No of markets served Chapter 22 The evolution of marketing concept the right

No of markets served chapter 22 the evolution of

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No. of markets served.
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Chapter 22 : The evolution of marketing concept ―the right product or service to the right customer, at the right price, at the right time and right place‖ Marketing Department: Functions (Research, Demand, Design, Selling) Marketing Environment: PESTEL (Political, Economical, Social, Technological, Ecological, Legal) Chapter 1- Introduction Marketing, : Managerial definition: Managing profitable customer relationships, by delivering superior value to customers. Social definition: ―a social and managerial process by w hich individuals and groups obtain what they need and want through creating and exchanging products and value with others.‖ Core Marketing concepts: Market: A market is the set of actual and potential buyers of a product. Needs, wants and demands: Needs are fulfilled : a state of felt deprivation. Wants are satisfied : the form taken by a human need as shaped by culture and individual personality. Demands are extinguished : Human wants that are backed by buying power. Marketing Offer: Combination of good-service offered to market to satisfy need or want. Value and Satisfaction Customer’s perceived value is the difference between the values that the customer gains from owning and using a product and the costs of obtaining the product. Satisfaction is whether performance meets or exceeds expectations. Exchange, Transaction and relationship: Exchange is an act of obtaining a desired object from someone by offering something in return. Transaction is a trade of value between two parties. Elements of Marketing: Company Supplier Market Intermediaries End user Competitors ENVIORNMENT Customer’s life time value: Value of entire stream of purchases by customer over his lifetime. Customer Equity: Total lifetime value of a ll of company‘s customers. Marketing Management: Marketing management has four functions: Analysis, Planning, Implementation and control. Demarketing’s aim is to reduce demand temporarily or permanently. It is done when product is not feasible from suppli er or customers‘ point of view. i.e intentional and non-intentional reduction in demand. Marketing Management Orientations The production concept holds that consumers will favor products that are available and highly affordable and that management should, therefore, focus on improving production and distribution efficiency. The product concept states that consumers will favor products that offer the most quality, performance, and features, and that the organization should, therefore, devote its energy to making continuous product improvements. The selling concept is the idea that consumers will not buy enough of the organization‘s products unless the organization undertakes a large-scale selling and promotion effort. The marketing concept holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do.
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