Test 1 tb notes - Test 1 TB Notes Ch 1 Creating Customer...

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Test 1 TB Notes 17:26 Ch. 1 Creating Customer Relationships and Value Through Marketing How Marketing Discovers and Satisfies Customer Need Discover Customer Needs and meet these needs with products Take market (people with desire and ability to buy a specific marketing) and identify  target market Use Marketing Mix Factors to solve marketing problems 4 P’s Product – good, service, or idea to satisfy needs Price – what is exchanged for product Promotion – means of communication between seller and buyer Place – means of getting product to consumer Marketing mix factors can be controlled, but other factors are beyond our control Environmental forces – social, economic, technological, competitive, and regulatory  forces that affect results of a marketing decision How Customer Relationships are Built Give benefits to the customer (customer value) such as quality, convenience, on-time  delivery, and service to the product Relationship Marketing – linking organization to its individuals customers for their mutual  long-term benefit Marketing program – plan that integrates the marketing mix to provide a good, service,  or idea to prospective buyers 3 M’s Strategy – Marketable highlighter with Post-it flags Had to identify if it was offices or students who were in target market 4 stages of life in firms for American Manufacturers Production era – goods were scarce and buyers were willing to accept virtually any  goods that were available and make do with them (before 1920’s)
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Sales era – manufactures could produce more goods than customers could consume,  competition grew, firms hired more salespeople (1920’s-1960’s) Marketing concept era – idea that an organization should… 1. Strive to satisfy needs of customers 2. While also trying to achieve organization’s goals Advertising became prevalent to encourage consumers to buy their products  Use market orientation, which focuses on… Continuously collecting information about customers’ needs Sharing this information across departments Using it to create customer value Era lasted until 1980’s Customer Relationship Era – firms seek continuously to satisfy the high expectations of  customers Focus on customer experience 1980’s – today Ethics and Social responsibility Societal marketing concept – views that organizations should satisfy needs of  consumers in a way that also provides for society’s well being Breadth and Depth of Marketing  Every organization markets What is marketed?
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