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Marketing Notes

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Department
Administration
Course
ADM2320
Professor
All Professors
Semester
Fall

Description
September 8th 2013Marketing Chapter Reading NotesChapter 1Marketing is essentially about creating value in relation to cost and competition benets must exceed the cost for consumers and the companys shareholdersMarketing A set of business practices designed to plan for and present an organizations products or services in ways that build effective customer relationshipsMarketing Plan a written document composed of an analysis of the current marketing situation opportunities and threats for the rm marketing objectives and strategy specied in terms of the four Ps action programs Projected pro forma income and other nancial statementsCore aspects of marketingMarketing helps create valueMarketing is about satisfying customer wants and needsMarketing entails and exchangeMarketing requires product price place and promotion decisionsCan be performed by both individuals and organizationsoccurs in many settingsMarket refers to the groups of people who need or want a companys products or service and have the willingness to buy themTarget Market The customer segment of group to whom the rm is interested in selling its product and servicesSeller Buyer relationsExhibit 12GoodsService Producers Sellers Communications and Delivery CustomersConsumers Buyers Money and Information SellersExchange The trade of things of value between the buyer and seller so that each is better off as a resultMarketing requires Product Price Place and Promotion Decisions Marketing Mix DecisionsThe four PsProduct Creating ValueValue is created by developing a variety of offerings including goods services and ideas to satisfy customer needsSeptember 8th 2013Price Transacting ValuePrice is everything the buyer gives up moneytimeenergy in exchange for the productPlace Delivering ValueInvolves all activities necessary to get the product from the manufacturer or producer to the right customer when that customer wants itPromotion Communicating ValuePromotion is communication by a marketer that informspersuades and reminds potential buyers about a product or service to inuence their opinions or elicit a responseCDSTEP Culture Demo Social Tech Econ PoliticalMacroMicro Company itselfB2C The process in which businesses sell to consumersB2B The process is which business sell to businessC2C Consumer to ConsumerMarketing Helps Create ValueProduct Orientation companies focus on developing and distributing innovative products with little concern about whether the products best satisfy customers needsSales orientation Companies that have a sales orientation basically view marketing as a selling function where companies try to sell as many of their products as possible rather than focus on making products consumers really wantMarket Orientation Companies start out by focusing on what consumers want and need before they design make or attempt to sell their products and services They believe that customers have choice and make purchase decisions based on several factors Companies believe that the customers are king Customers have choice and make purchases based on several factors such as quality convenience and priceValue Based Orientation Value reects the relationship of benets to costs or what you get for what you giveWhat is Value based marketingFocuses on providing customers with benets that far exceed the cost money time effort of acquiring and using a product or service while providing a reasonable return to the rmSeptember 8th 2013How rms become ValueDrivenSharing Information across the organizationBalance benets with costBuild relationships with customersTransactional Orientation Regards the buyerseller relationship as a series of individual transactions anything that happens before or after is of little importanceRelational Orientation Based on the philosophy that buyers and sellers should develop a longterm relationshipCustomer Relationship Management CRMA business philosophy and set of strategies programs and systems that focus on identifying and building loyalty among the rms most valued customersExhibit 19Raw Material Suppliers Manufacturer DistributorCustomerMarketing is Pervasive Across the Supply ChainSupply Chain The group of rms and set of techniques and approaches rms use to make and deliver a given set of goods and services Supply Chain management is importantbecause it requires effectively and efciently integrating supply chain partnerssuppliers manufacturerswarehousesstores and transactional intermediaries To produce and distribute goods in the right quantities to the right locations at the right timeChapter 2 Developing a Marketing Plan and Marketing StrategiesThe Marketing PlanDene MissionSituation Analysis IdentifyEvaluate OpportunitiesImplement MarketingEvaluate PerformanceGrowth StrategiesMarket PenetrationMarket DvlpemntPrdct DvlpmentDiversicationMarketing Strategy and Sustainable Competitive AdvntgeSBU Strategic Business UnitMarketing process plan A set of steps a marketer goes through to dvlp a marketing planLvls of Strategic Planning
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