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Chapter 1

BU352 Marketing Chapter 1.docx

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ECON 344
Deborah Reyner

BUSWeek 1Sep112012Chapter 1 Overview of MarketingChapter 2 Developing a Marketing Plan and Marketing StrategiesChapter 1LO1 Define marketing and explain its core conceptsLO2 Illustrate how marketers create value for a product or serviceLO3 Summarize the four orientations of marketingLO4 Identify the role of customer relationship management in creating valueLO5 Explain the importance of marketing both within and outside the firmBuilding value Blackberry fierce the completion from Apple Android and others because they dont pay attention by listening to what customer needsInnovate but also listen to the customer customer comes firstBuilding relationship with customer is importantExamples of product flops failureCigarette people like the tasteHot Salsa packaging problem with a hot lady naked ass people dont want the effect after using the salsapain in the assYogurt Shampooneed to refrige everytime after using it a bit inconvenientButter stick looks like glue sticklip stick What if the butter melts in the pursepocket What is marketing Marketing is a set of business practices designed to plan for and present an organizations products or services in ways that build effective customer relationshipsMarketing is NOT Just about buyers and sellers exchanging money for goods and services or about making a profitMarketers responsibility marketers must address the ethical implications of their actions on society in generalValue the fundamental purpose of marketing is to create value for both the firm and customer Value is in essence what you get for what you give upQ Which of the following statements about marketing is NOT true A BAMarketing entails an exchange BMarketing is simply about making a profit CGood marketing requires thoughtful planning DBecause marketing costs money good marketerscarefully seek potential customers who have bothan interest in the product and an ability to buyMarketings Core Aspects1Satisfying Customer Needs and WantsUnderstanding customers need and want1
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