Marketing Chapter 1 Marketing An Organizational function and a set of processes for creating capturing communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders Marketing Plan A written document composed of an analysis of the current marketing situation opportunities and threats for the firm marketing objectives and strategy specified in terms of the four Ps action programs and projected or pro forma income an other financial statements Marketing is about an exchange the trade of things of value between the buyer and the seller so that each is better off as a result Marketing Mix 4 P s Product Price Place Promotion the controllable set of activities that a firm uses to respond to the wants of its target markets Product Creating Price Capturing Place Delivering Promotion Communicating Goods items that can be physically touched Service any intangible offering that involves a deed performance or effort that cannot be physically possessed intangible customer benefits that are produced by people or machines and cannot be separated from the producer Ideas intellectual concepts thoughts opinions philosophies B2C Business to consumers Marketing The process in which businesses sell to consumers B2B Business to business Marketing The process of selling merchandise or services from one business to another C2C Marketing The process in which consumers sell to other consumers Employment Marketing Marketing programs attract applicants to the hiring firm Reflects the benefits to costs or what the consumer gets for what he or she Customers act as collaborators with a manufacturer or retailer to create the Around the 20th century most firms were production oriented and believed Value gives Value Cocreation product or service Product Oriented Era that a good product would sell itself Henry Ford Sales Oriented Era Between 1920 and 1950 production and distribution techniques became more sophisticated and the Great Depression and World War II conditioned customers to consume less or manufacture items themselves As a result manufacturers had the capacity to produce more than customers really ever wanted Market Oriented Era The customer becomes king Value Based Marketing Era They generally have transcended a production or selling orientation and attempt to discover and satisfy their customers needs and wants Transactional Orientation Regards the buyer seller relationship as a series of individual transactions so anything that happened before or after the transaction is of little importance Relational Orientation A method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long term relationship 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 Entrepreneurs venture The group of firms that make and deliver a given set of goods and services A person who organizes operates and assumes the risk of a new business