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Chapter 1_An Overview of Marketing

Chapter 1_An Overview of Marketing - Lamb Hair McDaniel...

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1 Lamb, Hair, McDaniel   CHAPTER 1 An Overview of Marketing 2010-2011  
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2 LO 1 Define the term marketing LO 2 Describe four marketing management philosophies LO 3 Discuss the differences between sales and market orientations LO 4 Describe several reasons for studying marketing Learning Outcomes Learning Outcomes
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3 Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. What Is Marketing? American Marketing Association Definition LO 1
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Listening to customers What marketing ordered What got designed by engineering What was manufactured What maintenance installed What the customer wanted
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5 Exchange At Least Two Parties At Least Two Parties Something of Value Something of Value Communication and Delivery Communication and Delivery Freedom to Accept or Reject Freedom to Accept or Reject Desire to Deal with Other Party Desire to Deal with Other Party Conditions for Exchange Conditions for Exchange LO 1
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Customer Value Customer Value Customer Value The relationship between benefits and the sacrifice necessary to obtain those benefits. LO 3
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7 Product Pric e Place Pro motion Exchange Exchange A B A Delivering Value Communicating Value Creating Value Customer value and beneficial relationships Customer value and beneficial relationships LO 1
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8 Offer products that perform Earn trust Avoid unrealistic pricing Give the buyer facts Offer organization-wide commitment in service and after- sales support Co-creation with customers Customer Value Requirements (V=B-C) LO 3
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