MKT 320 ∙ Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging values with others. ∙ Company Perspective–Employee provides company with expertise which is converted into profit. o Profit = Revenue – cost o Employee can reduce cost or generate profit. ∙ Consumer-companWe also discuss several other topics like sakai brocku
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y value match o Exchange of value The marketing process will help marketing strategies and marketing actions. ∙ 5 step process of the Marketing process: o Create consumer value o Design a customer-driven marketing strategy o Make an integrated marketing program o Build relationships and provide happiness to customers o Capture customer values and customer equity ∙ Employee provides company with expertise which is converted into profit. ∙ The company needs to understand what consumers want and the market place they are present in, to deliver a great consumer value. ∙ eToys is an example of a company that had a short life o bad customer service o failure through eyes of consumer o the website was to sell toys, but execution was a failure ∙ Questions for eToys o With whom is eToys trying to communicate? o What is eToys trying to communicate? o Why is this eToys’ goal? o Do they do a good job? Advertisements can help with answering these questions ∙ To find the goal of a company, you can look at the target market ∙ Order processing can be a problem in internet-based marketing. ∙ Consumers would rather pay for more if they had more convenience. ∙ Employees can be cost cutters, but they need to be careful with these activities because they can negatively affect consumers’ value, and revenue generators. ∙ Generating revenue occurs when the company creates value for consumers who will exchange the company’s product and/or service for money.