Midterm Review - Chapter One Creating Customer Relationships and Value Through Marketing Marketing The activity for creating communicating delivering

Midterm Review - Chapter One Creating Customer...

  • Notes
  • UltraLightningRedPanda8831
  • 8
  • 100% (4) 4 out of 4 people found this document helpful

This preview shows page 1 - 3 out of 8 pages.

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 marketing Marketing 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 Relationships o Consumer 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 price o Relationship 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 needs Price – what is exchanged for the product Promotion – a means of communication between the seller and buyer Place – 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 marketing o Who Markets? Every organization o What is marketed? Goods, services, and ideas o Who buys and uses what’s marketed? Ultimate consumers (people) and organizational buyers (manufacturers, wholesalers, retailers, and government agencies) o Who benefits? Consumers who buy, organizations that sell, and society as a whole o How do consumers benefit? Utility – the benefits or customer value received by users of the product Chapter 2: Developing Successful Marketing Strategies What is a strategy? o Strategy – an organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals o Board of Directors Corporate-Level Strategy Business Unit-Level Strategy Strategy for corporate, SBU and functional levels o Corporate – where top management directs overall strategy for the entire organization o Strategic Business Unit (SBU) – subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers
Image of page 1
o Functional Level – where groups of specialists actually create value for the organization Core values and mission o Core Values – a company’s fundamental, passionate, and enduring principles that guide its conduct over time o Mission – a statement of the organization’s function in society, often identifying its customers, markets, products, and technologies Goals and objectives
Image of page 2
Image of page 3

You've reached the end of your free preview.

Want to read all 8 pages?

  • Spring '08
  • YENIYURT
  • Marketing, Consumer, consumer products, organizational buyers

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes