Mkt Review

Chapter 1 : creating customer relationships and value through marketing

What is Marketing?

i) Is the activity for creating communicating delievering and exchanging offerings that benefit the organization, its stakeholders and society at large

ii) Marketing seeks :

(1) To dscover the needs and wants of prospective customers

(2) To satisfy them

(a) The key to achieveing these things is the idea of exchange – the trade of things of value between a buyer and seller so that each is better off in trade

iii) The first objective in marketing in marketing is to discover the needs of prospective customers

2) Diverse factors influencing marketing activites

a) The marketing dept is resonabile for facilating relationships, partnerships, and alliances with the organizations customers, shareholders, , suppliers and other organizations

b) Environmental factors also shape society and impact it too ( social , economic, technological, competitive, and regulatory considerations)

c) It is not possible to simultaneously provide the lowest priced and and highest quality products to customers and pay the highest prices to suppliers, highest wages to employees and max dividends to shareholders

3) What is needed for marketing to occur

a) 2 or more parties with unsatisfied needs

b) desire and ability on their part to be satisfied

c) a way for these parties to communicate

d) something to exchange

4) How marketing discovers and satisfies customer needs

a) Advice:

i) Focus on what the customer benefit is

ii) Learn from the past

b) Marketing tries to satisfy customer needs and wants

c) Organizations marketing dept

i) Steps

(1) Information about needs

(2) Discover customer needs

(3) Concepts for products

(a) Having the right combo of

(i) Product

(ii) Price

(iii) Promotion

(iv) Place

(4) Goods, services, ideas

(5) Potential customers : the market

5) Satisfying customer needs

a) Target market – one ore more specific groups of potential customers...