marketing notes - M ARKETI NG INTRODUCT IO N Market People...

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MARKETING INTRODUCTION: Market - People with the desire and ability to buy a specific product/service. Product - A good, service, or idea that satisfies the customer’s needs. Service - Intangible activities or benefits that the consumer buys in exchange for money or something of value. As a customer you are buying a service - Co-produced service : the consumer works with the seller to create the service experience The customer influences the quality of the service. E.g. Wikipedia Marketing definition - Marketing is the activity for creating, delivering, communicating, and exchanging offerings that benefit the organization, its stakeholders, and society at large. - The shareholders are the customers, shareholders, employees, suppliers, channel members The Scope of Marketing - Who markets: For profit businesses, Non-profit businesses, Private Individuals and Government - What do they market: products, services and ideas. Requirements for Marketing To Occur Two or more parties with unsatisfied needs Ability and willingness to satisfy them
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A way to communicate Something to exchange Eras in business focus The Production Concept Focus on production efficiency Make products available and sell them cheaply High demand, low supply The product concept Create high quality products and improve them over time Focus on engineering, common in technology driven firms Will quality translate into critical benefits? The Sales Concept Create offerings Get customers to buy them. Focus on the needs of the seller
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The Marketing Concept Identify and satisfy the needs of customers in a way that achieves organizational goals Relationship Marketing Concept Build mutually satisfying long- term relationships with customers Build trust and commitment Trade off short term profit for long term gains Societal Marketing Concept Satisfy customer needs in a way that provides for society’s well- being Requires corporate social responsibility Sustainable growth Marketing’s Role in the Firm Whatever philosophy an organization follows, it will drive resource allocation, priorities, goals, and marketing decisions Marketing principles may be individually easy to understand, but marketing decisions that apply those principles successfully are difficult. Course Themes Marketing focuses on the customer and that focus is critical to long-term success. Marketing concept, market orientation, customer relationship management (CRM)
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Marketing adds value Marketing has a broad impact on society à ethical and social issues Marketing principles are not hard to understand, but marketing decision making is complex. ORGANIZATIONAL STRATEGY Developing Strategy: Strategy : An organization’s long term course of action designed to deliver a unique customer experience while achieving its goals A. Organizational Foundation 1. Mission: A statement of the organization’s function in society - Importance:
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  • Spring '10
  • profesersson
  • Marketing, Marketing Mix Elements, Important marketing objectives, Marketing definition Marketing

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