BU121 Chapter Notes - Chapter 2: Target Market, Marketing Mix, Relationship Marketing
Document Summary
The marketing concept: companies focus on the core value proposition, a customer based focus that identifies what is important to your customers. How can you reach them: perception: how do you want to be perceived by your customer, the public, or other stakeholders. Focusing on customer wants, so the organization can distinguish its products from competitive offerings. Integrating all the organizations activities including production, to satisfy these wants. Achieving long-term goals for the organization by satisfying customer wants and needs legally, responsibly and ethically: production orientation, working to lower production costs without a strong desire to satisfy the needs of customers. To do this organizations concentrated on mass output and ensuring uniformity: by implementing the marketing concept, an organization looks externally to the customers in the marketplace and commits to customer value, customer satisfaction and relationship marketing. Is the ratio of benefits to sacrifices necessary to obtain those benefits.
