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MKTG 350 Chapter 1
Terms in this set (25)
The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Requires thoughtful planning with an emphasis on the ethical implications of any of those decisions on society in general.
Specifies the marketing activities for a specific period of time
Broken down into: how the product will be designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer
the trade of things of value between the buyer and seller so that each is better off as a result
Sellers provide products/services, then communicate and facilitate the delivery of their offerings to consumers. Buyers complete this by giving money
4 Ps: Product, Place, Price, Promotion
Comprise the controllable set of decisions or activities that the firm uses to respond to the wants of its target markets
Which of the 4 Ps creates value?
Product by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs
Example: cup of coffee, Starbucks realizes customers have needs beyond this, they offer their customers a variety of options
Items that you can physically touch
Intangible customer benefits that are produced by people or machines and cannot be separated from the producer.
Thoughts, opinions, and philosophies; intellectual concepts such as these also can be marketed
Ex. Groups promoting bicycle safety create value by the children wearing helmets and adopting the safety idea
Which of the four Ps captures value?
Price: Everything the buyer gives up - money, time, and/or energy - in exchange for the product
Which of the four Ps delivers the value proposition?
Place: Represents all the activities necessary to get the product to the right customer when that customer wants it
Supply Chain Management
The set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction into a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, while minimizing costs
Which of the four Ps is responsible for communicating the value proposition?
Promotion: communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions and elicit a response; generally can enhance a product/service's value
Business to Consumer (retailers to person)
Business to Business (manufacturers to retailers)
Consumer to Consumer (eBay)
Turn of the 20th century; a good product would sell itself; concerned with product innovation, not with satisfying the needs of individual customers
Between 1920 and 1950, manufacturers had the capacity to product more than customers really wanted or were able to buy
After WWII, consumer had choices so were able to make buying decisions on the basis of factors such as quality, convenience, and price. Focus on what consumers wanted and needed before they designed, made, or attempted to sell their products and services
Value-Based Marketing Era
Production or selling orientation and attempt to discover and satisfy their customers' needs and wants.
Reflects the relationship of benefits to costs, or what you get for what you give; Good value doesn't necessarily mean the product is inexpensive
customers can act as collaborators to create the product or service
Ex. clients working with investment advisers
Think about customers in terms of relationships rather than transactions
Customer Relationship Management (CRM)
a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers
Supply Chain/Market Channel
A group of firms that make and deliver a given set of goods and services
People who organize, operate, and assume the risk of a business venture
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