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MKT - CH1 - Overview of Marketing - Coggle Diagram

- - - - the fundamental purpose of marketing is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs.
        
        Goods, items that you can physically touch
        
        Services, intangible customer benefits that are produced by people or machines and cannot be separated from the producer.
        
        Ideas, include thoughts, opinions, philosophies, and intellectual concepts, that also can be marketed.
    - - Everything has a price, though it doesn't always have to be monetary.
        
        Price, is everything the buyer gives up, money, time, energy - in exchange for the product.
        
        Marketers must determine the price of a product carefully on the basis of the potential buyer's belief about its value
        
        The key is to find how much customers are willing to pay so that they are satisfied with the purchase and the seller achieves a reasonable profit.
    - - all activities necessary to get the product from the manufacturer or producer to the right customer when that customer wants it.
        
        retailing, marketing channel management
        
        marketing channel management, AKA supply chain management, is the set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction, into a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, while minimizing systemwide costs and satisfying the service levels required by the customers.
    - - Even the best products and services will go unsold if marketers cannot communicate their value to customers
        
        Promotion, is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response.
        
        Generally enhances a product or service's value
- - - - Sharing information
        
        marketers share information about customers and competitors that has been collected through customer relationship management, and integrate it across the firms various departments
      - Balancing Benefits with Costs
        
        constantly measure benefits that customers perceive against the cost of their offering
        
        They use available customer data to find opportunities in which they can better satisfy their customer needs and turn them into long-term loyalties
      - Building relationships with Customers
        
        relational marketing, method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship
        
        customer relationship management, a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers
      - Connecting with Customers Using Social and Mobile Media
        
        connect better with customers to serve their needs more effectively
- - - - The key to the success of new ventures is to satisfy unfilled needs