MKT291_StudyGuide_Jonas - Chapter 1 Creating Customer...

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

View Full Document Right Arrow Icon

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

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

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 manager’s 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 organization’s 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 organization’s 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 society’s 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...
View Full Document

This document was uploaded on 11/02/2011 for the course MKT 291 at Miami University.

Page1 / 28

MKT291_StudyGuide_Jonas - 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