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Midterm Outline - Chapter 1 Creating Customer Relationships...

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Chapter 1: Creating Customer Relationships and value through marketing Marketing : the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large DEVELOPING, PRICING, PROMOTING AND DISTRIBUTING Exchange : trade of things of value between buyer and sellers so that each is better off after the trade To serve buyers and sellers needs making seeks to 1. Discover the needs and wants to prospective customers 2. Satisfy them The 4 Conditions for marketing to occur 1. 2 or more parties with unsatisfied needs Ex: A bookstore owner selling books on music (he wants money for the books) and the customer who wants to learn about music, so he must buy a book. 2. Desire/ability to satisfy these needs Ex: You have the money and time to go the bookstore, and the seller has the book on his shelves 3. A way for the parties to communicate Ex: Receive a free sample in the mail or see the magazine on display in the bookstore, communication is met 4. Something to exchange Ex: Money for book. How Customers Discover and Satisfy Consumer Needs? - Through research and a marketing program Needs: occurs when a person feels deprived of basic necessities (food, shelter, etc.) Wants: shaped by knowledge, culture, personality 1. Discover consumer needs 2. Create concepts for products 3. Satisfy consumer needs through combination of 4 P’s. 4. Goods, services, ideas 5. Potential consumers: the market 6. Information about needs Restart the cycle and discover consumer needs Market : made up of PEOPLE with the desire and ability to buy a specific offering Target market: one of more specific groups of potential customers toward which an organization directs its marketing program 4 Ps: 1. Product 2. Price- what is exchanged for the product 3. Promotion- a means of communication between buyer and seller 1. Place Marketing mix : the marketing mangers controllable factors that can be used to solve a marketing problem Environmental forces: uncontrollable factors involving 1. Social 2. Economic 3. Technological 4. Competitive 5. Regulatory forces
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Customer value: the unique combination of benefits received by targeted buyers that includes quality, convenience, promptness and before/after sale service at a specific price b/c loyal, satisfied customers are likely to repurchase over time Strategies: 1. Best price 2. Best product 3. Best service 4. Convenience Relationship marketing: linking the organization to its individual customers, employees, suppliers and other partners for long-term benefits - personal ongoing communication - The Internet makes it hard for relationship marketing to occur, because people are not going to stores and allowing for relationships to develop Marketing program : a plan that integrates the marketing mix( 4 P’s) to provide a good, service or idea to prospective buyers. Then, prospects offer favorable by buying or unfavorably by not buying - After an assessment of needs, a marketing manager must translate ideas from consumers into concepts for products that a firm may develop.
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