{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Chapter 1 - Chapter 1 The Growth of Advertising and P...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
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 MARKETING FOCUSES ON RELATIONSHIPS 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. THE MARKETING MIX -Marketing Mix – 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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
3. Place 4. Promotion Integrated Marketing Communications THE EVOLUTION OF IMC
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}