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Ch1-7 full study notes of all materials.docx

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Department
Business
Course
BU352
Professor
Don'tknowhisname
Semester
Fall

Description
CHAPTER ONEOVERVIEW OF MARKETINGMarketinga set of business practices designed to plan for and present an organizations products or services in ways that build effective relationshipsMarketing plana written document comprised of an analysis of the current marketing situation opportunities and threats for the firm marketing objectives and strategy specified in terms of the four Ps action programs and projected or pro forma income and other financial statements in simpler terms it specifies the marketing activities for a specific period of timeMarketing is about satisfying customer needs and wantsNeeda person feeling physiologically deprived of basic necessities such as food clothing shelter and safetyWantthe particular way in which a person chooses to satisfy a need which is shaped by a persons knowledge culture and personalityMarketrefers to the groups of people who need or want a companys products or services and have the ability and willingness to buy themTarget marketthe customer segment or group to whom the firm is interested in selling its products and servicesMarketing entails value exchangeExchangethe trade of things of value between the buyer and seller so that each is better off as a resultMarketing mix four Psproduct price place and promotionthe controllable set of activities that a firm uses to respond to the wants of its target marketsProductcreating value Pricetransacting valuePricethe overall sacrifice a consumer is willing to makemoney time and energyto acquire a specific product or servicePlacedelivering valuePromotioncommunicating valueProduct Orientationcompanies focus on developing and distributing innovative products with little concern about whether the products best satisfy customers needsthey try selling the product after it is developed rather than starting with an understanding of the customers needs and then developing a product to satisfy those needsSales Orientationcompanies that 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 Orientationcompanies start out by focusing on what consumers want and need before they design make or attempt to sell their products and services Valuebased Orientationhave gone beyond a production or sales orientation and attempt to discover and satisfy their customers needs and wants Valuereflects the relationship of benefits to costs or what the consumer gets for what he or she givesValuebased marketingfocuses on providing customers with benefits that far exceed the cost money time effort of acquiring and using a product or service while providing a reasonable return to the firmHow firms become valuedriven They share information about their customers and competitors across their organization and with other firms that might be involved in getting the product or service to the marketplace such as manufactures they strive to balance their customers benefits and costs and they concentrate on building relationships with the customersTransactional orientationregards the buyerseller relationship as a series of individual transactions so anything that happened before or after the transaction is of little importanceRelational orientationa method of building a relationship with customers 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 firms most valued customersCHAPTER TWOA MARKETING PLAN AND MARKETING STRATEGIESSBUstrategic business units is a division of the company that can be managed somewhat independently from other divisions since it markets a specific set of products to a clearly defined group of customersMarketing planning processa set of steps a marketer goes through to develop a marketing planPlanning phasewhere marketing executives and other top managers define the mission and objectives of the business and evaluate the situation by assessing how various players both inside and outside the organization affect the firms potential for successImplementation phasewhere marketing managers identify and evaluate different opportunities by engaging in a process known as segmentation targeting and positioning They then develop and implement the marketing mix by using the four PsControl phasethe part of the strategic marketing planning process when managers evaluate the performance of the marketing strategy and take any necessary corrective actionsMission statementa broad description of a firms objectives and the scope of activities it plans to undertake attempts to answer two main questions what type of business is it And what does it need to do to accomplish its goals and objectives
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