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ces and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment MARKETING FOCUSES ON CUSTOMERS The essence of marketing is to develop satisfying exchange relationships from which both customers and marketers benefit Customers the purchasers of organizations products; the focal point of all marketing elements Target market the group of customers on which marketing efforts are focused MARKETING DEALS WITH PRODUCTS, DISTRIBUTION, PROMOTION, AND PRICE Marketing mix four marketing elements product, distribution (or placement), promotion, and pricing that a firm can control to meet the needs of customers within its target markets A primary goal of a marketing manager is to create and maintain the right mix of these elements to satisfy customers needs for a general product type Product variable deals with researching customers needs and wants and designing a product that satisfies them Product a good, service, or idea To maintain an assortment of products that helps an organization achieve its goals, marketers must develop new products, modify existing ones, and eliminate those that no longer satisfy enough buyers or that yield unacceptable profits Distribution variable deals with making the products available in the quantities desired to as many target market customers as possible, keeping total inventory, transportation, and storage costs as low as possible Promotion variable relates to activities used to inform individuals or groups about the organization and its product Price variable relates to decisions and actions associated with establishing pricing objectives and policies and determining product prices Price is a critical component of the marketing mix because customers are concerned about the value obtained in an exchange MARKETING BUILDS RELATIONSHIPS WITH CUSTOMERS AND OTHER STAKEHOLDERS Exchanges the provision or transfer of goods, services, or ideas in return for something of value For an exchange to take place, four conditions must exist: 1. Two or more individuals, groups, or organizations must participate, and each must possess something of value that the other party desires 2. The exchange should provide a benefit or satisfaction to both parties in the transaction 3. Each party must have confidence in the promise of the something of value held by the other 4. To build trust, the parties to the exchange must meet expectations Stakeholders constituents who have a stake, or claim, in some aspect of a companys products, operations, markets, industry, and outcomes MARKETING OCCURS IN A DYNAMIC ENVIRONMENT Marketing environment the competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix The forces of the marketing environment affect a marketers ability to facilitate exchanges in three general ways: 1. They influence customers by affecting their lifestyles, standards of living, preferences and needs for products 2. Marketing environment forces help determine whether and how a marketing manager can perform certain marketing activities 3. Environmental forces may affect a marketing managers decisions and actions by influencing buyers reactions to the firms marketing mix UNDERSTANDING THE MARKETING CONCEPT Marketing concept a philosophy that 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 Product orientation the Industrial Revolution period where demand for manufactured goods was strong Sales orientation is the period where strong demands for products subsided, and businesses realized they would have to sell products to buyers and where businesses viewed sales as the major means of increasing profits Businesspeople began to recognize that efficient production and extensive promotion did not guarantee that customers would buy products thus leading them to the use of market orientation Market orientation an organization-wide commitment to researching and responding to customer needs MANAGING CUSTOMER RELATIONSHIPS Relationship marketing establishing long-term, mutually satisfying buyer-seller relationships Customer-centric marketing developing collaborative relationships with customers based on focusing on their individual needs and concerns Customer relationship management (CRM) using information about customers to create marketing strategies that develop and sustain desirable customer relationships Value a customers subjective assessment of benefits relative to costs in determining the worth of a product Marketing management the process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently Effectiveness is the degree to which an exchange helps achieve an organizations objectives Efficiency refers to minimizing resources an organization must spend to achieve a specific level of desired exchanges 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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