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Chapter 12

MGMT 1000 Chapter 12: Business- Chapter 12 Notes


Department
Management
Course Code
MGMT 1000
Professor
Kathleen Rodenburg
Chapter
12

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What is Marketing
Marketing= an organizational function and a set of processes for creating, communicating, and
delivering value to customers, and for managing customer relationships in ways that benefit the
organization and its stakeholders
Marketing concept: the idea that the whole firm is directed toward serving present and potential
customers at a profit
Delivering Value
Value and Benefits
-value: a relative comparison of a products benefits versus its costs (benefits/ cots)
-develop an entirely new product that performs better (provides greater performance
benefits) than existing products
-keep a store open longer hours during a busy season (convenience)
-offer price reductions (lower cost)
-offer info that explains how a product can be used in new ways (new uses at no added cost)
-to satisfy customers a company may do any of the following:
-utility=the ability of a product to satisfy a human want or need
-form utility: features that customers want
-time utility: providing products when customers will want them
-place utility: providing products where customers will want them
-possession utility: transferring product ownership to customers by setting selling prices,
setting terms for customer credit payments, and providing ownership documents
-marketing strives to provide four kinds of utility in the following ways:
Goods, Services and Ideas
-consumer goods: physical products purchased by consumers for personal use
-industrial goods: physical products purchased by companies to produce other products
-services: products with non physical features, such as info, expertise or an activity that can be
purchased
-ideas; eg ads in theatres warn about piracy etc
Relationship Marketing and Customer Relationship Management
-relationship marketing: a marketing strategy that emphasizes building lasting relationships with
customers and suppliers
-customer relationship management (CRM): organized methods that a firm uses to build better info
connections with clients, so that stronger company client relationships are developed
The Marketing Environment
Political Legal Environment
Socio-cultural
Technological
Economic
Competitive Environment
-substitute products: may not look alike or may seem rlly different but can fulfill the same need
-brand competition
-international competition
Developing The Marketing Plan
Identify the objective or goal
1.
Plan for when it will happen and for the paths that will be taken to get there
2.
Evaluate resource requirements and availabilities
3.
Adjust plans as needed to become realistic and feasible
4.
Keep notes and data about what happened because learning from this experience increases
the chances for greater success on the next
5.
Marketing plan: detailed strategy for focusing marketing efforts on consumers needs and wants
Chapter 12 Notes
November 27, 2016
1:39 PM
Intro to Business Page 1
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