Chapter 1 Textbook Summary.docx

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 2320A/B
Professor
Kevin Thompson
Semester
Winter

Description
Chapter 1  The goal of marketing is to make selling unnecessary  Marketing o Satisfy customer needs o Manage profitable customer relationships  Marketing Mix – a set of marketing tools that work together to satisfy customer needs and build lasting customer relationships  Marketing: the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients partners and societies at large  Must also recognize the needs and rights of other groups  stakeholders  The marketing process: o Understand the marketplace and customer needs and wants o Design customer-driven marketing strategy o Construct a marketing program that delivers superior value o Build profitable relationships and create customer delight o Capture value from customers in return  By creating value for consumers, companies capture value from consumers  Five core customer and marketplace concepts: o Needs, wants, and demands o Market offerings o Value and satisfaction o Exchanges and relationships o Markets  Marketing Myopia: paying more attention to the specific products they offer than to the benefits and experiences produced by these products  Marketers must be careful to set the right level of expectations  Customer value and customer satisfaction!  Market: the set of all actual and potential buyers of a product or service  Buyers also carry on marketing  Marketing management: the art and science of choosing target markets and building profitable relationships with them o Customer management AND demand management  Marketing manager asks: what’s our target market? What’s our value proposition?  Demarket: reduce the number of customers or to shift their demand temporarily  Value proposition: the set of benefits or values it promises to deliver to consumers to satisfy their needs  Five alternative concepts under which organizations design and carry out their marketing strategies: o Production concept: consumers will favour products that are available and highly affordable  Focus on improving production and distribution efficiency o Product concept: consumers will favour products that offer the most in quality, performance, and innovative features  Continuous product improvements o Selling concept: consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort  Typical for unsought goods (insurance etc.)  Inside out perspective o Marketing concept: achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do  Outside in perspective o Societal marketing concept: marketing strategy should deliver value to costumers in a way the maintains or improves both the consumers an society’s well being  Focuses on society (human welfare), consumer satisfaction, and company profits  Four p’s: product, price, place, promotion  Customer relationship management (CRM) perhaps the most important concept of modern marketing o The overall process of building and maintained profitable consumer relationships by delivering superior customer value and satisfaction o Deals with all aspects of acquiring, keeping, and growing customers  Customer perceived value: the cu
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