Marketing Notes

Marketing Notes - Marketing Notes...

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Marketing Notes 1,2,3,4,5,7,8,9,10,11,12,14,15,18, and 19 Chapter 1 Marketing- Activity for creating communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and society at large. Exchange-the trade of things of value between buyer and seller Marketing to occur 1. two or more parties with unsatisfied needs 2. a desire and ability on their part to be satisfied 3. a way for parties to communicate 4. something to exchange Market- potential customers with both desire and ability to buy a specific offering Target market- one or more specific groups of potential consumers toward which an organization directs its marketing program Four P’s a. product b. price c. promotion d. place marketing mix- the marketing mangers controllable factors product price promotion and place environmental forces- forces beyond marketers control. Examples social, economic, technological, competitive, and regulatory forces customer value- the unique combination of benefits received by targeted buyers that include quality, convience, on time deliver, and both before sale and after sales service at a specific price. Relationship marketing- linking the organization to its individual customers, employees, suppliers and other partners for their mutual long-term benefits. Marketing Program- a 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 needs of consumers while also trying to achieve the organization’s goals.
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Market orientation – focus on continuously collecting information about customers needs, sharing this information across departments, and using it to create customer value. Customer relationship management- the process of identifying prospective buyers, understanding them intimately, and developing favorable long term perceptions of organizations and its offerings so that buyers will chosse them in marketplace. Customer experience- the internal response that customers have to all aspects of an organization and its offering. Societal marketing concept- the view that organizations should satisfy the needs of consumers in a way that it provides for society’s well-being. Ultimate consumer- are people who use goods and services purchased by household Organization buyers- manufacturers, wholesalers, retailers, and goernment Utility- benefits or customer value receieved by users of the product. Chapter 2 Profit- money left after a business firm’s total expenses are subtracted from its total revenue Corporate level- top management directs all strategy for the entire organization Strategic business unit- subsidiary, division, or unit of an organization thatmarkets a set of related offerings to a clearly defined group of customers Functional level- groups of specialist actually create value for the organization Cross-functional teams- small number of people from different departments who are mutually accountable to accomplish a task or common set of performance goals
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This note was uploaded on 12/20/2011 for the course MKTG 311 taught by Professor Housman during the Spring '10 term at Howard.

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Marketing Notes - Marketing Notes...

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