Professional Documents
Culture Documents
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What Is Marketing?
Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return
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Customer needs, wants, and demands Market offerings Customer Value and satisfaction Exchanges and relationships Markets
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States of deprivation Physicalfood, clothing, warmth, safety Socialbelonging and affection Individualknowledge and self-expression
Form that human needs take as they are shaped by culture and individual personality
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Marketers
Set the right level of expectations Not too high or low
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Understanding the Marketplace and Customer Needs Exchange is the act of obtaining a
desired object from someone by offering something in return
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Market segmentation refers to dividing the markets into segments of customers Target marketing refers to which segments to go after
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Demarketing is marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it
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Production concept
Product concept
Selling concept
Marketing concept
Societal concept
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Production concept is the idea that consumers will favor products that are available or highly affordable
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Product concept is the idea that consumers will favor products that offer the most quality, performance, and features. Organizations should therefore devote its energy to making continuous product improvements.
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Selling concept is the idea that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort
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Marketing concept is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do
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Societal marketing concept is the idea that a company should make good marketing decisions by considering consumers wants, the companys requirements, consumers long-term interests, and societys long-run interests
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The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
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Customer perceived value The difference between total customer value and total customer cost
Customer satisfaction The extent to which a products perceived performance matches a buyers expectations
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Basic Relationships
Full Partnerships
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Relating with more carefully selected customers uses selective relationship management to target fewer, more profitable customers Relating more deeply and interactively by incorporating more interactive two way relationships through blogs, Websites, online communities and social networks
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Partners inside the company is how every function is interacting with customers
Electronically Cross-functional teams
Partners outside the company is how marketers connect with their suppliers, channel partners, and competitors by developing partnerships
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Supply chain is a channel that stretches from raw materials to components to final products to final buyers Supply management Strategic partners Strategic alliances
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Customer lifetime value is the value of the entire stream of purchases that the customer would make over a lifetime of patronage
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Share of customer is the portion of the customers purchasing that a company gets in its product categories
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Building the right relationships with the right customers involves treating customers as assets that need to be managed and maximized Different types of customers require different relationship management strategies
Build the right relationship with the right customers
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Not-for-profit marketing
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