CHAPTER 12 - CHAPTER 12 Marketing= set of processes for...

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CHAPTER 12 Marketing= set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders a. Best marketers create a link in consumers' minds between the new need and the fulfillment of that need by the products 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 Create time utility -by making a good or service available when customers want to purchase it Place utility-make product available in a location convenient for customers Ownership utility-through an orderly transfer of goods and services from the seller to the buyer Emergence of the marketing concept 1. Marketing Concept- company-wide consumer orientation to promote long-run success 2. Firm starts with analysis of customers' needs and works backward to offer products that fulfill them 3. Explained by shift from sellers' market in which goods and services are relatively scare to buyers' market in which they are relatively plentiful
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CHAPTER 12 - CHAPTER 12 Marketing= set of processes for...

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