Chapter 1 Overview of Marketing

Chapter 1 Overview of Marketing - Marketing creating...

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Marketing: creating, capturing, and communicating value to your customers. Marketing is an exchange! ***Value: benefits – costs Shark Tank: Ionic Ear - Benefits: not dealing with inconveniences of Bluetooth - Costs: surgery, sticking needle in ear every day. 4 Pieces of Marketing: ***Marketing requires: - Product , creating value - Price, capturing value (only marketing mix where you extract a value)*** - Place, delivering value - Promotion Decisions, communicating value Business to Business: company sells to another company Business to Consumer: company sell product to you Consumer to Consumer: someone sells something to you Marketing impacts various stakeholders:
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Unformatted text preview: -Society-Customers-Employees-Supply chain History of Marketing: 1. Production oriented, if you are able to produce something people will buy it. 2. Sales oriented, forcing people to buy your product, produce product and hire people to buy your product. 3. Marketing oriented, meeting consumer needs and wants. 4. Value based marketing, meeting consumer need better than your competitor. How do firms become value driven?-Sharing information-Balancing benefits with costs-Building relationships with customers*** very important in marketing to become value driven....
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