midtermnotes - o Lifetime value of a customer(Revenues...

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Chapter 1 o Production and marketing together create utility. o Utility: want-satisfying power of a good or service o Marketing Eras Production Era: Create the very best product one can Sales Era: Trying anything and everything to get customers to buy a product Marketing era: A shift from a sellers’ market to buyers’ market Buyers’ market: more good than buyers Relationship marketing: create long-term, value added relationships o People buy benefits, not features o Marketing myopia: failure to see your products’ big picture o Non-traditional marketing Person Place Cause Event Organization o Marketing views Traditional view: simple exchange process or transaction-based marketing New view: emphasis on developing customers into repeat, loyal customers.
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Unformatted text preview: o Lifetime value of a customer: (Revenues+ intangible benefits brought in over a lifetime)-(investments made to attract and retain them) o Physical distribution function: transporting and storing goods o Ethics: more than 50% of all companies offer ethics training • Chapter 2 o S(pecific)M(easureable)A(ttainable)R(elevant)T(imely) o Tactics: specific steps of action with a deadline . o Marketing Mix (4 Ps of marketing) Product: improve quality, maintain quality, examine product line Price: increase, decrease, maintain, examine Place/ Distribution: increase, decrease, maintain, examine Promotion: increase • Chapter 3...
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