MKT291_StudyGuide_Jonas

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

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MKT291_StudyGuide_Jonas - Chapter 1 Creating Customer...

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