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Marketing Chapter 1 (6 core aspects of marketing (create value, satisfy…
Marketing Chapter 1
6 core aspects of marketing
create value
satisfy customer needs and wants
entail exchanges
can be done by individual or organization
decisions based on 4 p's
occurs in many settings
Why is marketing important?
Key Points
Tells production how much of a product to make and then tells logistics when to ship it
creates relationships between company and other firm
would be hard to learn about new products without it
Expands firms global presence
Understanding customers is critical
Pervasive across marketing channel members
Specifically across the
supply chain
which consists of
Suppliers
Manufacturers
Warehouses
Stores
Transportation Intermediaries
Enriches society
Can be entrepreneurial
Four orientations of marketing
Sales
Sell as much as you can, not concerned about satisfying consumer wants
Product
Create an innovative product, also not concerned about satisfying consumer wants
Marketing
Understand consumer wants before you design and sell your product
Value
provide consumers greater value over competitors
How do firms become more value driven?
Sharing information with the company
Relational orientation
thinking of customers in terms of relationships instead of transactions
Customer Relationship management
Strategies to build loyalty among the firms most valued customers
Balancing cost of your product over the perceived value
Building relationships with customers
Staying in contact with customers through social media
Marketing Plan
Marketing activities over a period of time
Product design
Cost
Promotion techniques
Distribution methods