Chapter 12

Chapter 12 - Chapter 12 Customer-Driven Marketing I What is...

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Chapter 12: Customer-Driven Marketing I. What is Marketing? a. Marketing: the process of planning/executing the conception, distribution, promotion, and pricing of ideas, goods, services, organizations, and events to create and maintain relationships that satisfy individual and organizational objectives i. More than just selling, discovering unmet customer needs, research of market, and service capable of satisfying customers ii. Throughout marketing process, main focus is to build customer relations iii. Exchange Process: two/more parties benefit from trading things of value iv. Marketing= better standard of living, more fulfilling to your needs b. How to Marketing Creates Utility i. Utility: want-satisfying power of a good or service 1. form utility: created by company’s production function by converting raw materials into finished goods/services 2. Due to Marketing Function a. Time Utility: created by making a good or service available when customers want to purchase it b. Place Utility: created by making a product available in a location convenient for customers c. Ownership Utility: refers to an orderly transfer of goods/services from seller to buyer II. Evolution of the Marketing Concept a. Different Eras i. Production Era: stressed efficiency in producing quality products ii. Sales Era: businesses assumed consumers would buy due to energetic sales efforts iii. Marketing Era: began to adopt consumer orientation iv. Relationship Era: emphasize customer satisfaction/long term relationships w/ customer b. Emergence of the Marketing Concept i. Marketing Concept: companywide consumer orientation to promote long-run success 1. seller’s market: one with a shortage of goods/services 2. buyer’s market: one with an abundance of goods/services c. Delivering Added Value through Customer Satisfaction and Quality i. Customer satisfaction: result of a good or service meeting or exceeding the buyer’s needs and expectations 1. fail to meet customer’s needs, you will not be successful ii. Best Ways to Keep Customer 1. not just by offering product, customers want value 2. value: perception that quality of goods/services are in balance with price charged
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3. value added good/service: making improvements that increase customer satisfaction a. i.e. Lowering Price, Improving Customer Service, etc. 4. Quality: the degree of excellence or superiority of an organization’s goods/services, another way firms enhance customer satisfaction a. Mistake in quality can ruin company image i. Ex. McDonald’s mistakes in drive thru, customers check bags twice, may make them want to go somewhere else d. Customer Satisfaction and Feedback i. Customer Feedback: best way to find if customers are satisfied w/ goods/services through toll-free hot lines, customer satisfaction surveys, Web-Site message boards, or written correspondence III. Expanding Marketing’s Traditional Boundaries a. Not-For-Profit (NFP) Marketing i. Use same concepts as profit seeking firms 1. Apply marketing tools to reach audiences, secure funding,
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Chapter 12 - Chapter 12 Customer-Driven Marketing I What is...

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