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Chapter One: Creating Customer Relationships and Value Through Marketing•Marketing– The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and society at large•Exchange of marketingMarketing occurs when the transaction takes place and both the buyer and seller exchange something of value•What is needed for marketing to occur?The exchange process and the ethical/legal foundations of exchange are central to marketing•How does marketing satisfy consumer needs?Target market- one or more specific groups of potential consumers towards which an organization directs its marketing program•Customer Value and RelationshipsoConsumer Value– the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before/after-sale service at a specific priceoRelationship Marketing– linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits•Marketing 4Ps (Product, Price, Place, Promotion)Product– a good, service, or idea to satisfy the consumer’s needsPrice– what is exchanged for the productPromotion– a means of communication between the seller and buyerPlace– a means of getting the product to the consumer•Social Marketing Concept– the view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being•Breadth and depth of marketingoWho Markets?Every organizationoWhat is marketed? Goods, services, and ideasoWho buys and uses what’s marketed?Ultimate consumers (people) and organizational buyers (manufacturers, wholesalers, retailers, and government agencies)oWho benefits?Consumers who buy, organizations that sell, and society as a wholeoHow do consumers benefit?Utility– the benefits or customer value received by users of the productChapter 2: Developing Successful Marketing Strategies•What is a strategy?oStrategy– an organization’s long-term course of action designed to deliver a unique customer experience while achieving its goalsoBoard of Directors Corporate-Level Strategy Business Unit-Level Strategy•Strategy for corporate, SBU and functional levelsoCorporate– where top management directs overall strategy for the entire organizationoStrategic Business Unit (SBU)– subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers
oFunctional Level– where groups of specialists actually create value for the organization•Core values and missionoCore Values– a company’s fundamental, passionate, and enduring principles that guide its conduct over timeoMission – a statement of the organization’s function in society, often identifying its customers, markets, products, and technologies•Goals and objectives