Notes, Module 1 - Notes Module 1, UGBA 10 Chapters 11 & 12...

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Notes – Module 1, UGBA 10 11. Marketing Processes and Customer Behavior a. What is Marketing ? i. = 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. ii.Providing Value and Satisfaction 1.Value – compares a product’s benefits w/its costs. Benefit = functions of the product but also emotional satisfaction associated w/owning, exp, possessing it. Also includes better products, more shopping convenience (longer hrs), price reductions 2. Value = (benefits)/(costs), that is good value must have higher benefits than costs 3.Utility – ability of a product to satisfy a human want or need a. Form utility: designing products w/features customers want b. Time utility: determine when products should be delivered to customers c. Place utility: where products will be delivered to customers d. Ownership utility: transferring product ownership to cust by setting selling prices, terms for cust credit pymts, ownership docs . iii. Goods, Services, Ideas 1.Consumer goods : goods that cust may buy for personal uses. Firms that sell goods to cust for personal consump = consumer marketing 2.Industural goods: physical products purchased by companies to produce other products – ie raw materials, surgical equip, bulldozers – firms selling these= indust marketing 3.Services: products having nonphysical features, such as time, expertise, activity that can be purchased 4. Marketers also promote ideas, ie no pirating or eating healthy etc 5.Relationship Marketing: emphasizes building lasting relationships w/customers and suppliers. Stronger relationships can result in greater long-term satisfaction + customer loyalty. (banks) == data warehousing – compiling/storage of cust. Data = can extract info that allows thm to know customers and fit their needs. Data mining- automates massive analysis of data by using comps to sift/sort/search thru clues about what customers look at iv. The Marketing Environment 1. Pol-Leg Enviro – pol activities/laws = ways to promote; also companies support PACs 2. Sociocultural Enviro – lifestyle trends, social values that produce/drive new products 3. Technological Enviro – new technologies create new goods, new products make existing ones useless 4. Ecnonomic enviro – if economy is good then more consumer spending, bad = less 5. Competitive enviro – a. Substitute products – may not lok alike or may seem very different from one another but fufill same need b. Brand competition – occurs b/n similar products, competitive marketing that appeals to customer perceptions of benefits of products offered by particular cos c. International competition – matches the products of domestic marketers against those of foreign competters – marketing of domestic products vs foreign ones v. Strategy: The Marketing Mix 1. Marketing Managers = responsible for planning/implementing all activities that result in transfer of
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This note was uploaded on 04/02/2008 for the course BUSINESS 10 taught by Professor Robinson during the Spring '01 term at University of California, Berkeley.

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Notes, Module 1 - Notes Module 1, UGBA 10 Chapters 11 & 12...

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