(company – different department, internally) and outside (supplier, channel partner and other, externally) the company to jointly bring more value to customer 5.Identify the outcomes of developing and maintaining lasting relationships with customers. (textbook, pp. 23–26) 6. Describe the major challenges facing marketers. (textbook, pp. 26–32) The major trends and forces that are changing the marketing landscape and challenging marketing strategy - 5 major developments The digital age - online, mobile and social media marketing; the use of digital marketing tools in order to engage consumers anywhere and at any time via their digital devices. The changing economic environment - Many consumers are reconsidering their definition of good life. The growth of not for profit marketin g- social marketing campaign Rapid globalization - countries around the world are increasingly taking global viewing of the company's industry, competitors and forces affect businesses. Ethics and Social responsibility - relationships with social values and responsibilities and with the Earth that sustain us. It is being call sustainable marketing Reviewing the Concepts LO1 Define Marketing and Outline the Steps in the Marketing Process. Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. The marketing process involves five steps. The first four steps create value for customers. First, marketers need to understand the marketplace and customer needs and wants.
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- Spring '15