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Class #1 & Class #2 Notes


Class #1 & Class #2 Notes ACC 211

Marketplace > University of Miami > Accounting > ACC 211 > Class 1 Class 2 Notes
Principles of Financial Accounting
Seth Levine

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Principles of Financial Accounting
Seth Levine
Study Guide
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This 5 page Study Guide was uploaded by an elite notetaker on Saturday August 29, 2015. The Study Guide belongs to ACC 211 at University of Miami taught by Seth Levine in Fall 2015. Since its upload, it has received 46 views. For similar materials see Principles of Financial Accounting in Accounting at University of Miami.


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Date Created: 08/29/15
A Chapter 01 Overview of Marketing 1 WHAT IS MARKETING The American Marketing Association states that Marketing is the activity set of institutions and processes for creating capturing communicating delivering and exchanging offerings that have value for customers clients partners and society at large 2 Good marketing requires careful planning with an emphasis on ethical implications Firms develop a marketing plan that specifies the marketing activities for a specific period of time Exhibit 11 illustrates the core aspects of marketing Marketing is about satisfying customer needs and wants 1 2 Broadly the marketplace refers to the world of trade but it can be divided into segments Marketers carefully seek out potential customers who have both an interest in the product and an ability to buy it Marketing entails an exchange 1 2 1 Marketing is about an exchange a trade of things of value between the buyer and the seller so that each is better off as a result Exhibit 12 depicts how sellers provide products communicate and facilitate delivery and buyers complete the exchange by giving money and information to the seller Marketing requires product price place and promotion decisions Marketing traditionally has been divided into a set of four interrelated decisions known as the marketing mix or four Ps Exhibit 13 defines the four Ps Product Price Place Promotion Products create value by providing goods services and ideas to satisfy customer needs Goods are items you can physically touch Services are intangible customer benefits that are produced by people or machines and cannot be separated from the producer 5 Superior Service 11 RitzCarlton makes customer service an art This superior service feature highlights RitzCarlton a company that consistently provides outstanding customer service It successfully achieves this level of service quality by training its employees on corporate values Ideas include thoughts opinions and philosophies and intellectual concepts such as these can also be marketed Price enables marketers to capture value Price is everything that the buyer gives up including money time and energy in exchange for the product Place enables marketers to deliver the value proposition Place also known as supply chain management describes all activities necessary to get the product to the right customer when that customer wants it Supply chain management refers to a set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers manufacturers warehouses stores and other firms involved in the transaction such as transportation companies into a seamless value chain in which merchandise is produced and distributed in the right quantities to the right locations and at the right time as well as to minimize system wide costs while satisfying the service levels required by their customers 1 Internet Marketing 11 examines how Zappos efficient supply chain made it a mega shoe store servicing the world Promotion enables marketers to communicate the value proposition E Marketing can be performed by both individuals and organizations 4 The process by which businesses sell to consumers is called B2C businessto consumer marketing The process of selling merchandise or services from one business to another is called B2B businesstobusiness marketing Auction sites like eBay have spawned a new category C2C consumerto consumer marketing Exhibit 14 illustrates these marketing transaction types F Marketing impacts various stakeholders 1 2 Marketing affects other stakeholders including supply chain partners employees and society at large Employment marketing programs use marketing techniques to attract and retain the best employees G Marketing helps create value p x Exhibit 15 illustrates marketing s history The productionoriented era emphasized efficiency in production The salesoriented era benefitted from advanced production and distribution techniques and manufacturers had capacity to produce more than consumers wanted Firms responded by becoming salesoriented The marketoriented era came into being as buyers made purchasing decisions on the basis of factors such as quality convenience and price The valuebased marketing era is marketing s current era with the recognition that marketers should strive to give customers greater value than the competition Value re ects the relationship of benefits to costs Customers seek a fair return for their money and want products that meet specific needs and wants at competitive prices Adding Value 11 My MampMs This feature explains how MampMs found a way to add value to its core product through customization II WHAT IS VALUEBASED MARKETING A Exhibit 16 illustrates how marketing firms find a balance between providing benefits to customers and keeping costs down B Firms compete on the basis of value C How do firms become value driven 9 Exhibit 17 shows how firms become value driven by focusing on three activities They share information about customers and competitors which has been collected and integrated throughout the firm s departments They strive to balance benefits and costs They concentrate on building relationships with customers A transactional orientation regards the buyerseller relationship as a series of individual transactions A relational orientation is based on the philosophy that buyers and sellers should develop a longterm relationship Firms that practice valuebased marketing may also use a process known as customer relationship management CRM which is a business philosophy and set of strategies programs and systems that focus on identifying and building loyalty among the firm s most valued customers IIIWHY IS MARKETING IMPORTANT PCP Exhibit 18 illustrates the major business functions that interact With marketing Marketing expands firm s global presence Marketing is pervasive across the organization Marketing is pervasive across the supply chain 1 Exhibit 19 illustrates the supply chain functions 2 Effectively managing the supply chain relationships have a marked impact on a firm s ability to satisfy customers and increase profitability E Marketing makes life easier and provides employment opportunities F Marketing enriches society p x Firms recognize that a strong social orientation makes good business sense 2 Ethical and Societal Dilemma 11 examines how fast food companies are enriching society by becoming more socially responsible in their marketing to children G Marketing can be entrepreneurial 1 Marketing is at the center of entrepreneurial successes launched to satisfy unfulfilled needs 2 Some major companies were once entrepreneurial ventures Pixar Studios is one example


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