University of Makati Introduction to Marketing Dante C. Enriquez II- ABSA 1.

In your own words, what does the term marketing mean? Marketing is the process of communicating the value of a product or service to customers. Marketing might sometimes be interpreted as the art of selling products, but sales is only one part of marketing. As the term "Marketing" may replace "Advertising" it is the overall strategy and function of promoting a product or service to the customers. 2. Marketing is managing profitable customer relationships. Discuss the concept of customer value and how it relates to successful marketing. A customer value proposition is a business or marketing statement that describes why a customer should buy a product or use a service. It is specifically targeted towards potential customers rather than other constituent groups such as employees, partners or suppliers. It is a clearly defined statement that is designed to convince customers that one particular product or service will add more value or better solve a problem than others in its competitive set. February 6, 2013 Prof. Elizabeth T. Banan

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The value proposition is fulfilled through a marketing offer. Pick a company whose product youve recently purchased. Describe the companys value proposition and a marketing offer. Value proposition of Nike The value proposition for the consumers is based on a technically superior product, made of the best materials and with the latest technologies available, positioned as the most fashionable in the industry and endorsed by top athletes and sport stars. What I like about their value proposition is that they are being serious in making a good quality of their product.

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Discuss the differences between the marketing concept and the production, product, and selling concepts. Which concepts are easier to adopt in the short run? Which concept offers the best chance of long-run success? Why? Production Concept - This concept is one of the oldest, and suggests that the consumers will like to buy the products which are available easily, cheaply & widely. So the marketers must have a mass production facility (efficient production) with low price ( cost efficiency) and make it available very near to the customers (mass distribution). This concept is adopted when the Company wants to expand. Product Concept - This is the next step of evolution of marketing concepts. It depicts that customers will go for those products which offer quality, utility, features, performance, value, benefits, etc. So the marketers must improve the products in an innovative way &

continuously. This is more often accompanied by a suitable pricing, distribution, promotion (all the 4Ps of marketing). Marketing Concept - This concept was evolved in the 1950s, and for the first time the attention was shifted to Customers. Instead of concentrating on the Products / Production / Selling, the business became "Customer Oriented". The "Make & Sell" philosophy gave way to the "Sense & Respond" philosophy. Instead of finding the right customer for the product, the marketer now has to find the right product for the customer. This concept holds the secret of the company being more effective than its competitors in creating, delivering & communicating superior value to the targeted customers.

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Today, most leading companies are developing customer-loyalty-and-retention programs. List and describe three ways marketers can use marketing tools to develop stronger bonds with consumers. Customer Retention is the activity that a selling organization undertakes in order to reduce customer defections. Successful customer retention starts with the first contact an organization has with a customer and continues throughout the entire lifetime of a relationship. A companys ability to attract and retain new customers, is not only related to its product or services, but strongly related to the way it services its existing customers and the reputation it creates within and across the marketplace. Loyalty programs are structured marketing efforts that reward, and therefore encourage, loyal buying behavior behavior which is potentially beneficial to the firm.

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The major marketing trends today can be summed up in a single theme: connecting. List and discuss three important connections made possible by technology. Give specific examples of companies taking advantage of such connections. Internet marketing has prospered like never before, and is one of the most effective ways to spread the word about your business, products and services to millions of people across the globe. While internet marketing isnt likely to produce results overnight, with the appropriate drive, determination and effort you can harness the power of internet marketing to work for you. If youre ready to take your business to the next level, its important to learn the basics of internet marketing. Companies who uses internet as their way of promoting their business. 1. eBay 2. Amazon 3. MapQuest

APPLYING THE CONCEPTS

1. Visit the Ben & Jerrys Web site at www.benjerry.com. What impresses you most about the site? What marketing efforts are evident? Its product which is the ice cream will surprise you when you actually open the site. You can actually say that their products are so delicious because of the images of their product that you can see in their site. What impresses me the most in this website is its designs and its animations. It is very nice and friendly, and I know that many customers will surely love their site. 2. What are the companys social and ecological mission statements? What social and ecological causes does the company support? Ben & Jerrys is founded on and dedicated to a sustainable corporate concept of linked prosperity. Our mission consists of 3 interrelated parts: Social Mission: To operate the Company in a way that actively recognizes the central role that business plays in society by initiating innovative ways to improve the quality of life locally, nationally and internationally. Product Mission: To make, distribute and sell the finest quality all natural ice cream and euphoric concoctions with a continued commitment to incorporating wholesome, natural ingredients and promoting business practices that respect the Earth and the Environment. Economic Mission: To operate the Company on a sustainable financial basis of profitable growth, increasing value for our stakeholders and expanding opportunities for development and career growth for our employees. Underlying the mission of Ben & Jerrys is the determination to seek new and creative ways of addressing all three parts, while holding a deep respect for individuals inside and outside the company and for the communities of which they are a part.

3. What values does the company communicate? Do these values appear to help or hinder its marketing efforts? These are some of the Values that the Ben and Jerry Company want to emphasize. Customer Satisfaction is Paramount. Our responsibility to our internal and external customers calls for impeccable service to ensure that their needs are always met. By treating customers like guests in our own home, we seek to establish long-term relationships based on trust and satisfaction. Integrity is Our Way of Life. Our success is rooted in uncompromising devotion to honesty and fairness where our people, our business and our community are concerned. We stand behind our products, staking our name and reputation on everything that we make. Innovation Drives Winning Performance. We constantly challenge ourselves to be the very best we can in every aspect of our business. We strive to be a nimble and flexible organization committed to increasing consumer and shareholder value

4. How does this company seem to balance profits, consumer wants, and societys interests? Respect for society and the environment is at the heart of the way Ben & Jerrys does business. In October 2012 Ben & Jerrys announced that it had become a certified B (or Benefit) Corp proving its interest in more than just a singular bottom line focus. Ben & Jerrys social mission commits it to operating in a way that actively recognizes the central role that business plays in society by initiating innovative ways to improve the quality of life locally, nationally, and internationally. Its product mission, meanwhile, even commits the company to business practices that respect the earth and the environment. Its all part of the belief that Ben & Jerrys shouldnt just be the best ice cream company in the world, it should also be the best ice cream company for the world. It demonstrates these commitments in many ways: Ben and Jerrys environmental commitment historically has included structuring its own manufacturing practices and distribution as environmentally friendly as possible. The practices secured a visit from the Environmental Protection Agency to benchmark with the companys best practices. Investments in wind energy, solar usage, travel offsets, and carbon neutrality in some cases even from cow to tub have highlighted the companys commitment to the earth.

5. Give an example of how Ben & Jerrys uses the relationship building blocks (customer value and satisfaction) to keep and attract customers.
Classic concoctions please the sense of linked prosperity as much as the tummy with flavors such as Chocolate Fudge Brownie, chocolate ice cream with chewy fudgy brownies made by the Greyston Bakery in Yonkers, NY which serves the less fortunate with housing, a job and skills training. Its the manner in which Ben & Jerrys matches its products with its passion for giving back that truly hits the companys sweet spot.

6. How does the company build relationships or connections with customers? Which of the three connecting technologies are compatible with these strategies?
Ben and Jerry's Ice Cream is one of the most popular and recognizable ice creams in the country, but their success wasn't instantaneous. Anyone who relies on word-of-mouth communication, like Ben & Jerrys does, knows Twitter. The reason for their success was more than just the ice cream. They gave back to the community. The owners started a tradition during the summer by showing free movies once a week. The movie was projected on a wall outside the ice cream stand. This became a much anticipated community event