Makreting

Marketing Notes Marketing is 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. Exchange—the trade of things of value between the buyer and the seller so that each is better off as a result. Marketing traditionally has been divided into a set of four interrelated decisions known as the marketing mix, or four Ps: product, price, place, and promotion. Product = Creating Value Price=Capturing Value Everything has a price, though it doesn’t always have to be monetary. Price, therefore, is everything the buyer gives up—money, time, and energy—in exchange for the product. Place=Delivering the Value
Proposition

Promotion=Communicating the value proposition Value reflects the relationship of benefits to costs, or what you get for what you give. A 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. A relational orientation, in contrast, is based on the philosophy that buyers and sellers should develop a long-term relationship. Firms that practice value-based marketing also use a process known as 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. The group of firms that make and deliver a given set of goods and services is known as a supply chain. Target Marketing Step 1: Establish Overall Strategy or Objectives The segmentation strategy must be consistent with and derived from the firm’s mission and objectives, as well as its current situation— its strengths, weaknesses, opportunities, and threats (SWOT). L’Oreal’s objective, for instance, is