MKTG 360 Lecture 1: Notes Exam 1
Document Summary
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 (tapping into and forming your identity); connections; relationships; solving customer problems. Marketing mix: product; price; promotion; place (4 p"s) Consumer vs . customer --- american"s sitting on 30 billion of unused gift cards . Demos are necessary but not sufficient to make connections. An organizational perspective --- puts the philosophy of the marketing concept into practice: gathering market intelligence, disseminating knowledge, coordinated response. Stakeholder orientation: develop a sufficient understanding of relational partners to be able to create superior value for them. Competitor orientation: understand strengths, weaknesses, and capabilities of both key current and key potential competitors. Interfunctional coordination: the coordinated utilization of company resources to create value.
