midtermreview

midtermreview - Midterm Review Toni Razzagone Ch 1 Creating...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 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-t ime delivery, and both before sale and after sale service at a specific price....
View Full Document

This note was uploaded on 04/08/2011 for the course MRKT 301 taught by Professor Taek.kim during the Spring '11 term at Rutgers.

Page1 / 34

midtermreview - Midterm Review Toni Razzagone Ch 1 Creating...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online