BADM 320 studyguide - Chapter 1 Marketing Marketing An...

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Chapter 1: Marketing Marketing : An organization function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing requires product, price, place, and promotion decisions. Helps create value. Product: creating value by developing a variety of offerings. Price: capturing value based of buyers belief of value. Place: delivering the value proposition. Supply chain management. (Behind the scenes) Promotion: communicating the value proposition. History : Production oriented era: turn of the 20 th century firms were production oriented and believed that a good product would sell itself. Sales- oriented era: between 1920 and 1950, production and distribution techniques became more sophisticated. The great depression and WW2 made customers consume less or manufacture items themselves. They planted victory gardens and as a result they produced more than customers really wanted or were able to buy. Sales were the answer to overproduction. (Depended heavily on advertising) Market-Oriented Era- After WW2 soldiers came home. Manufacturers turned from the war products to consumer products. Customers became king. They made the decisions. Manufacturers and retailers began to focus on what the customers wanted and needed. First discovered marketing. Value-Based marketing- Transcended a production or selling orientation and attempt to discover and satisfy their customers’ needs and wants. Needed to give customers greater value than competitors did. Transaction and Relationship Marketing: Transactional: buyer-seller relationship as merely a series of individual transactions, so anything that happened before or after any transaction is of little importance. For example, a used car sales man uses the transactional approach. Relational: based on the philosophy that buyers and sellers should develop a long term relationship. Firms that follow this use a process known as customer relationship management which is a set of strategies, programs, and systems that focus on identifying, and building loyalty among a firms most valued customers. Exchange : Trade of things of value between the buyer and the seller so that each is better off as a result. Chapter 2: Marketing Strategy
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Marketing strategy: Identifies- 1. A firms target market 2. A related marketing mix, the 4 P’s 3. The bases upon which the firm plans to build a sustainable competitive advantage- is an advantage over the competition that is not easily copied and thus can be maintained over a long period of time. Below are steps to achieve a sustainable competitive advantage. a.
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BADM 320 studyguide - Chapter 1 Marketing Marketing An...

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