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EXAM ONE REVIEW CHAPTERS ONE, TWO, & THREE CHAPTER ONE Marketing- managing profitable customer relationships. Aim- To create value for customers and to capture value in return Ex. NASCAR 2 nd highest rated regular season sport on TV. 40% of followers are women and 1 in 3 Americans follow NASCAR. Single Minded Focus: Creating Lasting Customer Relationships Through careful blend of live racing events, abundant media coverage, and compelling websites. They build relationships through; Fans getting to bring their own food and drink into the races. Family event and most fans see drivers as role models. Websites engage people allowing them more access. BIGGEST PART: Feeling it is personally accessible. They get very loyal fans, they are more willing to buy a product sponsored by their driver, i.e. Ted Wuebben drinks Miller because it sponsors Rusty Wallace’s car. There are over 250 big-name sponsors for NASCAR. NASCAR is a premier marketing organization that knows how to create customer value that translates into deep and lasting customer relationships. Marketing- Managing profitable customer relationships GOALS: 1) Attract new customers by promising superior value a. Getting new customers involves new or improved products 2) Keep and grow current customers by delivering satisfaction a. Old Adage, “ A lot cheaper to keep old customers then to get new ones” Marketing Mix/ 4 P’s – A set of marketing tools that work together to satisfy customer needs and build customer relationships Marketing Broadly: A social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. Narrower: Involves building profitable, value laden exchange relationships with customers.
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Book Definition: The process by which companies create value for customers and build strong customer relationships in order to capture value from its customers in return. Old view or marketing : Telling a story and making a sale. New view or marketing: Satisfying customer needs. Business to Business Customers are a larger part then the consumer sales. Marketing Defined: A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. A Simple Model of the Marketing Process 1) Understand the marketplace and 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) Capturing value from customers 1) Understanding the marketplace and customer needs 5 Core Customer and Marketplace Concepts 1) Needs, wants, and demands 2) Marketing offers 3) Value and satisfaction 4) Exchanges and relationships 5) Markets Market Myobia- companies are so taken with their products that they focus only on existing wants and lose sight of underlying customer needs Demand- Wants + Buying Power The Demand through needs and wants are fulfilled through a marketing offer
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