BAMK 260 CHP 1
RELATIONAL ORIENTATION
A method of building a relationship with customers based on the philosphy that buyers and sellers should develop a long-term relationship.
VALUE CO-CREATION
A method of providing additional value by offering the opportunity for consumers to act as collaborators in creating the product or service.
MARKETING
AN ORGANIZATIONAL FUNCTION AND PROCESS FOR *CREATING, *CAPTURING, *COMMUNICATING, AND *DELIVERING VALUE TO CUSTOMERS AND *MANAGEING CUSTOMER RELATIONSHIPS IN A WAY THAT BENEFIT THE ORGANIZATION AND ITS STAKEHOLDERS.
WHAT IS THE DEFENITION OF MARKETING?
An activity and process for creating, capturing, communicating, delivering,and exchangeng offerings that have value for customers, clients, partners, and society at large.
What are the four components of the marketing mix?
1 Product(creating value) 2 Price(capturing value) 3 Place(delivering value) 4 Promotion(communicating value)
WHAT IS THE ROLE OF MARKETING IN ORGANIZATIONS?
1. Create Value 2. Enhance value by adds, pesonal delling, and other various ways.
WHAT IS VALUE - BASED MARKETING?
1. Creatingstrong products and sevices, deciding which products and sevices to provide for whom, and adjust their offerings to meet customer needs and keep ahead of their competition.
LIST FIVE FUNCTIONS THAT ILLUSTRATE THE IMPORTANCE OF MARKETING.
1. Expands firms' Global presence 2 is sread throughout all parts of orgaizations and the suply chain 3.Makes life easier 4 Enriches society 5 Can be entrepreneural
HOW DO MARKETERS CREATE VALUE FOR A PRODUCT OR SERVICE?
1. Increasing benefits 2. Reducing costs 3.Collecting info about customer's needs and wants. 4. Ability to design products and sevices by achieving a balance between benefits and costs.
WHY IS MARKETING IMPORTANT BOTH WITHIN AND OUTSIDE THE FIRM?
1. It helps cordinate activities of many areas such as product design, production, logistics, and human recorces. 2. Helps facilitate the smoth flow fo goods through supply chain. 3. Helps develope an image that attracts customers to a firm.
WHAT ARE THE TWO METHODS FOR INCREASING VALUE?
1. Must understand what customers veiw as the key benefits and how to improve them. 2. Ability to provide better product/service or level of quality/convenience at same cost or lower
HOW CAN A FIRM BECOME VALUE DRIVEN?
1. Share information about customers and competitors and intregrate it across the firms various departments 2. Measure the benefits that costomers perceive against the cost of their offerings. 3. Build relationships with customers ( CUSTOMER RELATIONSHIP MAMAGEMENT)
Core Aspects of Marketing (x6)
1. is about satisfying customer needs and wants. 2.entails an exchange 3. requires product, price, place, and promotion decisions. 4. can be preformed by both individuals and organizations 5.occurs in many settings 6. helps create value.
CUSTOMER RELATIONSHIP MANAGEMENT (CRM)
A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firms most valued customers.
WHO CAN PREFORM MARKETING?
Individuals and orgaizations(B to C, Bto B, and C to C)
SERVICE
Intangable offering that involves a deed, preformance, or effort that cannot be physically possessed.
IDEAS
Intillectual conceps-- thoughts, opinions, and philosophies.
GOODS
Items that can be physicly touched.
MARKETING IS ABOUT SATIFYING THE____ AND _____ .
Needs and wants.
MARKETING MIX (4 P'S)
Product, price, place, and promotion-- the controlable set of activities that a firm uses to respond to the wants and needs of its target markets.
WHAT ARE THE VARIOUS ERAS OF MARKETING?
Production oriented, Sales Oriented, Market Oriented, and Value-based era.
VALUE
Reflects the relationship of beneits to cost, or what the consumer gets for what he or she gives.
TRANSACTIONAL ORIENTATION
Regards to the buyer-seller relationship as a series of individual transactions, so anything that happend befor or after is of little importance.
SUPPLY CHAIN
The group of firms that make and deliver a given set of goods and services.`
B2C
The process in which businesses sell to consumers.
C2C
The process in which consumers sell to other consumers
B2B
The process of selling merchandise or services from one business to another.
EXCHANGE
The trade of things of value between the buyer and the seller so that each is better off as a result.
MARKETING PLAN
Written analysis of the *marketig situation, *opportunities and threats for the firm, *marketing objectives and strategy specifed in terms of the four Ps, *action programs, and *projected or pro forma income( and other financial) statments.
