Textbook Notes

Textbook Notes - Chapter 1 Marketing: activity for...

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Chapter 1 Marketing: activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and society at large. Marketing seeks: 1) to discover the needs and wants of prospective customers 2)to satisfy them Exchange: the trade of things of value between buyer and seller 4 factors needed for marketing: 1)2+ parties with unsatisfied needs 2)desire & ability on their part to be satisfied 3)a way for the parties to communicate 4)something to exchange First objective of marketing is to discover the needs or prospective customers. Market: people with BOTH the desire and ability to buy a product Target market: one or more specific groups of potential consumers toward which an organization directs its marketing program. Environmental forces: forces beyond your control. Customer value: unique combination of benefits received by targeted buyers that includes quality, convenience, on-time deliver, and both b4 and after services. Relationship marketing: linking the organization to its individual customers, employees, suppliers, and other partners for long-term benefit Marketing program: a plan that integrates the marketing mix to provide a good, service, or idea to the buyer. Marketing concept: 1) strive to satisfy the needs of consumers while also trying to achieve the organizations goals. Market orientation: continuously collecting information about customers needs, sharing this information across departments, using it to create customer value. CRM-customer relationship management-process of identifying prospective buyers, understand them intimately, and developing favorable term perceptions of the organization and its offerings so that buyers will choose them in the marketplace. Customer experience: internal response that customers have to all aspects of an organization and its offerings. Societal marketing concept: the view that organizations should satisfy the needs of consumers in a way that provides for societies well being.
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Textbook Notes - Chapter 1 Marketing: activity for...

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