-define marketing and explain its core concepts
-discuss how marketers create value for a product or service -explain the four orientations of marketing
-discuss the role of customer relationship management (crm) in creating value -discuss the importance of marketing both within and outside the firm
What is marketing?
Marketing is a set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships.
(have them, know them and don’t like change…don’t give me a reason to leave, only if you give me a reason) -an exchange process, what our loyal customers want
The fundamental purpose of marketing is to create value for both the firm and customer. Value is in essence what you get for what you give up.
Core Three: Marketing requires Product, Price, Place and Promotion Decisions
Exhibit 1.3, pg 8
Product: Creating value
Price: Transacting value
Promotion: Communicating value
Place: Delivering value, making it available to you, when you want it, where you want it, and preferably the price you want it
Production Era: doesn’t satisfy the customer
Sales Era: companies tried to sell what they made, not what customers wanted
Market Era, “customer is king”: buyers market, after WW2, manufacturer to the needs and wants of the public
Value-Based Marketing Era (from the early 2000’s): who our most loyal customer’s are, individualized experience, a database on you, send you emails about things you’ve already bought
Relational orientation: fits in sales era, create repoir and build relationship
Customer relationship management (CRM): using all tools to get customers, and to keep them loyal
Video on Bottled Water
-health and wellness movement, Perrier (status symbol), healthful alternative, create value, mid 1990’s, technology in branding/labels in packaging, introduce new...