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Management and Organizational Studies
Management and Organizational Studies 1021A/B
Terry Biggs

Definition of Marketing The process of planning, managing and executing the conception, pricing, promotion and distribution of ideas, goods, services, organizations and events to create and maintain relationships that will satisfy individual needs and organizational objectives. (Profit, market share brand strength etc.) “Marketing is manipulation” Where does marketing fit? The marketing process Create value for customers; build customer relationships Needs wants demands Who will we serve? How will we be different? Marketing mix (the 4p’s) CRM (are we actually creating value? Are our customers satisfied?) Customer lifetime value, share of customer, customer equity Requirements for marketing to occur 1. Two or more parties with unsatisfied needs 2. Desire and ability to satisfy these needs 3. A way for the parties communicate 4. Something to exchange Understanding the marketplace and customer needs Maslow’s pyramid of needs - Need o State of felt deprivation - Wants o The form human needs take as shaped by culture and individual personality. - Demands o Wants which are backed by buying power Marketing Myopia is management’s failure to recognize the scope of its business - To avoid marketing myopia, companies must broadly define organizational goals toward consumer needs - Focus on benefits or ultimate derived feelings on the part of your customer. MARKETING UTILITY: convenience (saving time) Marketing is a process by which companies create value for customers a
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