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by: jj

mkt3010ChapterOne.pdf 80302 - MKT 3010 - 002

Principles of Marketing
Carter Willis McElveen

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Chapter One of Notes from the book
Principles of Marketing
Carter Willis McElveen
Class Notes
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This 2 page Class Notes was uploaded by jj on Saturday September 5, 2015. The Class Notes belongs to 80302 - MKT 3010 - 002 at Clemson University taught by Carter Willis McElveen in Fall 2015. Since its upload, it has received 32 views. For similar materials see Principles of Marketing in Marketing at Clemson University.

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Date Created: 09/05/15
Chapter One Notes Marketing 301 0 What is Marketing 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 Definition according to the American marketing association Marketing Plan specifies the marketing activities for a specific period of time Core Aspects of Marketing 0 Marketing occurs in many settings 0 Marketing helps create value Marketing is about satisfying customer needs and wants Marketing entails an exchange the trade of things of value between the buyer and the sellers to that each is better off as a result 0 Marketing requires product price place and promotion decisions marketing mix or four P s 1 Product Creating Value fundamental purpose is to create value by developing a variety of offerings including goods services and ideas to satisfy customer needs 2 Price Capturing Value everything the buyer gives up money energy time in exchange for the product 3 Place Delivering the Value Proposition represents all the activities necessary to get the product to the right customer when the customer wants it 4 Promotion Communicating the Value Proposition communication by a marketer that informs persuades and reminds potential buyers about a product or service to in uence their opinions and elicit a response Promotion generally can enhance a product s or service s value Marketing can be performed by both individuals and organizations Understanding the marketplace and customer needswants is fundamental to marketing success Value re ects the relationship of benefits to costs or what the consumer gets for wat he or she gives Value Cocreation customers act as collaborators with a manufacturer or retailer to create the product or service Relational Orientation a method of building a relationship with customers based on the philosophy that buyers and sellers should develop a longterm relationship Customer Relationship Management CRM a business philosophy and set of strategies programs and systems that focus on identifying and building loyalty among the firm s most valued customers 0 Why is Marketing Important Marketing advises production about how much of the company s product to make and then tells logistics when to ship it Creates longlasting mutually valuable relationships between the company and the firms from which it buys Identifies those elements that local customer s value and makes it possible for the firm to expand globally expands global presence Can be entrepreneurial Enriches society Pervasive across channel members Supply Chain the group of firms that make and deliver a given set of goods and services Marketing Channel the set of institutions that transfer the ownership of and move goods from the point of production to the point of consumption consists of all the institutions and marketing activities in the marketing process Entrepreneurs a person who organizes operates and assumes the risk of a new business venture


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