Marketing Notes Exam 1 - Chapter 1: Creating Customer...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 1: Creating Customer Relationships and Value through Marketing What is Marketing? o Marketing: Delivering Benefits to the Organization, its Stakeholders, and Society Marketing is the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large. Stresses the importance of delivering genuine benefits To serve both buyers and sellers, marketing seeks to discover the needs and wants of prospective customers and to satisfy them. The key to achieving these two objectives is the idea of exchange. o The Diverse Factors Influencing Marketing Activities: the organization itself and the key people, groups, and forces outside the organization that influence marketing activities o Requirements for Marketing to Occur: Two or more parties (individuals or organizations) with unsatisfied needs A desire and ability on their part to be satisfied A way for the parties to communicate, and something to exchange How Marketing Discovers and Satisfies Consumer Needs: o Discovering Consumer Needs: Consumers may not always know or be able to describe what they need and want. The Challenge: meeting consumer needs with new products Focus on what the customer benefit is and learn from the past Find out what consumers need and want. Produce what they need and want, and don’t produce what they don’t need and want. Showstoppers: factors that might doom the product. Consumer Needs and Consumer Wants A need occurs when a person feels deprived of basic necessities such as food, clothing, and shelter.
Background image of page 1

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

View Full DocumentRight Arrow Icon
A want is a need that is shaped by a person’s knowledge, culture, and personality. What a Market Is: people with both the desire and the ability to buy a specific product. o Satisfying Consumer Needs: the organization must concentrate its efforts on certain needs of a specific group of potential consumers. This is the target market – one or more specific groups of potential consumers toward which an organization directs its marketing program. The Four Ps: Controllable Marketing Mix Factors Product Price Promotion Place The Uncontrollable, Environmental Forces: social, economic, technological, competitive, and regulatory forces The Marketing Program: How Customer Relationships Are Built: o Customer Value and Customer Relationships: firms gain loyal customers by providing unique value – this is the essence of successful marketing. What is new, however, is a more careful attempt at understanding how a firm’s customers perceive value and then actually creating and delivering that value. Customer value is the unique combination of benefits received by targeted buyers that includes quality, convenience, on tie delivery, and both before sale and after sale service at a specific price. Firms cannot be all things to all people. Must provide unique value that they
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/02/2011 for the course MKT 337 taught by Professor Mcallister during the Fall '07 term at University of Texas at Austin.

Page1 / 29

Marketing Notes Exam 1 - Chapter 1: Creating Customer...

This preview shows document pages 1 - 3. Sign up to view the full document.

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