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Unformatted text preview: Chapter 1 The Growth of Advertising and Promotion What is Marketing?-Exchange – The definition of marketing focused on exchange as a central concept in marketing and the use of the basic marketing activities to create and sustain relationships with customers-Marketing – Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients partners, and society at large • MARKET I NG FOCUSES ON RE LAT IONSH IPS AND VALUE-Value – customer’s perception of all of the benefits of a product or service weighed against all the costs of acquiring and consuming it-Relationship marketing – creating, maintaining, and enhancing long-term relationships with individual customers as well as other stake-holders for mutual benefit.-Mass customization – A company can make a product or deliver a service in response to a particular customer’s need in a cost-effective way-Customer relationship management (CRM) – involve the systematic tracking of consumers’ preferences and behaviors and modifying the product or service offer as much as possible to meet individual needs and wants. • T HE MARKET I NG M IX-Marketing M ix – basic task of marketing is combining these four elements into a marketing program to facilitate the potential for exchange with consumers in the marketplace 1. Product 2. Price 3. Place 4. Promotion I ntegrated Marketing Communications • T HE EVOLUT ION OF I MC-I ntegrated marketing communications (I MC) –...
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This note was uploaded on 01/10/2010 for the course MATH 215 taught by Professor Orrwel during the Fall '08 term at Alabama State University.
- Fall '08