Week 1:Ch 1

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School
York University **We aren't endorsed by this school
Course
ADMS 2200
Subject
Marketing
Date
Apr 24, 2023
Pages
14
Uploaded by ProfessorBravery3243 on coursehero.com
Week 1/ Chapter 1/2 Chapter 1: Introduction to Marketing What Is Marketing? The term is used in a variety of ways. The term is misrepresented in many others. Without marketing, there is no customer. Marketing: about understanding the needs of the customer . Marketing Concept Focus on customer wants and needs so that the organization can distinguish its offerings from those of its competitors. Integrate all the organization's activities, including production, to satisfy customer wants. Achieve long-term goals for the organization by satisfying customers' wants and needs legally and responsibly. The Evolution of Marketing Production Era : Focuses on products because of a lack of options in the marketplace. A focus on manufacturing and production quantity in which customers are meant to choose based on what is most abundantly available. "If you build it, they will come" Sales Era : hard selling to the consumer, who has greater choice thanks to more competition in the marketplace . Consumer choice. Convince consumers to buy. The focus is on the hard sell. Sales pitches are encouraged The Marketing Company Era : The job of this department is to better understand the customers rather than trying to sell to them Customers are grouped into segments. Marketers work to understand the segments . Segments become targets . Persuasion and marketing become intermixed. Marketing concept: linking the need of customers with the competencies of an organization seeking to meet those goals.
Societal Marketing Era : Looking at not only customers but expanding marketing efforts to include aspect from the external environment that beyond a company's customers, suppliers, and competitors. What if giving what the consumer wants is actually not good for the consumer or for the environment? New movements have resulted in o Recycling and waste reduction o Safety and dietary issues Long term impacts on the customers and the environment Relationship Marketing Era : From interruption to interaction Engagement is the focus. o Customer-based strategies encourage the engagement: Customer satisfaction Relationship marketing Customer Satisfaction : Focuses on delighting the customer Retention o Great ROI : 2 percent increase in retention is equal to a 10 percent decrease in costs. Customers Attrition/Churn rate : customers removing themselves from relationships with businesses due to concerns or issues they feel go unaddressed. Relationship Marketing : Keeping and improving relationships with current customers Customers' preference— longstanding relationship Customers Relationship Management (CRM) :
Key Marketing Terms Exchange : People giving up one thing to receive another that they would rather have Customers Value : The relationship between benefits and the sacrifice to achieve the benefits Customers value goods and services that are o of the quality that they expect o sold at prices they are willing to pay
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