Ch 1: Overview of Marketing
Ch 1: Overview of Marketing Mkt 3000
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This 4 page Class Notes was uploaded by Rebecca Lord on Friday August 28, 2015. The Class Notes belongs to Mkt 3000 at Bowling Green State University taught by Fei Weisstein in Fall 2015. Since its upload, it has received 104 views. For similar materials see Marketing/non business in Marketing at Bowling Green State University.
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Date Created: 08/28/15
826 2815 Chapter 1 Overview of Marketing Marketing is all about Creates Customer Value Product Stresses Customer Satisfaction Audience Promotion Core Values of Marketing Marketing Creates Value Marketing is about satisfying the customers needs and wants Marketing occurs in many settings Marketing entails an exchange Marketing requires price placement product and promotion decisions Marketing can be performed by both individuals and organizations CUSTOMER EXPECTATION THEORY Expectations Disconfirmation gt Perceived Performance BUILDING RELATIONSHIPS EXpandmg MarkEI Relationship Marketing 8020 RUIe Share Paretos Principle Attract new customers 0 Customer Oriented 80 of the company39s mcrease business with Personnel profit comes from the current customers 0 Employee Training 20 loyal customers Retain current 0 Empowerment 39 70 0f the customers customers ability to handle are general complaints 0 Bottom 10 make Teamwork company lose money EMPLOYEES 1ST CUSTOMERS 2ND Stockholder More Satisfaction Investment Growth and Greater Effort Pro ts Higher Repeat Quality Business Desired Marketing Outcome Exchange Defining a Firm s Business A Firm is NOT defined by it s goods and services but rather it s customer benefits Ensures a customer focus 0 Encourages innovation and creativity 0 Stimulates awareness of change in a product 4 Marketing Management Philosophies oFieId of Dreams Orientation 0quotIf you build it they will come 0Focused on the internal capabilities and strengths of the firm oDoesn t consider if the the product meets the market s needs oWhat is easy to produce given our equipment Production Orientation actually need or want oBelieves that they will make higher sales if aggressive sales techniques are used oDisregards the needs of the market and the consumer Sales Orientation oMarketing Selling things and collecting money How can we sell more aggressively 39EXZ Buy 3 Get 2 Free No one needs 5 of one item but the compnay just wants your money 0Focuses on the needs of a target audience rather than the general population olt integrates all the aspects of the organization39s activities in order to satisfy the customer h arket Orientation oWhat do the customers need and want oEx Apple39s iphone has different storage space you can buy depending on what you need 0 Focuses on satisfying the customers needs and wants but also promotes the wellbeing of the individual or the society as a whole Societal Marketing Sales vs Marketing Orientations Ex TOMS will donate one pair of shoes to a child in need in Africa when you buy a pair of shoes oEx The furniture industry Customers wil always find sofas chairs end tables etc regardless ofwhat they 0Does not always convince consumers to buy their product despite the amount of aggressive techniques used oAchieves the longterm goals by satisfying the customer39s needs and wants both responsibly and legally Focus Firm s Business For Whom Primary Profit Tools to Goal Achieve Sales Inward Selling goods Everybody Maximize sales Primarily and services volume promotion Marketing Outward Satisfying wants Specific groups Customer Coordinated and needs of people Satisfaction use of marketing activities Achieving a Marketing Orientation Acquire information about customers competitors and markets Examine the information from a total business perspective Determine how to deliver superior customer value Implement actions to provide value to customers Value Firms must offer customers something in excess of that being offered by competitors Firms must understand how each aspect of their productsservices create value for customers Becoming Value Driven Information Technology such as Customer Relationship Management CRM programs are increasingly used by marketers to ensure that data is transmitted throughout the firm CRM focuses on a very specific group of people by tracking their interactions with the company in order to increase customer satisfaction and profits Why is Marketing Important It plays a huge role in society 0 Marketing allows us easy access to grocery stores with clean convenient packaging and various different forms of food It is important to businesses 0 It allows business to successful expand their company increase their profits and satisfy potential customers wants It offers great career opportunities 0 Marketing occurs in a variety of settings such as hospitals museums and universities and can include market research retail buying advertising and distribution management It occurs in everyday life 0 As a consumer you will become more aware of the buying process and understand when your expectations meet the standards promised by the company