MKT300_Exam1
Chapter 1
Marketing is an organizational function and a collection of processes designed to plan for, create, communicate and deliver value to customers and to build effective customer relationships in ways that benefit the organization and its stakeholders.
Marketing is all about:
-
Creating exchanges
Identity
Connections
Relationships
Solving customer problems
Example: PetSmart is successful in building connections to customers
Marketing creates exchanges by creating, communicating and delivering value through product, place price and promotion.
The Marketing Mix:
-
Product
Price
Promotion
Place (distribution)
Consumer is the end user, while customer is the one that makes the purchase (example: the purchase of BestBuy gift card as gift to friends); demographics are necessary but not sufficient to make connections, while psychographics are important that include personality, interest and so on.
A consumer orientation reflects a business focus on satisfying unmet consumer needs and wants. The marketing concept consists of customer orientation, coordinated effort, value driven and goal orientation, which are related to creating marketing strategy.
Marketing Management Philosophies:
-
Production focus on efficiency of internal operations (what can we make or do best?) Sales focus on aggressive techniques for overcoming customer resistance (how can we sell more aggressively?)
Marketing focus on satisfying customer needs and wants (what do customers want and need?)
Societal focus on satisfying customer needs and wants while enhancing individual and societal well-being (what do customers want and need, and how can we benefit society?)
Market Orientation: an organizational perspective that puts the philosophy of the marketing concept into practice:
-
Gathering market intelligence
Disseminating knowledge
Coordinated response
Market Orientation Details:
-
Obtain information about customers, competitors,
Marketing is an organizational function and a collection of processes designed to plan for, create, communicate and deliver value to customers and to build effective customer relationships in ways that benefit the organization and its stakeholders.
Marketing is all about:
-
Creating exchanges
Identity
Connections
Relationships
Solving customer problems
Example: PetSmart is successful in building connections to customers
Marketing creates exchanges by creating, communicating and delivering value through product, place price and promotion.
The Marketing Mix:
-
Product
Price
Promotion
Place (distribution)
Consumer is the end user, while customer is the one that makes the purchase (example: the purchase of BestBuy gift card as gift to friends); demographics are necessary but not sufficient to make connections, while psychographics are important that include personality, interest and so on.
A consumer orientation reflects a business focus on satisfying unmet consumer needs and wants. The marketing concept consists of customer orientation, coordinated effort, value driven and goal orientation, which are related to creating marketing strategy.
Marketing Management Philosophies:
-
Production focus on efficiency of internal operations (what can we make or do best?) Sales focus on aggressive techniques for overcoming customer resistance (how can we sell more aggressively?)
Marketing focus on satisfying customer needs and wants (what do customers want and need?)
Societal focus on satisfying customer needs and wants while enhancing individual and societal well-being (what do customers want and need, and how can we benefit society?)
Market Orientation: an organizational perspective that puts the philosophy of the marketing concept into practice:
-
Gathering market intelligence
Disseminating knowledge
Coordinated response
Market Orientation Details:
-
Obtain information about customers, competitors,