Mid-Term Review-Fall 10

Mid-Term Review-Fall 10 - Chs 1-7 Customer Value Midterm...

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Unformatted text preview: Chs 1-7 Customer Value Midterm Review 2 Class Objectives Identify & Understand the Customer SEGMENT I [Ch.s 1, 2, & 3] Customer Focus : making marketing value decisions through utilization of the marketing mix components (4 Ps) and marketing planning to create customer value or the market offering SEGMENT II [Ch.s 4, 5, 6, & 7] Customer Focus : understanding customer value needs through market segmentation, targeting, and positioning 3 What is Marketing? Definition of marketing (AMA, 2007) The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing concept: Identify consumer needs and satisfy those needs with the firm objective of long-term profitability 4 Product Price Place Promotion Financial Capability Research and Development Unit Location Production Inv. Capability Image/ Expertise Personnel Market Demand Social/ Cultural Political/ Legal Competition Technology Distribution Geo/Climatic (Domestic) Systems Model of the Marketing Environment Marketing Mix Semi-controllables Uncontrollables 5 What is Marketing? Structuring the marketing mix (4 Ps) to satisfy customer needs Meeting the needs of diverse stakeholders Buyers, sellers, investors, community residents, citizens (customers, clients, partners, and society at large) Providing customer value to markets better than the competition 6 What is Marketing? Creating, communicating and delivering value to customers to benefit the organization and other stakeholders Creating and developing a value proposition or market offering to meet customer needs at a profitable return on investment Creating utility or the sum of the benefits we receive from using a product/service, i.e., market offering generated from the marketing mix (4 Ps): Form, Place, Time, and Possession utility 7 What is Marketing? Creating, communicating and delivering product value: any good, service, or idea Consumer goods/services Business-to-business goods/services Not-for-profit marketing Idea, place, and people marketing 8 What is Marketing?...
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Mid-Term Review-Fall 10 - Chs 1-7 Customer Value Midterm...

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