Marketing Review Chapter 1 Overview of Marketing o Marketing 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 o Marketing Plan specifies the marketing activities for a specific period of time o Exchange the trade of things of value between the buyer and the seller so that each is better off as a result o Marketing Mix 4 P s Product price place and promotion The controllable set of activities that the firm uses to respond to the wants of its target markets o Goods Items that you can physically touch o Services intangible customer benefits that are produced by people or machines and cannot be separated from the producer o Ideas thoughts opinions and philosophies and intellectual concepts such as these can be marketed o Supply Chain Management all the activities necessary to get the product to the right customer when that customer wants it 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 such as transportation companies into a seamless value chain in which merchandise is produced and distributed in the right quantities to the right locations and the at the right time while minimizing system wide costs and satisfying the service levels required by the customers o B2C business to consumer marketing the process by which businesses sell to o B2B business to business marketing process of selling merchandise or services from o C2C consumer to consumer marketing process of selling merchandise or services o Employment marketing firm developed marketing programs to attract the best and brightest employees Involve undertaking marketing research to understand what potential employees are seeking as well as what they think about the firm Developing a value proposition and an employment brand image communicating that brand image to potential employees and the fulfilling the brand promise by ensuring the employee experience matches that which was advertised o Production Oriented Era Turn of the 20th century Good product would sell itself Customers can have any color they want so long as it s black Henry Ford Product innovation was stressed consumers one business to another from one consumer to another o Sales Oriented Era Between 1920 and 1950 Production and distribution techniques became more sophisticated Manufacturers made more than customers wanted Needed to make sales and advertise o Market Oriented Era After WWII From war products to consumer products Malls Buyer s market o Value Based Marketing Era Most successful firms today are market oriented Discover and satisfy customer needs and wants More than discover and satisfy had to give value o Value reflects the relationship of benefits to costs or what you get for what you give o Value co creation providing additional value to customers by allowing them the opportunity to act as collaborators in creating the product or service o Transactional orientation regards the buyer seller relationship as merely a series of individual transactions so anything that happened before or after any transaction is of little importance o Relational orientation based on the philosophy that buyers and sellers should develop a long term relationship The lifetime profitability of the relationship is what matters not how much money is made during each transaction o Customer relation 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 o Supply chain group of firms that make and deliver a given set of gods and services
View Full Document
Unlocking...