Midterm Review
Toni Razzagone
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
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.
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- Spring '11
- TaeK.Kim
- Marketing, ex
