COMM 296 Chapter Notes - Chapter 1: Customer Relationship Management, Marketing Mix, Retail

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Published on 15 Jul 2016
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OVERVIEW OF MARKETING
COMM 296: Introduction to Marketing Jenny Tao
(1) Define the role of marketing in organizations & list elements of marketing mix
- Marketing: the activity, set of institutions, and processes for creating, capturing,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
- Core aspects:
o Satisfies customer needs and wants
Seek potential customers who is interested and has ability to buy
o Entails an exchange
Exchange: trade of things between buyer and seller so each is better
off as a result
o Requires marketing mix aka 4P (product, price, place, and promotion)
Marketing mix: controllable set of activities that firm uses to respond
to wants of its target markets
Product: create value goods/service/ideas
Price: capture value everything buyer gives up (time, energy…)
Place: deliver value activities needed to get the product to customer
at right time and place (supply chain management)
Promotion: communicate value promote value
o Performed by individuals and organizations
B2C: business-to-consumers marketing
B2B: business-to-business marketing
C2C: consumers-to-consumers marketing
o Occurs in many settings
Employment marketing: marketing program to attract applicants to
the hiring firm
Marketing help benefit entire industry/society at large
o Helps create value evolution of marketing: history
Production-oriented era: belief good product will sell itself; product
innovation > customer needs
Sales-oriented era (Great Depression & WWII): heavy on personally
selling and advertising because people are consuming less
Market-oriented era (after WWII): focus on customer needs and
wants before producing; discovered marketing
Value-based marketing era (today): implement strategy based on
customer value
Value: the relationship of benefits to costs, what consumer gets for
what he/she gives
Value cocreation: customers act as collaborators with
manufacturer/retailer to create the product/service
(2) Describe how marketers create value for a product or service
- Customers seek the most benefits for least cost while marketing firms find the
desirable balance between providing benefits and keeping costs low
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Document Summary

Overview of marketing (1) define the role of marketing in organizations & list elements of marketing mix. Marketing: the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Core aspects: satisfies customer needs and wants. Seek potential customers who is interested and has ability to buy: entails an exchange. Exchange: trade of things between buyer and seller so each is better off as a result: requires marketing mix aka 4p (product, price, place, and promotion) to wants of its target markets. Marketing mix: controllable set of activities that firm uses to respond. Price: capture value everything buyer gives up (cid:523)time, energy (cid:524) Place: deliver value activities needed to get the product to customer. Promotion: communicate value promote value at right time and place (supply chain management) C2c: consumers-to-consumers marketing: performed by individuals and organizations, occurs in many settings.

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