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Chapter 12 - Introduction to Business Minneapolis Community...

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Introduction to Business Minneapolis Community & Technical College Instructor: Dave Skogstrom Office: Management Education Center, Room 1050 Phone: 612-659-6422 Email: [email protected] .
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Chapter 12 Customer-Driven Marketing Learn ing Goals Summarize the ways in which marketing creates utility. Explain the marketing concept and relate how customer satisfaction contributes added value. Describe not-for-profit marketing, and identify the five major categories of nontraditional marketing. Outline the basic steps in developing a marketing strategy. Describe the marketing research function. Identify and explain the methods available for segmenting consumer and business markets. Outline the determinants of consumer behavior. Discuss the benefits and tools for relationship marketing. 1 2 3 4 5 6 7 8
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Chapter 12 -- Marketing Background The 5 business functions include -- mgmt, mktg, production, finance, acctg. Every business must perform all five. Marketing’s Importance: 50% of what you spend; 2/3 of all jobs; and your first job will be a marketing job. First job, market yourself. Your Business Success determined by: Your ability to identify and serve target markets (marketing’s main focus). All orgs., yours too, must serve customer needs in order to succeed. Mktg is your link between your organization and your customer. Therefore, Marketing is more than just selling --
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Ch 12 Key Marketing Elements Marketing Defined exchange process utility Marketing Functions - 8 Marketing Concept Nontraditional Marketing person place organization cause event Marketing Strategy 1. target market 2. marketing mix -- 4 Ps Mktg Environment 5 elements Env’l scanning Env’l management
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WHAT IS MARKETING? Marketing   Organizational function and set of processes for creating, communicating, and delivering value to customers and for man- aging customer relationships in ways that benefit the organization and its stakeholders. Exchange process   Activity in which two or more parties give something of value to each other to satisfy perceived needs. How Marketing Creates Utility Utility   Want-satisfying power of a good or service. Time utility Making a good or service available when customers want to purchase it. Place utility Making a product available in a location convenient for customers. Ownership utility Orderly transfer from the seller to the buyer.
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EVOLUTION OF THE MARKETING CONCEPT
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Emergence of the Marketing Concept Marketing concept   Company-wide consumer orientation to promote long-run success. • Firm starts with analysis of customers’ needs and works backward to offer products that fulfill them. • Explained by shift from sellers’ market in which goods and services are relatively scarce to buyers’ market in which they are relatively plentiful.
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Delivering Added Value Through Customer  Satisfaction and Loyalty • Firm starts with analysis of customers’ needs and works backward to offer products that fulfill them.
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