part one understanding and managing marketing strategies
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Part One Understanding And Managing Marketing Strategies. Chapter 1 An Overview of Strategic Marketing. Objectives. Define marketing as focused on customers Identify important marketing terms Become aware of the marketing concept and marketing orientation - PowerPoint PPT PresentationTRANSCRIPT
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Part OneUnderstanding And Managing
Marketing Strategies
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Chapter 1An Overview of
Strategic Marketing
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Objectives
• Define marketing as focused on customers
• Identify important marketing terms
• Become aware of the marketing concept and marketing orientation
• Understand importance of building customer relationships
• Learn the process of marketing management
• Recognize role of marketing in society
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Marketing
The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchanges with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.
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Customers
The purchasers of organizations’ products; the focal point of all marketing activities.
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Components ofStrategic Marketing
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Target Market
A specific group of customers on whom an organization focuses its marketing efforts.
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Marketing Mix
Product
Distribution
Promotion
Pricing
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Product Variable
A good, a service, or an idea.
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Distribution Variable
Make products available in quantities desired Costs:
Inventory Transportation Storage
Select/Motivate intermediaries Establish/Maintain inventory control Develop/Manage transportation &
storage systems
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Promotion Variable
• Activities to inform individuals or groups about the organization and its products
– aim is to increase awareness of the organization and new or existing products.
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Price Variable
Decisions and actions associated with establishing pricing objectives and policies and determining product prices
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Exchange
The provision or transfer of goods, services, or ideas in return for something of value
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Exchange BetweenBuyer and Seller
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Stakeholders
Constituents who have a stake or claim in some aspect of a company’s products, operations, markets, industry, and outcomes.
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Conditions of Exchange
1) Two or more must participate and possess something of value other party desires
2) Exchange should provide benefit/satisfaction to both parties
3) Party have confidence in promise of “something of value” held by the other
4) Parties must meet expectations
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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.
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Evolution of theMarketing Concept
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Marketing Orientation
An organization-wide commitment to researching and responding to customer needs.
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Relationship Marketing
Establishing long-term, mutually satisfying buyer-seller relationships.
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Relationship Development
Acquire new customers
Enhance profitability of existing customers
Extend duration of customer relationship
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CustomerRelationship Management
Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.
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Marketing Management
The process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently.
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Importance of Marketing in the Global Economy (Pt.1)
Costs consume sizable portion of buyers’ dollars
Used in nonprofit organizations
Important to business and economy
Fuels the global economy
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Importance of Marketing in the Global Economy (Pt. 2)
Knowledge enhances consumer awareness
Connects people through technology
Promotes welfare of customers and society
Offers many exciting career prospects