ADM2320X summer 2008-ch 1

ADM2320X summer 2008-ch 1 - Marketing: Customer Value,...

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1 Marketing: Customer Value, Satisfaction, and Customer Relationships Chapter One
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2 Definition of Marketing Marketing is the process of planning and executing the conception, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives . - American Marketing Association
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3 Marketing creates customer value By identifying the needs and wants of prospective customers; and By identifying ways to satisfy these needs.
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4 Marketing is an exchange of valuables Marketing activities generate and facilitate exchanges of valuables to satisfy human needs and wants. For an exchange to occur: parties have unsatisfied needs parties must be involved voluntarily each party must benefit parties must communicate something of value is exchanged from seller to buyer
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5 Definitions Consumer (ultimate end-user of good/service) Organizational buyers (for own use or resale) Seller/vendor strives to make profits, achieve organizational goals and stay in business Need : when a person feels physiologically deprived of basic necessities: food, shelter, clothing Want : a desire for particular product to satisfy a need (influenced by culture and society) Benefit : when a product satisfies a need
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6 Determine what customers need and want – don’t produce what they do not need or want Focus on needs of a specific group of potential customers – the target market Develop an appropriate marketing mix (4Ps: product, price, placement and promotion) and marketing program: Each P has its own strategy; and, together, the four strategies form the “marketing mix” that creates, communicates, and delivers value to a target market.
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7 Creating Customer Value A product’s value or utility satisfies customer needs Marketing creates much of a product’s value or utility the focus is on how the purchase and post- purchase processes add value to the customer’s experience, providing satisfaction (e.g. convenience, on-time delivery, best price, best product, best service)
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8 Customer Satisfaction Does actual product exceed customer’s expectations? Customer satisfaction is achieved using:
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ADM2320X summer 2008-ch 1 - Marketing: Customer Value,...

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