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MARK 201 Notes

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Department
Marketing
Course
MARK 201
Professor
All Professors
Semester
Fall

Description
Mark201FinalNotesChapter1WhatismarketingManagingprofitablecustomerrelationshipsMarketinggoalattractnewcustomersandgrowcurrentcustomersThe5stepmarketingprocessConstruct a Design a customerUnderstand the Build profitable Capture value from marketing program driven marketing marketplace and relationships and customers to create that delivers strategycustomer needs create customer profits and superior valueand wantsdelightcustomer equityNeedsstatesoffeltdeprivationCanbephysicalclothingfoodsheltersocialbelongingaffectionindividualknowledgeandselfexpressionWantsneedsthatareshapedbycultureandindividualpersonalityShapedbysocietyandmarketingprogramsDemandswantsthatarebackedbybuyingpowerMarketingofferingproductserviceinformationandexperienceMarketingmyopiawhensellersmakethemistakeofpayingtoomuchattentiontothespecificproductandnotenoughtothebenefitsandexperiencesproducedbytheseproductsCustomervaluecomparisonbetweenwhatsgottenandwhatsgivenCustomersatisfactionacomparisonbetweenwhatthecustomerexpectedtogetandwhattheyactualgotseeclassnotesforsatisfieddissatisfiedanddelightedMarketingmanagementtheartandscienceofchoosingtargetmarketsandbuildingprofitablerelationshipswiththemMarketsegmentationdividingthemarketintosegmentsofcustomersTargetmarketingchoosingwhichsegmentstogoafterValuepropositionsetofbenefitsacompanypromisestodeliverThereare5alternativeconceptsorganizationsusetocarryouttheirmarketingstrategiesProductionconceptFocusonimprovingproductionandefficiencyProductconceptFocusesontheproductandmakingcontinuousproductimprovementsSellingconceptTypicallyaimstosellwhatcompanymakesratherthanmakingwhatthemarketwantsMarketingconceptknowingtheneedsandwantsoftargetmarketanddeliveringdesiredvalueandsatisfactionbetterthanthecompetitionSocietalmarketingconceptQuestionsifmarketingconceptoverlookspossibleconflictsbetweencustomershortrunwantsandlongtermwelfareCustomerlifetimevaluetheentirestreamofpurchasesacustomermakesfromonecompanyoveralifetimeofpatronageShareofcustomertheshareacompanygetsofcustomerspurchasingintheirproductcategoriesCustomerequitythetotalcombinedlifetimevaluesofallthecompanyscurrentandpotentialcustomersCompaniescanclassifycustomersaccordingtotheirpotentialprofitabilityandmanagerelationshipsaccordinglyTruefriendslongtermcustomersandhighestprofitabilityButterfliesshorttermcustomersyethighprofitpotentialBarnacleslongtermcustomersyetlowprofitabilityStrangersshorttermcustomersandverylittleprofitabilityChapter23companyandmarketingstrategythemarketingenvironment4stepsinstrategicplanningStrategicplanningisthemanagerialprocessofdevelopingandmaintainingastrategicfitbetweentheorganizationanditschangingmarketingopportunitiesItrelieson1CompanymissionanorganizationexiststoaccomplishsomethinginthelargerenvironmentanditsspecificpurposeisusuallystatedclearlyatthebeginningbutovertimefactorschangeInordertokeepallemployeesworkingtowardsonegoalcompaniesformmissionstatementswhichprovidetheemployeeswithopportunitydirectionsignificanceandachievement2CompanyobjectivesandgoalseachmanagershouldknowtheirresponsibilitiesandobjectivesforaccomplishmentYoumustdevelopstrategiestosupporttheseobjectivesandbydoingsocanbroadenthemarketingstrategiesTheobjectivesandgoalsmustalsobequantitativeandspecific3CompanyGrowthstrategythewanttogrowinsalesandprofitsgivecompaniesanopportunitytoestablishagrowthratetowhichtheywillpursueThreedifferentgrowthstrategiesareaintensivebintegrativecdiversification4CompanyportfolioplanthebusinessmustevaluatesothatitcandecidetobuildmaintainphaseoutordownTheportfolioswithdrawfrompoorcompaniesandaddtothepromisingMarketinginStrategicPlanning1Executivesummarypermitshighermanagementtoquicklygraspthemajorthrustoftheplanandthenreadfurtherinsearchoftheinformationthatiscriticalinevaluatingtheplan
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