customer relationship management – use the value proposition and positioning to build a long-term relationship with the customer o Successful relationship marketing requires… Customer oriented personnel – hire the right kind of people Good training – spend time and money training them Empowerment – employees are able to solve problems on the spot, no “let me ask the manager” Teamwork – employees work as a team with a customer focus o Importance of marketing in society Importance to business – entire company is company focused, marketing is important Career opportunities – more CEOs started in marketing than any other area Affects daily life – consumer, 50 cents of every dollar is marketing cost To you – market yourself Company mission – what do we hope to achieve, type of business that the company is in, what the company stands for, philosophy, how they will better society, image, invisible guiding hand Company goals and objectives – more specific that the mission, how the mission is achieved Business portfolio and strategic business units – looking at the offering and dividing the company into manageable pieces (brand, group of related products) Meaningful goals o Supportive of the organization’s mission – fit with the overall focus
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Notes 1 - • • • • The exchange process – both...

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