AEM 240 Ch1-3 outline - Chapter 1 Creating Customer...

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Chapter 1 – Creating Customer Relationships and Value Through Marketing Marketing An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders Seeks to (1) discover the needs and wants of prospective customers and (2) to satisfy them 4 factors required for marketing to occur: Two or more parties with unsatisfied needs A desire and ability on their part to be satisfied A way for the parties to communicate Something to exchange Consumer Needs and Consumer Wants Need – occurs when a person feels deprived of basic necessities Want – a need that is shaped by a person’s knowledge, culture, and personality Issue of ethics and social responsibility – does marketing persuade prospective customers to buy the “wrong” things The Four P’s: Controllable Marketing Mix Factors Product Price Promotion Place Uncontrollable Environmental Factors
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Social Economic Technological Competitive Regulatory Customer Value Unique combination of benefits received by targeted buyers that includes quality, price, convenience, on-time delivery, and service Successful firms often choose to focus on one of three value strategies: best price, best product, or best service Relationship Marketing Linking the organization to its individual customers, employees, and suppliers for their mutual long-term benefits Can be difficult to implement Marketing Program A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers Evolution of the Marketing Orientation Production Era Notion was that products would sell themselves, so the major concern of firms was production rather than marketing Sales Era As competition grew, the usual solution was to hire more salespeople to find new buyers Marketing Concept Era An organization should:
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Strive to satisfy the needs of consumers Try to achieve the organization’s goals Customer Era Marketing Orientation Company focuses its efforts on: Continually collecting information about customer needs Sharing this information across departments Using it to create customer value Customer Relationship Management (CRM) Identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the company
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