Marketing Notes

I. Principles of Marketing: 8/28/14

A. Marketing defined: is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return.

1. To be able to measure profitable customer relationships

2. Aim of marketing is to make selling unnecessary.

B. Customer Relationships:

C. Chapter one Terms:

1. Needs-states of felt deprivation.

2. Wants-the form human needs takes as they are shaped by environment and character.

3. Demands-human wants that are backed by buying power.

4. Market offerings-some combination of products, services information or experiences offer to a market to satisfy a need or want.

5. Marketing myopia-mistake of paying more attention to the specific product as co. offers than to the benefits and experiences produced by t these products.

6. Exchange-the act of obtaining a desired object from someone by offering something in return.

D. Chapter one Terms Cont.:

1. Marketing management-the art and science of choosing target markets and building profitable relationships with them.

2. Production concept-the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.

3. Product concept-

4. Selling concept

5. Marketing concept

6. Societal marketing concept

E. Chapter one terms Cont.

1. Customer relationship management

2. Customer-perceived value

3. Customer satisfaction

4. Customer-managed relationships

5. Consumer-generated marketing

6. Partner relationship management

7. Customer lifetime value

8. Share of customer

9. Customer equity

10. internet