MKT291_StudyGuide_Jonas - Chapter 1: Creating Customer...

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Unformatted text preview: Chapter 1: Creating Customer Relationships and Value Through Marketing Marketing- provides value to customers through close relationships with them to benefit the organization and those closely related it/ an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders Marketing seeks to: Discover the needs and wants of prospective customers and satisfy them Exchange- trade of things of value between buyer and seller so that each is better off Target Market- specific group of potential consumers toward which an organization directs its marketing program 4 Ps: Product, Price, Place, Promotion Marketing Mix- the marketing managers controllable factors- product, price, promotion, and place- that can be used to solve a marketing problem Production Era (-1920) goods scarce and buyers accept virtually any goods available Sales Era (1920-1960) produce more goods then buyers use, hire salespeople Marketing Concept Era (1960-) strive to satisfy the needs of consumer achieve organizations goals Environmental Forces- uncontrollable marketing factors such as social, economic, technological, competitive, and regulatory Customer Value- buyers benefits including quality, price, convenience, on-time delivery, and before-and after- sale service Relationship Marketing- linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit Marketing Program- plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers Marketing Concept- idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organizations goals Market Orientation- focusing organizational efforts to collect and use information about customers needs to create customer value Societal Marketing Concept- view that organizations should satisfy the needs of consumers in a way that provides for societys well-being Goods: physical objects Services: intangible items Ideas: intangibles involving thoughts about actions or causes Ultimate Consumers- people who use the goods and services purchased for a household Organizational Buyers- manufactures, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale Utility- benefits or customer value received by users of the product (287) o Form production of the good or service: Computer manufacturers delivering half completed computers...
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MKT291_StudyGuide_Jonas - Chapter 1: Creating Customer...

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