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Marketing Principles: Chapter 1- Overview of marketing

What is Marketing?
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
What are the 4 P’s of Marketing?
Product, place, price and promotion.
What is an exchange?
People giving up one thing to receive another thing they would rather have.
What are the four competing philosophies that strongly influence an organizations marketing processes?
Production orientation, Sales orientation, Market Orientation and Societal Marketing.
Production Orientation
Is a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.
Sales Orientation
Sales Orientation reflects 2 ideas. 1. People will buy more goods and services if aggressive sales techniques are used. 2. That high sales result in high profits.
Market Orientation
It states that the social and economic justification for an organizations existence is the satisfaction of the customers wants and needs while also meeting organizational objectives. Integrating all the organizations activities, including production, to satisfy customers wants. Achieving long-term goals for the organization by satisfying customers wants and needs legally and responsibly.
Societal Marketing Orientation
A market-oriented organization may choose to not deliver the benefits sought by customers because these benefits may not be good for individuals or society.
Customer Value
Is the relationship between benefits and sacrifice necessary to obtain those benefits.
Marketers interested in customer value:
Offer products that perform, earn trust, avoid unrealistic pricing, give customers the facts, offer an organization-wide commitment to service and after sales support. Partner with consumers to co-create experiences that consumers want.
Customer satisfaction
Is the customers evaluation of a good or service in terms of whether that good or service has met the customers needs and expectations.
3 ways to build new relationships?
Attracting new customers, increasing business with existing customers and retaining current customers.
Successful relationship marketing strategies depend on what?
Customer-oriented personnel, effective training programs, teamwork, and employees who are given the authority to make decisions and solve problems.
Relationship Marketing
Is a strategy that focuses on keeping and improving relationships with current customers.
Delegation of authority to solve customers problems quickly- usually by the first person who learns of the customers problem.
Entails collaborative efforts of people to accomplish common objectives
A market-oriented firm
Defines its business in terms of the benefits its customers seek.
A sales-oriented organization
Targets its products at “everybody” or “the average customer.
A market-oriented organization
Recognizes that different customer groups want different features or benefits. Aims at specific groups of people.
Is the means by which organizations communicate with present and prospective customers about the merits and characteristics of their organization and products. Effective promotion is an essential part of effective marketing.
The fundamental objectives of most businesses
Survival, Profits and Growth.
Spend their time trying to understand consumers, their changing needs and wants, and their changing purchase behaviours.
Why is marketing important?
Important to business, Important to society and Good career opportunities.

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