Chapter 1-Marketing's Value to Consumers, Firms, and Society

Chapter 1-Marketing's Value to Consumers, Firms, and...

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Chapter 1-Marketing's Value to Consumers, Firms, and Society Monday, February 14, 2011 5:33 PM 1. Marketing 1.a. Provides needed direction for production and helps make sure that the right goods and services are produced and find their way to customers 1.b. Customer satisfaction: the extent to which a firm fulfills a customer's needs, desires, and expectations 1.c. In advanced economies, marketing costs about 50 cents of every consumer dollar 1.d. Innovation: the development and spread of new ideas, goods, and services 1.e. 2 ways to view marketing: 1.a.i. From a micro view as a set of activities performed by organizations 1.a.i.1. Marketing (micro): the performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from a producer to a customer or client 1.a.i. From a macro view as a social process 1.a.i.1. Macro marketing: a social process that directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society 1.a.i.1.a. Emphasis is on how the whole marketing system works (how marketing affects society and vie-versa) 1. Customer Needs 1.a. Aim of marketing is to identify customers needs and meet those needs so well that the product almost "sells itself" 1.a. Should begin with potential customer needs (goal: "ongoing relationship")
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Chapter 1-Marketing's Value to Consumers, Firms, and...

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