MKTG 341 Chapter 1 Notes
MKTG 341 Chapter 1 Notes MKTG 341
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This 2 page Class Notes was uploaded by Angela Potter on Thursday January 28, 2016. The Class Notes belongs to MKTG 341 at Towson University taught by Erin Steffes in Spring 2016. Since its upload, it has received 30 views. For similar materials see Principles of Marketing in Marketing at Towson University.
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Date Created: 01/28/16
Chapter 1 Key Terms: Marketing: The activity for creating and delivering offerings that benefit the organization, its stakeholders, and society. Exchange: The trade of things of value between a buyer and a seller so that each is better off. Market: People with both the desire and the ability to buy a specific offering Target Market: one or more specific groups of potential consumers toward which an organization directs its marketing program Marketing Mix: the controllable factors (product, price, promotion, place) that the marketing manager can use to solve a marketing problem Customer Value Proposition: a cluster of benefits that an organization promises customers to satisfy their needs. Environmental Forces: the uncontrollable social, economic, technological, competitive, and regulatory forces that affect the results of a marketing decision. Customer Value: buyers benefits, including quality, convenience, ontime delivery, and before and aftersale service at a specific price. Relationship Marketing: Linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long term benefit Marketing Program: a plan that integrates the marketing mix to provide a good, service, or idea to a prospective buyer Marketing Concept: the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organizations goals Market Orientation: focusing organizational efforts to collect and use information about customers needs to create customer value Marketing affects all individuals, all organizations, all industries and all countries Marketing seeks to: 1. discover the needs and wants of prospective customers 2. satisfy them The marketing department is responsible for faceliftings relationships, partnerships, and alliances with the organizations customers, its shareholders, its suppliers, and other organizations, Environmental forces involving social, economic, technological, competitive, and regulatory considerations also shape an organizations marketing activities. Marketing decisions are affected by and in turn often have an important impact on society as a whole For marketing to occur 4 factors are required: 1. Two or more parties with unsatisfied needs 2. Desire and ability to satisfy these needs 3. A way for the parties to communicate 4. Something to exchange In order not to fail do not produce what a consumer does not need Someone in the marketing department, usually marketing manager must complete a marketing program to reach consumers by using “the Four P’s” The Four P s : Product a good, service, or idea o satisfy the consumers needs Price what is exchanged for the product Promotion a means of communication between the seller and buyer Place a means of getting the product to the consumer An organization that has market orientation focuses its efforts on continuously collecting information about customers needs, sharing this information across departments, and using it to create customer value. The result is todays customer relationship era, in which firms seek to continuously satisfy the high expectations of consumers. Customer relationship management (CRM): the process of identifying prospective buyers, understanding them intimately, and developing favorable longterm perceptions of the organization and its offerings to that buyers will choose them in the market place Customer experience is the foundation of customer relationships management. It is the internal response that customers have to all aspects of an organization and its offerings. This internal response includes both the direct and indirects contacts to he customers with the company direct contacts include the customers contacts with the seller through being, using, and obtaining service. Indirect contacts most often involve unplanned “touches” with the company through wordofmouth comments from other customer, reviews, and news reports. Marketing Orientation Production Era up till 1920’s. goods were scarce and buyers were willing to accept virtually any goods that were available and make do with them Sales Era 19201960. manufacturers found they could produce more goods than buyers could consume. Marketing Concept Era Marketing Orientation Era
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