MARK20100 Chapter Notes - Chapter 2: Boston Consulting Group, Value Chain, Human Resource Management
Document Summary
Chapter 2: elements of marketing strategy, planning, and competition. Marketing plays a central role in creating, communicating, delivering, and exchanging offerings that have value. Benefit= some type of utility that a company and its products (and services) provide its customers. Utility= want-satisfying power of a good or service: form, time, place, ownership. Firm can impact costs or benefits to customer to increase value. Firm communicates value proposition through marketing bundle of benefits customer will receive: can create not only customer satisfaction but customer loyalty increased customer retention and reduced customer switching. Value chain serves as a means for firms to identify ways to create, communicate, and deliver more customer value within a firm: value-creating activities. Inbound logistics how the firm goes about sourcing raw materials for production. Operations how the firm converts raw materials into final products. Outbound logistics how the firm transports and distributes the final products to the marketplace.
