Chapter 1 An Overview of Strategic Marketing 1 Marketing and ideas 2 Customers 3 Target Market The process of creating distributing promoting and pricing goods services The purchasers of organizations products A specific group of customers on whom an organization focuses its marketing efforts 4 Marketing Mix Variables Product o A good service or idea Distribution Promotion Price o Relates to activities used to inform individuals or groups about the organization and its products o Relates to decisions and actions associated with establishing pricing objectives and policies and determining product prices A customers subjective assessment of benefits relative to costs in determining the worth of a product Value Customer Benefits Customer Costs The provision or transfer of goods services or ideas in return for something 5 Value 6 Exchanges of value 7 Stakeholders Constituents who have a stake or claim in some aspect of a company s products operations markets industry and outcomes 8 Marketing Environment Includes competitive economic political legal and regulatory technological and socio cultural 9 Marketing Concept An organization should try to provide products that satisfy customers needs through a coordinated set of activities that also allows the organization to achieve its goals 10 Customer Relationship Management using information about customers to create marketing strategies that develop and sustain desirable customer relationships 11 Relationship Marketing 12 Customer Lifetime Value Establishing long term mutually satisfying buyer seller relationships the worth of individual customers and estimates their lifetime value to the company 13 Socially responsible marketing Promoting the welfare of customers and stakeholders 14 Green Marketing A strategic process involving stakeholder assessment to create meaningful long term relationships with customers while maintaining supporting and enhancing the natural environment
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