Chapter 1 outline

Chapter 1 outline - Chapter1:AnOverviewofStrategicMarketing...

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Chapter 1: An Overview of Strategic Marketing 1. Defining Marketing- the process of creating, distributing, promoting, and pricing goods,  services, and ideas to facilitate satisfying exchange relationships with customers and  develop and maintain favorable relationships with stakeholders in a dynamic  environment. a. Marketing Focuses on Customers i. They are the focal point of all marketing activities ii. The customer expects to gain a reward or benefit in excess of the cost  incurred in a marketing transaction iii. Through buyer-seller interactions, a customer develops expectations, to  fulfill these expectations the marketer must deliver on promises made b. Marketing Deals with Products, Distributions, Promotion and Price i. Aside from advertising and selling, marketing involves developing and  managing a product that will satisfy customer needs ii. The ingredients used to meet the needs of the customers is called the  Marketing mix, they decide what type of each element to use and in what  amounts 1. Product Variable-Successful marketing efforts result in products  that become a part of everyday life a. Ex, Coca-Cola, Levi’s Jeans, Tylenol pain relievers 2. The Distribution Variable- To satisfy customer needs products  must be available at the right time and in convenient locations a. Ex, Starbuck locations opening in libraries and on college  campuses,  3. The Promotion Variable- it can aim to increase public awareness  of the organization and of new and existing products
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a. Ex,  Del Monte food using humorous television  commercials 4. The Price Variable- price is a critical component of the marketing  mix because customers are concerned about the value obtained  in an exchange a. Ex,  c. Marketing Builds Relationships with Customers and Other Stakeholders i. Individuals and organization engage in marketing to facilitate exchanges. ii. For an exchange to take place, four conditions must exist 1. Two or more individuals, groups or organizations must participate,  and each must possess something of value that the other party  desires 2. The exchange should provide a benefit or satisfaction to both  parties in the transaction 3. Each party must have confidence in the promise of the “something  of value” held by the other 4. The parties to the exchange must meet expectations (to build  trust) d. Marketing Occurs in a Dynamic Environment-  the marketing environment  includes, competitive, economic, political, legal and regulatory, technological, and  sociocultural forces i. The forces of the marketing environment affect a marketers ability to  facilitate exchanges in three general ways 1. They influence customers by affecting their lifestyles, standards of 
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This note was uploaded on 07/13/2011 for the course ACCT 232 taught by Professor Hawk during the Spring '11 term at HCCS.

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Chapter 1 outline - Chapter1:AnOverviewofStrategicMarketing...

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