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Lecture ch01 & ch02

Lecture ch01 & ch02 - Lecture Chapters 1 2 1 Lecture...

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Lecture Chapters 1 & 2 1/28/08 Lecture Notes Textbook Chapters 1 & 2 **Don’t need to memorize definitions. He may give us definitions and ask about it – how, when, why… it is used. Marketing: “An (1) organizational function and (2) a set of processes for (3) creating, (4) communicating, and (5) delivering (6) value to (7) customers and for (8) managing (9) customer relationships in ways that (10) benefit the (12) organization and (12) its stakeholders.” Value – you get something more in return than what you gave up. Customers – we look at what the customers need. Managing – coordinating activities with the customers. Customer Relationships – customer’s being satisfied and thus coming back. Benefit – satisfying somebody’s need (for entertainment, food, service…) Stakeholders – the organization has responsibility to more than just the final customers. Concise, 2007 definition: “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” Who markets? Businesses Government units Non-profit organizations Cause related organizations What is marketed? Goods Services Ideas Who buys? Ultimate consumers Organizational buyers For internal use For resale (wholesalers, retailers) Manufacturers (components) Consumer benefits? Utility Consumption Convenience Customer Value : Value is the ratio of the benefits received (usually goods or services) to what is given up (usually money) For a transaction to take place, the benefits received must usually be greater than the sacrifice Note that a high price product may be a good value to the customer even if a high price is paid if the perceived benefits received are higher 1
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Lecture Chapters 1 & 2 A low priced product may not represent value to a customer if the benefits received are perceived to be low, too. Different customer segments will have different value perceptions A product which is adapted to the needs of a particular segment can be very valuable to that segment even if the overall “quality” is not seen as superior by most other consumers The Reality of Marketing Matching consumer needs with suppliers Providing value to customers—e.g., Lower prices (e.g., auto insurance) Reliability/consistency Extra services (e.g., dry cleaning picked up and delivered; mobile mechanic; online banking) Special segment need Requirements for Marketing to Occur
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