marketingbooknotes - Marketing 03:51

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Marketing 03:51 Marketing-the activity for creating, communicating, delivering, and exchanging offerings  that benefit the organization, its stakeholders and society at large Stressed the importance of delivering and exchanging offerings that benefits in the  offerings of goods, services, and ideas marketed to customers Seeks to: discover the needs and wants of prospective customers satisfy them  Exchange-trade of things of value between buyer and seller so that each is better off  after the trade Marketing focuses on discovering and satisfying consumer needs Discovering consumer needs—find out what they need and want and then produce what  they need and want Focus on what the customer benefit is Learn from the past Marketing should try to satisfy consumer needs and wants Need-occurs when a person feels deprived of basic necessities such as food, clothing,  and shelter Want-a need that is shaped by a person’s knowledge, culture, and personality Market-people with desire and ability to buy a certain offering Marketing seeks first to discover consumer needs through extensive research. It then  seks to satisfy those needs by successfully implementing a marketing program  possessing the right combination of the marketing mix—the four P’s. Satisfying Consumer Needs—concentrate efforts on certain needs of specfic group of  potential customers Target market-specific group of potential consumers toward which an organization  directs its marketing program Develop a marketing program—use the elements of the marketing mix that can be used  to solve a marketing problem Product-a good, service, or idea to satisfy the consumer’s needs Price-what is exchanged for the product
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Promotion-a means of communication between the seller and buyer Place-a means of getting the product to the customer Marketing mix are controlled factors because they are under the control of the marketing  department in an organization Uncontrollable factor—environmental forces Environmental forces-uncontrollable social, economic, technological, competitive and  regulatory forces How Customer Relationships are Built Customer Value-buyers’ benefits including quality, convenience, on-time delivery, and  before- and after-sale service at a specific price Firms must find ways to build long-term customer relationships to provide unique value  that they alone can deliver to targeted markets Many successful firms have chosen to deliver outstanding customer value with one of  three value strategies: Best price Best product Best service Relationship Marketing-linking the organization to its individual customers, employees,  suppliers, and other partners for their mutual long-term benefit
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This note was uploaded on 01/19/2012 for the course DSC 205 taught by Professor Krallman during the Spring '08 term at Miami University.

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marketingbooknotes - Marketing 03:51

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