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Lecture

COMM 224 Notes

76 Pages
58 Views

Department
Marketing
Course Code
MARK 201
Professor
All

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Description
Chapter 1Marketing Managing Profitable Customer Relationships1Marketing DefinedMarketing is an organizational function and a set of processes for creating communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders2The Marketing ProcessIn the first four steps companies work to understand customers create customer value and build strong customer relationships In the final step companies reap the rewards of creating superior customer value brand equity3Understanding the MarketplaceNeeds States of felt deprivation food water clothing etcWants Form of human needs take as shaped by culture and individual personalityDemands Human wants that are backed by buying powerMarketing offer A combination of products services information or experiences that satisfy a need or want The offer may include services activities people places information or ideas1ValueCustomers form expectations regarding valueMarketers must deliver value to consumersSatisfactionA satisfied customer will buy again and tell others about their good experienceExchangeAct of obtaining a desired object from someone by offering something in returnOne exchange versus several exchanges as the goalRelationships are built through delivering value and satisfactionMarketThe set of actual and potential buyers of a product or serviceMarketers seek buyers that are profitable4Designing a CustomerDriven Marketing StrategyMarketing managementThe art and science of choosing target markets and building profitable relationships with themA winning marketing strategyWhat customers will we serveoMarket Segmentation and Target MarketingSelect customers customerdemand management demarketingHow will we serve these customersoValue PropositionWhat we promise to deliver to satisfy customer needswantsdemandDifferentiates one brand from anotherDesigned to give the greatest advantage25Marketing Management OrientationsProduction conceptConsumers will favour products that are available and highly affordableManagement should focus on production and distribution efficiencyoChallengeCompromises quality for quantity lower costsProduct conceptConsumers will favour products that offer the most in quality performance and innovative featuresManagement should focus on continuous product improvementsoChallengeConsumers might not value the productSelling conceptConsumers will not buy enough of the firms products unless it undertakes a largescale selling and promotion effortApproach typically used for unsought goods or when firms face overcapacityoRisky strategy because it focuses on creating sales transactions rather than on building longterm profitable customer relationshipsMarketing conceptAchieving organizational goals depends on knowing the needs and wants of target markets and satisfying these better than competitorsManagement must learn about customer desires gather new product and service ideas and test proposed product improvementsoChallengeCustomers dont know what they want or even what is possible3
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