Text Book Chapter 1

Text Book Chapter 1 - Text Book Chapter 1 Creating Customer...

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Text Book Chapter 1- Creating Customer Relationships and Value through Marketing Learning Objective 1: What is marketing? -Marketing is: the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large. Note that the organization doing the marketing, the stakeholders affected (consumers, employees, suppliers and shareholders), and society should all benefit. - Marketing seeks to 1. Discover the needs and wants of prospective customers and 2. To satisfy them. -Marketing is not the same thing as advertising or personal selling. -Diagram of “the organization” on pg.8 -4 Factors for marketing to occur: 1. Two or more parties with unsatisfied needs 2. A desire and ability on their part to be satisfied 3. A way for the parties to communicate and 4. Something to exchange. -Organizations must strike a balance among the differing interests of the individuals and groups involved. For example, it is not possible to provide the lowest-priced and highest-quality products to customers and pay the highest prices to suppliers, highest wages to employees and maximum dividends to shareholders. Learning Objective 2: Explain how marketing discovers and satisfies consumer needs.
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