Comm 223 Final Notes - Comm 223 Midterm Review Fall 2015...

Info icon This preview shows pages 1–3. Sign up to view the full content.

Comm 223 Midterm Review: Fall 2015 Anthony Psycharis Chapter 1: Introduction Model of the marketing process: Chapter 1 focuses on points 1 & 2 o Simple Definition: Marketing is managing profitable customer relationships o New customers Attract by promising superior value o Old customers Retain through continuous satisfaction Create value for customers and build customer relationships 1. Understand the marketplace and the customer needs and wants 2. Design a customer-driven marketing strategy 3. Construct a marketing program that delivers superior value 4. Build profitable relationships and create customer delight 5. Create value from customers to create profits and customer equity Needs of customers States of felt deprivation Wants of customers The form human needs take as they are shaped by culture and individual personality Demands of customers Human wants that are backed by buying power Market Offerings: Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. (Can be tangible or intangible, a product or a service) it all depends on the individual customers beliefs and how they interpret the satisfaction from each product. Marketing Myopia: The mistake of paying more attention to the specific products a company offers than to benefits and experiences produced by these products Designing a customer-driven marketing strategy Marketing Management: The art of choosing target markets and building profitable relationships with them Find, attract, keep, and grow target customers by creating, delivering, and communicating superior customer value What customers will we serve? (What’s our target market) How can we serve these customers best? (What’s our value proposition) 1. Whom will the company serve? (Done through market segmentation & targeting) 2. How it will differentiate and position itself in the marketplace? (Brand value proposition benefits or values it promises to deliver satisfaction) Production Concept: The idea that consumers will favour products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency. Product concept: The idea that consumers will favour products that offer the most in quality, performance, and innovative features and that the
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

organization should therefore devote its energy to making continuous product improvements. Selling Concept: The idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort. (Refer below) (Fries with that? Supersize that?) Factory Existing Products Selling & Promoting Profits through sales volume Marketing Concept: A philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. (Refer below) Market Customer Needs
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern