Mrktng notes - hahahahahhaha PDF

Preview

Summary

hahahahahhaha...

Description

Chapter 1 Amazon online pioneer in selling books but now sells everything.  The success of Amazon is attributed to its customer-driven policy that starts with the customer and works backward. o For example, the Amazon.com site greets customers with their very own personalized home pages, feature offers personalized product recommendations. Thus, it creates direct, personalized customer relationships and satisfying online experiences. The company believes that if it creates superior value for customers, it will earn their business and loyalty, and success will follow in terms of company profits and returns. Marketing- create value for customers/ build strong customer relationships to get value from customers in return.  The dual goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.  Sound marketing is critical to the success of every organization. Five Step model of marketing process for creating and capturing customer value. 1. Companies try to understand customers 2. Create customer value 3. Build strong customer relationships 4. Companies earn the rewards of creating superior customer value 5. The rewards are sales, profits, and long-term customer equity. 5 core customer and marketplace concepts are  Needs  Wants  Demands  Market offerings (include products, services, and experience)  Value and satisfaction, exchanges and relationships, and markets. Needs is state of felt deprivation. • physical - food, clothing, warmth, and safety • social for belonging and affection • Individual for knowledge and self-expression. Wants- the form human needs take as they are shaped by culture/individual personality. • Wants are shaped by one’s society and described in terms of objects that will satisfy those needs. Wants become demands when backed by buying power Customers form expectations about value and satisfaction that market offerings will deliver. o Satisfied - buy again and tell others about their good experiences o Dissatisfied -switch to competitors and criticize the product to others.  Marketers should set the right level of expectations.

Chapter 2- Company and Marketing Strategies: Partnering to Build Customer Value and Relationsips Strategic plan- Process of developing and maintaining a strategic fit between the organization’s goals/capabilities and its changing marketing opportunities.  Companies prepare annual plans, long-range plans, and strategic plans. o The annual and long-range plans deal with the company’s current businesses and how to keep them going. o However, the strategic plan involves adapting the firm to take advantage of opportunities in its changing environment. Steps in strategic planning: 1. At the corporate level, company starts by defining its purpose and mission. 2. The mission becomes detailed supporting objectives that guide the entire company. 3. Headquarters decides what portfolio of businesses and products is best for the company and how much support to give each one. Marketing planning- at the business-unit, product, and market levels.  Supports strategic planning with more detailed plans for specific opportunities. Mission statement- organization’s purpose.  A sound mission has: o What is our business? Who is the customer? o What do consumers value? What should our business be?  Should be market oriented and defined in terms of satisfying basic customer needs.  Emphasize the company’s strengths and tell forcefully how it intends to win in the marketplace.  A company’s mission should focus on customers and the customer experience the company seeks to create. Business portfolio- collection of businesses and products that make up the company. • The best is the one that best fits the company’s SWOT • The planning involves two steps. 1. Must analyze its current business portfolio and determine which businesses should receive investment 2. Must shape future portfolio by developing strategies for growth and downsizing. Strategic planning: major activity is business portfolio analysis- process when management evaluates the products and businesses that make up the company.  Steps for analyzing portfolios. 1. Identify the key businesses that make up the company, called strategic business units (SBUs) 2. Assess the attractiveness of its various SBUs and decides how much support each deserves....