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Transcript of 1 | 2Copyright © Houghton Mifflin Company. All rights reserved. Part One Understanding And Managing...
1 | 2Copyright © Houghton Mifflin Company. All rights reserved.
Part OneUnderstanding And Managing
Marketing Strategies
1 | 4Copyright © Houghton Mifflin Company. All rights reserved.
Objectives
• Define marketing as focused on customers
• Identify important marketing terms
• Become aware of the marketing concept and marketing orientation
• Understand importance of building customer relationships
• Learn the process of marketing management
• Recognize role of marketing in society
1 | 5Copyright © Houghton Mifflin Company. All rights reserved.
Marketing
The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchanges with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.
1 | 6Copyright © Houghton Mifflin Company. All rights reserved.
Customers
The purchasers of organizations’ products; the focal point of all marketing activities.
1 | 8Copyright © Houghton Mifflin Company. All rights reserved.
Target Market
A specific group of customers on whom an organization focuses its marketing efforts.
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Marketing Mix
Product
Distribution
Promotion
Pricing
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Product Variable
A good, a service, or an idea.
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Distribution Variable
Make products available in quantities desired Costs:
Inventory Transportation Storage
Select/Motivate intermediaries Establish/Maintain inventory control Develop/Manage transportation &
storage systems
1 | 12Copyright © Houghton Mifflin Company. All rights reserved.
Promotion Variable
• Activities to inform individuals or groups about the organization and its products
– aim is to increase awareness of the organization and new or existing products.
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Price Variable
Decisions and actions associated with establishing pricing objectives and policies and determining product prices
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Exchange
The provision or transfer of goods, services, or ideas in return for something of value
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Stakeholders
Constituents who have a stake or claim in some aspect of a company’s products, operations, markets, industry, and outcomes.
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Conditions of Exchange
1) Two or more must participate and possess something of value other party desires
2) Exchange should provide benefit/satisfaction to both parties
3) Party have confidence in promise of “something of value” held by the other
4) Parties must meet expectations
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Marketing Concept
A philosophy that an organization should try to provide products that satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals.
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Marketing Orientation
An organization-wide commitment to researching and responding to customer needs.
1 | 21Copyright © Houghton Mifflin Company. All rights reserved.
Relationship Marketing
Establishing long-term, mutually satisfying buyer-seller relationships.
1 | 22Copyright © Houghton Mifflin Company. All rights reserved.
Relationship Development
Acquire new customers
Enhance profitability of existing customers
Extend duration of customer relationship
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CustomerRelationship Management
Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.
1 | 24Copyright © Houghton Mifflin Company. All rights reserved.
Marketing Management
The process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently.
1 | 25Copyright © Houghton Mifflin Company. All rights reserved.
Importance of Marketing in the Global Economy (Pt.1)
Costs consume sizable portion of buyers’ dollars
Used in nonprofit organizations
Important to business and economy
Fuels the global economy