ADM 2320 Lecture Notes - Lecture 1: Relationship Marketing, Psychographic, Customer Relationship Management
3 May 2018
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Chapter 1
Marketing: the organizational function and a set of process that subject to constraints, attempts
to establish mutually satisfying product exchange relationships between any two interested
parties
• Interested parties:
o Places
o Properties
o Services
o Organizations
o Information
o Ideas
o Goods
o Services
o Experiences
o Events
o Persons
Product Exchange Relationships
• Core product: the benefits of the product and what makes it valuable to you
• Actual Product: the tangible physical product
• Augmented product: other features of the product that makes it for competitive
• Example: ice cream for dogs
o Core: guilt relief
o Actual: ice cream
o Augmented: flavours, price, packaging
• Example: car
o Core: mobilization, independence
o Actual: car
o Augmented: colours, features, price
Marketing View of a Product:
• Core benefit or service
• Packaging, features, brand name, quality
• Installation, warranty, after-sale service, delivery and credit
Questions that Marketing Answers
1. Does marketing satisfy needs?
find more resources at oneclass.com
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Document Summary
Marketing: the organizational function and a set of process that subject to constraints, attempts to establish mutually satisfying product exchange relationships between any two interested parties. Marketing view of a product: core benefit or service, packaging, features, brand name, quality. Evolution of business: marketing missions: pre-1945 -> today. The marketing concept: marketing concept: identify and satisfy customer needs while making a profit. Information clutter: declining brand loyalty, consumer cynicism, need for knowledge, globalizations. Relationship building marketing of today: super-fast marketing, super-value marketing, guarantee marketing, network marketing, synergistic marketing, marketing engineering, upside down/crowd marketing. Satisfying needs to relationship marketing: consumer satisfaction -> consumer relationships. Investment in products -> investment in customers: one-off -> relationship-building, marketing segmentation -> customer analysis, short-term profit max -> long-term wealth max. Relationship marketing: drivers of relationship marketing, technology, need for real time mr, need for integrating begin and manufacturing, need for knowledge, need for dialogue and integrated communications.
