Introcudtion to Marketing
Business and Management
Submitted By CynthiaChang8231
Chapter One: text notes
Amazon- “obsessed over customer” * creating genuine value for customer: every decision is made with an eye toward improving Amazon.com cutomer experience. * Analyst predict by 2015 Amazon will become the youngest company in history to hit $100 billion in revenue ( walmart:34years). Nation’s second largest retailer. * customer experience bar raiser: representing customer’s voice * Kindle: first original product-> no.1 selling product * First company to use “ collaborative filtering” which sifts through each customer’s past purchase to make personalized content * Customer feel compelled to stay for a while- leaning, looking, discovering
What is marketing * marketing is managing profitable customer relationship * “ the aim of marketing is to make selling unnecessary” * marketing is the process by which companies create value for customer and build strong customer relationships in order to capture value from customers in return understand the needs and want | design a customer driven marketing strategy | marketing program that deliver superior value | build profitable relationship and create customer delight | capture value from customers in return |
Understanding market place and customer needs
5 core concepts 1. needs, want, and demands- an American needs food but wants a big Mac ( shaped by one’s society), when backed by buying power wants become demands a. Alan Mulally, CEO of Ford, known for selling at dealership to understand needs 2. market offerings - some combination of products, services, information, or experiences offered to a market to satisfy a need or want b. Marketing myopia: paying more attention to the specific products they offer than teh benefits produced by these product or services. ( ex, railroad industry) c. customer need a...