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midtermreview2 - Ch 1 Creating Customer Relationships and...

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Ch 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. Marketing seeks to discover the needs and wants of prospective customers and satisfy them Exchange- the trade of things of value between buyer and seller so that each is better off after the trade and is the key to discovering customer needs This chart shows the key people, groups, and forces outside the organization that influence its marketing activities Marketing dpt is responsible for facilitating relationships, partnerships and alliances with customers, shareholders and suppliers Environmental forces (social, economic, technological, competitive, and regulatory) shape marketing activities An organizations marketing decisions are affected by and have an important impact on society Required Factors for Marketing to Occur 1) Two or more parties with unsatisfied needs a) Example: you desire information about how a computer works, you didn’t know that Wired magazine existed or that it was sold at a bookstore near you. Both parties with unmet needs are you; desiring technology related info, and the bookstore owner; needing someone to buy Wired 2) A desire and ability on their part to be satisfied
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a) Example: you have the money to buy the magazine and the time to go to the bookstore and the bookstore owner has the ability and desire to sell his products 3) A way for the parties to communicate a) Example: when you see the magazine on the rack or hear that they sell it, the communication barrier is overcome 4) Something to exchange a) Example: you exchange your money for the magazine Consumer needs and wants Needs when a person feels deprived of the basic necessities such as food, clothing, and shelter Wants a need that is shaped by a person’s knowledge of culture and personality A Market- people with both the desire and ability to buy a Specific offering Target markets- one of more specific groups of potential Consumers toward which an organization directs its Marketing program The 4 Ps (elements of the marketing mix- the marketing managers controllable factors) Product – a good, service or idea Price- what is exchanged for the product Promotion – communication between seller and buyer Place – getting the product to the consumer Uncontrollable Factors Environmental Forces- social, economic, technological, competitive and regulatory Customer value- the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before sale and after sale service at a specific price. The three value strategies are best price, best product, or best service Relationship marketing (easy to understand, hard to do)- developing and maintaining effective customer relationships by linking the organization to the individual customers, employees, suppliers, and other partners for their mutual long term benefits.
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