MGMA01H3 Chapter 1: Chapter 1 Notes
Document Summary
Chapter 1 marketing: creating and capturing customer value notes. What is marketing: marketing is managing profitable customer relationships. Markets: market the set of all actual and potential buyers of a product or service, marketing means managing markets to bring about profitable customer relationships; however, creating them takes work. Preparing an integrated marketing plan and program: major marketing mix tool are classified into 4 broad groups, called the 4 ps of marketing: product, price, place, and promotion. Reviewing objectives and key terms: define marketing and outline the steps in the marketing process. Marketing is the process by which companies create value for customers and build strong customer relationships to capture value from customers in return. The first 4 steps create value for customers. First, marketers need to understand the marketplace and customer needs and wants. Next, marketers design a customer-driven marketing strategy with the goal of getting, keeping, and growing target customers.
