Chapter 1 1 • Define marketing and outline the steps in the marketing process • Explain the importance of understanding customers and the marketplace‚ and identify the five core marketplace concepts • Identify the key elements of a customer-driven market strategy and discuss the marketing management orientations that guide marketing strategy. • Discuss customer relationship management and identify strategies for creating value for customers and captures value from customers in return. • Describe
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Chapter 1 Discussing the Concepts 1. What is marketing and what is its primary goal? * One definition of marketing is‚ “a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others.” * A much simpler definition would be‚ “managing profitable customer relations.” * Its primary goal is to create value for customers and capture from customers. 2. Compare and contrast customer needs‚ wants
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Chapter One Notes: Marketing profitable customer relationships – Creating and Capturing Customer Value Marketing: Managing profitable customer relationships and to Create value for customers and capture value from customers in return. Example) Zappo’s- customer experience comes first. Two Fold Goal: Attract new customers by promising superior value and Keep and grow current customers by delivering satisfaction. Five Step Model of the Marketing Process: Page 5 Build value from customers to create
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Summary chapter 3 The marketing environment is made up of a microenvironment and a macroenvironment. Micro environment Marketing management their job is to build strong relationships with customers by creating customer value and satisfaction. But marketing managers cannot do this alone. Marketing success will require building relationships with other company departments‚ suppliers ‚ marketing intermediaries ‚ customers ‚ competitors and various publics. The company Marketing managers must
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Principles of marketing chapter 1 Marketing is: managing profitable customer relationships. The twofold goal is: 1. To attract new customers by promising superior value. 2. Keep and grow current costumers by delivering satisfaction. Old marketing sense: telling and selling New marketing sense: satisfying customer needs Marketing starts before the product is produced and goes on throughout the product’s life. Definition marketing in the business context: a process by which companies
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Chapter 1 Marketing: Creating and Capturing Customer Value 1) All of the following are accurate descriptions of modern marketing‚ EXCEPT which one? A) Marketing is the creation of value for customers. B) Marketing is managing profitable customer relationships. C) Selling and advertising are synonymous with marketing. D) Marketing involves satisfying customers’ needs. E) Marketing is used by for-profit and not-for-profit organizations. Answer: C Diff: 2 Page Ref: 2 and 4 Skill: Concept
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Crissa Root MAN105 September 27‚ 2012 Assignment – Week 1 Describe the elements of the exchange process as they occur between Netflix and its customers. This question took me a bit to answer until I thought about the one word‚ “exchange.” Exchange means to give up something in order to get something that is wanted. In the case of Netflix and its customers that means that the customers pay a fee (amount varied by plans) in order to receive DVDs by mail. The customers also do another round
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Chapter 1 Marketing: Creating and Capturing Customer Value GENERAL CONTENT: Multiple-Choice Questions 1. “Which of the following is central to any definition of marketing?” a. demand management b. transactions c. customer relationships d. making a sale e. making a profit (c; p. 3; Easy) {AACSB: Communication} 2. All of the following are accurate descriptions of modern marketing today‚ except which one? f. Marketing is creation of value for customers.
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Michael Walker Chapter #: One Chapter Title: What is corrections? 1. Chapter Summary Seventy percent of individuals involved in the correctional system are not institutionalized but rather involved in the community with some form of probation and or parole. (4) State expenditures more than tripled during the period of 1982-2001. According to studies‚ it is predicted that children born in the early 2000’s will go to prison at some point in their lives. (4) Statistics show that at least 1/3 of the African
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Eric Williams Dr. Newman Accounting Communication Chapter 1: Accounting in Communications Chapter 1 deals with another side of accounting not often taught or discussed but vitally important for anyone in business‚ communication. Essentially‚ the game is changing. No longer can students merely learn theories and principles of accounting and expect to succeed. The competition is fierce both here and overseas. Fortunately‚ anyone can learn to be an effective writer. It is a skill‚ not innate
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