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MKT 291- Book Notes - 17:21:00 Obtaininformation /works...

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MKT 291 Chapter 1 Book Notes 01/09/2010 17:21:00 Chapter 1- Creating Customer Relationships and Value through Marketing Obtain information Convert knowledge into a product that actually helps/works Manufacture and market product Marketing affects all individuals, organizations, industries, and countries. Small businesses are the source of the majority of new U.S. jobs. 1.6 Marketing= the activity for creating, communicating, delivering, and  exchanging offerings that benefit the organization, its stakeholders, and  society at large o Stresses the importance of delivering genuine benefits in the offerings  of good, services, and ideas marketed to customers o To serve both buyers and sellers, you need to 1) discover the needs  and wants of prospective customers and 2) satisfy them Exchange= The trade of things of value between buyer and seller so that  each is better off. Key to achieving the two objectives above The marketing department works closely with a network of other departments  and employees to provide the customer-satisfying products required for the  organization to survive and prosper o Also responsible for facilitating relationships, partnerships, and  alliances with the organization’s customers, shareholder, suppliers,  and other organizations The first objective in marketing is discovering the needs of prospective  customers. o 94% of the 33,000 new consumable products in the U.S don’t succeed.  Need to 1) focus on what the customer benefit is and 2) learn from the  past o 1) Find out what customer needs and wants o 2) Produce what they need and want Legal and social issues are central to marketing A principal activity of a firms marketing department is to scrutinize its  customers to understand what they need and want and the forces that shape  them Market= People with desire and ability to buy a specific offering
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Target Marketing= Specific group of potential consumers toward which an  organization directs its marketing program Four tools used to reach consumers o Product= a good, service, or idea to satisfy the consumers needs o Price= what is exchanged for the product o Promotion= A means of communication between the seller and buyer o Place= A means of getting the product to the consumer Marketing Mix= The marketing manager’s controllable factors- products,  price, promotion, and place- that can be used to solve a marketing problem.
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