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Marketing exam notes.docx

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Concordia University
MARK 201

CHAPTER 1Marketing Managing profitable customer relationshipsMarketing is managing profitable customer relationships The goal of marketing is to attract new customers to grow current customers by delivering satisfaction and to provide goods and services at profitMarketing specialists must satisfy their customers need in a socially responsible and ethical mannerThe marketing process1Understand the marketplace and customer needs and wantsHumans have 3 needsPhysical needs food clothingSocial needs the need to belongIndividual needs need for knowledge self expression Based on their needs human have wants that are shaped by culture and individual personality However when backed by buying power wants become demandsMarketing offers As a marketer we offer the product the physical need and the service that provides a benefitA market is the set of actual and potential buyers of a product These buyers share a particular need or wantMarketers are not the only doing marketing even consumers do marketing when they search for the goods they need at a price they can affordElements of a modern marketing systemCompanyCompetitorsSuppliersMarketing IntermediariesEndUser2Designing a customerdriven marketing strategyMarketing management is the art and science of choosing target markets and building profitable relationships with themTo have a good marketing strategy we need to be able to answer two questionsWhat customers will we serve whats our target marketHow can we serve these customers best whats our value propositionTo decide who we will serve we need to divide the market into segments market segmentationTo serve the customer best the marketer needs the show how the product is better than any other product on the market A companys value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needsSince the consumer is always at the center of our worlds you need to find a product concept you need to work on a new and better product for the consumerThere are 5 philosophies under which organizations design and carry out their marketing strategies The production concept the idea that consumers will favour products that are available and highly affordableThe product concept the idea that consumers will favour products that offer the most in quality performance and feature and that the organization should therefore devote its energy to making continuous product improvements The selling conceptthe idea that the consumers will not buy enough of the firms products unless it undertakes a largescale selling and promotion effortThe marketing concept its the idea that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors doSocietal marketing concept its the ideal of making good marketing decisions by being good to the society and the environment 3Preparing a marketing plan and program Those are the basic marketing decisions that we are going to make the marketing mixThe 4 marketing mix tools areProductPricePlacePromotion 4Building customer relationship producing what the consumer wants and needsCustomer relationship management its the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfactionSatisfied customers are more likely to be loyal customers and to give the company a larger share of their businessRelationship building blocks customer value and customer satisfactionCustomer perceived value its the difference between total customer value and total customer cost
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