Popular in Marketing in the Global Economy
Popular in Marketing
This 2 page Class Notes was uploaded by Aimee Castillon on Monday February 1, 2016. The Class Notes belongs to MBUS303 at George Mason University taught by Dr. Joiner in Spring 2016. Since its upload, it has received 26 views. For similar materials see Marketing in the Global Economy in Marketing at George Mason University.
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Date Created: 02/01/16
Organization name Aimee Castillon Marketing in a Global Economy MBUS 303 • Spring 2016 firstname.lastname@example.org Heading: 1/19/16 Notes: Intro to Marketing What is Marketing? marketing i s an organizational function and a set of processes for creating, capturing, communicating, and delivering value o customers and for managing customer relationships in ways that benefit the organization and its stakeholders. creating p rocess of collaborating with suppliers and customers to create offerings that have value communicating b roadly, describing those offerings, as well as learning from customers delivering getting those offerings to the consumer in a way that optimizes value i.e. Snickers bars in drug stores, theaters, etc. capturing (exchanging) trading value for those offerings several other definitions of marketing main objective of marketing is to create customer value marketing usually involves an exchange between buyers and sellers or between other parties marketing has an impact on the firm, its suppliers, its customers, and others affected by the firm’s choices marketing frequently involves enduring relationships between buyers, sellers, and other parties at the core: value fundamental purpose of marketing is to create value for both the firm and customer value is simply what you get (benefits received) for what you give up example: how do (price + hassle) companies address the marketing is about satisfying customer needs and wants diverse needs and wants of The “4 P’s”/“The Marketing Mix”: consumers for dental care product products? fundamental purpose of marketing is to create value by developing a variety of offerings, including g oods, services, and ideas , to satisfy customer needs price= everything a buyer gives up (money, time, energy) in exchange for the product key: figure out how much customers are willing to pay and assess whether a profit can be made at that point value is critical to this! place all the activities necessary to get the product to the right customer when and how the customer wants it promotion communication by a marketer that i nforms, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response valuebased marketing firms must offer customers something in excess of that being offered “value is in the eye of the by the competitors (p erceived and individual!) beholder” firms must understand how each aspect of their product/service creates value for customers how firms compete on the basis of value: not easy! constantly changing consumers’ perceptions firms must constantly monitor the marketplace in order to create value
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