MGM101 Chapter 12- Marketing: building costumer and stakeholder relationship
Marketing: The process of determining customer needs and wants and then developing goods
and services that meet or exceed these expectations.
green marketing: Marketing efforts to produce, promote, and reclaim environmentally- sensitive
The marketing concept had three parts:
1. A customer orientation. Find out what consumers want and provide it for them. (Note the
emphasis on meeting consumer needs rather than on promotion or sales.)
2. A service orientation. Ensure that everyone in the organization has the same objective:
customer satisfaction. This should be a total and integrated organizational effort. That is,
everyone from the president of the firm to the delivery people should be customer oriented.2
3. A profit orientation. Focus on those goods and services that will earn the most profit and
enable the organization to survive and expand to serve more consumer wants and needs.
marketing concept: A three-part business philosophy: (1) a customer orientation, (2) a service
orientation, and (3) a profit orientation.
customer relationship management (CRM) The process of learning as much as possible about
customers and doing everything you can to satisfy them—or even exceed their expectations—
with goods and services over time.
Pleasing customers has become a priority for marketers. Much of what marketing people do has
been conveniently divided into four factors, called “the four Ps” to make them easy to remember
and implement. They are:
The ingredients that go into a marketing program: product, price, place, and promotion.
Producs: Any physical good, service, or idea that satisfies a want or need.
test marketing: The process of testing products among potential users.
brand name: A word, device (design, shape, sound, or colour), or combination of these used to
distinguish a seller’s goods or services from those of competitors.
Price: The money or other consideration (including other goods and services) exchanged for the
ownership or use of a good or service.
Promotion: All of the techniques sellers use to motivate customers to buy their products. marketing research: The analysis of markets to determine opportunities and challenges, and to
find the information needed to make good decisions.
A simplified marketing research process consists of at least four key steps:
1. Defining the question (problem or opportunity) and determining the present situation
2. Collecting data
3. Analyzing there search data
4. Choosing the best solution and implementing it
secondary data: Information that has already been compiled by others and published in journals
and books or made available online.
primary data: Data that you gather yourself (not from secondary sources such as books and
focus group: A small group of people who meet under the direction of a discussion leader to
communicate their opinions about an organization, its products, or other issues.
Environmental scanning: The process of identifying the factors that can affect marketing success.
Consumer market: All individuals or households that want goods and services for personal
consumption or use.
Business-to-business (B2B) market All individuals and organizations that want goods and
services to use in pr