ch01,02 - Chapter 1 marketing: the art and science of...

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Chapter 1 marketing: the art and science of satisfying customers What is marketing 1) Production and marketing together create utility— the want-satisfying power of a good or service 2) Organizations create customers by · Identifying the needs in the marketplace · Finding out which needs the organization can profitably s serve · Developing goods and services that appeal to the potential buyers 3) Marketing specialists are responsible for: · Identifying customer needs · Designing products that meet those needs · Communicating information about those goods and services to prospective buyers · Making the items available at the right times and places · Pricing merchandise and services to reflect costs, competition, and customers’ ability to buy · Providing the necessary service and follow-up to ensure customer satisfaction after the purchase 4) Definition of marketing Marketing is organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefits the organization and its stakeholders. Marketing is companywide consumer orientation with the objective of achieving long-run success involves: · analyzing customer needs · Obtaining the information necessary for design and production that match customer expectations · Satisfying customer preferences · Creating and maintaining relationships with customers and suppliers 5) Today’s global marketplace - Growing importance because of international agreements, growth of electronic business, and economic interdependence - Companies seek the most efficient manufacturing sites and most lucrative markets
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worldwide - Canada is attractive because of its size, proximity to the United States, and the high standard of living that Canadian consumers enjoy - Approximately 85 percent of Canadian exports go to the United States, while about 20 percent of U.S. exports come to Canada - Over $1 billion in trade crosses the Canada—U.S. border every day Four eras in the history of marketing 1) exchange process is the essence of marketing, the exchange process is activity is which two or more parties give something of value to each other to satisfy perceived need. 2) the production era - prior to 1925 - the prevailing attitude of this era held that a high-quality product would sell itself i.e. production orientation 3) the sales era - 1920s to early 1950s - firms attempted to match their output to the potential number of customers who would want it. . companies with a sales orientation assume that customers will resist purchasing nonessential goods and services and that the task of personal selling and advertising is to persuade them to buy. 4)
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This note was uploaded on 09/28/2011 for the course ADMS ADMS taught by Professor Kk during the Spring '11 term at York University.

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ch01,02 - Chapter 1 marketing: the art and science of...

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