MKTG10001 Study Guide - Final Guide: Marketing Channel, Customer Service, Services Marketing
23 Oct 2018
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Document Summary
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Putting the customers at the center of the organization. Marketing has evolved from a physical process sequence Why creating value for customers is the most important goal for firms. Increased customer loyalty --> increased purchases and referral --> premium prices. Increased volume --> increased cash flow and experience --> reduced costs. Good profit v bad profit: accountant sees only one kind of profit, however in marketing there is Earnings from creating customer value, which in turn, creates customers who are loyal, purchase more of your product and recommend your firm to others. Are earned at the customer s expense costing time, money, etc) Apple customers camping & waiting to purchase new products. Fines, extra costs for customers who are purchasing products. Value = increase of benefits & decrease of costs.
