MKT 2280 Chap 01

What is the role of marketing in organizations
NEED ANSWER
How do marketers create value for a product or service?
NEED ANSWER
Why is marketing important both within and outside the firm?
NEED ANSWER
How do these companies
provide value?
provide entertainment, they help me connect, they save time.
What is Marketing?
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.
What is Marketing?
What is Marketing?
Marketing is about Satisfying Customer Needs and Wants
Students might mention groups based on age or gender, but the ad is targeted to those who find taste to be an important element.
Other benefits might include fresh breath, no cavities, white teeth.
Marketing Entails an Exchange
Each party to the exchange gives up something of value: The customer usually gives up money., however, sometimes they also give up time and information. The firm gives up the good or service. The exchange in the end is mutually beneficial.
Price: Capturing Value
Price is everything a buyer gives up (money, time, energy) in exchange for the product

The key to determining prices is to figure out how much customers are willing to pay and assess whether a profit can be made at that point

Price: Capturing Value
A good example of how price expresses value is the variations in price associated with air travel.
The prices can vary based on demand for the flight, timing, and destinations.
Promotion: Communicating Value
Promotion is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response
Marketing Impacts Stakeholders
Marketers affect many stakeholders. Customers represent one stakeholder group but others include all those in the supply chain, employees, and society at large.
Supply chain partners include manufacturers, agents, wholesalers, retailers, and so on. Companies market to employees with employment marketing, also known as internal marketing, to recruit and retain the best employees.
Marketing Impacts Stakeholders
Marketing Impacts Stakeholders
Value-Based Marketing
Value reflects the relationship of benefits to costs.

Value-based marketing means implementing a marketing strategy according to what customers value.

What is the definition of marketing?
Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Marketing is about satisfying ______ and ______ .
Needs and wants
What are the four components of the marketing mix?
Product, price, place, and promotion
Who can perform marketing?
Individuals and organizations
What are the various eras of marketing?
Production, sales, market, and value-based
Value Driven Companies
Value Driven Companies
Value Based Marketing
Value Based Marketing
The Adding Value box emphasizes how value depends upon what’s important to customers.
M&Ms are typically inexpensive candies, but when customized, they warrant a price premium.
What are the two methods for increasing value?
A method of providing additional value to customers, known as value co-creation, is to allow them the opportunity to act as collaborators in creating the product or service.

Lookup second answer

How can a firm become value driven?
Firms become value driven by focusing on three activities: sharing information, building relationships, and balancing benefits and costs.
Marketing and Society - Focusing on many factors
Marketing and Society – Focusing on many factors
Kellogg’s asserts:
Our values: we act with integrity and show respect
Our foods: we produce a range of foods to meet your tastes and health needs
Our marketing practices: long-standing commitment to responsible marketing
In our communities: great things can happen when a company is an active corporate citizen
Our environment: we’re helping to preserve and protect our natural resources
What is Exchange?
is the trade of things of value between the buyer and the seller so that each is better off as a result.
What are Goods?
are items that you can physically touch.
What are Ideas?
include thoughts, opinions, and philosophies, and intellectual concepts which can be marketed.
What is a supply chain ?
is the group of firms that make and deliver a given set of goods and services.