Marketing ch 1-5 - Marketing- Chapter 1 Marketing- an...

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Marketing- Chapter 1 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. > Exchange- trade of two things of value between buyer and seller so that each is better off > How to create a new product- (1) focus on what the consumer benefit is (2) learn from the past > Market- people with desire and ability to buy a specific product > Target market- specific group of potential customers toward which an organization directs its marketing program > Marketing Mix- (Four P’s): The market manager’s controllable factors- Product, Price, Promotion, and Place- that can be used to solve a marketing problem > Environmental Forces- uncontrollable marketing factors such as social, economic, technological, competitive, and regulatory forces > Customer Value- buyer’s benefits including quality, price, convenience, on-time delivery, and before- and-after-sale-service > Relationship Marketing- linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit > Marketing Program- plan that integrates the marketing mix to provide a good, service, or idea to perspective buyers > Marketing Concept- idea that an organization should (1) strive to satisfy the needs of consumers while also (2) trying to achieve the organization’s goals > Marketing Orientation- focusing organizational efforts to collect and use information about customers’ needs to create customer value > Customer Relationship Management (CRM) - the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace > Societal Marketing Concept- view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being > Ultimate Consumers- people who use the goods and services purchased for a household > Organizational Buyers- manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale > Utility- benefits or customer value received by the users of the product > 4 types of Utility- > 1. Form (having what the consumer wants) > 2. Place (having it where the consumer wants it) > 3. Time (having it when the consumer wants it) > 4. Possession (making an item easy to purchase through credit cards or financial arrangements) > Marketing- Chapter 2 Profit- reward to a business firm for the risk it undertakes in offering a product for sale > Business Firm- a privately owned organization that serves its customers in order to earn a profit > Nonprofit Organization- a nongovernment organization that serves its customers but does not have profit as an organizational goal > Corporate level- where top management directs overall strategy for the entire
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This note was uploaded on 03/30/2008 for the course AEM 2400 taught by Professor Mclaughlin,e. during the Fall '07 term at Cornell University (Engineering School).

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Marketing ch 1-5 - Marketing- Chapter 1 Marketing- an...

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