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Unformatted text preview: 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 organizations 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 dont 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 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 managers controllable factors- products, price, promotion, and place- that can be used to solve a marketing problem....
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This note was uploaded on 11/15/2011 for the course MKT 291 taught by Professor Brandabur during the Fall '08 term at Miami University.
- Fall '08